CIMA SALARY SURVEY Ghana

Transcription

1 CIMA SALARY SURVEY 2013 Ghana

2 2 On average part qualified CIMA students earn c. GHS2,955 per month in total. Students agree that the CIMA qualification strengthens their ability to work internationally, creates career opportunities and widens career choice. Salary survey results Ghana average salary figures Our survey suggests that in 2013 part qualified CIMA students in Ghana earn on average GHS2,862 in basic monthly salary plus GHS94 in bonus payments, totalling GHS2,955 per month. 1 Salary increases anticipated 84% are expecting a salary rise over the next 12 months. Although 36% anticipate a smaller salary rise, the average expected increase is 13%, which is above the inflation forecast of %. 2 [I chose to become CIMA qualified because] it will give me full confidence in negotiating my future wages and to pursue further studies. Male student, finance manager working in the retail, consumer, FMCG, food and drink industry. The CIMA course is unique [and] broadens one s scope of training. With CIMA, I can work in any business. Female student, procurement manager working in the manufacturing and engineering industry. CIMA boosts salary and widens career choice All student respondents in Ghana agree that the CIMA qualification strengthens their ability to work internationally. The vast majority agree that it creates career opportunities and widens career choice. With the current dynamics in corporate finance and reporting, I find CIMA to be very appealing to all sectors of business. Male student, accountant working in the natural resources, energy/fuel and utilities industry. The CIMA qualification strengthens my ability to move internationally with my career The CIMA qualification creates career opportunities for me 100% agree 96% agree The CIMA qualification strengthens my ability to move across all areas of the business 85% agree 1 Figures should be treated with caution as they are based on 26 respondents. Figures may not sum due to rounding. 2 IMF World Economic Outlook, April Available at: African Economic Outlook: Ghana. Available at: Both accessed 5 August 2013.

3 3 Business and the economy Expectations for future pay and conditions Ghana s economic growth remains encouraging. GDP growth is expected to reach 7 8% in 2013, led by revenues from oil and gas, primary commodities exports and the service sector. 3 A slowdown in demand for oil and gas exports, particularly from China and the USA, continued problems in the EU economy, security challenges, and domestic oil supply outages are downside risks that remain. However, overall, students in Ghana are fairly optimistic about the outlook over the coming 12 months, particularly in terms of business profits. Expectations for negative factors of budget cuts (15%) and decreased profitability (4%) are relatively low. At the same time, two-fifths of students (42%) expect increases in business profitability and salary increases across the board in the organisation in which they work (38%). While 31% anticipate staff recruitment to increase, 15% expect a recruitment freeze, and 12% expect job cuts. Almost one-half (46%) of CIMA students in Ghana expect business process/policy changes, and around one-quarter (27%) anticipate a greater focus on regulatory issues. Expectations for business investment remain muted, with 15% anticipating an increase over the coming 12 months. Figure 1. Expectations for the business environment over the coming 12 months selected indicators Business process/policy changes Increase in the overall profitability of the business Salary increases Increase in staff recruitment Greater focus on regulatory issues Increased spend on staff training 46% 42% 38% 31% 27% 23% Budget cuts Recruitment freezes More money available for future investment Job cuts 15% 15% 15% 12% Fall in the overall profitability of the business 4% 3 IMF World Economic Outlook, April Available at: African Economic Outlook: Ghana. Available at: Both accessed 5 August 2013.

4 4 92% of part qualified students see themselves in a different role within three years. Working conditions Working hours Our survey suggests that on average, CIMA students in Ghana work 46 hours per week, with 73% typically working more than 40 hours per week. 38% expect their working hours to increase over the coming 12 months, primarily due to taking on more responsibility/ more pressure. Motivators at work In 2013 the key motivator at work is a good working environment (mentioned by 46%), followed by a job security and flexibility/worklife balance (both mentioned by 42%). Career plans Seeking new opportunities 92% of part qualified students see themselves in a different role within three years, suggesting a very high degree of mobility and promotion prospects. Two-fifths (43%) anticipate being in a senior finance-related role in three years time, including finance manager, financial director, financial controller, CFO, head of accounting/ finance or self-employed practitioner. 27% of students are planning to find another job over the next six months and 42% expect to move job within the next two years. I [chose] CIMA because of its in-depth course content in all areas of skills development and updates on new emerging issues worldwide. Female student, financial director working in the government sector. Building skill sets Over the coming 12 months students in Ghana are keen to develop their managerial, interpersonal and technical skill sets. Two-thirds of students wish to develop their leadership skills (65%) and in addition to personal development (58%), around one-half will focus on risk management (54%) and decision making skills (50%). Technical management accounting skills will be important, including problem solving (54%) and strategic planning and implementation (50%). Skills for developing others, communication skills (which includes negotiating, presenting and written communication) and relationship management are interpersonal skill sets that students would like to develop. [I chose to become CIMA qualified] because it s a course that cuts across all areas of a business and gives you a good oversight of the business. Female student, finance assistant working in the notfor-profit/charity sector. 65% Leadership 58% Personal development 54% Risk management 54% Problem solving 50% Strategic planning and implementation 50% Decision making 46% Skills for developing others 46% Communication 42% Project management 42% Change management 38% Relationship management

5 5 Appendix Technical information Survey responses were collected by CIMA among active qualified members and part qualified students between 25 April and 19 May 2013, via an online survey. The data was analysed and reported by an independent specialist consultancy. Approximately 25,000 qualified members and just over 21,000 part qualified students were selected and invited to participate in the international study, which covers 23 markets in total. Within the study period 6,039 responded internationally, including 26 part qualified students in Ghana. Please note that due to the small base of 26 respondents, the data we have presented is based on unweighted responses and is only indicative of salaries and opinions of part qualified students in Ghana; therefore results should be viewed with caution. Further information For further information on technical matters relating to this survey, contact For further country specific analysis and reports, visit CIMA MY JOBS at Acknowledgements This research was conducted by CIMA in conjunction with Spotlight Market Research & Editing. The Chartered Institute of Management Accountants is a Market Research Society Company Partner. Both CIMA and Spotlight abide by the Market Research Society s Code of Conduct and the Data Protection Act.

6 CIMA Ghana 3rd Floor, Ayele Building, IPS/Attraco Road, Madina, Accra T: +233 (0) E: September 2013, Chartered Institute of Management Accountants