CIMA SALARY SURVEY Canada

Transcription

1 CIMA SALARY SURVEY 2013 Canada

2 2 On average qualified CIMA members earn c. CAN$133k per year in total. Salary survey results Canada average salary figures Survey figures for 2013 reveal that CIMA members in Canada earn on average CAN$119,319 in basic annual salary plus CAN$13,377 in bonus payments, totalling CAN$132, This compares with a national median average income of CAN$46, CIMA members working in Canada tend to be aged 41 years or more (77%), with 10 or more years of relevant work experience (63%) and these factors are contributing to an upward effect on observed average salary. Salary satisfaction 72% of CIMA members are satisfied with their current salary, which is lower than the 76% reported in 2012 and the 83% in This is despite a reported increase of 4.7% in total average annual salary for CIMA members since 2012, as the figure has risen from CAN$126,753 to CAN$132,697 this year. One explanation for this falling level of satisfaction with salary could be staff shortages and heavier workloads, leading to longer working hours for some (see page 3, Working conditions ). These findings suggest a potential need for Canada-based employers to focus more on retaining the best talent. Figure 1: Total annual remuneration by CIMA level CAN$131,417 CAN$138,622 Salary increases anticipated 85% of CIMA members in Canada are expecting a further salary rise over the next 12 months, at an average rate of 4.7%. If realised, in real terms this will be above the inflation forecast of 1.5% 3 and the 2.5% average rise in earnings reported for all Canadian workers between 2012 and The CIMA qualification strengthens my ability to move internationally with my career 82% agree The CIMA qualification creates career opportunities for me 70% agree The CIMA qualification strengthens my ability to move across all areas of the business 68% agree CIMA member ACMA, CGMA CIMA member FCMA, CGMA 5 1 Figures may not sum due to rounding. 2 Statistics Canada. Employment and average weekly earnings (including overtime), public administration and all industries. Exclusions apply see source for details. The weekly mean earnings figure of CAN$ was multiplied by 52 weeks to estimate an annual figure. Available at: Accessed 30 July IMF World Economic Outlook, April Available at: Accessed 30 July Ibid (2). 5 Figures for FCMA, CGMA members should be treated with some caution as they are based on the responses of 18 members.

3 3 Business and the economy Expectations for future pay and conditions CIMA members are slightly less optimistic about the outlook for the next 12 months than they were a year ago. While the beginning of the US recovery will help to support growth in Canada, domestic demand will remain subdued as long as household debt levels remain high and the housing market is sluggish. Economic growth in Canada is expected to be moderate, at around 1.5% in 2013, rising to 2.4% in The proportion of members in Canada expecting rising profits remains at onethird (34%) and the percentage anticipating falling profits remains low at 12%; however, expectations for jobs and staff salaries are less positive than a year ago. The proportion anticipating job cuts in the organisation in which they work has increased from 16% in 2012 to 26% this year, while the percentage anticipating increased headcount has fallen from 36% to 21% over the same period. Similarly, expectations for salary freezes have risen from 19% to 26%, while salary increases across the board are anticipated by 20%, down from 30% in Overall business investment is expected to be neutral, with 18% anticipating less money for investment, against 17% anticipating more money available. Increased mergers and acquisitions activity is expected by a smaller proportion of members for the coming 12 months than a year ago (16%, down from 26%) and this may be driving lower expectations for business process/policy changes (39%, down from 53%) as fewer firms seek to integrate. Figure 2: Expectations for the business environment over the coming 12 months selected indicators Business process/policy changes Increase in the overall profitability of the business 34% 33% 39% 47% 53% 54% Budget cuts Salary freezes Job cuts Increase in staff recruitment 29% 37% 23% 26% 19% 22% 26% 16% 17% 21% 36% 31% Salary increases 20% 30% 33% Less money available for future investment 10% 8% 18% More money available for future investment Increased mergers/acquisitions Fall in the overall profitability of business 17% 21% 15% 12% 16% 10% 16% 26% 21% MF World Economic Outlook, April Available at: Accessed 30 July 2013.

4 4 86% anticipate being in a new role within the next three years, and 28% plan to take up a very senior non-finance role. Over the coming 12 months members will be focusing on strategic planning and implementation and personal development skills. Working conditions Working hours On average, members in Canada work 43 hours per week and 62% say they regularly work over 40 hours per week. One-fifth (21%) expect their working hours to increase over the coming 12 months, primarily due to understaffing/lack of resource and taking on more responsibility/more pressure. 7 Motivators at work In 2013 the key motivators at work are flexibility/work life balance and a challenging workload (both at 49%). A good working environment (45%), the scope of the role (44%) and financial reward (36%) are also important drivers. Figure 3: Top skills that qualified members wish to develop 38% Strategic planning and implementation 37% Personal development 33% Persuading and influencing 32% Relationship management 32% Communication 31% Leadership 29% Risk management 28% Skills for developing others 26% Decision making Career plans Seeking new opportunities 82% of members in Canada agree that the CIMA qualification strengthens their ability to work internationally, and around 70% agree that it creates career opportunities and widens career choices. The strength of the qualification to support mobility and promotion prospects is further emphasised by the fact that 86% of members see themselves in a different role within three years. 51% 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 28% see themselves in a very senior non-finance role such as CEO/MD, head, director or manager of a non-finance division. 20% are planning to find another job over the next six months and a total of 47% are planning to move job within the next two years, one-sixth of whom plan to move abroad. Building skill sets Over the coming 12 months, just under two-fifths of CIMA members will be focusing on strategic planning and implementation (38%) and personal development skills which includes career development and time management (37%). Development of interpersonal skills is also important: persuading and influencing (33%), relationship management (32%), communication which includes negotiating and presenting (32%) and skills for developing others (28%). Other managerial skills will also be developed: leadership skills (31%), risk management (29%) and decision making (26%). 47% are looking to move job within the next two years, of which 86% plan to stay in Canada 14% plan to move abroad 7 Precise figures have not been provided due to the low base of 15 expecting their working hours to increase.

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 72 qualified members working in Canada. The response data presented in this report has been weighted to reflect the profile of CIMA qualified members and part qualified students by market and level of study. 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.

6 CIMA Canada 36 Toronto Street Suite 850 Toronto, Ontario M5C 2CS T: E: members@cimacanada.org September 2013, Chartered Institute of Management Accountants