CIMA SALARY SURVEY United States of America

Transcription

1 CIMA SALARY SURVEY 2013 United States of America

2 2 On average, qualified CIMA members earn c. US$193k per year in total, and 44% expect to receive a bonus of 20% or more on top of basic salary. Salary survey results USA average salary figures In 2013, CIMA members in the USA earn on average US$168,081 in basic annual salary plus US$25,385 in bonus payments, totalling US$193, This compares with a national median average income of US$40,352 and an average income of US$62,036 among those holding at least a bachelor s degree. 2 The bonus forms an important part of total salary for CIMA members, with 84% expecting to receive one. While the overall expected average bonus is 13.1%, more than two-fifths (44%) expect to receive a payment of 20% or more on top of their basic salary. Salary satisfaction 79% are satisfied with their current salary, which is similar to the 83% reported in 2012 and 82% in Salary increases anticipated 91% of members are expecting to receive a salary increase over the next 12 months, at an average rate of 4.3%. Around two-thirds (64%) anticipate a smaller than average increase. Nevertheless, the average figure is above consumer price inflation of 1.8% and the 0.4% average rise in earnings reported for all US workers between 2012 and Figure 1: Annual remuneration by CIMA level US$187,054 CIMA member ACMA, CGMA US$232,192 CIMA member FCMA, CGMA 4 Business and the economy Expectations for future pay and conditions Domestic economic growth is expected to reach 2% in 2013, 5 despite significant headwinds from the China slowdown, tough conditions across much of Europe and domestic budget cuts. Growth is expected to pick up further in 2014, to 3.1%, through slow but steady improvements in domestic consumer demand, house prices and wages. Reflecting this slow and steady pace of growth, on balance, the expectations of CIMA members have not changed dramatically from a year ago, and there is optimism in key indicators. 1 Figures may not sum due to rounding. 2 Bureau of Labor Statistics (BLS), U.S. Department of Labor. News Release 10:00 a.m. (EDT) Thursday, July 18, Usual Weekly Earnings of Wage and Salary Workers Second Quarter 2013 The weekly mean earnings figures were multiplied by 52 weeks to estimate an annual figure. Available at: Accessed 23 July Bureau of Labor Statistics (BLS), U.S. Department of Labor. The quoted percentage rise in earnings is for the period quarter two 2012 to quarter two Available at: The 0.4% rise is different from the real (adjusted for price inflation) rise in earnings reported in the Economic News Release on Real Earnings from the BLS: Real average hourly earnings rose 0.2 percent, seasonally adjusted, from June 2012 to June Available at: Both accessed 23 July Figures for FCMA, CGMA members should be treated with some caution as they are based on the responses of 17 members. 5 Reuters.com US Edition. R. Rampton, July 8, 2013 White House trims economic forecast ahead of Congress budget battle. Available at: Bloomberg Businessweek Global Economics. R. Miller and S. Matthews, June 13, 2013 The U.S. Economic Recovery: Long, Slow, but Still Going. Available at: articles/ /the-u-dot-s-dot-economic-recovery-long-slow-but-still-going Both accessed 23 July 2013.

3 3 In particular, the proportion expecting rising business profits remains at just over onehalf (51%). At the same time, the percentage anticipating falling profits has reduced slightly, from 15% in 2012 to 9% for the coming year. One-third of members (30%) expect increased headcount; however, the proportion anticipating job cuts has increased from 20% in 2011 to 27% in Expectations for salaries remain good, with two-fifths (39%) expecting increases across the board, although spend on staff training may be squeezed: 14% expect an increase in training budget, down from 21% in Business process/policy changes remain a key expectation (59%), and this may be due to the continued anticipation of buoyant business activity: 33% expect mergers and acquisitions to increase and 25% anticipate more money being available for future investment. As organisations seek to integrate, business processes and policies will need to be aligned and altered. The CIMA qualification creates career opportunities for me The CIMA qualification strengthens my ability to move across all areas of the business The CIMA qualification strengthens my ability to move internationally with my career 79% agree 75% agree 73% agree Figure 2: Expectations for the business environment over the coming 12 months selected indicators Business process/policy changes Increase in the overall profitability of business 50% 51% 51% 54% 59% 60% Salary increases Increased mergers/acquisitions Increase in staff recruitment Job cuts Increase in outsourcing More money available for future investment Budget cuts Recruitment freeze 30% 29% 25% 27% 29% 20% 26% 25% 23% 25% 24% 24% 22% 20% 29% 14% 19%24% 39% 46% 40% 33% 39% 39% Increased spend on staff training Fall in the overall profitability of business 14% 21% 20% 9% 15% 16%

4 4 90% anticipate being in a new role in the next three years, including one-quarter who plan to be in a very senior non-finance role. Over the coming 12 months almost one-half of CIMA members will be focusing on developing their leadership skills. Working conditions Working hours On average, members in the USA work 49 hours per week. There is a culture of long hours, and 91% say they regularly work more than 40 hours per week. This consists of onehalf (51%) working hours per week, one-third (36%) working hours, and 5% who tend to work more than 60 hours per week. 6 Despite these typically long hours, one-third (32%) expect to spend more time at the office over the coming 12 months. The key reason for increased working hours is related to career progression: 50% mention taking on more responsibility/more pressure. This is followed by company culture (45%), understaffing/lack of resource (36%) and company growth (24%). Motivators at work In 2013 the key motivator at work is the scope of the role (52%). This is closely followed by a challenging workload (50%), financial reward (48%) and a good working environment (45%). Figures show that female members in the USA are significantly more motivated than males by a good working environment (mentioned by 76% versus 39% of males), and flexibility/ work-life balance (58% versus 31%). Career plans Seeking new opportunities 90% of members see themselves in a different role in three years time, suggesting a high degree of mobility and promotion prospects. 50% anticipate being in a senior financerelated role in three years time, such as finance manager, financial director, financial controller, CFO, head of accounting/finance or self-employed practitioner. A further 26% anticipate being in a very senior non-finance role such as CEO/MD, head, director or manager of a non-finance division. 13% are planning to find another job over the next six months and a total of 54% are planning to move job within the next two years. One-third (31%) of those plan to move abroad, primarily to the UK and Australia. Many are foreign nationals who will be returning to their home country, and being closer to friends and family is the most frequently mentioned reason for moving out of the USA. 7 54% are looking to move job within the next two years, of which 69% plan to stay in the USA 31% plan to move abroad 6 Figures may not sum due to rounding. 7 Precise figures have not been provided due to the low base of 18 respondents planning to move abroad in the next two years.

5 5 Building skill sets Over the coming 12 months, almost one-half (45%) of CIMA members will be focusing on developing their leadership skills. Other managerial and management accounting skills will also be important, especially strategic planning and implementation (34%) and change management (25%). In addition, members will be looking to develop their interpersonal skills: persuading and influencing (35%), skills for developing others (29%) and relationship management (25%) Figure 3: Top skills that qualified members wish to develop 45% Leadership 35% Persuading and influencing 34% Strategic planning and implementation 29% Personal development 29% Skills for developing others 25% Relationship management 25% Change management

6 6 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 106 qualified members working in the USA. The response data presented in this report has been weighted to reflect the profile of CIMA qualified members. All base numbers quoted in figures report the unweighted base; i.e. the number of responses. 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.

7 Chartered Institute of Management Accountants 26 Chapter Street London SW1P 4NP United Kingdom T. +44 (0) F. +44 (0) E. September 2013, Chartered Institute of Management Accountants