CIMA South Africa part qualified salary survey 2010

Transcription

1 CIMA South Africa part qualified salary survey 2010

2 CIMA salary survey 2010 South Africa Foreword 1 Executive summary 2 Main findings 4 Salaries and bonuses 4 Gender 4 CIMA level 5 Size of business 5 Sector 6 Job role 7 Future 7 Recruitment and retention 8 Satisfaction with salary 8 Importance of benefits 9 Satisfaction with benefits 10 Working hours 10 Skill set requirements 12 Geographical mobility 12 Top destinations 14 One word to describe CIMA difference 14 Country specific salary information 15 Technical information 16 Further information 16 Global contacts 17

3 Foreword 1 On behalf of the Chartered Institute of Management Accountants (CIMA), I would like to welcome you to our second global student salary survey. The results in this report will provide you with an insight into the current employment experiences and career aspirations of the business leaders of tomorrow CIMA s South African student base. Despite ongoing economic instability in many regions around the world, our report shows a strong relationship between our students and their employers. Businesses are looking to their professionally-qualified management accountants to help guide them through the recession and on to sustainable success. This gives our students a greater sense of job security than those studying for many other professional qualifications. Our global survey clearly shows that most of our students believe they are recession-proof. 92% do not anticipate being affected by redundancy in 2010.This response could also reflect an increasingly optimistic view of the general economic conditions: this percentage is even higher than the level of confidence felt by students in last year s survey (83%). Moreover, nearly two thirds are feeling positive enough to make a job move in the next two years, although with this feeling of security comes higher expectations. This year, just 51% of students are happy with their current salary compared with 58% in The drop could indicate a greater sense of professional value as the downturn lifts This report which focuses on CIMA students in South Africa identifies a number of important trends. In South Africa, the average annual student remuneration package (salary and bonuses) is R397,911. Although only 55% of students are satisfied with their current salary and 61% with their benefits, job security and satisfaction is generally good. Just 4% are fearful about redundancy and 6% of a pay freeze. Our students sense of value is also reflected in the 70% who are considering changing jobs in the next two years and the 21% of those who are considering work overseas. In terms of gender, South African men typically earn 11% more than women. Overall, the global survey reinforces the fact that a growing number of students are finding that CIMA s professional accountancy qualification is the best way to develop their career potential. In 2009 we saw a second year of record student growth and, for the first time, a majority of our new students (56% of the total) were based outside the UK. Please read through the following pages to find further snapshots of our students working lives. I hope you find it informative reading. Charles Tilley Chief Executive CIMA

4 2 Executive summary Since the turn of the millennium, the South African economy has grown reasonably steadily, achieving growth rates of around four or five percent in most years. However, global economic turmoil began to have a notable impact on the South African economy in Q3 2008, with the situation worsening significantly during Q and Q The net effect of this has been that growth slowed to 3.7% during 2008 and actually declined by 1.8% during 2009, with manufacturing, mining and quarrying experiencing the steepest declines. However, South Africa s economic growth is likely to exceed the Treasury s target this year and next as a global economic rebound bolsters demand for exports, with the latest estimates from the OECD predicting growth of 3.3% this year and 5% in The second annual global salary survey of CIMA students was carried out in February A total of 2,563 employed students (who had sat an exam within the last two years under the 2005 CIMA qualification structure) contributed to the survey of which 324 responses were from South Africa. This report summarises the results of this survey with a particular focus on South Africa, looking at how recent economic events are impacting on salary levels and benefit packages experienced by CIMA students working there. Salaries and bonuses The average annual basic salary for CIMA students working in South Africa is R364,198 with an average bonus of R33,713. Students in South Africa receive an average remuneration package of R397,911, just a R911 increase since % are expecting to receive a bonus in 2010, down from 87% in The average bonus amongst those expecting one is R42,337. Men are typically paid 11% more than women this year (R413,940 vs R372,392). This difference in pay is smaller than last year when men were typically paid 19% more. Female students salaries have increased 5% (or R18,792) in 2010, while male students salaries have recorded a slight decrease of 1.5% (or R5,960). Managerial level students are the lowest earners with an average total salary package of R383,491 (4% or R14,420 lower than the South African student average). Higher level students are the highest earners, with TOPCIMA/passed finalists earning 7% (or R27,517) above the average in South Africa. Those in large organisations (500+ employees) generally earn a total salary package 19% higher than those in smaller organisations (R421,218 vs. R353,170). 6% of students are expecting a pay freeze while 4% are fearful of redundancy in 2010.

5 Recruitment and retention 3 Salary satisfaction levels have stayed consistent in 2010, with 55% again stating they are either extremely satisfied or satisfied with their current salary package. Salary satisfaction is significantly higher amongst female students. 63% of female students are extremely satisfied or satisfied with their salary compared to 50% of males. The difference in pay by level of study is reflected in salary satisfaction across the CIMA levels. Managerial level students, who typically earn the least, are less satisfied than high level and higher earning students (49% vs. 63%). Satisfaction with benefits is slightly higher this year with 61% stating they are extremely satisfied or satisfied with the current benefits package they receive. Satisfaction with benefits is slightly higher amongst women (65% vs. 60% of men). Students place most importance on receiving study leave, bonuses and healthcare benefits. 72% of CIMA students in South Africa can take study leave, whereas fewer receive bonuses and healthcare as part of their benefits package (52% and 37% respectively). Over half of students (56%) work between 41 and 50 hours per week with the average being 44 (slightly above the global average of 42). 42% expect their working hours to increase, compared to 35% globally. In 2010 strategic planning and implementation (62%), leadership skills (58%), and reporting and analysis (49%) continue to be the main focus for skills development in the next 12 months. Geographical mobility Only 30% of students are planning to stay with their current employer in the next two years, with 44% of students in South Africa looking to change employer in the next year. 21% of those looking to move will be seeking a new position in a new country. English speaking countries are the preferred destinations with the UK (53%), Australia (45%) and the USA (40%) being the top three favoured destinations.

6 4 Main findings Salaries and bonuses The average annual basic salary for CIMA students working in South Africa is R364,198 with an average bonus of R33,713. Students in South Africa receive an average remuneration package of R397,911, a R911 increase since In Johannesburg, where 61% of South Africa s highest tier earners are based the average basic salary rises to R392,400 per annum. 80% of students are expecting to receive a bonus in 2010, down from 87% in 2009 this is significantly higher than the global average of 58%. The average bonus amongst those expecting one is R42,337 (11% of salary). On average males are earning R41,548 more than females. Gender The difference in salary packages between the genders has decreased in Men typically received 19% more than women in 2009; this has now fallen to 11%. This is largely due to the increase recorded in female students salaries. Salary packages amongst women have increased 5% (or R18,792) in 2010, while men s salaries have recorded a slight decrease of 1.5% (or R5,960). Remuneration package by gender Salary Bonus Total package South Africa overall R364,198 R33,713 R397,911 Male R377,387 R36,553 R413,940 Female R343,200 R29,192 R372,392 The increase in women s salaries and the reduction in salary gap could be attributed to the shift in the proportion of female to male respondents with 5+ years of work experience. In 2009, 36% of men had in excess of five years experience compared to 25% of women in 2010 this is much more even with 21% of men and 25% of women.

7 CIMA level Almost half (49%) of CIMA students in South Africa are studying at managerial level 1 (global average 43%), 31% are at strategic level, and 20% are TOPCIMA/passed finalists, showing a slightly higher proportion of less qualified students this year. Managerial level students are the lowest earners with an average remuneration package of R383,491 (4% or R14,420 lower than the South African student average). Higher level students are the highest earners, with TOPCIMA/passed finalists earning 7% (or R27,517) above the average in South Africa. Average salary and bonus by CIMA level TOPCIMA/passed finalist Strategic R396,053 R368,317 R425,428 R403,403 5 On average TOPCIMA students and passed finalists are earning R41,937 more than managerial level students. Managerial TOPCIMA/passed finalist South Africa overall Strategic R349,057 R396,053 R364,198 R368,317 R383,491 R425,428 R397,911 R403,403 Managerial Salary R349,057 Bonus Total R383,491 South Size of Africa business overall R364,198 R397,911 Over half of students (59%) work in organisations with more than 500 employees. Men are more likely to work in larger organisations Salary (500+) 61% Bonus compared Total to 55% of women. 500 Those or in more large employees organisations generally earn a total R384,166 salary package 19% higher R421,218 than those in smaller organisations (R421,218 vs. R353,170). Less than 500 employees R324,336 R353,170 Average salary and bonus by size of business South Africa overall 500 or more employees R364,198 R384,166 R397,911 R421,218 Less than 500 employees Salary R324,336 Bonus R353,170 Total Those in large organisations generally earn a total salary package 19% higher than those in smaller organisations. South Africa overall R364,198 R397,911 Manufacturing and engineering Retail and consumer goods Salary Bonus Total R391,228 R379,310 R425,439 R413,164 Banking, finance and insurance R351,923 R383,332 Manufacturing and engineering R391,228 R425,439 Accountancy R295,000 R319,417 1 For the purposes of this survey, CIMA level data was collected under the 2005 CIMA qualification structure Retail and and refers consumer to those at managerial goods level, strategic level, TOPCIMA R379,310 and passed finalists. For comparison R413,164 under South the Africa 2010 qualification overall structure, these levels are respectively R364,198 now known as operational/management R397,910 level, Banking, strategic finance level, T4 and Part B insurance Case Study and exams complete. R351,923 R383,332 Accountancy Salary R295,000 Bonus R319,417 Total South Africa overall R364,198 R397,910

8 R396,053 R425,428 Strategic Managerial R368,317 R349,057 R403,403 R383,491 South Africa overall R364,198 R397,911 6 Sector Salary Bonus Total CIMA is important to the broad base of international industry with accountancy, and the manufacturing and engineering sectors employing the highest proportion of CIMA students (19% and 18% respectively), followed by the banking, finance and insurance (16%) and retail and consumer goods (9%) sectors. 500 or more employees R384,166 R421,218 Slightly more female students can be found in the accountancy and banking (26% vs. 14%), Less than and 500 finance employees and insurance (41% vs. 31%) R324,336 sectors, as well as the R353,170 manufacturing and engineering sector (22% vs. 15%). Students South Africa at managerial overall level are more likely to R364,198 be in the manufacturing and R397,911 engineering sector (22% vs. 12% strategic students and 16% TOPCIMA/passed finalists). Although the base numbers are too small to Salary draw any reliable Bonus conclusions Total(324), the chart below offers an indication of the trends by key sectors. Average salary and bonus by sector Manufacturing and engineering Retail and consumer goods Banking, finance and insurance R391,228 R379,310 R351,923 R425,439 R413,164 R383,332 Accountancy R295,000 R319,417 South Africa overall R364,198 R397,910 Salary Bonus Total

9 Job role 7 Organisational structure is traditional, as 76% of respondents sit in the finance division. A further 11% reside in the operations division and 5% in strategy. CIMA students most commonly report their job title as management accountant (19%), finance manager (16%) and accountant (11%), demonstrating the strategic nature of many students roles. Future Only 12% of students in South Africa are anticipating one or more negative factors (i.e. pay freezes, redundancy, a shorter working week or a salary reduction) impacting their salary in 2010 this is significantly lower than the global average of 43%. Of those who do expect to be affected by one or more of these factors, 6% are expecting a pay freeze while 4% are fearful of redundancy. Anticipated impacts in 2010 None of the below 88% Pay freeze Redundancy Salary reduction Shorter working week 6% 4% 3% 2% On average CIMA students annual salary is R397,911 The average bonus is R33,713 across all respondents 20% don t expect to receive a bonus in 2010 For the 80% expecting a bonus the average bonus is R42,377 On average men earn 11% more than women

10 8 Recruitment and retention Satisfaction with salary Salary satisfaction levels have stayed consistent in 2010 at 55%. Salary satisfaction levels have stayed consistent in 2010, with 55% stating they are either extremely satisfied or satisfied with their current salary package. Salary satisfaction is significantly higher amongst female students. 63% of female students are extremely satisfied or satisfied with their salary compared to 50% of males. These levels of satisfaction have shifted from 2009, where 57% of male students were either extremely satisfied or satisfied compared to 51% of females. The increase in satisfaction amongst women could be attributed to the increase in salaries they have recorded and reduced gender disparity. Unsurprisingly, those people earning the highest salaries were the most likely to say they were satisfied with their earnings. In fact the majority of students earning in excess of R250,000 (i.e. high tier earners) appear to be happy with current salary levels (76%). For those earning under R150,000 (i.e. low tier earners), satisfaction levels are low (31%). Percentage satisfied or extremely satisfied with salary by salary level High tier earners (>R250,000) 73% 76% Mid tier earners 63% 55% Low tier earners (<R150,000) 27% 31% South Africa overall 55% 55% The difference in pay by level of study is reflected in salary satisfaction across the CIMA levels. Managerial level students, who typically earn the least, are less satisfied than high level and higher earning students (49% vs. 63%).

11 Importance of benefits 9 The four most important benefits identified by South African students are study leave, bonus, healthcare and pension with 72% of CIMA students currently receiving study leave as a benefit. Fewer receive bonuses and healthcare as part of their package (52% and 37% respectively) but as they are the most widely received, it suggests employers are also aware of the importance of offering these benefits. Study leave (72%), pension (52%) and bonus (52%) are the top three benefits students are likely to receive, followed by contribution/payment of CIMA fees (40%) and healthcare (37%). Importance of benefits (mean score) by benefits received 5 = extremely important, 1 = not at all important Study leave Bonus Healthcare Pension Contribution/payment of CIMA fees Pay rise as an incentive for passing exams Flexible hours Bonus as an incentive for passing exams Life assurance Shares/share options Working from home Extra holidays Travel benefits/allowances Company car Mortgage relief Mobile phone/blackberry/pda Sabbatical Leisure facilities Product/services discount Childcare arrangements/vouchers Daily subsidised food Season ticket loan 80% 70% 60% 50% 40% 30% 20% 10% 0% Importance Benefit received There are few significant differences between genders when it comes to the types of benefits received. The only notable differences are that men are significantly more likely to receive life assurance (21% vs. 10%) while more women have the option to work from home (11% vs. 5%). The latter is likely to be a reflection of the higher proportion of females being self employed/one person companies. TOPCIMA/passed finalists receive the most benefits and are more likely to receive healthcare, pay rises and bonuses as incentives for passing exams, contribution to CIMA fees, and product savings and discounts. Employers could improve satisfaction levels by offering pay rises or bonuses as an incentive for passing exams.

12 10 Satisfaction with benefits Satisfaction with benefits is slightly higher than that of salary with 61% stating they are extremely satisfied or satisfied with the current benefits package they receive. The global average is 67%. Satisfaction with benefits is slightly higher amongst women (65% vs. 60%). Compared with 2009 figures, women s satisfaction has risen from 50% whereas men s satisfaction has decreased from 66%. The decrease amongst men could be attributed to the fact that 8% of men do not receive any benefits this year compared to just 2% of women. As with salary satisfaction, the highest earning students are also most satisfied with the benefits they receive. Satisfaction amongst high tier earners in 2010 is 80% (up from 72% in 2009) compared to 38% (down from 41% in 2009) amongst low tier earners. Percentage satisfied or extremely satisfied with benefits by salary level High tier earners (>R250,000) Mid tier earners 67% 64% 72% 80% Low tier earners (<R150,000) 41% 38% South Africa overall 60% 61% Working hours Over half of students (56%) work between 41 and 50 hours per week, with the average being 44 hours (slightly above the global average of 42 hours). The average hours worked per week by men is slightly higher than women (45 vs. 43). CIMA students in large scale organisations (500+ employees) are working longer hours; they typically work an average of 45 hours per week, compared to 43 hours worked by those in smaller companies.

13 42% of students are expecting their hours to increase, compared to the global average of 35% and down from 49% in The most reported reason for an increase in hours is taking on more responsibility/more pressure (66%), followed by understaffing/lack of resources (40%). Company growth is cited by nearly one-third (32%) of students expecting their hours to increase in 2010, compared to 22% this time last year. 11 Requirement to work outside normal hours 53% 42% Increasing Decreasing Staying the same 5% Those in organisations with less than 500 staff are more likely to cite company growth as the reason for the increasing need to work outside normal hours (43% vs. 25%), whereas those in large organisations are more likely to cite company culture (30% vs. 10%). Reasons for increasing hours Taken on more responsibility/more pressure Understaffing/lack of resources Company growth My role has changed Company culture Current financial climate 46% 40% 22% 32% 29% 31% 18% 21% 24% 15% 62% 66% Company growth is cited by 32% of students expecting their hours to increase in 2010, compared to 22% this time last year

14 12 Skill set requirements In 2010, strategic planning and implementation (62%), leadership skills (58%), and reporting and analysis (49%) continue to be the main focus for skills development in the next 12 months. Other popular areas include personal development (48%), decision making (45%), project management (42%) and risk management (41%). Skill sets required Strategic planning and implementation Leadership Reporting and analysis Personal development (e.g. career planning, time management) Decision making Project management Risk management Communication (e.g. negotiating, writing, presenting) Budgeting Skills for developing others (e.g. assessing performance, coaching) Persuading and influencing Problem solving Time management Team building IT software (MS Excel, Word, Powerpoint, etc.) Internal audit and control IT (hardware systems) 62% 58% 49% 48% 45% 42% 41% 40% 35% 34% 33% 33% 24% 23% 20% 19% 10% 70% of students intend to change jobs in the next two years. Female students have a higher desire to attain decision making skills (52% vs. 41%), problem solving skills (40% vs 29%) and communication skills (47% vs. 35%). Managerial level students are looking to gain a wider range of skills, reflecting their lower level of experience. They are more likely to be looking to acquire decision making, reporting and analysis, budgeting, and problem solving skills. Geographical mobility 70% of students in South Africa anticipate that they will change jobs within the next two years. Indeed, as many as 31% would like to change jobs in the next six months. Timescale to job move 1-2 years 26% 7-11 months 4-6 months 0-3 months 13% 15% 16% Not currently seeking 30%

15 The proportion of women looking to change jobs has decreased from 84% in 2009 to 70% in This could potentially be because of the increase in salaries recorded amongst female students. 13 Relocation reasons of those likely to move abroad Improved quality of life New career opportunity Improved salary Experience a different culture Better employment opportunities Stronger economy Improved employment conditions Take time out/travel Work promotion Friends and family Internal company transfer To learn a new language 9% 15% 13% 9% 22% 20% 15% 19% 32% 36% 30% 30% 30% 36% 40% 47% 52% 51% 57% 55% 57% 56% 62% 65% The desire for an improved quality of life (62%) is the biggest driver behind a move abroad, followed by a new career opportunity (55%), improved salary (51%), experience of a different culture (47%) and better employment opportunities (40%). An improved quality of life has moved from the fifth most important reason for relocating in 2009 to the most important in Of those students looking to change jobs, 21% are planning to work overseas (down from 27% in 2009). English speaking countries are the most favoured destinations with the UK (53%), Australia (45%) and the USA (40%) being the top three destinations, followed by Canada (15%) and New Zealand (13%). An improved quality of life has moved from the fifth most important reason for relocating in 2009 to the most important in 2010.

16 14 Top destinations Mobility of CIMA qualification Canada 15% UK 53% USA 40% New Zealand 13% Australia 45% One word used to describe how CIMA is different from other accountancy qualifications... The size of the font reflects the number of times the word was spontaneously mentioned. Strategic Practical Interesting Flexible Innovative Professional Global International Difficult Excellent Broad Focus Diverse Quality Dynamic Management Comprehensive Challenging All-encompassing Holistic Relevant Comprehensive business Unique

17 Country specific salary information 15 This section provides a breakdown of country specific salary information by key indicators (where the sample base is large enough to provide reliable information). South Africa Base: 324 Salary Bonus Package Total R364,198 R33,713 R397,911 Age Under 25 R204,545 R12,727 R217, R327,660 R30,421 R358, R485,821 R47,433 R533, and over R563,636 R41,455 R605,091 Gender Male R377,387 R36,553 R413,940 Female R343,200 R29,192 R372,392 Level Managerial R349,057 R34,434 R383,491 Strategic R368,317 R35,087 R403,404 TOPCIMA R400,000 R27,356 R427,356 Passed finalist R392,105 R31,395 R423,500 Size of organisation Sole trader R336,842 R30,954 R367,796 Micro (2-9) R323,684 R24,421 R348,105 Small (10-49) R300,000 R22,523 R322,523 Medium (50-249) R358,621 R32,405 R391,026 Large (250+) R384,146 R37,072 R421,218 Experience since enrolling Less than 1 year R344,000 R34,000 R378, years R288,356 R26,959 R315, years R312,879 R29,337 R342, years R332,692 R26,389 R359, years R407,143 R33,514 R440,657 5 years + R495,205 R49,637 R544,842

18 16 Technical information Data collection for the CIMA Global Part Qualified Salary Survey 2010 was carried out by CIMA itself online during the period 28 January to 14 February The data was subsequently rim weighted (by Redshift Research) by country to ensure the profile of the survey sample accurately represents all CIMA markets. 13,980 CIMA students globally were selected and invited to participate (UK, Ireland, South Africa, Sri Lanka, Malaysia, India, Hong Kong, Australia, Mainland China, UAE, Botswana, Pakistan, Russia, Poland and Zambia). A total of 2,563 completed the study globally (18% response rate), with 324 responses from South Africa. Basic responses were as follows: Table of responses by age band Under and over 11 Total 324 Table of responses by CIMA level Managerial 159 Strategic 101 TOPCIMA 26 Passed finalist 38 Total 324 Table of responses by gender Male 199 Female 125 Total 324 The survey represents a re-run of the annual part qualified salary survey, the previous iteration of which was conducted during January/February In 2010 the definition of the high, medium and low salary bands has changed slightly with those earning between R250,000 and R449,999 previously being considered as medium, whereas the definition has dropped to between R150,000 and R249,999 this year. For the purposes of this survey CIMA level data was collected under the 2005 CIMA qualification structure and refers to those at managerial level, strategic level, TOPCIMA and passed finalists. For comparison under the 2010 qualification structure these levels are respectively now known as operational/management level, strategic level, T4 Part B Case Study and exams complete. Further information For further information on technical matters relating to this survey, contact yourvoice@cimaglobal.com For further country specific analysis and reports visit CIMA MY JOBS at

19 Global contacts 17 CIMA UK Head Office 26 Chapter Street London SW1P 4NP United Kingdom T. +44 (0) F. +44 (0) E. CIMA Australia Suite Pitt Street Sydney NSW 2000 Australia T. +61 (0) F. +61 (0) E. CIMA Botswana Plot 50676, 2nd Floor, Block B BIFM Building, Fairgrounds Office Park Gaborone, Botswana Postal address: PO Box Gaborone, Botswana Telefax F / E. gaborone@cimaglobal.com CIMA China Unit 1508A AZIA Center, 15th floor 1233 Lujiazui Ring Road Pudong Shanghai P.R.China T (0) F. +86 (0) E. infochina@cimaglobal.com CIMA Hong Kong Suites th Floor Jardine House Central, Hong Kong T F E. hongkong@cimaglobal.com CIMA India Unit 1-A-1, 3rd Floor Vibgyor Towers C-62, G Block, Bandra Kurla Complex, Bandra (East), Mumbai T. +91 (0) F. +91 (0) E. india@cimaglobal.com CIMA Ireland Pembroke Road Ballsbridge, Dublin 4 T (0) F (0) E. dublin@cimaglobal.com CIMA Malaysia Lots 1.03b and 1.05, Level 1 KPMG TOWER 8 First Avenue, Bandar Utama Petaling Jaya Selangor Darul Ehsan Malaysia T. +60 (0) F. +60 (0) E. kualalumpur@cimaglobal.com CIMA Middle East Office E01, 1st Foor, Block 3 PO Box Dubai Knowledge Village Al Sofouh Road Dubai, UAE T F E. middleeast@cimaglobal.com CIMA Pakistan No. 201, 2nd floor Business Arcade Plot No. 27 A, Block 6, P.E.C.H.S. Shahra-e-Faisal Karachi, Pakistan T /88/89 F E. pakistan@cimaglobal.com CIMA Singapore 51 Goldhill Plaza, #08-02 Singapore T F E. singapore@cimaglobal.com CIMA South Africa 1st Floor, 198 Oxford Road Illovo, Johannesburg South Africa Postal address: PO Box 745, Northlands 2116, South Africa T. +27 (0) /0861 CIMA SA F. +27 (0) E. johannesburg@cimaglobal.com CIMA Sri Lanka 356 Elvitigala Mawatha Colombo 5 Sri Lanka T. +94 (0) F. +94 (0) E. colombo@cimaglobal.com CIMA Zambia 6053, Sibweni Road Northmead, Lusaka Zambia Postal address: PO Box 30640, Lusaka, Zambia T / F E. lusaka@cimaglobal.com CIMA Zimbabwe 6th Floor, Michael House 62 Nelson Mandela Avenue, Harare Zimbabwe Postal address: PO Box 3831, Harare, Zimbabwe Telefax (0) / F (0) / E. harare@cimaglobal.com CIMA s global offices may change during the year, so please visit the global web links for the most up-to-date contact details. For a full list of global contacts, please visit

20 Chartered Institute of Management Accountants 26 Chapter Street London SW1P 4NP United Kingdom T. +44 (0) E. May 2010, Chartered Institute of Management Accountants CM1001V0510