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Management accountant salaries growing at twice the national average
28 July 2016
Salaries within the management accountancy sector have continued to grow at twice the national average, according to the CIMA Annual Salary Survey, sponsored by the Global Accounting Network. 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 FCMA, CGMA, 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.”
Roughly half of CIMA’s UK members (50%) and students (48%) will likely look to switch jobs and join a different organisation within the next two years, with financial reward being the primary motivator, followed by scope of role, and promotion prospects. However, 16% also cited training and skills as a possible reason for switching businesses. The skills most desired included accounting information systems, business planning and strategy.
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