CIMA study reveals qualified management accountants are paid £36,411 more than the typical British workers
SALARIES within the management accountancy profession have grown at twice the national average, according to CIMA’s annual salary survey.
The results reveal that average earnings among qualified members reached £64,011 in 2016 (an increase of 1.9%), £36,411 more than the current average UK wage.
According to the research, even those in the process of gaining their qualifications report earning 22% higher than the national average wage, receiving an annual salary of £33,638.
Members and students in the UK are positive about their continued salary development. Indeed, more than nine in ten (94%) members expect their gross annual salary to grow (by an average of 4%). A similar proportion of students (95%) anticipated a salary increase over the next 12 months (by an average of 6%).
On top of base salaries, 55% of CIMA students in the UK received a bonus in 2016, with the average bonus amounting to 8% of annual salary. The average bonus increases to 12% of annual salary for qualified members, with 68% reporting they received one in 2016.
Andrew Harding, managing director of CIMA, said: “For three years in a row, management accountants have been paid more than twice the national average, revealing their enduring value to businesses.”
“This is a reflection of the importance of their skillset – they have an ability to help drive good decisions in the short, medium and long term, and help business leaders generate value.”
Looking across industry, members within the banking sector were found to receive the highest average annual wage in 2016 (£85,334), followed by the construction & property and professional services industries. In contrast, students within the legal sector were paid the highest average amount (£42,603) followed by banking and education.
In terms of bonuses, those members working with the financial services and healthcare & pharmaceutical industries received the biggest bonus in relation to their salaries (14%).
Earlier this month, CIMA announced it is in discussion with ICAS and CIPFA about offering routes to CIMA membership and the CGMA designation