Alexandra MallidesMEng (Hons) General Engineering, University of DurhamGraduated in 2008Finance Executive, Tesco

CIMA United Kingdompart qualified salary survey 2011

CIMA part qualified salary survey 2011 – UK

Foreword 1

Executive summary 2

Economic context 3

Main findings 4

Overviewofremunerationpackages 4

Thecareerladderforpartqualifiedstudents(overview) 9

Expectationsforfuturepayandconditions 10

Improvingemployabilityandopportunities 14

Attractingcandidatesandretainingemployees 15

Special reports 19

Allchange:thecareerladderandchangingpriorities 19

Regionalanalysis–theNorth–Southdivideexists 22

Industryanalysis–ataleoftwosectors 27

One word to describe...management accounting 32

Appendix 33

Tableofsalariesandbonuses 33

Technicalinformation 35

Furtherinformation 35

Acknowledgements 35

Global offices 36

Table of figures

Figure1:Annualremunerationbynumberofyears’relevantexperience 4

Figure2:Annualremunerationbyagecategory 5

Figure3:Annualremunerationbyregion 6

Figure4:Annualremunerationbysector 7

Figure5:Annualremunerationbybusinesssize 8

Figure6:Keyvariationsinbasicsalarybyjobrole 8

Figure7:RemunerationbyCIMAlevel 9

Figure8:Satisfactionwithsalary–trend 9

Figure9:Futureexpectationsforthebusinessenvironment–trend 11

Figure10:Personalexpectationsforsalaryandjobsecurity 12

Figure11:Expectationsforincreaseinpersonalsalary 13

Figure12:Expectationsforworkinghoursandreasonsforanyincrease 13

Figure13:AttitudestowardstheCIMAqualification 14

Figure14:Proportionplanningtomovejob,toemigrate 14

Figure15:Plannedmigrationdestinations 15

Figure16:Proportionsplanningtomovejob,toemigrate−trend 15

Figure17:Reasonsformigrating−trend 16

Figure18:Additionalbenefitsreceivedversusimportance 17

Figure19:Skillsetspartqualifiedstudentswishtodevelop−top8skills 18

Figure20:Satisfactionwithbasicsalary−byregion 23

Figure21:Averagebasicsalaryandsatisfaction−byregion 24

Figure22:Expectationsfornext12months:reducedexpenditureandheadcount 25

Figure23:Expectationsfornext12months:reducedperformance/cautiousbusiness 25

Figure24:Expectationsfornext12months:increasedperformance/confidentbusiness 26

Figure25:Expectationsfornext12months:increasedstaffingcosts/budgets 26

Figure26:Proportionexpectingtheirownsalarytoincrease–byregion 27

Figure27:Keyexpectationsinthebankingsectorforthenext12months 29

Figure28:Expectationsforpersonalsalaryandjobsecurity–bankingsector 29

Figure29:Keyexpectationsinthepublicsectorforthenext12months 30

Figure30:Expectationsforpersonalsalaryandjobsecurity–publicsector 31

Figure31:Wordsusedtodescribemanagementaccounting 32

Figure32:Tableofsalariesandbonuses 33

1

Foreword

Welcome,onbehalfoftheCharteredInstituteofManagement

Accountants(CIMA),toourthirdglobalpartqualifiedsalarysurvey.The

resultsinthisreportwillprovideyouwithaninsightintothecurrent

employmentexperiencesandcareeraspirationsofthebusinessleadersof

tomorrow–CIMA’sUKstudentcommunity.

Despitecontinuingeconomicuncertaintyinmanyregionsaroundthe

world,our2011reportreaffirmsthestrongrelationshipthatexists

betweenourstudentsandtheiremployers.Thesurveyreflectsthestrength

ofCIMA’sreputation,andhowitsfocusonglobalbusinessoffersour

studentsagreatersenseofconfidenceandjobsecurity.

Ingeneralterms,our2011surveyrevealsthatCIMA’sstudentshaveincreasedconfidenceinthe

buoyancyoftheeconomyandtheresilienceofbusinesstoadverseglobalpressure.Forexample,the

numberofstudentswhobelievetheprofitabilityoftheirorganisationswillfallinthecomingyear

hasreducedfrom52%in2009to14%in2011.

Our2011surveyagaindemonstratesthatthemajorityofourstudentsbelievetheyarerecession-

proof.Globally,92%donotexpecttobeaffectedbyredundancyin2011:thesamehighlevelof

confidencefeltbystudentsinour2010survey.Moreover,nearlytwothirdsremainpositiveenough

toconsiderajobmoveinthenexttwoyears.

Thisreport,whichfocusesonCIMAstudentsintheUK,identifiesanumberofsignificantfeatures.In

theUK,theaverageannualstudentremunerationpackage(salaryandbonuses)is£32,218,slightly

upon2010.The2011reportalsorevealsthatmoreUKstudentsaresatisfiedwiththeircurrent

salariesin2011(57%),thanin2010,(52%).Alongsidethis,52%ofUKstudentsexpectasalary

increaseinthenext12months.Indicationsofgrowingconfidencearereinforcedbyasignificant

decreaseinthosewhoexpectasalaryfreeze:30%in2011bycomparisonwith45%in2010.

Afterfiveyearsofexperience,partqualifiedCIMAstudentsintheUKearnonaverage

£10,000moreinsalaryandbonusesthanthoseatthestartoftheircareers.Comparedtothe

averageUKsalarypackage,partqualifiedstudentsinthebankingsectorearn27%more,followed

bythoseinoil,gasandalternativeenergy,whoearn18%more.Evenatanearlystageintheir

careers,significantnumbersselectleadershiptrainingoptions,indicatingtheirearlyambitionsto

becomemanagersandleadersinindustry.

TheUKreportreflectstheglobalsurvey’sconclusionsthatagrowingnumberofstudentsbelieve

CIMA’sprofessionalaccountancyqualificationisthebestwaytodeveloptheircareerpotential,

with96%ofUKstudentsinagreementthatstudyingforCIMAcreatescareeropportunities;80%

believingthattheCIMAqualificationenablesthemtomoveacrossallareasofthebusinessand

84%inagreementthatCIMAstrengthenstheirabilitytodeveloptheircareersinternationally.

Pleasereadthroughthefollowingpagestofindfurtherhighlightsofourstudents’workinglives.I

hopeyoufinditinformativereading.

Charles Tilley

ChiefExecutive

CIMA

2

Executive summary

ThisreportdetailsthefindingsofthethirdannualCIMApartqualifiedsalarysurveyfortheUK.The

firstsurveywasconductedin2009andcomparisonswiththisandthe2010studyareprovided

whererelevant.

The2011CIMAsurveyrevealsthatpartqualifiedstudentsintheUKareearningonaverage

£30,947perannuminbasicsalary,plus£1,271inbonuspayments.However,halfareearningless

than£25,000inbasicsalaryandasimilarproportionexpectnobonuspaymentthisyear.

Afterfiveyearsofexperienceandasteadilyincreasingaveragesalary,partqualifiedCIMAstudents

intheUKearnonaverage£10,000moreinsalaryandbonusesthanthoseatthestartoftheir

career.StudentsattheT4professionalcompetencelevelareearningonaverage£8,000morethan

whentheybeganthequalification.

Arangeofadditionalbenefitsisreceived,themostcommonbeingfullorpartpaymentofCIMA

fees,studyleaveandmembershipofapensionscheme.

Averagesalarypackagesvaryconsiderablybyregion;generally,thefurthernorthoneworks,the

lowertheaveragesalarypackage.WithinEngland,Londonreportsthehighestaveragebasicsalary

(£36,579)andtheNorthEastandYorkshire/Humbersidereportsthelowestfigure(£26,312).

Thebankingsectorreportsthehighestaveragesalary–27%abovetheUKaverage–followedby

thoseinoil,gasandalternativeenergy,whoearn18%abovetheUKaverage.Despiteexpectations

ofreducedexpenditureonstaffingcosts,CIMApartqualifiedstudentsinthebankingsectorare

relativelyoptimisticabouttheirownsalariesandjobsecurity.

Thisisincontrasttothepublicsector,wherethesecondlowestremunerationisreported(after

manufacturingandengineering)andhighnumbersareexpectingadverseimplicationsfrom

fiscaltightening,bothwithinthesectorasawholeandfortheirownjobsecurity.However,

CIMApartqualifiedstudentsworkinginthepublicsectorarenomorelikelythanaveragetobe

seekingalternativeemployment.Flexibleworkinghoursandpensionschememembershipmaybe

encouragingstaffretention.

Approximatelyathirdofpartqualifiedstudentsareexpectingjobcuts,budgetcutsandsalary

freezesoverthenext12monthstoaffecttheircurrentorganisation.However,theproportionsare

muchlowerthanthelastmeasurementin2009.Furthermore,with52%expectingtheirownsalary

toincrease,comparedwith23%expectingsalaryincreaseswithintheirorganisation,partqualified

studentsaremoreoptimisticabouttheirownprospectsthanthoseoftheircolleaguesinother

functions.

Partqualifiedstudentsaretypicallyworking35–40hoursperweek,butthisdoesvarybysector,

withsectorssuchasbankingandtravel,leisureandtourismreportingtypicallylonghours.Overall,

athirdsaytheirworkinghoursareincreasing,primarilyduetoincreasedresponsibility,althoughthe

financialclimateishavingsomeeffect.

With60%lookingforalternativeemploymentwithinthenexttwoyears,themarketremains

active,andwithsignsofeconomicrecovery,weobserveatentativetrendawayfromemigration.

3

Economic context

Althoughtherewasadipinperformanceover

thelastquarterof2010andinflationremains

abovetheBankofEngland’stargetof2%,the

mediumtermoutlookfortheUKeconomyis

cautiouslyoptimisticforsustainedeconomic

recovery.ThethreemonthstoDecember

2010sawGDPcontractby0.6%,1butannual

growthisforecasttobe1.5%.2Furthermore,

atthetimeofwriting,HMTreasury’sreviewof

economicforecastspredictsasteadyincrease

intherateofgrowthofGDPof0.3%eachyear

until2012,tostandat2.1%growthattheend

ofthatyear.

AstheeffectoftheJanuary2011VATincrease

wanes,inflationestimatesarefallingforthe

sameperiod,withConsumerPricesIndex(CPI)

expectedtofallfrom3.6%in2011to2.1%by

theendof2012;althoughRetailPricesIndex

(RPI)isexpectedtoremainhigher,at4.5%and

3.2%respectively.3However,muchwilldepend

onthedirectionandimpactofmedium-term

energyandimportprices.4

ThePublicSectorNetBorrowing(PSNB)

requirementisforecasttoreducesignificantly

from£144.4bnin2010/11to£121.5bnin

2011/12and£97.4bnin2012/13.Thishas

bothpositiveandnegativeimplications–

reflectinggoodnewsforthebalancesheetof

theeconomybuttoughtimesaheadforthose

employedinthepublicsectorandbusinesses

servingthatsector.

Theeconomicforecastsandexpected

reductioninpublicexpenditurearewell

reflectedintheviewsexpressedbyCIMA’s

partqualifiedstudentsinthefirstquarter

of2011.Overall,theirexpectationsforthe

coming12monthsaremoreoptimisticthan

inpreviousyears,bothforthebusinessesin

whichtheyworkandintermsoftheirown

salariesandjobsecurity.However,thereare

widedifferencesbysector,withthoseinthe

publicsectorinparticularanticipatingstrong

negativeimplicationsoffiscaltighteningover

thecomingyear.Bycontrast,partqualified

studentsworkinginthebankingsectorare

expectingtofarewellintermsofpersonal

salaryandprospects,againstamixedbackdrop

ofincreasedbusinessprofitsandcutbacksin

staffingcosts.

Overall,theforecastsfortheUKeconomyare

ontheupsideforthemedium-terminrelation

toeconomicrecovery,butmuchwilldepend

ontheeffectsoffiscaltighteningandinflation

onconsumerdemand,tradeflows,energyand

importpricesandthelevelofnewinvestment

byUKbusinesses;souncertaintyremains.The

pastyearhasseengrowthinUKexportsand

globaldemandcontinuestoexpand,driven

largelybyemergingeconomies.Furthermore,

theUShasbeenperformingwelloflate,

withGDPcontinuingtogrow,supportedby

strongconsumptiongrowth;andwithinthe

euroarea,growthinGermanywashealthy

inQ3,althoughsomepartsoftheeuro-area

peripheryremainweak.5

1 Source:Office for National Statistics,www.statistics.gov.uk/cci/nugget.asp?id=12,accessedMarch2011.

2 Source:HMTreasury,Forecasts for the UK Economy,www.hm-treasury.gov.uk/data_forecasts_index.htm,accessedMarch2011.

3 Ibid.

4 Source:BankofEngland,Overview of the Inflation Report,February2011,www.bankofengland.co.uk/publications/inflationreport/infrep.htm,accessedMarch2011.

5 Ibid.

‘The economic forecasts and

expected reduction in public expenditure

are well reflected in the views expressed

by CIMA’s part qualified students in

the first quarter of 2011, but there are wide differences by

sector.’

4

Main findings

Overview of remuneration packages

Survey shows steady progression of salary

with experience

The2011CIMAsurveyrevealsthatpart

qualifiedstudentsintheUKareearning

onaverage£30,947inbasicsalary,plus

£1,271inbonuspayments.However,thereis

considerablevariation,withoverhalfearning

lessthan£25,000inbasicsalary,andasimilar

proportionexpectingnobonuspaymentthis

year;while8%areearningover£45,000

andalmostafifthexpectabonusofover

9%ofsalary.Furthermore,afterfiveyearsof

experienceandasteadilyincreasingaverage

salary,partqualifiedCIMAstudentsintheUK

earnonaverage£10,000moreinsalaryand

bonusesthanthoseatthestartoftheircareer,

and15%earnover£45,000inbasicsalary.

Figure 1: Annualremunerationbynumberofyears’relevantexperience

Comment:

FiguresfromtheONS6showmedianearningsforfinancialaccountingtechniciansof

£34,043;formanagementaccountants,£36,863;andforfinanceandinvestmentanalysts

£35,541.ONSfiguresincludeallpartandfullyqualifiedprofessionals,incontrasttoCIMA’s

solelypartqualifiedsurvey.

6 Source:OfficeforNationalStatistics,Annual Survey of Hours and Earning (ASHE),showingfiguresuptoApril2010.www.statistics.gov.uk/statbase/Product.asp?vlnk=15236,accessedMarch2011

£32,218

£30,947

£27,344

£26,482

£30,312

£29,059

£32,906

£31,655

£33,574

£32,250

£37,201

£35,628

Bonus TotalBasic salary

UK total Up to 2 years 2-3 years 3-4 years 4-5 years 5+ years

Lowest base: 4-5 yrs. (107)

‘After five years of experience, part qualified CIMA students in the UK earn on average £10,000 more in salary and bonuses than those at the start of their career.’

5

ThereisevidencethattheaverageUKsalary

packagefellbetween2009and2010andhas

remainedfairlylevelsincethen.7However,

in2011,52%areexpectingasalaryincrease

overthenext12months,themeanaverage

increasebeingjustover6%,butwithalarge

proportion(44%)expectingbetweenone

andfourpercentofsalary.Thereforewecan

reasonablyexpectthereportedaveragesalary

packagetoincreasein2012.

Inadditiontosalary,partqualifiedstudents

receivearangeofbenefits,byfarthemost

commonbeing:

• fullorpartpaymentofCIMAfees

• studyleave

• membershipofapensionscheme.

Asonewouldexpect,averagebasicsalaryand

bonustendtoincreasewithage;however,

thereisadrop-offat45years,andthiscan

beexplainedbytheproportionallyhigher

numberofolderpartqualifiedstudentsin

self-employmentandinthenot-for-profitand

publicsectors,whichtendtopaylowerthan

averagesalaries.Furthermore,bonuspayments

arelessprevalentamongtheself-employed.

Figure 2:Annualremunerationbyagecategory

Salary varies considerably by region and

industry sector

Averagesalarypackagesvaryconsiderably

byregion;generally,thefurthernorthone

works,thelowertheaveragesalarypackage.

WithinEngland,partqualifiedstudentsin

Londonreportthehighestaveragebasic

salary(£36,579),followedbytheSouthEast

(£32,491);whilsttheNorthWest(£26,785)

andtheNorthEastandYorkshire/Humberside

(£26,312)reportthelowestaveragesalary

packages–comparablewithScotlandat

£26,532.

Ahighercostoflivingandafocusonthe

highearningindustriesinLondonandthe

SouthEastarelikelytobereasonsforhigher

thanaverageremunerationpackages;for

example,therearesmallyetsignificantly

higherpercentagesworkinginthebankingand

financialservicessectorswithinLondon,and

intheICT,technologyandtelecomssectors

withintheSouthEast.

Thoseregionswithahigheraveragebasic

salaryalsopaybonusesatahigherrate−

Londonleadswithanaverage6%bonus,

followedbytheSouthEastat4%.

£32,218

£30,947

£35,084

£34,295

£35,923

£34,388

£31,658

£30,346

£25,639

£24,913

Bonus TotalBasic salary

UK total < 25 years 25-34 years 35-44 years 45+ years

Lowest base: 45+ yrs. (70)

7Comparisonswith2010shouldbetreatedwithsomecaution,as2010dataisnotweightedbyCIMAlevel.

6

Figure 3: Annualremunerationbyregion

Industrysectorhasanimpacton

remuneration,includingbonuslevels.

ComparedtotheaverageUKsalarypackage

(£32,218),partqualifiedstudentsworkingin

thebankingsectorearn27%more;followed

bythoseinoil,gasandalternativeenergy

whoearn18%more.Themanufacturingand

engineeringandpublicsectorsreportthe

lowestaveragesalarypackages–8%and7%

lessthanthenationalaveragerespectively.

Perhapssurprisingly,withanaveragesalary

payoutof£30,187,thenot-for-profit/charity

sectorranksslightlyabovemanufacturing

andengineering(asdoesthepublicsector)

andaccountancy(£30,129)–thelowestpaid

industrysectors.

ScotlandSalary: £26,532Total: £27,290

N. Ireland*Salary: £24,288Total: £24,618

North WestSalary: £26,785Total: £27,590

East and WestMidlandsSalary: £28,055Total: £29,037

East of EnglandSalary: £30,600Total: £31,183

Wales*Salary: £25,601Total: £25,848

South WestSalary: £30,159Total: £31,148

LondonSalary: £36,579Total: £38,617

South EastSalary: £32,491Total: £33,952

*Caution: Low base, under 30.N.B. ‘Total’ = basic salary plus bonus

North East andYorkshire/HumbersideSalary: £26,312Total: £26,992

7

However,thereisahigherthanaverage

tendencyforthoseinthenot-for-profitand

publicsectorstobeintheolderagerangeof

45+years;furthermore,thereisaprevalence

ofmanufacturingandengineeringinthe

northernregionswherewehaveseenthat

averagesalariestendtobelower.

Thetopfoursectorswiththehighesttotal

remunerationpackagesarealsothosewith

highestaveragebonuspayments.However,

sectorswiththelowestcompensation

packagesdonotnecessarilyhavethelowest

basicsalaryandbonusaswell.Forexample,

thenaturalresources,energy/fuelandutilities

sectorrankseleventhintermsoftotal

remuneration−fifteenthintermsofbasic

salaryandsixthintermsofbonus.Similarly,

themanufacturingandengineeringsector

ranksbottom-most,atseventeenth,interms

ofbasicsalaryandtotalremuneration,but

rankstenthforbonus.

Figure 4:Annualremunerationbysector

£30,817 £29,687£28,600

£30,043£29,812

£30,129£29,135

£30,187£29,820

£30,984£30,035

£31,022£29,931

£31,205£29,710

£31,238£30,716

£31,767£30,509

£31,845£30,807

£31,881£30,265

£33,519£32,435

£35,152£33,315

£35,838£33,123

£38,001£35,513

£40,880£38,216

£32,218£30,947UK total

Banking

Oil, gas and alternative energy

Financial services

ICT, technology and telecoms

Media, marketing, advertising and PR

Transport, distribution and storage

Business services*

Retail and consumer goods

Healthcare and education

Natural resources, energy/fuel and utilities

Travel, leisure and tourism

Construction and property

Non-for-profit/charity

Accountancy

Public sector

Manufacturing and engineering

Basic salary Bonus Total*Caution: Low base, under 30.Lowest base: Business services, (28)

‘Compared to the average UK salary

package, part qualified students

in the banking sector earn 27%

more; followed by those in oil, gas and alternative energy,

who earn 18% more.’

8

Incontrasttoexperience,age,sectorand

region,totalremunerationdoesnotappearto

varysubstantiallywiththesizeofbusiness.

Figure 5: Annualremunerationbybusinesssize

Figure 6:Keyvariationsinbasicsalarybyjobrole

Salary Assistant8 Finance/businessanalyst

Managementaccountant

Lowertier(<£30k) 86% 45% 46%

Midtier(£30k-£45k) 13% 47% 48%

Highertier(£45k+) 1% 8% 5%

Meanaveragebasicsalary £24,417 £32,086 £31,292

Meanaveragebonus £682 £1,683 £1,016

Meanaveragetotalpackage £25,099 £33,769 £32,308

Base 232 190 250

Comment:

52%areexpectingabonusand,amongthose,theaverageanticipatedpaymentis£2,434.

Thoseaged45oroverarelesslikelytoexpectabonus–66%donotexpectone,compared

to48%fortheUKoverall,butthisagegroupisalsomorelikelythanaveragetobe

self-employed.

Femalesarelesslikelythanmalestoreceiveanybonusatall.53%offemalesexpectno

bonusinthecoming12months,comparedwith42%ofmales.

£32,218

£30,947

£32,517

£31,203

£31,392

£30,184

£31,388

£30,319

Bonus TotalBasic salary

UK total Micro & small Medium Large

Lowest base: Micro & small, (108)

8 Anaverageofaccountsassistant/accountsexecutive,financeassistant,assistantmanagementaccountantandotherassistantaccountant.Thesecodesincludetrainees.

‘Those currently in assistant, junior executive or trainee roles typically earn under £25,000 per annum in basic salary; while over half of analysts and management accountants earn over £30,000.’

9

The career ladder for part qualified students (overview)

Basicsalaryvariationsareclearlyimpacted

bytheCIMAlevelattained.Thoseatthe

T4professionalcompetencelevelearn

significantlymorethanthestudentswhoare

atoperationalormanagementlevel.Thereis

aclearpatternofincreasedsalarywithCIMA

leveland,onaverage,partqualifiedstudents

canexpecttoearn£8,000morethanthose

attheoperationallevelbythetimethey

reachtheT4professionalcompetencelevel.

Furthermore,theaveragepackageincreasesby

£2,600betweenthestrategicandlaststageof

qualification.

Itisrecognised,however,thatsalariesare

affectednotonlybyCIMAlevel,butalsoby

age,experience,sectorandregion.

Afteradeclinein2010inoverallsatisfaction

withcurrentsalary,satisfactionin2011has

bouncedbacktothe2009level−57%are

nowsatisfiedwiththeircurrentbasicsalary.

Figure 7:RemunerationbyCIMAlevel

Figure 8:Satisfactionwithsalary–trend

£32,218

£30,947

£36,824

£35,155

£34,214

£32,683

£30,836

£29,695

£28,732

£27,818

Bonus TotalBasic salary

UK total Operational Management Strategic T4 professionalcompetence

Lowest base: Operational, (212)

59%52%

57%

2009 2010 2011

Base: 2009 (1,235), 2010 (1,206), 2011 (1,063)

‘On average, part qualified students

can expect to earn £8,000 more

than those at the operational level by the time they reach the T4 professional competence level.’

10

Expectations for future pay and conditions

Comparedto2009,overallUKeconomic

conditionsseemtobegettingbetter,with

amoreoptimisticoutlooktowardstheyear

ahead.Alowerproportionascomparedto

2009nowanticipatehardshipsassociatedwith

recession,suchasbudgetcuts(36%,down

from63%),salaryfreezes(32%,downfrom

49%),jobcuts(30%,downfrom49%)and

recruitmentfreezes(27%,downfrom57%).

Overone-third(37%)anticipateanincrease

intheoverallprofitabilityofthebusiness

inwhichtheywork,whilejustonein

seven(15%)anticipateafallintheoverall

profitabilityofbusiness.Oneoftheimpacts

ofrecession,intheformofgreaterfocuson

regulatoryissues,isalsovisible,withahigher

proportionnowanticipatinganincreaseover

thenexttwelvemonths(18%in2011,up

from12%in2009).

Ontheotherhand,theoverallbusiness

environmentissettobecomemoredynamic,

withmorerespondentsnowanticipating

businesspolicychanges(38%in2011,upfrom

34%in2009),increasedmerger/acquisition

activity(18%in2011,upfrom9%in2009)

andmoremoneyavailableforinvestment

(17%;no2009figureavailable)overthenext

12months.

Comment:

Withregardtotheemployingorganisation,therearedifferencesinexpectationsoffuture

businessperformancebyage.Forthenext12monthperiod,partqualifiedstudentsaged

35+aremorelikelytobeexpecting:

• jobcuts

• budgetcuts

• salaryfreezes

• recruitmentfreezes

• cutsintrainingfunds

• anincreasedfocusonregulatoryissuesand

• businessprocess/policychanges.

Incontrast,youngerpartqualifiedstudents(agedunder35)aremorelikelytobeexpecting

increasesinthefollowing:

• recruitment

• businessprofits

• stafftrainingbudgets

• salariesand

• merger/acquisitionactivities.

‘Compared to 2009, overall UK economic conditions seem to be getting better, with a more optimistic outlook towards the year ahead.’

11

Figure 9: Futureexpectationsforthebusinessenvironment–trend

36%63%

32%49 %

27%57%

18%29%

3%

30%49%

Budget cuts

Salary freezes

Job cuts

Recruitmentfreeze

Cuts in fundingfor staff training

Salary decreases*

2011 2009

38%34%

18%12 %

15%51%

6%9%

4%8%

17%37%

Business process/policy changes

Greater focus onregulatory issues

Less money availablefor future investment

Fall in theoverall profitability

of business

Less outsourcing

Restricted merger/acquisition activity

2011 2009

Reduced expenditure and headcount Reduced performance, increased caution

Base: 2009 (1,235); 2011 (1,063)

*Item not asked in 2009.

23%

21%

15%

Salary increases*

Increase in staffrecruitment*

Increased spendon staff training*

Increase in theoverall profitability

of business*

Increased merger/acquisition activity

More moneyavailable for

future investment*

Increase inoutsourcing

2011

Increased expenditure on staffing

37%

18%9%

15%8%

17%

2011 2009

Increased performance, more investment

12

Intermsofexpectationsforpersonalfutures,

theoutlookintermsofsalaryisoptimisticfor

halfofpartqualifiedstudents−comparedto

only23%expectingsalaryincreasesacrossthe

boardintheorganisationinwhichtheywork.

However,almostathirdexpectstheirsalary

tobefrozen,whileone-in-tenarefacingthe

prospectofredundancyoverthenexttwelve

months.

Halfofpartqualifiedstudentsexpectasalary

increaseoverthenext12months.Theincrease

insalaryfor47%oftheserespondents

isanticipatedtobeunder4%;aquarter

anticipateasalaryincreaseintherangeof4%

to9%,whileanotherquarterexpectittobe

over9%.

Figure 10: Personalexpectationsforsalaryandjobsecurity

Comment:

Amongthoseexpectingasalaryincrease,half(49%)areexpectingaboostwellabovethe

currentrateofUKwageinflationof2%.Incontrast,wageinflationintheUKhasbeen

fallingforalittleoveradecade,reachingalowin2009ofjust0.5%growth.9

However,olderpartqualifiedstudentsarelesslikelytoexpectanabove-inflationsalary

increase.60%ofthoseaged35–45yearsand65%ofthoseaged45+expectasalary

increaseof1–4%.

ThoseattheT4professionalcompetencelevelexpectthehighestsalaryincrease–8%on

average.Indeed,thepatternofcurrentsalariesshowsastep-changeinmeansalaryforthose

atthefinalstageoftheirCIMAqualification.

Apayriseasanincentiveforpassingexamsisreceivedasanadditionalbenefitbyanotable

minority–typically20%amongthoseatthelatterstageofCIMAqualification.

52%

30%

9%

2% 2%

16%

Salary increase Salary freeze Redundancy Salaryreduction

Shorterworking week

None of these

Base: (1063)

9 Sources:ONS,http://www.statistics.gov.uk/cci/nugget.asp?id=12;http://www.statistics.gov.uk/cci/nugget.asp?id=10;KathleenBrooks,DirectorofResearchUK,Forex.com,17:21,Wednesday23February2011.AllaccessedMarch2011.

13

Figure 11: Expectationsforincreaseinpersonalsalary

Currentlythree-fifthsofUKpartqualified

studentswork35–40hoursperweek,while

anotherthirdwork41–50hoursperweek.

Threeinfiveexpecttheirworkinghours

willremainthesame.However,two-fifths

anticipateanincreaseinworkinghours.The

primaryreasonforincreasedworkinghours

isrelatedtocareerprogression–takingon

moreresponsibility–andathirdalsomention

achangeinjobrole.Otherissuesarerelated

tothebusinessenvironment;primarily

understaffingandcompanyculture.

Aroundoneinfouralsoattributeincreased

workinghourstocompanygrowthandthe

currentfinancialclimate.

Figure 12: Expectationsforworkinghoursandreasonsforanyincrease

3%5%

1%3%

5%

10%8%

17%

44%

3%

Less than1%

1%-3.9%

4%-5.9%

6%-8.9%

9%-10.9%

11%-13.9%

14%-16.9%

17%-19.9%

20% ormore

Don’tknow

Base: All those expecting a salary increase over the next 12 months (554)

Mean average increase expected: 6.3%

70%

43%

35%

34%

28%

23%

6%

Taken on more responsibility/more pressure

Understaffing/lack of resource

My role has changed

Company culture

Company growth

Current financial climate

Other

Base: All those expecting an increase in working outside normal hours (406)

Base: (1,063)

Stayingthe same

59%

Increasing38%

Decreasing 3%

14

Improving employability and opportunities

TheCIMAqualificationenablesemployment

internationally,asthevastmajorityofpart

qualifiedstudentsagreewiththisstatement.

Furthermore,thereisasimilarlyhighlevel

ofagreementthatthequalificationenables

onetomoveacrossallareasofbusiness,and

almostallagreethatthequalificationcreates

careeropportunities.

Infact,amajorityofpartqualifiedstudents

areconsideringalternativejobopportunities

withinthenexttwoyears;andofthose,

almostallareoptingforajobwithinthe

UK,withtheremainingminority(11%)

seekingemploymentoverseas.Thisintended

employmentmobilitywithintheUKcouldbe

inpartattributedtothefactthatthereare

visiblesignsofeconomyrecoveringfollowing

the2008recession.

Figure 13: AttitudestowardstheCIMAqualification

Figure 14:Proportionplanningtomovejob,toemigrate

Strengthens your ability to move internationally with your career

Base: (1,063)

Strongly disagree/disagree Agree/strongly agree

Creates careeropportunities for you

Strengthens your ability to move across all areasof the business

84%2%

96%1%

80%5%

60% are looking to move job within the next two years, of which...

Planning to move the job

Not currently 40%

Yes, in...

0–3 months 18%4–6 months 10%7–11 months 11%1–2 years 22%

Within UK 89%

Abroad 11%

*Figures may not sum due to rounding

‘The CIMA qualification enables employment internationally and creates career opportunities.’

15

Amongthoseseekingemploymentoverseas,

Englishspeakingdestinationsarepreferred,

withAustraliabeingthemostpopular,

followedbytheUSAandCanada.

Figure 15:Plannedmigrationdestinations

Figure 16: Proportionsplanningtomovejob,toemigrate–trend

Attracting candidates and retaining employees

Comparedtopreviousyears,asimilar

proportionisplanningtomovejob;although

asmallyetdiscernabletrendtowardsstaying

withintheUKisseenandtheproportions

planningamovewithinsixmonthshasbeen

increasingyearonyear(23%in2009,24%in

2010and28%in2011)–furtherevidence,

perhaps,ofthebeginningsofeconomic

recoveryintheUK.

Switzerland9%

Australia51%

UAE14%

USA37%

Canada24%

New Zealand11%

South Africa13%

Ireland10%

70%

60%

50%

40%

30%

20%

10%

0%

58%62% 61%

15%12% 11%

Planning to move within 2 years

Base: Those planning to move within 2 years, 2009 (716), 2010 (748), 2011 (662)

Planning to move to another country

2009 2010 2011

16

Improvedqualityofliferemainsaprimary

motivatorforrelocating.Anewcareer

opportunity,improvedsalary,andfriendsand

familyasreasonsformigrationhaveremained

stablesince2010.However,experiencing

adifferentcultureisshowingasignificant

decline(49%in2011downfrom58%in

2010);whilebetteremploymentopportunities

andtravelarealmostbackto2009levels,

followingadeclinein2010.Overall,itappears

thateconomicfactorsareprimarilydriving

emigrationfromtheUKamongpartqualified

students.AstheUKeconomyrecoversand

strengthens,wecouldseeafurtherdecline

intheproportionplanningtoemigratein

subsequentyears.

Figure 17: Reasonsformigrating–trend

71%68%

71%

58%49%

62%

48%47%

45%

43%39%

34%

34%33%

26%

23%30%

35%

16%28%

30%

16%23%

15%

16%22%

18%

17%16%

11%

26%10%

16%

14%8%

9%

Improved quality of life

Experience a different culture

New career opportunity

Improved salary

Friends and family

Better employment opportunities

Take time out/travel

Improved employment conditions

Stronger economy

Internal company transfer

Work promotion

To learn a new language

2011 2010 2009Base: 2009 (185), 2010 (145), 2011 (70)

‘Improved quality of life remains a primary motivator for relocating. As the UK economy recovers and strengthens, we could see further decline in the proportion planning to emigrate in subsequent years.’

17

UKpartqualifiedstudentsreceivearangeof

benefitsinadditiontotheirbasicsalaryand

annualbonus;mostcommonarecontribution/

paymentofCIMAfees(67%),studyleave

(64%)andpension(61%).

Thebenefitspackageisanimportantpart

ofremunerationforpartqualifiedstudents

−themajorityofindividualbenefits(13out

of22benefits)score3ormoreoutof5on

ourimportancescale.Furthermore,thereisa

matchbetweenthetopthreebenefitsdesired

andprovided.

However,apayriseasanincentiveforpassing

examsiscurrentlyavailabletofewerthanone

infivepartqualifiedstudents(16%)butis

ratedveryhighlyonimportance(4.1outof5).

Similarly,abonusasanincentiveforpassing

examsisreceivedby5%;however,onaverage,

itisratedashighlyimportantat3.9outof5.

Figure 18:Additionalbenefitsreceivedversusimportance

67%

64%

61%

38%

34%

29%

22%

21%

17%

16%

16%

15%

15%

15%

13%

11%

10%

9%

6%

5%

2%

0%

Lowest base (all answering): Company car/allowance (1,001)

Received80%

70%

60%

50%

40%

30%

20%

10%

0%

5.0

4.5

4.0

3.5

3.0

2.5

2.0

1.5

1.0

Importance (mean average)4.5 4.5

4.34.1

3.7

4.0

3.53.6

3.1

4.1

2.8 2.82.72.5

3.6

3.9

3.4

2.7 2.72.9 2.9 2.9

Stud

y le

ave

Pens

ion

Bonu

s

Hea

lthc

are

Flex

ible

hou

rs

Life

ass

uran

ce

Wor

king

fro

m h

ome

Shar

es/s

hare

opt

ion

Prod

uct/

serv

ices

dis

coun

t

Mob

ile p

hone

/Bla

ckbe

rry/

PDA

Chi

ldca

re a

rran

gem

ents

/vou

cher

s

Seas

on t

icke

t lo

an

Extr

a ho

liday

s

Trav

el b

enef

its/

allo

wan

ce

Dai

ly s

ubsi

dise

d fo

od

Leis

ure

faci

litie

s

Com

pany

car

/allo

wan

ce

Bonu

s as

ince

ntiv

e fo

r pa

ssin

g ex

ams

Sabb

atic

al

Mor

tgag

e re

lief

Con

trib

utio

n/p

aym

ent

of C

IMA

fees

Pay

rise

as a

n in

cent

ive

for

pass

ing

exam

s

‘Bonus payments and pay rises as

incentives for passing exams are rated as

highly important but are received by

relatively few − 16% and 5% respectively.’

18

Comment:

Amongyoungerpartqualifiedstudents(agedlessthan25years),inadditiontostudyleave,

thefollowingmonetary/cashbenefitsarethemostimportant:

• payment/contributiontowardsCIMAfees

• bonusasanincentiveforpassingexams

• travelbenefits/allowance

• leisurefacilities

Whereasfinancialproductsasincentivesincreaseinimportancewithage(25+years):

• pension

• healthcare

• lifeassurance

Intermsofskillsetsthatpartqualified

studentswishtodevelopoverthecoming

12months,therehasbeenlittlechange

since2009.Thekeyskillsremainpersonal

developmentandbasictechnicalskillsof

reportingandanalysis,particularlyamongst

youngeragegroups,whilstleadershipskillsare

importantacrossallsegments.

Figure 19: Skillsetspartqualifiedstudentswishtodevelop–top8skills

54%

44%

44%

41%

37%

35%

35%

34%

Personal development(e.g. career planning, time management)

Reporting and analysis

Leadership

Strategic planning and implementation

Communication (e.g. negotiating, writing, presenting)

Decision making

Budgeting

Project management

Base: 2011 (1,063)

19

Special reports

All change: the career ladder and changing priorities

Theoverallpictureofemploymentconditions

andpersonalattitudestowardsemployment

doesshiftwithageandexperience.Belowwe

examinethoseshifts,withtheaimofsketching

atypicalladderofcareerprogressionforpart

qualifiedstudents.

Starting out – part qualified students at the

operational level

Itisimportanttonotethattypicallyage,

yearsofrelevantexperienceandthelevelof

CIMAqualificationattaineddocorrespond;

aswemightexpect,thoseintheolderage

groupsandthosewithmoreyearsofrelevant

experiencetendtobeatthelatterstagesof

theCIMAqualification,andvice-versa.

Attheoperationallevel,partqualifiedstudents

aretypicallyagedbetween25and34years,

withuptothreeyearsofrelevantexperience;

althoughafifthhavemorethanfiveyearsof

experience.One-thirdareworkingforforeign-

ownedorganisationsandovertwo-thirds

workinlargebusinesseswith250ormore

employees,includingone-thirdinverylarge

corporateswithastaffof10,000ormore.

Althoughthepercentagesarerelativelysmall,

thereareproportionallytwiceasmanypart

qualifiedstudentsattheoperationallevel

workingintheaccountancysectorthan

average,suggestingthataccountancypractices

aremorepopularemployersatthisearly

stageofqualifying.InlinewithotherCIMA

levels,one-fifthdescribethemselvesasbeing

amanagementaccountant,andafurtherfifth

saytheyareafinanceorbusinessanalyst,

althoughproportionallymoreareinavariety

ofassistantpositions.Thevastmajoritywork

inthefinancedivisionofthebusiness(88%).

Withanaveragesalarypackageofjust

under£29,000,including£900inbonus,

attheoperationallevel,two-thirdsofpart

qualifiedstudentsareinthelowersalarytier.

However,salariesdovary,withtwo-fifths

(39%)currentlyearningunder£25,000in

basicsalary,whilealmostone-third(29%)are

earningbetween£30,000and£45,000per

annum,plusbonusandbenefits.Overhalfare

satisfiedwiththeircurrentsalaryandover

two-thirdswiththeirbenefits,broadlyinline

withothergroups.

Proportionallyfewerstudentsatthe

operationallevelreceiveadditionalbenefits

aspartoftheirremunerationpackage.In

particular,thereissomewhatlesslikelihood

thanatotherlevelstoreceiveacarallowance,

pension,bonusorhealthcareplan.Inline

withtheneed,thereisahigherlikelihood

tobegrantedstudyleave.Studyleaveis

themostimportantbenefitforoperational

levelstudents(rated4.5outof5onascale

ofimportance),withpaymentofCIMAfees

insecondplace(4.4outof5).However,it

isconcerningthat,giventheirimportance,

almost40%donotreceivetheseasbenefits

fromtheiremployer.

Attheoperationallevel,thekeymotivatorat

workistraininganddevelopment,andoverall

thisismoreimportantthanfinancialreward.

Agoodworkingenvironmentisalsoimportant

toalmosthalfofrespondents,butthisismore

likelytobeabasicrequirement(agiven),as

itisequallyimportantacrossallCIMAlevels

andagegroups.Skillsthatstudentsatthe

operationallevelarehopingtoimproveover

thenext12monthstendtobethemore

technicalaspectsofmanagementaccountancy

–budgetingandreportingandanalysis;

‘Study leave is the most important

benefit for operational level

students, with payment of CIMA

fees in second place. However,

it is concerning that, given their

importance, almost 40% do not receive

these as benefits from their employer.’

20

althoughleadershipisalsoapopularareafor

traininganddevelopment,amongthoseat

otherCIMAlevels.Onecouldinferthateven

attheearlystage,partqualifiedstudentshave

ambitionstobecomemanagersandleaders

inindustry.Improvingpersonalmanagement

skills–suchastimemanagement,problem

solvingandcareerplanning–tendstobemore

importantnowthanatotherlevels.

Comment:

Theyoungeststudents(agedlessthan25years)aremorelikelytovalue:

• promotionprospects

• jobsecurity

• financialreward

• traininganddevelopment...andlesssowork–lifebalance.

Thoseaged45+yearsaremorelikelytovalue:

• financialrewards

• work–lifebalance

• jobsecurity.

25–34yrsoldvaluework–lifebalancethemost(47%),makingitmoreimportanttothem

thanfinancialreward(37%).Forthoseaged35–44,bothareequallyimportant(50%cite

eachofthemastopmotivatorsinemployment).

Intermsofpersonaljobsecurityand

conditionsattheoperationallevel,halfare

expectingapayriseinthenext12months,

but10%arefacingredundancy,and30%

asalaryfreeze.60%work35–40hoursina

typicalweekandthesameproportionexpect

nochangeinthecoming12months,although

one-thirdexpecttheirworkinghoursto

increase.

Almosthalfareplanningtostayintheir

currentroleforthenexttwoyears–ahigher

proportionthanthoseatthestrategicorT4

professionalcompetencelevel–although

amongthosewantingtomove,aslightly

higherproportionthanothergroups(14%)

plantoemigrate.

Graduating – part qualified students at the

T4 professional competence level

AttheT4professionalcompetencelevel,

CIMApartqualifiedstudentsaretypically

agedbetween25and34years(theaverage

ageis32–33years),withoverthreeyearsof

relevantexperience;includingtwo-fifthswith

morethanfiveyearsofexperience.One-third

areworkingforforeign-ownedorganisations

andthemajorityworkinlargebusinesseswith

250ormoreemployees(79%),includingover

one-thirdinverylargecorporateswithastaff

of10,000ormore.

Only2%ofstudentsattheT4professional

competencelevelareworkinginthe

accountancysectorandthereisincreased

diversificationintootherindustriesbythis

stage,withthethreelargestemployersbeing

manufacturingandengineering,retailand

consumergoodsandfinancialservicessectors

(non-accountancyandbankingservices).This

findingreinforcesCIMA’sreputationasthe

qualificationformanagementaccountingin

industry.

‘Leadership is a popular area for training and development. One could infer that even at the early stage, part qualified CIMA students have ambitions to become managers and leaders in industry.’

21

‘In terms of personal job security and

conditions at the T4 professional

competence level, students tend to

be more optimistic than those at the

operational level: 59% are expecting a salary increase in

the next 12 months. Furthermore, 71%

are planning to seek a new role within the

next two years.’

Overone-quarterdescribethemselvesasbeing

amanagementaccountant,andafurtherfifth

saytheyareafinanceorbusinessanalyst.As

atotherCIMAlevels,thevastmajoritywork

inthefinancedivisionofthebusiness(86%),

althoughunlikethoseattheoperationallevel,

3%havediversifiedintotheITdivision.

Withanaveragesalarypackageofjustunder

£37,000,including£1,700inbonus,attheT4

professionalcompetencelevel,halfofCIMA

partqualifiedstudentsareinthemid-salary

tier,earningbetween£30,000and£45,000.

However,salariesdovary,withone-third

(34%)inthelowertier,earningunder

£25,000inbasicsalary,and15%inthehigher

tier,earningover£45,000,plusbonusand

benefits.Atthisstage,59%aresatisfiedwith

theircurrentsalaryandover72%withtheir

benefitspackage.Satisfactionvarieslittleby

CIMAlevel.

97%ofstudentsattheT4professional

competencelevelarereceivingsomeformof

additionalbenefits,withpaymentofCIMAfees

andstudyleaveremainingthemostcommon

benefits.20%receivedabonusforpassing

theirexams.Overall,studyleaveremains

importantatthisstage(rated4.1outof5ona

scaleofimportance).Withthereceiptofstudy

leavepeakingatthestrategiclevel(72%),this

benefitisprovidedto52%ofthoseattheT4

professionalcompetencelevel.Thelikelihood

ofreceivingacarallowance,pension,bonus

orhealthcareplanrisessomewhatwithCIMA

levelattained;inlinewithgrowingperceived

importance.

AttheT4professionalcompetencelevel,the

keymotivatoratworkisfinancialreward,

citedby54%(itsimportanceriseswith

CIMAlevel),followedbyagoodworking

environment.Bythefinalstage,training

anddevelopmentbecomesalessimportant

motivatorthanforthoseattheearlystagesof

theCIMAqualification(citedby24%atthe

T4professionalcompetencelevel,compared

with46%attheoperationallevel).Interms

ofdevelopingskills,thetechnicalaspectsof

accountingbecomelessimportantinfavour

ofmore‘managerial’aspects:inparticular,risk

management,persuadingandinfluencing,and

leadershipskillsremainimportant,alongwith

personaldevelopmentskills,althoughtoa

lesserextent.

Intermsofpersonaljobsecurityand

conditionsattheT4professionalcompetence

level,studentstendtobemoreoptimistic

thanthoseattheoperationallevel:59%are

expectingasalaryincreaseinthenext12

monthsandproportionallyfewerareexpecting

asalaryfreeze(althoughasimilarproportion

arefacingredundancy).Onecouldinferthat

businessesarepreparedtopayforexperienced

talentinordertoretainacompetitive

workforce.

Intermsofworkinghours,thereisasmallbut

significanttrendtowardslongerworkinghours

aspartqualifiedstudentsprogressthrough

theCIMAqualification;andtwo-fifthsof

partqualifiedstudentsattheT4professional

competenceleveltypicallyworkover40hours

perweek,comparedtoone-thirdofthoseat

theoperationallevel.

Incontrasttothoseattheearlierstage,71%

attheT4professionalcompetencelevel

areplanningtoseekanewrolewithinthe

nexttwoyears(56%attheoperationaland

managementlevels).Thelikelihoodofplanning

toemigratedecreasessomewhatathigher

CIMAlevels,and10%ofstudentsattheT4

professionalcompetencelevelplanningtoseek

newemploymentarewantingtoemigrate,

comparedto14%ofthoseattheoperational

level.

22

Regional analysis – the North–South divide exists but happiness is perhaps more relative

Belowweoutlinetheregionaldifferences

acrosskeyindicatorsofcareerprospects

amongCIMApartqualifiedstudents.In

particular,bycomparing,‘allsouthern’regions

ofEngland10and‘allmidtonorthern’regions

ofEngland,11wefindthatalthoughaverage

salarypackagesvaryconsiderablybyregion,

satisfactionwithsalaryvariestoalesser

extent.Wealsofindthatinrelationtopersonal

andbusinessperformance,theoutlookforthe

next12monthsvariesbyregion.

Therearedefinitesalarydifferencesbetween

southernandmidtonorthernregionsofthe

UK,withthehighestaveragesalariesand

bonusesbeingpaidinLondon.Generally

speaking,thecostoflivingishigherinthe

South,andthissurveyshowsthatseason

ticketloansandsubsidisedfoodaremorelikely

tobeprovidedasadditionalbenefitstothose

whoworkinLondonandtheSouthEast.

Therearealsodifferencesinthebroad

economicmake-upofthesouthernandmid

tonorthernregionswhichwouldaccountfor

salarydifferences.Inparticular,Londonhas

largerbanking,financialandmarketingsectors

andtheSouthEasthasalargerICT,technology

andtelecomssector(andamanufacturingand

engineeringsectorwhichtendstofocuson

lightindustry);accordingtooursurvey,these

sectorsaretendingtopaylargersalariesthan

theUKaverage.InScotland,thebankingsector

andoil,gasandalternativeenergysectorsare

proportionallylargerthantheUKaverages,

andagain,bothsectorsaretendingtopay

comparativelylargersalarypackages.

70%ofpartqualifiedstudentsacrossmidto

northernregionsareinthe‘lowertier’salary

band(definedinthisreportasunder£30,000

basicannualsalary),comparedwithjust38%

ofthoseacrosssouthernregions.Salaries

inthelowertieraremostprevalentinthe

NorthWestandtheNorthEastandYorkshire/

Humberside;incontrast,almostone-fifthof

thoseworkinginLondonareinthehighest

salarytier.

10 includesLondon,SouthEast,EastofEnglandandSouthWestregions.

11 includesEastMidlands,WestMidlands,NorthWest,NorthEastandYorkshire/Humbersideregions

‘70% of part qualified students across mid to northern regions are in the ‘lower tier’ salary band (earning under £30,000 basic annual salary), compared with just 38% of those across southern regions.’

23

Figure 20:Satisfactionwithbasicsalary–byregion

ScotlandSatisfied: 58%

N. Ireland*Satisfied: 34%

North WestSatisfied: 54%

East and WestMidlandsSatisfied: 57%

East of EnglandSatisfied: 55%

Wales*Satisfied: 42%

South WestSatisfied: 61%

LondonSatisfied: 62%

South EastSatisfied: 60%

*Caution: Low base, under 30.

North East andYorkshire/HumbersideSatisfied: 49%

All mid to northern EnglandSatisfied: 53%

All in southern EnglandSatisfied: 61%

‘Salaries in the lower tier are most

prevalent in the North West and

the North East and Yorkshire/

Humberside; in contrast, almost

one-fifth of those working in London

are in the highest salary tier.’

24

Althoughthedatashowsalinkbetweensalary

andsatisfactionwithsalary,ahighersalarytier

doesnotnecessarilytranslateintomonetary

happiness:averagesalaryis26%higherin

thesouthernregionsthaninthemidto

northernregions,butsatisfactionwithsalary

isonly15%higher−giventherelativelylarge

variationinsalary,thedifferenceinsatisfaction

isnotasstarkasonemightexpect.

Onefactormaybethatpartqualifiedstudents

insouthernregionsaremorelikelytowork

longhours–over40hoursperweek–than

theirpeersinmidtonorthernregions(43%

vs.34%).InLondonalone,justoverhalfof

partqualifiedstudentsworkmorethan40

hoursperweekandthevastmajority(96%)

expectnodecreaseinworkinghoursinthe

foreseeablefuture.

Good news ahead but business performance

will be achieved through tightly controlled

budgeting and business processes

Lookingahead,therearesomeimportant

differencesinexpectationsforfuturebusiness

performanceandpersonaljobsecurity

betweenthemidtonorthernandsouthern

areasofEngland.Itseemstheremaybemore

todisheartenpartqualifiedstudentsinmidto

northernregionsofEngland,andperhapstheir

satisfactionwiththeirsalariesismoretodo

withemploymentinsecurityduringdifficult

times.

Inparticular,adversebusinessconditionsin

theformoffreezesinsalaryandrecruitment,

jobcutsandlowerinvestmentlevelsare

significantlymorelikelytobeexpectedinthe

midtonorthernregionsofEnglandthaninthe

south;andtheNorthWestregionisexpected

tobetheworsthitonthosemeasures.

WithinLondonandtheSouthEast,thereare

comparativelyhigherexpectationsofincreased

cautionintheformofregulatorycontrols

andbusinessprocesses.Althoughthereare

significantproportionsexpectingreducedor

steadyexpenditureonheadcountandsalaries,

theytendtobelowerthaninthemidto

northernregionsofEngland.

Figure 21:Averagebasicsalaryandsatisfaction–byregion

All

southern

All

midto

northern

LondonSouth

East

East+

West

Midlands

North

West

N.East+

Yorkshire/

Humberside

Salarytier:

Higher(£45kormore) 13% 1% 19% 9% 2% 1% 1%

Medium(£30kupto

£45k)48% 29% 54% 47% 35% 26% 25%

Lower(under£25k) 38% 70% 26% 44% 64% 73% 74%

Meanbasicsalary £34,074 £27,082 £36,579 £32,491 £28,055 £26,785 £26,312

Satisfiedwithsalary 61% 53% 62% 60% 57% 54% 49%

Base 606 360 306 177 119 120 121

‘Adverse business conditions in the form of freezes in salary and recruitment, job cuts and lower investment levels are significantly more likely to be expected in the mid to northern regions of England than in the south; and the North West region is expected to be the worst hit on those measures.’

25

All

southern

All

midto

northern

LondonSouth

East

East+

West

Midlands

North

West

N.East+

Yorkshire/

Humberside

Budgetcuts 36% 35% 35% 32% 30% 43% 31%

Cutsinfundingforstaff

training17% 18% 17% 17% 18% 18% 17%

Salaryfreezes 30% 34% 28% 25% 30% 39% 33%

Recruitmentfreeze 24% 29% 21% 22% 28% 28% 32%

Jobcuts 26% 34% 26% 25% 35% 39% 29%

Salarydecreases 4% 3% 4% 5% 3% 4% 1%

Base 606 360 306 177 119 120 121

All

southern

All

midto

northern

LondonSouth

East

East+

West

Midlands

North

West

N.East+

Yorkshire/

Humberside

Businessprocess/policy

changes41% 33% 40% 42% 38% 35% 27%

Greaterfocuson

regulatoryissues20% 14% 22% 21% 17% 14% 10%

Lessmoneyavailablefor

futureinvestment15% 20% 16% 12% 20% 24% 17%

Fallintheoverall

profitabilityofbusiness15% 15% 12% 16% 14% 18% 14%

Lessoutsourcing 6% 6% 6% 6% 3% 7% 9%

Restrictedmerger/

acquisitionactivity4% 4% 5% 5% 6% 3% 2%

Base 606 360 306 177 119 120 121

Figure 22: Expectationsfornext12months:reducedexpenditureandheadcount

Figure 23:Expectationsfornext12months:reducedperformance/cautiousbusiness

26

Increased profitability will be driven by

tightly controlling costs

Significantproportionsacrossallregionsare

expectingincreasedbusinessactivityoverthe

next12months,withapproximatelytwo-fifths

inLondon,theSouthEastandtheMidlands

expectingincreasedprofitability;althoughthe

NorthWestisexpectedtofarelesswell.

Itappearsthatincreasedprofitsmayinpart

beachievedbycontrollingexpenditureon

staff.InLondon,38%areexpectingincreased

profitabilityofthebusinessinwhichthey

work,whileonly19%areexpectingsalary

increasesacrosstheboard−afigure

belowthatofmostmidtonorthernregions.

Furthermore,intheNorthWest,thereare

comparativelyhigherproportionsexpecting

jobcuts,salaryfreezesandbudgetcutsintheir

employerorganisation.

Figure 24: Expectationsfornext12months:increasedperformance/confidentbusiness

Figure 25:Expectationsfornext12months:increasedstaffingcosts/budgets

All

southern

All

midto

northern

LondonSouth

East

East+

West

Midlands

North

West

N.East+

Yorkshire/

Humberside

Increaseintheoverall

profitabilityofbusiness38% 35% 38% 43% 40% 31% 34%

Increasedmerger/

acquisitionactivity19% 19% 19% 20% 17% 17% 22%

Moremoneyavailablefor

futureinvestment17% 18% 20% 16% 21% 15% 20%

Increaseinoutsourcing 15% 12% 17% 13% 10% 18% 7%

Base 606 360 306 177 119 120 121

All

southern

All

midto

northern

LondonSouth

East

East+

West

Midlands

North

West

N.East+

Yorkshire/

Humberside

Salaryincreases 24% 23% 19% 32% 22% 27% 19%

Increaseinstaff

recruitment21% 22% 25% 20% 26% 16% 23%

Increasedspendonstaff

training16% 14% 15% 17% 20% 12% 9%

Base 606 360 306 177 119 120 121

27

Ontheotherhand,partqualifiedstudentsin

allregionsaremuchmoreoptimisticabout

theirownjobsecurityandsalaryforthenext

12months,regardlessoftheirexpectationsfor

thebusinessasawhole.

Aslightlyhigherproportioninsouthernregions

thanmidtonorthernregionsexpectpersonal

salarytoincreaseoverthenext12months,12

withtheSouthEastregionleadingtheway,

followedbyLondon.

Figure 26: Proportionexpectingtheirownsalarytoincrease–byregion

Industry analysis – a tale of two sectors

The impact of the economic downturn

on part qualified students in the banking

sector will continue, but average salaries

and job security remain high

Thebankingsectorhasadensestructure,with

afewbigplayersoperatingnationallyand

internationally,afactwhichiswellreflected

inthissurvey.95%ofpartqualifiedstudents

inthebankingsectorsaytheyworkinalarge

business,withthemajorityofthoseinvery

largecorporatesof10,000ormoreemployees

(69%).Overhalfworkforaforeign-owned

bank(56%)andjustoverhalfarebasedin

London(52%),althoughanotableminority

(16%)arebasedinScotland.

Demographically,thereisaspreadofpart

qualifiedstudentsacrossthedifferentlevels,

butamajorityareagedbetween25and34

(68%)andalmostallhaveatleastayear

ofrelevantexperience(includingone-third

whohave3–4yearsofexperience).Themost

commonjobrolesarefinance/businessanalyst

(35%)andmanagementaccountant(28%).

ForpartqualifiedCIMAstudents,theaverage

annualbasicsalaryinthebankingsectoris

£38,216,plus£2,664inbonus,resultingina

54%

48%

55%

62%

46%49% 48%

All Southern All Mid toNorthern

London South East East + WestMidlands

North West North East +Yorkshire/

HumbersideLowest base: (119)

12 Thisisanotable,althoughnotstatisticallysignificantdifference.

‘On average, the banking industry pays the highest

bonuses and a third are earning over £45,000 in basic

salary – by far the highest proportion

of any industry sector.’

28

totalaveragepackageof£40,880.However,

notallpartqualifiedstudentsexpectabonus

–amongstonlythe64%expectingone,the

averagefigureincreasesto£4,185,thehighest

ofanyindustrysector.Despitethehigh

average,overone-third(37%)areinthelower

salarytier,earningunder£30,000;althougha

furtherthird(34%)areearningover£45,000

inbasicsalary–byfarthehighestproportion

ofanyindustrysector;includingfinancial

services(17%inhighertier)andoil,gasand

alternativeenergy(18%inhighertier).

Comment:

Thereisapredominanceofmaleemployeesinthebankingsector–62%comparedtoonly

38%female.Similarratiosareseeninthetransport,distributionandstorage,andoil,gas

andalternativeenergysectors.Thesethreesectorsareamongstthehighestpaying;afact

whichcanhelptoexplainsomeofthedisparityinUKaveragesalarylevelsbetweenthe

sexes.

Despitethegenerousaverageremuneration

packagerelativetootherindustries,only57%

ofthosewhoworkinbankingaresatisfied

withtheircurrentsalary–onaparwiththe

UKaverage–although74%aresatisfiedwith

theirbenefitspackage.Thereisatendency

towardslongworkinghours–almosthalfwork

over40hoursinatypicalweek(however,

someothersectorshavehigherproportions

workingsuchhours),andthevastmajority

expectnodecreaseinhours,thekeyreason

beingincreasedresponsibility/pressure(65%).

Intermsofoutlookforthenext12months,

thekeyexpectationforthesectorisagreater

focusonregulatoryissues–inlinewith

plannedreformsaimedatavoidingarepeat

ofthebankingcrisisofthelastdecade.The

otherprimaryexpectationsareforatightening

ofexpenditure,withsalariesandheadcounts

beingkeytargetsforcuts.Businessprocess

changesarealsoexpected–includingan

increaseinoutsourcing–andtogetherwitha

reductioninstaff-relatedoverheads,thismay

bringincreasedprofitability,whichalmost

one-thirdareexpecting.

Intermsofpersonaljobsecurity,48%inthe

bankingsectorexpecttheirownsalaryto

increaseoverthenext12months,whichis

instarkcontrasttotheminorityof14%who

expectsalaryincreasesacrossthebusiness

asawhole.Partqualifiedstudentsinbanking

arealsomoreoptimisticabouttheirown

jobsthanfortheworkforceasawholewithin

thebusinessinwhichtheywork–46%are

expectingjobcutsinthebusinessinwhich

theywork,butonly17%personallyexpect

redundancy.Theproportionsexpectingsalary

freezesandsalaryreductionsforthebusiness

andforthemselvespersonallyareonapar.

However,fromtheresults,wecaninferthat,

overall,partqualifiedstudentsperceivetheir

ownjobsandsalariestobemoresecurethan

thoseofcolleaguesinotherroles.

‘Key expectations for the banking sector are a greater focus on regulatory issues and a tightening of expenditure, with salaries and headcounts being key targets for cuts.’

29

‘When asked to name their top

motivators in employment, only 28% in the public

sector cited financial reward; this was the lowest of all sectors – even the not-for-

profit/charity sector.’

Figure 27:Keyexpectationsinthebankingsectorforthenext12month

Bankingsector UKaverage

Greaterfocusonregulatoryissues 52% 18%

Budgetcuts 47% 36%

Jobcuts 46% 30%

Businessprocess/policychanges 43% 38%

Recruitmentfreeze 38% 27%

Salaryfreezes 35% 32%

Increaseintheoverallprofitabilityofbusiness 30% 37%

Increaseinoutsourcing 29% 15%

Base 43 1,063

Figure 28:Expectationsforpersonalsalaryandjobsecurity

Bankingsector UKaverage

Salaryincrease 48% 52%

Salaryfreeze 37% 30%

Salaryreduction 4% 2%

Redundancy 17% 9%

Base 43 1,063

Sentiment in the public sector is depressed,

in anticipation of salary freezes and job

cuts

Thepublicsectoristypifiedbylarge

organisations,operatingacrosslocal,regional

andnationaltiers.Demographically,thereis

aspreadofpartqualifiedstudentsacrossthe

CIMAlevelsandbyyearsofexperience,and

thisbroadlymatchestheaveragepatternfor

theUK.However,whenlookingatage,there

areproportionallymorepartqualifiedstudents

aged45orover(20%vs.7%),resultingin

anaverageageinthepublicsectorof35.5,

comparedto32fortheUKasawhole.The

mostcommonjobrolesaremanagement

accountant(19%),assistantmanagement

accountant(16%)andfinancemanager(14%).

Theaveragebasicsalaryforpartqualified

CIMAstudentsinthepublicsectoris£29,812,

whichis£1,135belowtheaverageforall

sectors.Theaveragebonusisatenthofthatin

thebankingsector,at£231;however,bonuses

arenotcommonlyprovided–only19%will

receiveonein2011,andamongthosewho

30

doreceiveone,theaveragepayoutrisesto

£1,225.Theoverwhelmingmajorityareinthe

lowerormidsalarytier,withonly2%earning

£45,000ormoreinbasicsalary–thelowest

proportionofallsectorsbarthenot-for-profit/

charitysector.

Despitethelowerthanaverageremuneration

packagerelativetootherindustries,63%

ofthosewhoworkinthepublicsectorare

satisfiedwiththeircurrentsalaryand79%

aresatisfiedwiththeirbenefitspackage.

Indeed,whenaskedtonametheirtopthree

motivatorsinemployment,only28%cited

financialreward;thiswassignificantlylower

thantheUKaverageof45%,andthelowest

ofallsectors–eventhenot-for-profit/charity

sector,where47%citedfinancialrewardasa

keymotivator.However,57%ofthoseinthe

publicsectorcitedflexibility/work–lifebalance

asakeymotivatorinemployment,compared

toonly37%onaverage.

Infact,partqualifiedstudentsinthepublic

sectorarehighlylikelytobeworkinga

standard35–40hourweek(77%),compared

to57%onaverage,andincontrasttoseveral

industrieswherelonghoursarethenorm(such

asICT,banking,andtravel,leisureandtourism).

However,withheavypressureoncutbacks

inpublicexpenditure,thismaychangein

thefuture;two-fifthsexpecttheiraverage

workinghourstoincreaseandhalfofthose

citethecurrentfinancialclimateasthereason,

alongwithanincreaseinresponsibility/more

pressure(67%)andunderstaffing/lackof

resource(53%)beingkeyreasons.

Figure 29:Keyexpectationsinthepublicsectorforthenext12months

Publicsector UKaverage

Budgetcuts 82% 36%

Jobcuts 76% 30%

Recruitmentfreeze 65% 27%

Salaryfreezes 74% 32%

Lessmoneyavailableforfutureinvestment 41% 17%

Cutsinfundingforstafftraining 55% 18%

Salarydecreases 11% 3%

Salaryincreases 7% 23%

Base 99 1,063

Partqualifiedstudentsinthepublicsector

willnotbeexemptfromtheanticipated

salaryfreezes−65%inthesectorexpect

theirownsalarytobefrozenoverthenext12

months;proportionallytwiceasmanythan

theUKaverage,andbroadlyinlinewiththe

proportionexpectingsalaryfreezesacrossthe

boardallwithintheiremployingorganisation

(74%).Onlyone-quarterexpectanincreasein

theirpersonalsalaryandthesameproportion

arefacingtheprospectofredundancy.Despite

theirloweremphasisonfinancialreward,in

termsofjobsecuritywithinthepublicsector

asawholeandintermsoftheirownjobs,part

‘In terms of outlook for the next 12 months, unsurprisingly, the key expectations for the public sector are budget cuts, job cuts and salary freezes – only 7% are expecting salary increases with the organisation in which they work. A freeze on recruitment and cuts in staff training budgets are also expected by high proportions in the sector.’

31

‘Despite their lower emphasis on

financial reward, in terms of job security

within the public sector as a whole

and in terms of their own jobs, part

qualified students feel bleak about the

year ahead.’

qualifiedstudentswithinthepublicsectorfeel

bleakabouttheyearahead.

Giventheoutlookforthesector,one

mightexpectpartqualifiedstudentsinthe

publicsectortobelookingforalternative

employmentnowtoobtainamoresecure

positioninanothersector.Indeed,59%are

lookingtomovewithinthenexttwoyears;

however,thisfigureisnohigherthantheUK

average.

Whatarethereasonsforthis?72%cite

flexiblehoursasanadditionalbenefit,

comparedtoonly29%onaverageacross

allUKsectors,andhighereventhanthose

inthehealthandeducationsector(45%).

Furthermore,70%receivemembershipto

apensionscheme–amongthehighest

proportionsofallsectors(barbankingat

72%andoil,gasandalternativeenergy

at71%).Pensionandflexiblehoursboth

receiverelativelyhighratingsforimportance

amongstthoseinthepublicsector;therefore,

wemightconcludethatdespitethebleak

outlookintermsofsalariesandjobsecurity,

compensationssuchasflexiblehoursanda

goodpensionschememaybesufficientto

encouragepartqualifiedstudentsto‘waitand

see’whatoccursbeforetakingconcreteaction

tolookforalternativeemployment.

Figure 30: Expectationsforpersonalsalaryandjobsecurity

Publicsector UKaverage

Salaryincrease 24% 52%

Salaryfreeze 65% 30%

Salaryreduction 6% 2%

Redundancy 25% 9%

Base 99 1,063

32

Beneficial Useful Valuable Worthwhile Important

Fulfilling Rewarding Satisfying

Analysis Analytical

Information Informative Knowledge Reporting

Difficult Hard Demanding Frustrating

Complex

Decision-making

Amazing Awesome Brilliant Excellent Fantastic

Flexibility Versatile

Forecasting Forward-looking Future Planning Proactive Enjoyable Exciting Fun Good GreatChanging Evolving Dynamic

Crucial Critical Essential Imperative Indispensible Key Necessary Vital

ChallengingFascinating Inspiring Interesting StimulatingAll-rounder Broad Comprehensive Diverse Varied

Strategic

One word to describe management accounting

Partqualifiedstudentswereaskedtouse

onewordtodescribewhatmanagement

accountingmeanstothempersonally.The

wordsbelowshowthemostpopularresponses,

withthesizeoffontdenotingfrequencyof

mention.

Figure 31: Wordsusedtodescribemanagementaccounting

33

Appendix

Figure 32:Tableofsalariesandbonuses

UK BaseSalary(£perannum)

Bonus(£perannum)

Totalpackage(£perannum)**

Total 1,063 30,947 1,271 32,218

Salarytier

Lower 516 23,908 552 24,460

Medium 450 35,810 1,607 37,418

Higher 97 52,567 4,268 56,835

Age

<25yrs 80 24,913 726 25,639

25–34yrs 706 30,346 1,312 31,658

35–44yrs 207 34,388 1,535 35,923

45+yrs 70 34,295 789 35,084

Gender

Male 542 32,142 1,532 33,675

Female 521 29,740 1,008 30,748

Level

Operational 212 27,818 913 28,732

Management 246 29,695 1,141 30,836

Strategic 300 32,683 1,530 34,214

T4professionalcompetence 305 35,155 1,669 36,824

Sizeoforganisation

Micro/small(1–49employees) 108 30,319 1,069 31,388

Medium(50–249employees) 164 30,184 1,208 31,392

Large(250+employees) 791 31,203 1,314 32,517

Yearsofexperience

Upto2years 186 26,482 862 27,344

2–3years 248 29,059 1,253 30,312

3–4years 200 31,655 1,251 32,906

4–5years 107 32,250 1,324 33,574

5+years 322 35,628 1,573 37,201

Division

Finance 913 30,400 1,181 31,581

Operations 68 33,567 1,399 34,967

*Caution:Lowbase,under30**Figuresmaynotsumduetorounding.

34

UK BaseSalary(£perannum)

Bonus(£perannum)

Totalpackage(£perannum)**

Total 1,063 30,947 1,271 32,218

Industrysector

Accountancy 40 29,135 994 30,129

Banking 43 38,216 2,664 40,880

Businessservices* 28 30,807 1,038 31,845

Constructionandproperty 63 30,035 950 30,984

Financialservices 97 33,123 2,716 35,838

Healthcareandeducation 61 30,716 521 31,238

ICT,technologyandtelecoms 64 33,315 1,837 35,152

Manufacturingandengineering 189 28,600 1,087 29,687

Media,marketing,advertisingandPR

71 32,435 1,084 33,519

Naturalresources,energy/fuelandutilities

30 29,710 1,495 31,205

Not-for-profit/charity 42 29,820 368 30,187

Oil,gasandalternativeenergy 39 35,513 2,488 38,001

Publicsector 99 29,812 231 30,043

Retailandconsumergoods 107 30,509 1,258 31,767

Transport,distributionandstorage

30 30,265 1,617 31,881

Travel,leisureandtourism 47 29,931 1,091 31,022

Region

EastofEngland 34 30,600 583 31,183

East/WestMidlands 119 28,055 982 29,037

London 306 36,579 2,038 38,617

NorthEastandYorkshire/Humberside

121 26,312 680 26,992

NorthWest 120 26,785 805 27,590

NorthernIreland* 20 24,288 330 24,618

Scotland 61 26,532 758 27,290

SouthEast 177 32,491 1,461 33,952

SouthWest 89 30,159 989 31,148

Wales* 16 25,601 247 25,848

LondonandSouthEast 483 35,064 1,824 36,888

AllSouthern 606 34,074 1,627 35,701

AllmidtoNorthern 360 27,082 862 27,944

*Caution:Lowbase,under30**Figuresmaynotsumduetorounding.

35

UK BaseSalary(£perannum)

Bonus(£perannum)

Totalpackage(£perannum)**

Total 1,063 30,947 1,271 32,218

Jobrole

Accountant 62 31,557 1,277 32,834

Financialaccountant 49 32,252 1,304 33,557

Managementaccountant 250 31,292 1,016 32,308

Projectaccountant/manager 31 35,992 1,527 37,519

Otheraccountant* 29 34,221 2,286 36,507

Financemanager 76 35,935 1,549 37,485

Accountsassistant/accountsexecutive

47 22,413 769 23,182

Financeassistant 43 23,101 347 23,448

Assistantmanagementaccountant

113 25,447 620 26,068

Otherassistantaccountant* 29 26,708 992 27,699

Financialanalyst/businessanalyst

190 32,086 1,683 33,769

Financialcontroller 45 40,138 2,428 42,565

Otherfinancerole 39 29,258 770 30,028

*Caution:Lowbase,under30**Figuresmaynotsumduetorounding.

Technical information

SurveyresponseswerecollectedbyCIMA

amongactivepartqualifiedstudentsbetween

2and20February2011,viaanonlinesurvey.

Thedatawasanalysedandreportedbyan

independentspecialistconsultancy.

Justover13,000part-qualifiedstudentswere

selectedandinvitedtoparticipateinthe

internationalstudywhichcovers15markets.

Withinthestudyperiod2,121responded

internationally,including1,063fromtheUK.

Theresponsedatapresentedinthisreport

hasbeenweightedtoreflecttheprofileofthe

CIMApartqualifiedmembershipbymarket

andlevelofstudy.Allbasenumbersquotedin

Figuresreportthelowestunweightedbasei.e.

thenumberofresponses.

Further information

Forfurtherinformationontechnicalmatters

relatingtothissurvey,contact

yourvoice@cimaglobal.com

Forfurthercountryspecificanalysisand

reports,visitCIMAMYJOBSat

http://myjobs.cimaglobal.com

Acknowledgements

ThisresearchwasconductedbyCIMA

inconjunctionwithSpotlightMarket

Research&Editing.TheCharteredInstitute

ofManagementAccountantsisaMarket

ResearchSocietyCompanyPartner.BothCIMA

andSpotlightabidebytheMarketResearch

Society’sCodeofConductandtheData

ProtectionAct.

36

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