ima The Association of Accountants and Financial Professionals in Business 2015 Global Salary Survey

Transcription

1 ima The Association of Accountants and Financial Professionals in Business 2015 Global Salary Survey

2 2015 Global Salary Survey About IMA IMA, the association of accountants and financial professionals in business, is one of the largest and most respected associations focused exclusively on advancing the management accounting profession. Globally, IMA supports the profession through research, the CMA (Certified Management Accountant) program, continuing education, networking, and advocacy of the highest ethical business practices. IMA has a global network of more than 80,000 members in 140 countries and 300 professional and student chapters. Headquartered in Montvale, N.J., USA, IMA provides localized services through its four global regions: The Americas, Asia/Pacific, Europe, and Middle East/Africa. For more information about IMA, please visit March 2016 Institute of Management Accountants 10 Paragon Drive, Suite 1 Montvale, NJ, Global Salary Survey 2

3 2015 Global Salary Survey About the Author Kip Krumwiede, CMA, CPA, Ph.D., is the director of research for IMA. Kip received his Master of Accounting degree from Brigham Young University and his Ph.D. from the University of Tennessee. Prior to joining IMA, Kip spent 18 years as a management accounting professor at Brigham Young University, Boise State University, and University of Richmond. He has also worked for two Fortune 500 companies in a variety of positions. Kip has published many articles in both practice and academic journals. He can be reached at (201) or kkrumwiede@imanet.org Global Salary Survey For many years, IMA (Institute of Management Accountants) has conducted the very popular salary survey of its members around the world, enabling its members to compare their compensation to others, assess the value of education and certification, and more. This report presents high-level results from this survey and compares compensation levels and job satisfaction across the globe. This is the second year IMA conducted a single global salary survey, making global trends easier to track and enhancing regional comparison. Additionally, we also look at other factors that contribute to job satisfaction, such as hours worked, opportunity for advancement, and work-life balance. Individual country- and region-specific reports will be posted on IMA s Thought Leadership website at Global Salary Survey 3

4 2015 Global Salary Survey We report the results of our second annual global salary survey of members of the IMA. Over 2,500 responses were received from over 80 countries. For the first time, the number of Chinese respondents exceeded the number of U.S. respondents, reflecting the global growth of IMA. Overall, salaries were lower across Europe and the Middle East/ Africa regions. Respondents from Switzerland reported the highest overall median base salary and total compensation. Egypt had the lowest overall median compensation. The good news is that more than three-fourths expect a median pay raise of 8% this year. The gender gap narrowed slightly for those later in their careers but still remains high, especially in Asia and Europe. In the age range, the pay gap is close to zero overall, especially in the Middle East/Africa region. The CMA premium continues to be strong in all regions. Overall the median base salary and total compensation is 61% higher for CMAs over non-cmas. It is especially high in the Asian and Middle East/Africa regions and is strong for all age groups. CMAs also rate the designation high in helping them move across different areas of the company. How We Conducted the Survey In October-November 2015, survey invitations were sent to 23,373 U.S. and international members. We received 2,766 responses an 11.8% response rate. Of these, 2,740 responses were usable (included both country and salary information). For the purposes of the salary results, we considered only respondents who indicated that they were either full-time employees or self-employed, which reduced the number of responses to 2,593. No respondents were younger than 20 years old. We eliminated 8 responses for low salaries reported (less than $100 total compensation per year), leaving 2,585 usable responses. The highest-paying responsibility areas in the U.S. are education, information systems, corporate accounting, and finance. In other countries, the highest-paying areas are government and internal auditing. The average work week is 46 hours, but it varies by region and country. Almost 30% say they are very or extremely satisfied with their work-life balance. Regarding job satisfaction, 11% say they are very satisfied, and 42% said they are more satisfied than dissatisfied. The factors rated as most important to job satisfaction are salary, benefits, and advancement opportunities. The factors that rate as most satisfying are relationships with others, job security, and how ethical issues are handled Global Salary Survey 4

5 A Global Response Table 1: Survey Responses by Country Country Percent Responses to the survey were indeed global, with a total of 2,585 China 28.6% usable responses coming from 81 countries across the globe. Table 1 U.S. 26.3% lists the countries that included at least 1% of survey respondents. For UAE 10.0% the first time ever, the number of Chinese respondents outnumbered KSA 7.0% the number of U.S. participants, reflecting the increased emphasis on Egypt 3.6% management accounting and the CMA in China. Canada 2.4% Table 2 presents specific characteristics of respondents from the India 2.0% various regions: the Americas, Asia, Europe, and Middle East/Africa. Kuwait 1.7% Male respondents were more common in all regions except Asia, where Qatar 1.7% women accounted for 52% of the respondents. The Asian female Jordan 1.7% response rate continues an upward trend, having been only 22% two Netherlands 1.2% years ago. Consistent with survey results for prior years, almost all Lebanon 1.0% respondents have at least a baccalaureate degree (96% overall). Once Turkey 1.0% again, European respondents have the highest percentages of those holding advanced degrees (66%) and the CMA (Certified Management Accountant) designation (61%), followed by those from the Americas. The percentage of respondents holding the CMA designation is up for all regions, with Asia showing the highest increase from 40% last year to 51% this year. Table 2: Respondent Demographics Americas Asia Europe Middle East/Africa All Gender Female 37% 52% 28% 14% 35% Male 63% 48% 72% 86% 65% Age Mean Median Degree Baccalaureate 99% 91% 99% 99% 96% Advanced 55% 31% 66% 33% 41% Certification CMA 59% 51% 61% 50% 53% Management Level Top management 15% 5% 12% 9% 10% Senior management 25% 14% 27% 30% 23% Middle management 39% 14% 42% 43% 32% Lower management/entry level 16% 52% 18% 16% 28% Academic position in college/university 5% 14% 1% 1% 7% 2015 Global Salary Survey 5

6 As in past years, respondents from Asia tend to be younger than respondents from other regions, and fewer hold higher-level management positions. Respondents from Europe show the highest rate of advanced degrees (66%) while those from Asian and Middle East/African nations show the lowest rate of advanced degrees (31% and 33%, respectively). Finally, U.S. respondents continue to be more than 10 years older, on average, than respondents from other regions (46 vs. 35.5, respectively). In the past they have also tended to have the highest-ranking managerial positions, but this year Europe and Middle East/Africa respondents are close. This finding shows that IMA members are increasingly becoming top leaders in their companies. Compensation Table 3 lists the annual salary and total compensation for each major region and for the countries with the greatest number of survey respondents. Global salaries are significantly lower than last year overall, but much of that can be attributed to the mix of respondents going from being U.S.- centric to increasingly global. The global mean and median base salary are $65,868 and $49,410, down from $72,298 and $60,000 last year, respectively. Mean and median total compensation are also significantly down from last year: $80,812 and $56,556 this year compared to $89,082 and $66,000 last year, respectively. The decline is largely due to lower salaries in the Middle East and North Africa region while compensation was relatively stable elsewhere. As usual, these results show significant regional variation in compensation. Respondents from Europe and the Americas continue to report the highest compensation. The Americas was the only region to report higher median values over last year. The median total compensation increased from $110,000 last year to $113,000. Mean salaries increased even more. Overall, European median compensation values decreased more than 6% from last year (see Table 4). German median base salary and the Netherlands median total compensation values were the only ones to show an increase over last year. The results continue to show significant variation among the countries. For example, Swiss and Dutch compensation levels are much higher than other European countries, while those in Russia and Turkey were significantly below that of other countries and much lower than last year, probably reflecting the current economic and political instability of those countries. Switzerland continues to have the highest average salary and total compensation levels among all the countries represented in the survey. Compensation in the Middle East countries varies tremendously. Overall, it is down 13%-18% from last year. This is likely a reflection of the economic impact of the ongoing conflict in the region and a sharp decline in the price of oil. The only country to show an increase is Lebanon, which saw the median total compensation increase 20% to $31,800 though that s still well below its value from two years ago. Egyptian respondents again receive the lowest levels of compensation, which are even lower than last year. With median total compensation of $50,369, Saudi Arabia (KSA) unseated Qatar as having the highest in this region. Qatar has a significantly lower median total compensation this year ($40,626) compared to last year ($64,000) Global Salary Survey 6

7 Table 3: Compensation Comparison by Region and Country Annual Base Salary Annual Total Compensation Region / Country Mean Median Mean Median All Countries 65,868 49,410 80,812 56,556 Americas 108,772 98, , ,000 U.S. 115, , , ,000 Canada 74,585 69,169 89,348 74,110 Asia 43,581 26,707 52,308 31,420 China 38,520 23,565 45,983 29,849 India 35,793 22,185 38,307 23,455 Europe 87,351 72, ,468 80,807 Germany 85,792 79,315 97,233 84,823 Netherlands 98,668 93, , ,774 Russia 44,571 31,086 64,364 39,250 Switzerland 153, , , ,475 Turkey 45,213 33,234 54,976 34,440 Middle East/Africa 43,652 28,865 54,137 34,841 Bahrain 40,515 19,189 50,186 31,567 Egypt 12,632 6,576 16,634 8,252 Jordan 28,290 14,061 32,463 15,045 KSA 51,010 35,978 66,791 50,369 Kuwait 39,768 35,596 44,533 38,067 Lebanon 36,009 27,720 42,220 31,800 Oman 39,393 28,708 42,274 28,772 Qatar 54,376 36,234 69,310 40,626 UAE 53,371 39,197 65,075 45,500 Note: All monetary values are in U.S. dollar equivalents as of the time of the survey. Asia continues to show the lowest average total regional compensation. While reflecting the lower cost of living in Asia, the lower compensation level also can be partially attributed to the younger age of respondents as well as the lower percentage of respondents in the region who possess advanced degrees, CMA certification, or higher-level positions. This trend may be changing, however, with the increased emphasis on management accounting and CMA in China. As noted earlier, the percentage of respondents with CMA certification increased significantly over last year. As summarized in Table 4, global compensation levels decreased more than 14% from last year, driven mostly by Europe and the Middle East/Africa regions. All regions but the Americas showed decreased compensation levels, though Asia had only a very small percentage decrease Global Salary Survey 7

8 Table 4: Percentage of This Year s Values to Last Year s Values Annual Base Salary Annual Total Compensation Mean Median Mean Median Americas 102% 102% 99% 103% Asia 103% 99% 101% 98% Europe 76% 94% 82% 93% Middle East/Africa 88% 82% 90% 87% All Countries 91% 82% 91% 86% Gender Pay Differences Although compensation levels are down overall, the results show the gap between average pay for women and for men is about the same as last year (see Table 5). This gap, however, narrowed slightly for those in the later years of their career: For respondents 50 and over, women s median base salaries and total compensation are 82% and 85%, respectively, of the amounts paid to their male counterparts (up from 80% and 81% last year). More good news is that, at 98% and 94%, respectively, the median compensation values for women in the age range remain about the same as those for men. Additional insight can be gained by looking at gender compensation by region and age (see Table 6). For respondents in the age range, the biggest gap in compensation is found in Europe, where women s median salary and total compensation are 63% and 65%, respectively, of their male counterparts. In all other regions for this age group, the women s values are at least 90% that of men s salaries and compensation. And, in the case of the Middle East/Africa region, earlycareer salaries for women exceed those for men by about 50%. Table 5: Compensation by Gender and Age Group Men Women Base Salary Total Compensation Base Salary Total Compensation Age Range Mean Median Mean Median Mean Median Mean Median ,351 16,005 34,262 19,598 24,774 15,710 27,466 18, ,145 40,838 63,968 47,130 44,127 34,562 51,736 39, ,284 79, ,523 93,839 73,437 67,584 90,300 78, and over 126, , , , ,370 97, , ,000 Women as % of Men Base Salary Total Compensation Age Range Mean Median Mean Median % 98% 80% 94% % 85% 81% 83% % 85% 74% 83% 50 and over 80% 82% 75% 85% 2015 Global Salary Survey 8

9 Table 6: Median Compensation by Age, Gender, and Region Male All Countries Americas Asia Europe Middle East/Africa Age Range Salary Total Salary Total Salary Total Salary Total Salary Total ,005 19,598 56,000 60,000 15,710 17,281 62,241 64,994 10,576 12, ,838 47,130 87,880 97,300 31,420 36,133 58,892 64,333 32,664 39, ,950 93, , ,452 62,840 67, , ,505 63,960 74, and over 120, , , ,572 83, , , ,192 75,525 94,828 Female All Countries Americas Asia Europe Middle East/Africa Age Range Salary Total Salary Total Salary Total Salary Total Salary Total ,710 18,350 55,800 58,500 14,139 15,710 38,917 42,189 16,406 17, ,562 39,275 73,940 83,384 25,136 31,110 61,116 67,198 26,785 32, ,584 78,000 90, ,458 31,420 34,798 66,096 66,096 38,499 39, and over 97, , , ,200 * * * * * * Women s Compensation as % of Men s (Median) All Countries Americas Asia Europe Middle East/Africa Age Range Salary Total Salary Total Salary Total Salary Total Salary Total % 94% 100% 98% 90% 91% 63% 65% 155% 144% % 83% 84% 86% 80% 86% 104% 104% 82% 82% % 83% 88% 84% 50% 52% 65% 53% 60% 53% 50 and over 82% 85% 81% 81% * * * * * * * Insufficient female data. In the age group, the gap decreased in Asia from 78% last year to 86% and especially in Europe (from 78% to 104%). In the age group, the gap decreased in the Americas from 72% to 84% but grew sharply in all other regions. The pay gap in Asia for this group continues to be the greatest (50%-52%). It s alarming that women s median compensation in these other regions is only about 50%-65% of those for men. Even more alarming is that there weren t enough women in the 50 and older category to make a comparison with men. Overall, gender pay gaps are about the same as last year. There are some notable exceptions in certain regions and age groups, but the issue remains a relevant one. The promising news is that the gender pay gap is small or nonexistent for those now entering the management accounting field Global Salary Survey 9

10 The Value of CMA Certification Around the world, salaries of those holding the CMA continue to be significantly higher than those of non-cmas (see Table 7). CMAs globally earn a median salary and total compensation 61% higher than non-cmas (compared to 59% and 63% last year, respectively). The premium is 15%-22% in the Americas and more than 60% in Asia. This provides strong evidence to show that employers in every region value the skills possessed by CMAs and are willing to compensate staff who have these skills. A public accounting director in Namibia made an interesting comment: I am running my own accounting services company, and I found there is growth in the industry as we small enterprises are getting more clients as entrepreneurship is booming here in Namibia. So to get a CMA designation on my letterhead will definitely boost fees income. Table 7: Average Compensation by Certification and Region CMA Non-CMA Base Salary Total Compensation Base Salary Total Compensation Mean Median Mean Median Mean Median Mean Median All Countries 73,636 61,116 92,956 68,400 56,957 38,003 66,883 42,440 Americas 117, , , ,000 96,068 90, , ,697 Asia 45,207 32,991 56,183 39,275 41,915 20,423 48,333 23,566 Europe 96,472 79, ,149 88,511 72,922 60,900 85,082 70,000 Middle East/Africa 48,311 35,089 60,982 41,746 39,064 25,584 47,397 29,794 CMAs as % of Non-CMAs Base Salary Total Compensation Mean Median Mean Median All Countries 129% 161% 139% 161% Americas 123% 115% 133% 122% Asia 108% 162% 116% 167% Europe 132% 130% 151% 126% Middle East /Africa 124% 137% 129% 140% CMAs of all age groups have higher median salaries and total compensation than non-cmas (see Table 8). While younger CMAs do see immediate financial benefit from their CMA designation, those in their 30s receive a whopping 40%-50% median premium for securing the designation. One respondent wrote, The CMA did not seem to help me when I first got it at age 25, but after a lot more work experience, it helped me to obtain my current promotion. I now work directly in management accounting providing reports to the board of directors. The only mean compensations not showing a premium are in the age group, mainly due to two non-cma individuals, one earning $565,000 and the other $1 million annually Global Salary Survey 10

11 Table 8: Compensation by Age and CMA Designation CMA Non-CMA Base Salary Total Compensation Base Salary Total Compensation Age Range Mean Median Mean Median Mean Median Mean Median ,161 18,142 30,551 19,697 28,998 15,090 31,633 16, ,065 47,130 67,914 51,728 43,803 31,420 51,633 36, ,189 79, ,649 94,500 87,771 72, ,107 83, and over 130, , , , , , , ,000 CMAs as % of Non-CMAs Base Salary Total Compensation Age Range Mean Median Mean Median % 120% 97% 117% % 150% 132% 141% % 110% 109% 114% 50 and over 126% 117% 142% 120% Without these individuals, the mean salaries and total compensation for CMAs are 14% and 19% higher, respectively, than for non-cmas. As one 29-year-old Jordanian chief accountant commented, I got the 33% salary increase in the last year because I got the CMA certificate. These results indicate the value of the CMA credential, which recipients earn through relevant work experience, passing a rigorous two-part exam, and ongoing continuing education. It demonstrates their mastery of the critical accounting and financial management skills needed on the job today. A CFO for a Middle East manufacturer said, I want to declare that my most important benefit received from the CMA program was the knowledge itself even before I have passed the exam. How Respondents View the CMA As found in previous salary surveys, more than 80% of CMAs across all regions feel that their certification enhances their ability to move across areas of the business (see Figure 1). This value is recognized by those 1,047 respondents who are currently pursuing a CMA designation (41% of all respondents and 87% of the non-cmas). When asked the primary reason for pursuing the designation, 78% said career advancement. One example given was that it helped the person make a career shift from Human Resource function to accounting and finance. CMAs globally also largely agree that their certification creates career opportunities (see Figure 2). A 30-year-old financial analyst with a manufacturing company in India commented, Earlier I was working as Sr. Financial Analyst with our factory. After completion of my CMA, my profile was considered for role of Site Finance Manager. So I must say CMA supports me lot for my career advancement Global Salary Survey 11

12 Figure 1: CMA certification strengthens my ability to move across all areas of the business (Percent Agree) 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Americas Asia Europe Middle East/Africa All Regions Figure 2: CMA certification creates career opportunities for me (Percent Agree) 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Americas Asia Europe Middle East/Africa All Regions I want to declare that my most important benefit received from the CMA program was the knowledge itself even before I have passed the exam Global Salary Survey 12

13 Compensation and Education Table 2 showed that 96% of all survey respondents hold at least a baccalaureate degree and that 41% have an advanced degree. Table 9 shows the impact of education on compensation. As before, the results clearly show that education pays as higher education results in greater earnings. Overall, the median base salary for those with a baccalaureate degree is $50,635, and they have a median total compensation of $58,300. In comparison, those with an advance degree earn $78,550 and $90,267, respectively. In both cases, an advanced degree earns a premium of 55% more. When looking at results by region, the difference is most pronounced in the Middle East/ Africa, where those with advanced degrees earn median salary and total compensation of $48,996 and $54,366, respectively, compared to $29,164 and $34,954 for those with only a baccalaureate degree. That s 68% and 56% more for those with advanced degrees. There is also a significant difference in Asia, where those with an advanced degree earn 59% more in salary and 56% more in total compensation compared to those with a baccalaureate. Table 9: Compensation by Degree and Region Baccalaureate Degree Advanced Degree Base Salary Total Compensation Base Salary Total Compensation Mean Median Mean Median Mean Median Mean Median Americas 109,115 99, , , , , , ,403 Asia 45,711 29,625 54,854 32,991 76,231 47,130 93,890 51,451 Europe 86,747 72, ,884 79,613 95,325 82, ,242 92,365 Middle East/Africa 43,768 29,164 54,332 34,954 60,602 48,996 76,993 54,366 All Countries 67,255 50,635 82,539 58,300 92,093 78, ,426 90,267 Advanced Degree Salary Baccalaureate Degree Salary: Base Salary Total Compensation Mean Median Mean Median Americas 110% 107% 110% 111% Asia 167% 159% 171% 156% Europe 110% 115% 113% 116% Middle East/Africa 138% 168% 142% 156% All Countries 137% 155% 139% 155% 2015 Global Salary Survey 13

14 Responsibility Area Salaries and total compensation vary considerably by responsibility area. Table 10 presents median remuneration values for 14 responsibility areas. For comparison purposes, it also presents total compensation values for this year s non-u.s. respondents and for last year s global (non-u.s.) survey. (The country and region-specific salary survey reports will contain a comparison of results based on their respective geographic areas.) Table 10: Compensation by Responsibility Area Global (Including U.S.) Non-U.S., Global This Year This Year Last Year Base Salary Total Compensation Base Salary Total Compensation Responsibility Mean Median Mean Median Mean Median Mean Median Education 86,562 81,500 99,014 94, , ,000 Information Systems 74,943 74,623 89,427 84, , ,200 Government Accounting 66,197 66,000 74,164 72, , ,503 Corporate Accounting 72,768 65,699 87,032 73, , ,000 General Management 89,591 65, ,361 75, , ,000 Risk Management 60,054 50,748 71,344 57, , ,600 Finance 71,040 48,000 90,373 55, , ,000 Budgeting and Planning 61,227 47,000 73,217 55, , ,500 Internal Auditing 60,382 47,000 74,258 57, , ,000 Cost Accounting 54,315 46,440 63,932 48, , ,615 Personnel Accounting 48,869 39,975 59,251 49, , ,450 General Accounting 40,562 25,584 47,725 30, , ,000 Taxation 38,112 19,638 44,926 26, , ,000 Public Accounting 53,385 15,710 59,645 20, , ,750 Consistent with the overall results, the median compensation in almost all responsibility areas is significantly lower this year as compared to last year. As shown in Table 10, the highest-paying responsibility area internationally is education (median total compensation of $94,450). That s followed by information systems ($84,049). Last year, the order was reversed, with information systems ($97,500) in the lead, followed by education ($93,000). The next three highest-ranked responsibility areas this year are government accounting, corporate accounting, and general management. In last year s (non-u.s.) global survey, these five areas were also in the top five, although the order has changed. Public accounting remains the lowest-paid area. The median compensation values for the top-five responsibility areas are strongly influenced by U.S. respondents. The shaded columns of Table 10 show that non-u.s. respondents in education are ranked 10th in total compensation, and those in information systems are seventh Global Salary Survey 14

15 An especially large increase over last year accounting, which jumped to the topthe U.S. The major reason for this increase government respondents than last year who have higher compensation. Another area that U.S. is internal auditing, reflecting increased of risk management controls and the resultant these skills. occurred in the area of government ranked responsibility area outside is a very different and smaller mix of came from countries that tend to increased significantly outside the corporate awareness of this area as part enhanced compensation for those with In the current economic environment characterized by ongoing economic and geopolitical challenges in many regions, salaries have declined in most other traditional areas of responsibility (e.g., information systems, corporate accounting, taxation, general accounting, and budgeting and planning). On the other hand, the need for accountants in government and internal auditing appears to be strong. With the inclusion of U.S. respondents in the compensation data, it s evident that U.S. faculty received much higher compensation than elsewhere. In fact, the U.S. median total compensation for those in education is $139,000 compared to only $29,405 elsewhere. Corporate accounting, finance, and budgeting and planning are also especially high in the U.S. Employee Satisfaction CMA My job is the perfect job for me. Very, very satisfied. I am very respected for being a & the job that I do here. An important factor affecting employee satisfaction is the frequency and amount of salary increases. Similar to last year s survey, two-thirds of respondents indicate that they have had a pay increase within the past year (see Figure 3). Further, more than 80% received a raise within the past two years, and the majority of those who didn t expect one in the next year. The prospects for future raises appear to be good and fairly consistent across all the regions. Seventy-seven percent of the survey respondents believe that they are likely to receive a raise in the coming year (see Figure 4). Figure 3: Timing of Most Recent Raise 80% 70% 60% 50% 40% 30% 20% 10% 0% Americas Asia Europe Middle East/Africa All Regions n Within last year n 1 to 2 years ago n More than 2 years ago n I have not received a raise 2015 Global Salary Survey 15

16 Figure 4: Likelihood of Receiving a Raise within the Coming Year All Regions Middle East/Africa 43% 40% 34% 36% n Very likely n Somewhat likely Europe 51% 25% Asia 34% 42% Americas 53% 26% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% The number is between 76%-79% for all regions. The Americas (53% very likely) and Europe (51% very likely) are most confident they will receive a raise in the coming year. The overall median raise expected is 8%. Of those respondents who received raises, the median raise was 8%, which is the same as last year. Regionally, raises in the Asia and Middle East/Africa regions tend to be larger (median 10%) than those in the Americas (3.5%) and Europe (6%), but they are happening less frequently and are smaller in absolute terms (see Figure 5). Figure 5: Percent Increase of Most Recent Raise All Regions Middle East/Africa Europe Asia Americas n Less than 1% n 1% 2% n 2% 5% n 5% 10% n 10% 15% n 15% 20% n 20% 25% n 25% or more 0% 20% 40% 60% 80% 100% 2015 Global Salary Survey 16

17 Hours Worked Survey respondents worked an average of 46 hours per week (see Table 11), which is exactly the same as reported last year. The Netherlands replaced Germany this year as the country with the highest hours worked per week, averaging 49.1 hours (up from 45.5 last year). Next are respondents from India (48.6 hours), U.S. (47.7 hours), and KSA (46.4). Respondents in Russia (41.6), Canada (42.9), and Lebanon (43.0) reported working the fewest hours per week. In none of the countries of the major responders (those appearing in Table 3) did respondents average fewer than 40 hours of work per week. Work-Life Balance This year we asked respondents a new question to assess their satisfaction with their work-life balance. Globally, 28% of all respondents said they were very or extremely satisfied with their work-life balance. Only 6% were very unsatisfied (see Table 12). There is considerable variation among the regions. Those in the Americas said they were the most satisfied with their work-life balance, followed by Europe. Respondents from Asia reported by far the lowest satisfaction, driven mostly by very low satisfaction in China. The results are interesting given Table 11: Mean Hours Worked by Country/Region Mean Hours Worked All Countries 46.0 Globally (excluding U.S.) 45.4 Americas 47.1 U.S Canada 42.9 Asia 44.9 China 44.5 India 48.6 Europe 46.7 Germany 46.2 Netherlands 49.1 Russia 41.6 Switzerland 46.1 Turkey 45.9 Middle East/Africa 45.9 Bahrain 45.2 Egypt 45.4 Jordan 45.6 KSA 46.4 Kuwait 45.6 Lebanon 43.0 Oman 46.2 Qatar 45.2 UAE 45.8 that Chinese respondents reported one of the lowest average hour work weeks and the U.S. respondents reported one of the highest, as shown in Table 11. These results may be related to overall job satisfaction and suggest that hours worked aren t the only influence on achieving a good work-life balance. Table 12: Satisfaction with Work-Life Balance by Region Region Extremely Very Somewhat Somewhat Very Satisfied Satisfied Satisfied Dissatisfied Dissatisfied Americas 12% 34% 36% 13% 4% Asia 2% 11% 49% 31% 7% Europe 6% 26% 47% 20% 1% Middle East/Africa 4% 22% 51% 16% 7% All Regions 6% 22% 46% 20% 6% 2015 Global Salary Survey 17

18 Figure 6 shows a more detailed breakdown by age for the percentages of those satisfied with their work-life balance. Overall, satisfaction with work-life balance increases in each age group, but that pattern varies when examined by region. In the Americas, satisfaction starts out high and decreases through the age range before increasing again in the 50 and over range. In contrast, satisfaction in the Middle East/Africa starts low and increases at each level until it declines again for those 50 and over. In general, people are more likely to be satisfied with their work and personal life balance as they progress in their careers, except for in the Americas where satisfaction is relatively high in all age ranges. Figure 6: Extremely/Very Satisfied with Work-Life Balance by Age Group 0% 10% 20% 30% 40% 50% 60% n Americas n Asia n Europe n Middle East/Africa n All Regions and over Desire to Change Jobs Overall, 33% of respondents are looking to change jobs within the coming year, which is down from last year s 38% (see Table 13). The percentage of respondents looking to change jobs is highest in the Middle East/Africa region, where more than half the respondents indicate they are looking for an employment change. This isn t surprising given the Table 13: Looking to Change Jobs by Region extremely low levels of compensation in some of these countries and the relative instability of the region. Yes No Not sure Of those expressing a desire to change jobs, 39% Americas 17% 56% 27% are very confident they will be able to find another while Asia 17% 56% 27% another 49% are somewhat confident. The most Europe 17% 56% 27% commonly stated reasons to move are to find a new Middle East/Africa All Regions 17% 17% 56% 56% 27% 27% career opportunity (66%), to attain an improved salary (63%), and to secure an improved quality of life (54%) Global Salary Survey 18

19 Figure 7 shows an age-range breakdown by region of those looking to change jobs in the coming year. For each region, the highest desire to change jobs occurs in the younger age brackets (20-29 and 30-39). This makes sense since those earlier in their career will likely have the most flexible lifestyle to accommodate a job change. As we re about to see, they also tend to have the lowest job satisfaction. Figure 7: Looking to Change Jobs within the Coming Year 0% 10% 20% 30% 40% 50% 60% Americas n n Asia n n 50 and over n Average Europe Middle East/Africa All Regions I think that leaders and managers have a great part in employees satisfaction, and with a good manager you can neglect some weaknesses of your firm Global Salary Survey 19

20 Job Satisfaction This year, we asked respondents to assess their overall job satisfaction. Figure 8 shows an agerange breakdown for the percentages of those who said they are very satisfied overall with their present job. As with work-life balance, we see that job satisfaction is relatively high in the Americas for all age groups. It is a different story for younger respondents in other regions. In Asia, the job satisfaction is very low and reaches a max of only 17% in the 50 and over age group. In Europe, satisfaction hits 15% in the age range and decreases slightly after 50. In the Middle East/ Africa, it is generally very low overall and only gets as high as 12% for those in their 40s. Overall, the Americas report the highest satisfaction percentage (22%), and Asia reports the lowest (4%). Not only did we ask respondents to rate their satisfaction with different attributes related to their job, but we also asked them to rate the importance of each attribute to their career satisfaction in management accounting. Table 14 indicates the level of satisfaction with and importance of a variety of factors that affect job satisfaction. As shown, 61% said salary was very important. Other factors rated as very important were benefits, opportunity for advancement, doing interesting and challenging work, and how their employer handles ethical issues. Figure 8: Job Satisfaction by Region and Age Group 0% 5% 10% 15% 20% 25% 30% n Americas n Asia n Europe n Middle East/Africa n All Regions and over Average 2015 Global Salary Survey 20

21 Table 14: Factors Affecting Job Satisfaction Satisfaction Importance More Satisfied Very Some Very than Dissatisfied Satisfied Importance Important My salary 32% 10% 30% 61% Employee benefits 32% 11% 35% 55% Opportunity for advancement 22% 7% 28% 58% How my supervisor makes decisions and includes me in the decision-making process 31% 14% 43% 43% The way that I am acknowledged and recognized for performing well on the job 33% 16% 41% 46% The working relationships that I have with others 46% 26% 42% 46% The opportunity that I have to do interesting and challenging work 34% 19% 37% 52% Job security 35% 20% 34% 51% The way my employer handles ethical issues 31% 23% 31% 55% Overall job satisfaction 42% 11% 37% 54% The attributes with highest satisfaction tended to be different and are consistent with previous studies. Working relationships with others shows the highest satisfaction, followed by job security and how their employer handles ethical situations. Noticeably low on satisfaction are three of the most important factors: salary, benefits, and opportunity for advancement. Although these results provide overall trends, each individual has his or her own unique needs and talents. A 61-year-old mid-level manager for a U.S. financial services company commented, I love my job, and unlike most of my friends am not anxious to retire. I think being in the accounting profession contributes to my overall job satisfaction. And a 26-year-old senior accountant with a Middle East manufacturing firm said, I think that leaders and managers have a great part in employees satisfaction, and with a good manager you can neglect some weaknesses of your firm Global Salary Survey 21

22 So What s New? For many years, IMA s annual salary survey has provided insight into members compensation levels in the U.S. and the impact on compensation of factors such as certification, gender, education, and more. This is the second year we have had one survey for everyone. Including members in one global survey helps us reflect the increased diversity of IMA members. This year s survey results show a decline in salaries reflecting the economic and political challenges being faced in many parts of today s world. On the positive side, more than threefourths of survey respondents expect to receive a raise this year, with a median expected increase of 8%. The gender pay gap remains close to zero for those in their early career stages, and there s a slight narrowing of the gender pay gap for those in older age groups. But there continues to be a significant pay gap, especially in Asia and Europe. We also asked some new questions to examine respondents work-life balance and the factors that affect their job satisfaction. Overall, almost 30% said they were very or extremely satisfied with their work-life balance, but satisfaction varies greatly by region. Eleven percent said they were very satisfied with their jobs, and more than 49% said they were more satisfied than dissatisfied. We found the factors that are most important to members job satisfaction salary and benefits also are the things they are least satisfied with. The value of CMA certification remains strong around the world. CMAs report substantially higher salaries and total compensation than their non-cma counterparts. This salary premium, along with the greater career opportunities available to CMAs, attests to the ongoing value of this program. We sincerely appreciate members willingness to share their time and data with us. For that, we are truly grateful. Your continued support is essential as we strive to increase the value and relevance of the salary survey for IMA members Global Salary Survey 22