CIMA salary survey identifies highest paying locations and industry sectors

Chartered management accountants working in the Dublin area are the highest paid in their branch of the profession, according to the annual salary survey carried out on behalf of the Chartered Institute of Management Accountants (CIMA) by Premier Recruitment.

The telecommunications sector continues to be the highest paying industry sector, followed by the fast-moving consumer goods (FMCG), financial services and construction sectors.

Three-quarters of respondents said their company turnover had increased or increased significantly during the year and a similar number anticipated increased or significantly increased turnover in 2006. Sixty-eight per cent said profits had increased or increased significantly, while 77 per cent predicted an increase or significant increase in 2006.

There is considerable mobility in the profession, with 17.8 per cent stating that they had changed jobs in the last year. Of that number, 49.2 per cent engaged a recruitment company to source their new employment and 47 per cent described the jobs market as buoyant or very buoyant.

The survey showed that on average, management accountants working in the Dublin area received an annual package worth €81,046, followed by those in the Cork and Kerry area on €77,443.

This remuneration package is comprised of average salary, plus standard monetary value attached for benefits, where applicable. These benefits ranged from company cars or cash equivalent to health insurance contributions, pensions, share options and club subscriptions. CIMA members from managing director down to trainee accountant level are included in the survey.

The average salary of CIMA members working in the telecommunications industry was €126,408, while those in the FMCG sectors averaged €103,079, those in financial services averaged €100,967 and those working in construction earned on average €99,772.

Looking at average remuneration by level of membership, fellows of CIMA earned on average €193,036. Associate members earned an average of €88,674. Passed finalists had a remuneration of €58,572, final year students were on €46,544, intermediate students earned €39,959 and foundation students an average of €35,525.

The average salary paid to a managing director was €167,874; the highest remuneration package for this grade was €468,960 and the lowest was €50,000. The average package for a financial director was valued at €153,278; the highest package at this level was €513,814 and the lowest was €43,160. Financial controllers earned an average of €84,925, with a high of €357,899 and a low of €23,000.

Chartered management accountants in larger companies are paid more on average than their peers in smaller companies. While salary is a key factor for all CIMA members, for financial directors and financial controllers, the level of autonomy they have is a priority. At mid-level in the profession, location is the other major factor while for those at junior level, salary and career advancement opportunities are key factors.

Over 85 per cent of respondents have a third-level qualification, just over 40 per cent received formal training in the last year and 67 per cent consider ongoing training to be relevant or very relevant.

Almost 90 per cent of respondents in this survey said they would recommend management accountancy as a career, believing it to offer great career opportunities, provide an insight into all areas of business and to be challenging and well-recognised.

Commenting on the survey’s findings, Dr Tony White, Director of CIMA in Ireland, said that once again it confirmed that the demand and prospects for accountants in Ireland were extremely high. "This is as one would expect during such a buoyant time for the economy. It’s also very reassuring to find that so many accountants have such good job satisfaction," he said.

Mr Pat Fitzgerald, managing director, Premier Recruitment, which sponsored the survey, said: "The survey findings are reflective of our experience within the financial recruitment market. Forty-seven per cent of respondents felt that the market is buoyant and, from a candidate perspective, it is extremely buoyant. The demand for experienced and qualified accountants currently outstrips supply.

"From our perspective, it is positive that 49 per cent of accountants used an agency when changing jobs. This is strong recognition that candidates value using a professional finance recruitment agency like Premier to get them the finance jobs they want," he said.

Contact: Mary FitzGerald
PR Consultant-Premier Group
Tel:01-669 4759, Mobile:086-2520181