Salaries increase substantially on passing the relevant examinations. The average salary of a CIMA student whilst studying the Professional Qualification is£30,817(RM151,082.71) and for a newly qualified chartered management accountant it is£36,195 (RM177,525.11)
Range of typical salaries at senior levels:£63,000 (RM308,827.72) - £100,000 (RM490,202.74) plus.
CIMA reports that 32% of members expected to receive a bonus as part of their remuneration package in 2010. The average bonus is £6,447 (RM31,598.75) but can be as high as £14,554 (RM71,363.96)depending on seniority.
The highest salaries tend to be found in London, with average earning packages 16% higher than the national average.
Industries that offer their staff the largest remuneration packages are retail and fast moving consumer goods (FMCG), information and communication technology (ICT), technology and telecoms and banking, finance and insurance.
The average remuneration package for men in this sector is 24% more than females. This could be due to the fact there are more men asCIMAmembers in the global community as well as more men working in the high level jobs and in larger companies, where the higher salaries are received.
Women are currently under-represented in this profession, with women only making up a third of CIMA’s members and just under half are student members. However, women make up an increasing proportion of the new intake and are also beginning to gain more senior positions. CIMA has seen the highest growth rate in female members of all the accounting institutes. See CIMA Women in Leadership, a campaign which highlights the challenges females face and help to overcome the obstacles.
Some companies offer excellent packages to cover the cost of studying, including tuition fees and paid study leave, with CIMA reporting that in 69% of cases employers provide their staff with financial contribution to the CIMAmembership fees. This can be an important part of the overall package and is worth considering along with salary information to get an overall idea of the benefits.
Typical working hours are 9am to 5pm Monday to Friday; however there could be regular extra hours and overtime. Generally working hours do not include weekends or shifts. There are certain times of the month and the financial year where there are tight deadlines e.g. month end and year end when extra working hours may be required.
The work is office based but not desk bound, with regular meetings across the organisation.
Travel within a working day, absence from home overnight and overseas travel are all occasionally necessary.
After gaining several years of experience, self-employment or freelance work in financial or management consultancy is possible.
Short-term project work is sometimes available through agencies, but this is more common between jobs than as a career itself. Part-time work is more likely with large employers.