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IMA Global Salary Survey Reports Increase in Compensation for Management Accountants
Stern + Associates
Stern + Associates
MONTVALE, N.J. – Results from the IMA® (Institute of Management Accountants) Global Salary Survey reveal that, in 2014, median total compensation for management accounting and finance professionals in the U.S. increased to $113,000 from $105,500 in the prior year – an increase of 7.1 percent. Globally, the data collected from IMA members in 81 countries indicate a median total compensation of $66,000. The Global Salary Survey can be viewed in the newly redesigned Strategic Finance Magazine, which is now available to the public online: http://www.sfmagazine.com/
Approximately 70 percent of survey respondents reported a pay raise following the 2013 Salary Survey. As economic outlook continues to strengthen, the prospects for future raises also appear bright, with more than three-quarters of survey respondents anticipating a raise in the coming year.
Compensation by Responsibility
According to the survey, salaries remained largely the same or declined for professionals in traditional areas of responsibility such as corporate accounting, taxation, general accounting and internal audit. However, the need for budgeting, planning and cost-control skills has led to an increase in salary for professionals with responsibilities in these and related areas.
Based on median total compensation, the highest-paying areas of responsibility are as follows:
1. Information systems
3. Corporate accounting
4. General management
In the United States, an especially large pay increase occurred in the area of risk management, reflecting greater corporate awareness of this issue. Public accounting remains the lowest-paid area globally.
Globally, the Netherlands and Switzerland continue to have the highest average salary and total compensation. Meanwhile Egypt holds the lowest rank for compensation, presumably in large part due to economic and political factors in the country. Asia continues as the region with the lowest average compensation; however, compensation values in Asia and the Middle East/Africa region are showing significant improvement.
“Overall, survey respondents in the Asia/Pacific region experienced gains in earnings. For CMA-certified professionals, the earnings opportunity is most pronounced,” said Raef Lawson, Ph.D., CMA, CPA, IMA vice president of research and policy and co-author of the survey. “CMAs in the Asia/Pacific region earn roughly 75 percent more than those without certification. Their employers also benefit by having highly qualified accounting talent capable of competing globally.”
The ROI of Education and Certification
The 2014 Global Salary Survey shows that while higher degrees are predictably linked with significantly higher compensation, certification leads to both increased pay and new career opportunities.
According to the survey, 83 percent of professionals holding the CMA® (Certified Management Accountant) certification believe it strengthens their ability to move across all areas of the business, and 80 percent are confident that certification creates new career opportunities. Globally, CMA-certified professionals earn 59 percent more in salary ($73,000) and 63 percent more in total compensation ($85,000) than the median rates for non-CMAs.
About IMA® (Institute of Management Accountants)
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 75,000 members in 140 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 visitwww.imanet.org.
About Strategic Finance Magazine
Strategic Finance (SF), IMA’s award-winning monthly magazine, is consistently rated by IMA members as one of the most accessed and valued benefits of membership. Since its complete redesign in March 2015, Strategic Finance is now accessible to the nonmember public in online format. Strategic Finance provides the latest information about practices and trends in accounting and finance. Its thought-provoking articles offer advice that will help financial professionals perform their jobs more effectively, advance their careers, grow personally and professionally, and make their organizations more profitable. To read the magazine online, visit: http://www.sfmagazine.com/.