CIMA SALARY SURVEY Zambia

Transcription

1 CIMA SALARY SURVEY 2013 Zambia

2 2 On average, part qualified CIMA students earn c. ZMW7.2k per month and 43% earn a higher-tier basic salary of ZMW8k or more. 73% of members and students say the CIMA qualification strengthens their position in salary negotiations. Salary survey results Zambia average salary figures Our survey figures for 2013 reveal that part qualified students in Zambia earn on average ZMW6,977 in basic monthly salary plus ZMW230 in bonus payments, totalling ZMW7, The mean figure is boosted by 43% who earn a higher-tier student salary of ZMW8k or more per month, plus bonus. Our survey suggests that qualified CIMA members in Zambia earn on average ZMW18,761 in basic monthly salary plus ZMW785 in bonus payments, totalling ZMW19,546 per month. 52% earn a highertier salary of ZMW20k or more, plus bonus. 2 Salary satisfaction Among all qualified members and part qualified students, 45% are satisfied with their current salary. However, figures indicate that 61% of qualified members are satisfied with their salary compared to 41% of students. The low level of salary satisfaction, particularly among students, is likely to be a symptom of double-digit consumer price inflation, which has persisted for many years in Zambia and has only come down below 10% since It also highlights the fact that the average total monthly salary for members is more than twice that for students. Although overall satisfaction has risen this year from 38% in 2012, the figures suggest a potential need for Zambia-based employers to focus more on attracting and retaining the best talent. Salary increases anticipated There is optimism, however, with 84% of members and students expecting to receive a salary increase over the next 12 months, at an average rate of 11%. The overall average expected increase is above the price inflation forecast of 6.5%. 4 CIMA boosts salary deals Members and students in Zambia are very positive about the benefits of the CIMA qualification for employability and salary. Three-quarters (73%) agree that the CIMA qualification strengthens their position in salary negotiations. CIMA offers a qualification that is relevant to today s business environment. It is dynamic and therefore reflects current trends and [provides the] skills sets to be an influential and relevant business manager in any business. Male student, accountant in the natural resources, energy/fuel and utilities industry. Figure 1: Monthly remuneration by CIMA level ZMW19,546 ZMW7,207 Part qualified students Qualified members 2 1 Figures may not sum due to rounding 2 Figures for qualified members should be treated with some caution as they are based on the responses of 23 members. 3 IMF World Economic Outlook April Available at: Accessed 16 July Ibid.

3 3 Business and the economy Expectations for future pay and conditions Zambia s economic growth remains encouraging and is currently on an upward trend. GDP growth is expected to reach 7.8% in 2013, up from 7.3% in 2012 and 6.8% in This is despite the need for more structural development, job creation and poverty alleviation, and an observed dampening in demand for Zambian mining exports due to a slowdown in China s growth, one of Zambia s key trading partners. 5 Reflecting this picture, the expectations of CIMA members and students in Zambia in 2013 are mildly optimistic. In particular, the proportion expecting budget cuts has fallen from 32% in 2012 to 18% this year and the proportion anticipating a recruitment freeze has fallen slightly from 19% to 11%. One-quarter (25%) of members and students anticipate an increase in business profits, compared to only 8% expecting decreased profits. Expectations for other key positive factors remain much the same as in Around one-third expect increased staff recruitment (36%) and salary increases across the board (29%). Around one-fifth expect there to be more money available for future investment (22%) and increased spending on staff training (21%). At the same time, the proportions expecting key negative factors of job cuts (8%) and salary freezes (6%) remain very low. Figure 2: Expectations for the business environment over the coming 12 months selected indicators Increase in staff recruitment Business process/policy changes Greater focus on regulatory issues Salary increases Increase in the overall profitability of the business 36% 34% 36% 29% 32% 24% 29% 27% 25% 28% More money available for future investment Increased spend on staff training Budget cuts Recruitment freeze Fall in the overall profitability of business Salary freezes Job cuts 22% 21% 21% 19% 18% 11% 19% 8% 11% 8% 10% 6% 15% 32% IMF World Economic Outlook April Available at: African Economic Outlook. Zambia. Available at: accessed 16 July 2013.

4 4 95% of members and students anticipate being in a new role in the next three years. Working conditions Working hours On average, members and students in Zambia work 44 hours per week. Just over one-half (55%) expect their working hours to increase over the coming 12 months, while 41% expect no change. The key reason for increasing hours is taking on more responsibility/more pressure (50%), followed by understaffing/lack of resource (42%) and company growth (33%). I wanted to study a course that will go beyond financial accounting. CIMA has given me an ability to apply myself in the business field without limitations. Male student, finance analyst/business analyst in the financial services industry. Motivators at work The key motivator at work for members and students is a challenging workload (51%), followed by job security (38%), a good working environment (37%) and training and development (37%). Career plans Seeking new opportunities 95% of qualified members and part qualified students see themselves in a different role in three years time, suggesting a high degree of mobility and promotion prospects. 37% of members and students anticipate being in a senior finance-related role in three years time, such as finance manager, financial director, financial controller, CFO, head of accounting/finance or self-employed practitioner. A further 33% see themselves being in a management accountancy/ accountancy role and 12% anticipate being in a very senior non-finance role such as CEO/ MD, head, director, or manager of a nonfinance division. Among all members and students, 31% are planning to find another job over the next six months and a total of 75% are planning to move job within the next two years. [CIMA] is an internationally recognised qualification that gives one a wide range of tools and skills that provide numerous options with career choices. In short, it does not restrict you to a single job type. Male student, assistant accountant working in the government sector. 75% are looking to move job within the next two years, of which 81% plan to stay in Zambia 19% plan to move abroad

5 5 Building skill sets Over the coming 12 months, more than one-half of CIMA students in Zambia will be focusing on developing core management accounting skills: risk management (58%), decision making (54%) and strategic planning and implementation (53%). Underpinning these, a range of technical, interpersonal and managerial skills will be important, and onehalf of students will be focusing on developing their leadership skills. Figures suggest that skills development is important for qualified members. The most important skill set for the coming 12 months is strategic planning and implementation (65%), followed by risk management (61%), leadership and persuading and influencing (both at 57%) and skills for developing others (52%). Figure 3: Top skills that part qualified students wish to develop 58% Risk management 54% Decision making 53% Strategic planning and implementation 53% Personal development 50% Leadership With a CIMA qualification one [is] able to formulate business strategies, understand and adapt to changing business environments. It will prepare me for a career in business. It teaches skills for strategic advice, managing risk and making key decisions. Female student, working in the banking industry. The vast majority of members and students agree that the CIMA qualification creates career opportunities (98%), widens career choice (93%) and strengthens international employability (89%). [CIMA] opens doors for me that any other accountancy course can t. When I mention that I am studying CIMA, I earn respect among my peers. [It] sets me apart. Male student, management accountant in the manufacturing and engineering industry. The CIMA qualification creates career opportunities for me 98% agree Over the coming 12 months one-half of CIMA students will be focusing on developing their leadership skills. 98% of members and students agree that the CIMA qualification creates career opportunities. 45% Financial reporting 42% Problem solving 37% Persuading and influencing 36% Skills for developing others 35% Communication 34% Data analysis 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 93% agree 89% agree

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 globally, including 108 from Zambia. 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 lowest 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 CIMA Zambia 6053 Sibweni Road, Northmead, Lusaka T: +260 (211) E: September 2013, Chartered Institute of Management Accountants