ima The Association of Accountants and Financial Professionals in Business 2014 GLOBAL SALARY SURVEY

Transcription

1 ima The Association of Accountants and Financial Professionals in Business 2014 GLOBAL SALARY SURVEY

2 2014 Global Salary Survey About IMA IMA, the association of accountants and financial professionals in business, is one of the largest and most respected associations focused exclusively on advancing the management accounting profession. Globally, IMA supports the profession through research, the CMA (Certified Management Accountant) program, continuing education, networking, and advocacy of the highest ethical business practices. IMA has a global network of more than 70,000 members in 120 countries and 300 professional and student chapters. Headquartered in Montvale, N.J., USA, IMA provides localized services through its four global regions: The Americas, Asia/Pacific, Europe, and Middle East/ Africa. For more information about IMA, please visit Global Salary Survey 2

3 2014 Global Salary Survey Denis Desroches Denis Desroches is a research associate for IMA (Institute of Management Accountants). Prior to join ing IMA, he spent 20 years supporting organizations with the selection, implementation, and knowledge acquisition of enterprise performance management systems. Desroches also was a professor of mathematics and business systems for 11 years at Seneca College of Applied Arts and Technology in Toronto, Ontario. You can reach him at ddesroches@imanet.org or (201) Raef Lawson, CMA, CPA, CFA, Ph.D. Raef Lawson is the vice president of research & policy and professor-in-residence for IMA. He received his MBA and Ph.D. degrees from the Leonard N. Stern School of Business, New York University. He holds a variety of professional certifications, including CMA, CFA, and CPA. Prior to joining IMA, Lawson spent 20 years as a professor in the Department of Accounting and Law at the University at Albany, SUNY, where he also served as department chair. He can be reached at rlawson@imanet.org or (201) March 2015 Institute of Management Accountants 10 Paragon Drive, Suite 1 Montvale, NJ, Global Salary Survey 3

4 2014 Global Salary Survey IMA s salary survey has been a perennial favorite feature in Strategic Finance, enabling members in the United States to compare their compensation to others, assess the value of education and certification, and more. Yet IMA (Institute of Management Accountants) has been changing and is now a global association. To reflect this change, we began conducting salary surveys of other regions, such as China and the Middle East. Last year, we conducted two surveys a U.S. survey and a global survey comprising members outside the U.S. This year, IMA conducted a single global salary survey. This report presents high-level results from this survey and compares compensation levels and job satisfaction across the globe. Additionally, we also look at other factors that contribute to job satisfaction, such as hours worked, opportunity for advancement, and recognition. Individual country reports, including one for the U.S., will be posted on IMA s Thought Leadership website at. Going forward, IMA will continue to conduct this single global survey annually, making global trends easier to track and enhancing regional comparison. As the first year of the format change, however, and because it s the first time that global results contain U.S. responses, comparing this year s results to prior international results must be done with care. A Global Response Responses to the survey were indeed global, with a total of 3,729 usable responses coming from 81 countries across the globe. Table 1 lists those countries that included at least 1% of survey respondents. Table 2 presents specific characteristics of respondents from the various regions: the Americas, Asia, Europe, and Middle East/Africa. While male respondents were more common in all regions, women accounted for nearly half of the respondents from Asia. The Asian female response rate is much higher than in last year s study (when only 22% of Asian respondents were female). Consistent with survey results for prior years, we see a high rate of respondents with at least a baccalaureate degree (98%, overall), and European respondents are most likely to possess advanced degrees and the CMA (Certified Management Accountant) designation, followed by those from the Americas. How We Conducted the Survey In October 2014, survey invitations were sent to 22,929 members from around the world, and we received 3,979 responses a 17.4% response rate. Of these, 3,972 responses were usable (as they included both country and salary information). For the purposes of the salary results, we considered only respondents who indicated that they were either full-time employees or self-employed, which reduced the number of responses to 3,751. We eliminated 22 responses for low salaries reported (less than $100 total compensation per year), leaving 3,729 usable responses. Table 1: Survey Responses by Country Country Percent U.S. 30.5% China 20.2% UAE 11.5% KSA 7.2% Egypt 4.0% Canada 2.8% Kuwait 2.4% India 2.2% Qatar 2.0% Jordan 1.5% Netherlands 1.4% Lebanon 1.3% Turkey 1.2% Russia 1.1% Switzerland 1.0% 2014 Global Salary Survey 4

5 Table 2: Respondent Demographics Americas Asia Europe Middle East/Africa All Gender Female 36% 49% 29% 12% 31% Male 64% 51% 70% 88% 69% Age Mean Median Degree Baccalaureate 100% 93% 100% 99% 98% Advanced 53% 34% 69% 34% 43% Certification CMA 54% 40% 60% 44% 48% Management Level Top management 15% 6% 13% 10% 11% Senior management 25% 15% 21% 27% 23% Middle management 36% 48% 40% 43% 42% Lower management/entry level 18% 28% 23% 19% 21% Academic position in College/University 6% 2% 2% 1% 3% As with last year s survey, our results show that respondents from Asia tend to be younger than respondents from other regions, and fewer possess CMA certification or hold higher-level management positions. This year, respondents from Asia and Middle East/Africa show the lowest rate of advanced degrees at 34%, though that represents a slightly higher rate than last year for both regions (30% and 32%, respectively). Finally, U.S. respondents continue to be older, on average, than respondents from other regions and also tend to have higher-ranking managerial positions. This finding isn t unexpected since IMA has had a longer presence in North America. Compensation Table 3 lists the annual salary and total compensation for each major region and for the countries with the greatest number of survey respondents. The table shows a global mean salary of $72,298 and a median salary of $60,000. Mean total compensation is $89,082, and median total compensation is $66,000. is The global median salary is $60,000, and the global median total compensation $66, Global Salary Survey 5

6 As expected, these results Table 3: Compensation Comparison by Region and Country show significant regional variation in compensation. Respondents from Annual Base Salary Annual Total Compensation Europe and the Americas continue Region/Country Mean Median Mean Median to report the highest compensation, All Countries $ 72,298 $ 60,000 $ 89,082 $ 66,000 with the Americas reporting the higher Americas 106,972 96, , ,000 median values and Europe reporting U.S. 110, , , ,000 higher mean values for salary and total Canada 94,783 80, ,395 90,000 compensation. Asia 42,426 27,000 51,968 32,000 European results continue to China 39,310 25,000 48,433 30,000 show significant variation among India 32,938 18,000 38,659 23,000 the countries. For example, Swiss Europe 114,299 77, ,211 86,500 and Dutch compensation levels are Germany 84,504 70, ,414 85,000 much higher than other European Netherlands 193, , , ,033 countries, while Russian and Turkish Russia 61,444 52,000 75,443 65,000 compensation tend to be significantly Switzerland 182, , , ,500 below that of other countries. This Turkey 66,639 54,000 78,949 60,000 is consistent with the results of last Middle East/Africa 49,767 35,000 60,032 40,030 year s survey. The Netherlands and Bahrain 44,779 30,210 55,944 42,660 Switzerland continue to have the Egypt 16,304 6,829 20,261 9,379 higher average salary and total Jordan 30,071 17,250 34,633 18,750 compensation levels than any other KSA 52,363 37,040 66,561 45,105 country in the world. Kuwait 44,152 35,000 50,102 39,000 It s important to recognize that Lebanon 34,340 24,000 42,397 26,400 some of the differences from last year s Qatar 68,176 56,000 86,570 64,000 results in average compensation levels UAE 61,768 48,000 72,082 54,000 can be attributed to differences in the mix of respondents to the survey. For Note: All monetary values are in U.S. dollar equivalents as of the time of the survey. example, one surprising result is that German respondents are showing a significant decrease in all compensation averages (20%-35% lower than last year). A good part of this difference may be explained by the fact that German respondents this year have, on average, 20% fewer years of experience than the German respondents in last year s survey. Compensation in the Middle East countries varies tremendously. Egyptian respondents again receive the lowest levels of compensation, significantly less than respondents from other countries in this region. Qatar shows the highest median total compensation in this region, returning to a ranking it held two years ago. The results for Lebanon dropped dramatically from last year s survey, when it had the highest median total compensation in this region. This is likely a reflection of the economic impact of the ongoing conflict in the region. Asia continues to show the lowest average total regional compensation. While reflecting the lower cost of living in Asia, the lower compensation level also can be partially accounted for by the lower percentage of respondents in the region who possess advanced degrees, CMA certification, or higher-level positions Global Salary Survey 6

7 Although compensation levels for Asia and the Middle East/Africa are generally lower than those in Europe and the Americas, the good news is that these compensation values are showing significant improvement (see Table 4). Asia has the highest percentage increase. The high rate of increase in compensation in this region reflects the tightening labor market in China, a result of demographic and economic trends. For the Americas, this year s average compensation results aren t dissimilar to those in last year s survey last year, the median salary was $96,000 and median total compensation was $105,500 compared to $96,400 and $110,000 this year (or increases of 0.4% and 4.3%, respectively). This year Europe has slightly higher mean results and a slightly lower median for the remuneration values. Again, this can be partially explained by the variation in respondent mix. Gender Pay Differences The results continue to show a gap between average pay for women and for men (see Table 5). This gap, however, seems to be narrowing for those in the earlier years of their career: For respondents in the age range, women s median base salaries and total compensation are 98% and 95%, respectively, of the amounts paid to their male counterparts. The gap in median compensation values widens with age women over the age of 49 report median compensation values of about 80% of those of men. Table 4: Percentage of this Year s Values to Last Year s Values Annual Base Salary Annual Total Compensation Mean Median Mean Median Asia 146% 141% 129% 128% Middle East/ Africa 120% 136% 106% 127% Europe 112% 86% 107% 82% Americas 99% 100% 107% 104% Note: The values for the Americas were created by combining responses of last year s U.S. and international surveys. Table 5: Compensation by Gender and Age Group Men Women Base Salary Total Compensation Base Salary Total Compensation Age Range Mean Median Mean Median Mean Median Mean Median $ 31,624 $ 20,000 $ 36,514 $ 22,000 $ 26,649 $ 19,584 $ 30,367 $ 21, ,765 50,000 73,444 57,500 49,839 44,000 57,610 50, ,972 90, , ,500 82,580 79,000 99,119 86, , , , , ,863 92, , ,000 Women as % of Men Base Salary Total Compensation Age Range Mean Median Mean Median % 98% 83% 95% % 88% 78% 87% % 88% 78% 84% % 80% 76% 81% 2014 Global Salary Survey 7

8 Additional insight can be gained by looking at gender compensation by region and age (see Table 6). For younger respondents in all regions, the median compensation values for women is close to and, in some cases, exceed those for men. The gap exists and widens, however, with increasing age. This is most apparent in Asia, where the gap has historically been the greatest. At earlier ages, women s median salary and total compensation are far greater than those for men. Although not as dramatic as the results for Asia, the results show similar patterns for the Middle East/Africa region. Table 6: Median Total Compensation by Age, Gender, and Region Male All Countries Americas Asia Europe Middle East/Africa Age Range Salary Total Salary Total Salary Total Salary Total Salary Total $ 20,000 $ 22,000 $ 60,000 $ 63,000 $ 10,000 $ 12,000 $ 55,500 $ 57,750 $ 14,400 $ 16, ,000 57,500 90, ,000 36,000 40,100 77,000 85,000 40,000 45, , , , ,250 60,000 67, , ,000 60,000 72, , , , ,000 75, , , ,000 89, ,000 Female All Countries Americas Asia Europe Middle East/Africa Age Range Salary Total Salary Total Salary Total Salary Total Salary Total $ 19,584 $ 21,000 $ 59,000 $ 63,250 $ 15,000 $ 17,000 $ 55,000 $ 57,000 $ 18,000 $ 19, ,000 50,000 75,000 82,050 28,000 31,473 60,500 66,500 32,698 37, ,000 86,500 89,000 96,901 39,500 47,500 86, ,778 37,750 44, , ,000 95, ,000 50,000 80,000 94, ,180 * * Women s Compensation as % of Men s (Median) All Countries Americas Asia Europe Middle East/Africa Age Range Salary Total Salary Total Salary Total Salary Total Salary Total % 95% 98% 100% 150% 142% 99% 99% 125% 116% % 87% 83% 82% 78% 78% 79% 78% 82% 83% % 84% 77% 72% 66% 70% 74% 87% 63% 61% % 81% 81% 80% 67% 80% 71% 76% * * *Insufficient female data. In summary, examination of the median pay for both genders supports our prior conclusions that, while gender pay gaps appear to exist, the gap is narrower (and, in some cases, nonexistent) for those now entering the management accounting field. For younger respondents in all regions, the median compensation values for women is close to and, in some cases, exceed those for men Global Salary Survey 8

9 Global Recognition of the Value of CMA Certification Around the world, salaries of those holding the CMA are higher than those of non-cmas by at least 25% (see table 7). CMAs globally earn a median salary 59% higher than non-cmas and 63% higher total compensation. This provides strong evidence to show employers in every region value the skills possessed by CMAs and are willing to compensate staff with these skills. Table 7: Average Compensation by Certification and Region CMAs Non-CMAs Base Salary Total Compensation Base Salary Total Compensation Mean Median Mean Median Mean Median Mean Median All Countries $ 87,442 $ 73,000 $111,439 $ 85,000 $58,394 $45,980 $ 68,553 $52,000 Americas 118, , , ,000 93,442 85, ,699 94,000 Asia 55,404 38,000 70,906 43,023 33,682 21,600 39,209 25,000 Europe 135,087 90, , ,483 82,582 70,000 96,067 75,000 Middle East/Africa 56,450 40,000 69,250 48,707 44,433 32,500 52,674 37,188 CMAs as % of Non-CMAs Base Salary Total Compensation Mean Median Mean Median All Countries 150% 159% 163% 163% Americas 127% 125% 142% 133% Asia 164% 176% 181% 172% Europe 164% 129% 167% 135% Middle East/Africa 127% 123% 131% 131% CMAs of all ages earn more than non-cmas (see Table 8). While younger CMAs are seeing immediate financial benefit from their CMA designation, those in their 30s are receiving an even greater premium for securing the designation. These results, and the compensation premium and the attendant benefits received by those in all other age cohorts, indicate the value of the CMA program is a way of enhancing, validating, and promoting professional skills throughout one s career Global Salary Survey 9

10 Table 8: Compensation by Age and CMA Designation CMA Non-CMA Base Salary Total Compensation Base Salary Total Compensation Age Range Mean Median Mean Median Mean Median Mean Median $ 31,961 $ 20,500 $ 36,865 $ 24,200 $ 29,080 $ 18,600 $ 33,346 $ 20, ,842 60,000 83,640 66,000 47,525 40,000 55,543 45, , , , ,000 84,526 75, ,011 81, , , , , , , , ,000 CMA as % of Non-CMA Base Salary Total Compensation Age Range Mean Median Mean Median % 110% 111% 117% % 150% 151% 147% % 133% 133% 137% % 120% 147% 121% How Respondents View the CMA 90% 80% 70% 60% 50% 40% 30% % 0% Figure 1: CMA Certification Strengthens My Ability to Move Across All Areas of the Business (Percent Agree) Americas Asia Europe Middle East/Africa All Regions Recent IMA research has shown the positive impact of having a diverse set of work experience on career opportunities. Significantly, our survey results indicate that approximately 80% of CMAs across all regions feel that their certification enhances their ability to move across areas of the business (see Figure 1) Global Salary Survey 10

11 Figure 2: CMA Certification Creates Career Opportunities for Me (Percent Agree) 100% 90% 80% 70% 60% 50% 40% 30% % 0% Americas Asia Europe Middle East/Africa All Regions Perhaps in part due to this greater ability to move across areas in a business and global recognition of this professional designation, CMAs globally also largely agree that their certification creates career opportunities (see Figure 2). Compensation and Education Table 2 showed that 98% of survey respondents hold at least a baccalaureate degree and that 43% have an advanced degree. Table 9 shows the impact of education on compensation. Once again, this year s survey results clearly show that education pays as higher education results in greater earnings often significantly so on average, around the world. Table 9: Compensation by Degree and Region Baccalaureate degree Advanced degree Base Salary Total Compensation Base Salary Total Compensation Mean Median Mean Median Mean Median Mean Median Americas $94,470 $86,000 $122,724 $97,000 $118,237 $106,800 $145,188 $122,000 Asia 34,859 25,000 41,291 29,000 59,502 40,000 75,432 43,843 Europe 75,292 61,000 93,973 72, ,178 86, ,112 96,250 Middle East/Africa 38,946 26,000 46,970 32,000 70,001 55,000 84,145 64,180 All Countries 55,956 45,000 69,974 50,230 95,237 80, ,041 90,000 Responsibility Area Salaries and total compensation vary considerably by responsibility area. Table 10 presents median remuneration values for 14 responsibility areas based on this year s survey. For comparison purposes, it also presents total compensation values for this year s non-u.s. respondents and for last year s global (non-u.s.) survey. (A comparison of U.S. results will be available in a separate U.S. report available on IMA s website.) 2014 Global Salary Survey 11

12 Reflecting the inclusion of U.S. respondents, the average compensation in all responsibility areas is significantly higher this year as compared to last year. This year, the top-paying responsibility area internationally, based on median total compensation, is information systems. This is consistent with the global results from last year. The next three highest-ranked responsibility areas are education, corporate accounting, and general management. In last year s (non-u.s.) global survey, these areas ranked seventh, sixth, and fifth, respectively. Public accounting remains the lowest-paid area. Focusing solely on non-u.s. respondents (the shaded columns in Table 10) yields a more nuanced story, with salaries increasing in some areas while decreasing in others. An especially large increase occurred in the area of risk management, reflecting increased corporate awareness of the importance of this area and the resultant enhanced job opportunities. In the current economic environment, characterized by ongoing economic challenges in many regions, salaries have remained largely the same or declined in some traditional areas of responsibility (e.g., corporate accounting, taxation, general accounting, and internal audit). On the other hand, the need for budgeting, planning, and cost control skills continues to be strong. The increase in salaries in these and related areas is thus understandable. Due to the inclusion of U.S. respondents in this year s results, a comparison of overall average compensation by responsibility area is not valid; yet a comparison of the rankings of the responsibility areas provides some interesting observations. A major difference is the ranking of education (ranked second this year vs. 11th last year), reflecting the higher compensation of U.S. faculty compared to those elsewhere. Corporate accounting is also ranked significantly higher this year, perhaps reflecting a greater use of outsourcing (of lower paid jobs) in the U.S. On the other hand, budgeting and planning is ranked much lower this year, perhaps reflecting the more dynamic growth of companies in regions such as Asia. Table 10: Compensation by Responsibility Area Global (Including U.S.) Non-U.S., Global This Year This Year Last Year Base Salary Total Compensation Total Compensation Responsibility Area Mean Median Mean Median Rank Median Rank Median Information Systems $ 95,345 $89,000 $109,172 $97,500 4 $48,200 1 $62,750 Education 87,800 80, ,900 93, , ,050 Corporate Accounting 78,990 75,500 95,501 84, , ,000 General Management 103,833 66, ,111 80, , ,000 Government Accounting 64,077 67,417 70,003 75, ,503 Finance 77,127 65,000 98,351 75, , ,000 Budgeting and Planning 65,300 57,000 77,523 66, , ,300 Cost Accounting 63,477 54,500 74,997 61, , ,300 Internal Auditing 65,304 50,000 79,674 60, , ,000 Risk Management 88,187 44, ,229 51, , ,000 Taxation 56,871 40,000 68,394 43, , ,450 General Accounting 46,573 36,064 53,503 40, , ,081 Personnel Accounting 78,941 25,725 83,035 34, ,450 Public Accounting 43,129 27,250 50,457 33, , , Global Salary Survey 12

13 Employee Satisfaction Figure 3: Timing of Most Recent Raise 80% 70% 60% 50% 40% 30% 20% 10% Within Last Year 1 to 2 years ago More than 2 years ago I have not received a raise 0% Americas Asia Europe Middle East/Africa All Regions Figure 4: Likelihood of Receiving a Raise Within the Coming Year All Regions Middle East/Africa Very likely Europe Asia Somewhat likely Americas 0% 20% 40% 60% 80% 100% Figure 5: Percent Increase of Most Recent Raise All Regions less than 1% 1% - 2% Middle East/Africa Europe 2% - 5% 5% - 10% 10% - 15% Asia Americas 15% - 20% 20% - 25% 25% or more An important factor affecting employee satisfaction is the frequency and amount of salary increases. The good news is that more than two-thirds of respondents indicate that they have had a pay increase within the past year (see Figure 3). In fact, very few haven t received a raise within the past two years, and the few who haven t largely reflect job transition. The prospects for future raises also appear bright. More than three-quarters of the survey respondents believe that they are likely to receive a raise in the coming year (see Figure 4). This was especially true for the Americas. Of those respondents who received raises, the median raise was 8%. Regionally, raises in the Middle East/Africa region tend to be larger than raises in the Americas and Europe, but they happen less frequently (see Figure 5). On the other hand, raises in Asia (largely reflecting China) tend to be as frequent as and larger than elsewhere, reflecting the relatively tight job market there. 0% 20% 40% 60% 80% 100% 2014 Global Salary Survey 13

14 Hours Worked Survey respondents worked an average of 46 hours per week (see Table 11), which is slightly higher than reported last year (45.1). Germany replaced Switzerland this year as the country with the most hours worked per week, averaging 49.6 hours. Next are respondents from the U.S. (47.6 hours) and India (47.3 hours). Respondents in Bahrain reported working the fewest hours per week (41.8). In none of the countries of the major responders (those appearing in Table 3) did respondents average less than 40 hours of work per week. Work/Life Balance When asked to choose between work/life balance options, an average of 35% chose a more flexible job with slower career advancement, while 33% prefer a job with a more rigid schedule but faster advancement. The remaining respondents were happy where they are (see Table 12). This result, however, is influenced by the overwhelming inclination for work flexibility over career advancement in the Americas. This may be due, at least in part, to the relatively long hours worked by U.S. respondents. Yet other than in the Americas, more respondents around the world appear to be looking for career advancement opportunities at the sacrifice of flexibility. Table 12: Work/Life Balance by Region More Flexible Work Hours and More Rigid Work Hours and Slower Career Advancement Faster Career Advancement Americas 41% 19% Asia 36% 42% Europe 30% 38% Middle East/Africa 27% 42% All Regions 35% 33% Table 11: Mean Hours Worked by Country/Region All Countries 46.0 Globally (excluding U.S.) 44.8 Americas 47.0 Mean Hours Worked U.S Canada 42.9 Asia 43.9 Europe 45.8 China 43.2 India 47.3 Germany 49.6 Netherlands 45.5 Russia 45.2 Switzerland 45.9 Middle East/Africa 45.4 Turkey 45.1 Bahrain 41.8 Egypt 45.6 Jordan 45.7 KSA 45.6 Kuwait 44.9 Lebanon 45.4 Qatar 44.0 UAE 46.0 Figure 6 shows a more detailed breakdown by age for the percentages of those who prefer flexible work hours. In almost all regions, this preference peaks in the age range. This makes sense: In this age range, more people are likely to be satisfied with their career progression and are looking to improve the quality of their home life Global Salary Survey 14

15 Figure 6: More Flexible Work Hours and Slower Career Advancement 50 and over All Regions Middle East/Africa Europe Asia Figure 7 shows an age-range breakdown for the percentages of those who have expressed a preference for rigid work hours. Again we see that there s a strong desire for career advancement in younger respondents in all regions. As before, younger workers are more willing to work harder with an eye toward more rapid career advancement and over Americas 0% 20% 40% 60% Figure 7: More Rigid Work Hours and Faster Career Advancement All Regions Middle East/Africa Europe Asia Americas 0% 20% 40% 60% 80% Desire to Change Jobs Thirty-eight percent of respondents are looking to change jobs within the coming year (see Table 13). The percentage of respondents looking to change jobs is highest in the Middle East/ Africa region, where more than half are looking for an employment change. This isn t surprising given the extremely low levels of compensation in some of these countries and the relative instability of the region. Of those expressing a desire to change jobs, 31% are looking to move to another country. Of these, the most commonly stated reasons to move are to secure an improved quality of life (73%), to find a new career opportunity (69%), and a desire for an improved salary (62%) Global Salary Survey 15

16 Figure 8 shows an age-range breakdown by region of those looking to change jobs in the coming year. In each region, the highest desire to change jobs occurs in the younger age brackets (19-29 and 30-39). Again, this would seem to make sense since those earlier in their career will likely have the most flexible lifestyle to accommodate a job change. Figure 8: Looking to Change Jobs Within the Coming Year All Regions 50 and over Table 13: Looking to Change Jobs by Region Yes No Not sure All Regions 38% 35% 27% Americas 23% 54% 23% Asia 33% 31% 35% Europe 39% 34% 27% Middle East/Africa 57% 17% 26% Middle East/Africa Europe Asia Americas 0% 10% 20% 30% 40% 50% 60% 70% Factors Affecting Job Satisfaction In each region, the highest desire to change jobs occurs in the younger age brackets (19-29 and 30-39). Table 14 indicates the level of satisfaction with a variety of factors affecting job satisfaction. The results are consistent with previous studies: Most respondents indicate the relationship they have with each other is the greatest reason for job satisfaction. The lack of opportunity for advancement with a current employer is the most frequent reason for job dissatisfaction, followed by the manner in which respondents are included in the decision-making process Global Salary Survey 16

17 Table 14: Factors Affecting Job Satisfaction Very dissatisfied More dissatisfied Neither dissatisfied More satisfied Very satisfied than satisfied nor satisfied than dissatisfied The salary I receive for my job 9% 22% 23% 33% 13% The employee benefits I receive from my employer The opportunity I have for advancement with my employer The manner in which my supervisor makes decisions and includes me in the decisionmaking process The way I am acknowledged and recognized for performing well on the job The working relationships I have with others The opportunity I have to do interesting and challenging work 9% 19% 26% 32% 15% 14% 22% 28% 25% 10% 11% 19% 25% 29% 16% 8% 16% 23% 35% 18% 2% 5% 17% 48% 28% 6% 13% 20% 38% 22% The way my employer handles ethical issues 8% 12% 24% 32% 25% Looking Back and Forward For many years, IMA s annual salary survey has provided its members insight into compensation levels in the U.S. and the impact on compensation of factors such as certification, gender, education, and more. While the U.S.-only report will still be available on IMA s website (along with reports for other countries), starting this year we have expanded the salary survey to include members globally, reflecting the increased diversity of IMA members. Last year s U.S. salary survey reported a decline in average IMA member salary, which reflected the economic challenges in the U.S. and many other parts of the world at that time. This year s study provides an indication that the situation is starting to change as reflected in member s compensation: Approximately 70% of survey respondents received a raise last year, and the median increase was 8%. In this study, we continue to examine the compensation of IMA members and looked at the factors that affect their satisfaction with their jobs. As before, we see the value of pursuing higher education. Also, we see a continued narrowing of the gender pay gap, especially for those in the early stages of their career. The value of CMA certification remains strong around the world with CMAs reporting substantially higher average salaries and total compensation than their noncertified counterparts. This, plus the greater career opportunities available to CMAs, attests to the ongoing value of this program. As a final note, we sincerely appreciate members willingness to share their time and data with us. For that, we are truly grateful. Your continued support is essential as we strive to increase the value and relevance of the salary survey for IMA members Global Salary Survey 17