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
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