CIMA salary survey 2012 Canada
2 Qualified members in Canada are earning on average CAN$127k per year. Salary survey results Canada average salary figures Survey figures for 2012 reveal that qualified CIMA members in Canada are earning on average CAN$113,556 in basic annual salary plus CAN$13,197 in bonus payments, totalling CAN$126,753 per annum. This compares with a national median average income of CAN$46,623. 1 Satisfaction with salary Among all members, 76% are satisfied with their current salary, which is lower than the 2011 figure of 83%. One explanation for this fall could be that the reported average salary has risen by only 0.1% since 2011, compared to a price inflation rate of 2.9%. 2 Salary increases anticipated However, a positive outcome is anticipated, with 88% of CIMA members in Canada expecting a salary rise over the next 12 months, at an average rate of 5.2%. If realised, in real terms this will be above inflation forecasts of around 2% 2 and the 3.1% average rise in earnings reported for all Canadian workers between 2011 and 2012. 1 The CIMA qualification strengthens your ability to move internationally with your career 85% agree The CIMA qualification strengthens your ability to move across all areas of the business 80% agree The CIMA qualification creates career opportunities for you 77% agree I chose the CIMA qualification to be able to progress in my career and reach the top. CIMA s international partnerships with the likes of CMA Canada have also greatly helped my career. Male Associate member, director in the financial services sector 1 Statistics Canada. Latest statistics (monthly), Labour, Average weekly earnings ($). Exclusions apply see source for details. The weekly mean earnings figure was multiplied by 52 weeks to estimate an annual figure. The quoted percentage rise in earnings is for the period April 2011 to April 2012. Available at: www.statcan.gc.ca/tables-tableaux/sum-som/ l01/cst01/media01-eng.htm Accessed 24 July 2012. 2 IMF World Economic Outlook, April 2012. Available at: www.imf.org/external/pubs/cat/longres.aspx?sk=25342 Accessed 24 July 2012.
3 Business and the economy Expectations for future pay and conditions Amid uncertainty from the Eurozone debt crisis and mixed US and domestic data, economic growth in Canada is expected to be moderate, at around 2% in 2012. 3 Reflecting this mixed outlook CIMA members remain optimistic about jobs and salaries for the next 12 months, but less so about business profits. The key expectation is for business process/ policy changes (53%), possibly in a bid to make or retain efficiency gains 13% are anticipating less outsourcing this year, possibly due to a lower proportion than in 2011 anticipating rising profitability of the business in which they work (33%). However, both positive and negative expectations for aspects of staffing such as recruitment, salary rises and job cuts remain similar to those seen in 2011, and on balance, the expectations for increased headcount and salary rises are positive. Figure 1: Expectations for the business environment over the coming 12 months selected indicators Business process/policy changes 53% 54% Budget cuts Increase in staff recruitment 23% 37% 36% 31% Increase in the overall profitability of the business Salary increases 33% 30% 33% 47% Recruitment freeze Salary freezes Job cuts Fall in the overall profitability of business Less outsourcing 21% 17% 19% 22% 16% 17% 16% 10% 13% 0% 2012 2011 3 IMF World Economic Outlook, April 2012. Available at: www.imf.org/external/pubs/cat/longres.aspx?sk=25342; Huffington Post, Business Canada. J.Beltrame, The Canadian Press Updated: 05/09/2012 5:28 pm. Canada s Economy Hits Brakes As Europe Swoons, U.S. Employment Falters Available at; www.huffingtonpost.ca/2012/05/07/canadaeconomy-europe-recession-us-employment_n_1493951.html Both accessed 24 July 2012.
4 Members chose the CIMA qualification for the international employability it provides, its reputation and breadth of the syllabus. Working conditions Working hours Members in Canada work 43 hours per week on average. Over the coming 12 months, 28% are expecting their working hours to increase, primarily due to taking on more responsibility/ more pressure, company growth and changing job roles, understaffing and the current financial climate. Motivators at work The key motivators at work for members are a good working environment (54%), flexibility/ work-life balance (54%) and financial reward (45%). The scope of the role (41%) and a challenging workload (38%) are also important factors to members in Canada. Career plans Seeking new opportunities 18% of members are planning to move job within six months and a total of 44% plan to move job within the next two years. Of those, 71% plan to stay within Canada, while 29% plan to move abroad. CIMA gave me the passport to travel around and work in different countries while being recognised as a valued employee because I was carrying an internationally recognised qualification. Male Associate member, project accountant/ manager in the construction and property sector When asked why they chose to become CIMA qualified, many mentioned the opportunities for international employability. In addition, members mentioned the reputation and breadth of the syllabus beyond financial accounting. Building skill sets Over the coming 12 months members in Canada are most keen to develop their leadership and people skills. Leadership is the most frequently mentioned skill set that members would like to develop, followed by strategic planning and implementation and high level people skills, including skills for developing others (such as assessing performance and coaching), relationship management, communication skills (such as negotiating, writing and presenting) and persuading and influencing. Figure 2: Top skills that qualified members wish to develop 51% Leadership 37% Strategic planning and implementation 35% Skills for developing others 31% Personal development 30% Relationship management 30% Communication 28% Project management 25% Persuading and influencing [The CIMA qualification is] much more real life than other accounting qualifications in that it puts you in a great position to understand and appreciate the total business environment, not just the financial side. Male Associate member, non-finance manager in the ICT, technology and telecoms sector
5 Technical information Survey responses were collected by CIMA among active part qualified students and qualified members between 2 and 29 May 2012, via an online survey. The data was analysed and reported by an independent specialist consultancy. Just under 15,000 part qualified students and approximately 21,000 qualified members were selected and invited to participate in the international study, which covers 19 markets in total. Within the study period 5,558 responded internationally, including 71 qualified members working in Canada. The response data presented in this report has been weighted to reflect the profile of CIMA part qualified students and qualified members by market. All base numbers quoted in figures report the lowest unweighted base; i.e. the number of responses. Further information For further information on technical matters relating to this survey, contact yourvoice@cimaglobal.com For further country specific analysis and reports, visit CIMA MY JOBS at http://myjobs.cimaglobal.com Acknowledgements This research was conducted by CIMA in conjunction with Spotlight Market Research & Editing. The Chartered Institute of Management Accountants is a Market Research Society Company Partner. Both CIMA and Spotlight abide by the Market Research Society s Code of Conduct and the Data Protection Act.
Chartered Institute of Management Accountants 26 Chapter Street London SW1P 4NP United Kingdom T. +44 (0)20 7663 5441 F. +44 (0)20 7663 5442 E. cima.contact@cimaglobal.com www.cimaglobal.com August 2012, Chartered Institute of Management Accountants