CIMA SALARY

SURVEY 2013
South Africa
1
Foreword

Zahra Cassim
Head of South Africa

Our annual salary survey for 2013 shows the positive impact of professional
qualifications on members earning potential, salary satisfaction and the ability
to realise ambitions such as moving to a new organisation, or working abroad.
Respondents across the board agree that the CIMA qualification strengthens their
ability to move internationally in their career at 93%, while 89% agree that the
qualification creates career opportunities and 82% agree that it allows them to
move across all areas of the business and outside of the finance function.
The effect of the CIMA qualification on boosting salary deals is strongest for newly
qualified members and part qualified students, with 75% of both categories saying it
helps to strengthen their position in salary negotiations.
CIMA members are in demand and earn on average R906 943 pa. Meanwhile,
part-qualified CIMA students in South Africa are earning on average R380 761
(basic salary), plus R34 235 in bonus payments, totalling R414 996 pa.
While 75% of members are satisfied with their current salary, the figure is lower
among students at 52%. This difference highlights the fact that the average total
annual salary for members is more than twice that for students.
Amid a mixed backdrop of continuing concern over the fate of South Africas major
trading partners in the Eurozone, China and to a lesser extent - the USA, the
economy is still forecast to grow by 2.8% in 2013, rising to 3.3% in 2014. In line
with this, two-fifths of CIMA members and students are positive in their expectations
for the profitability of the organisation in which they work, and one-third expect salary
increases across the board.
Mobility of CIMA members and students in South Africa remains strong, with only 4%
seeing themselves in the same role in three years time. Up to 71% anticipate being in
a new role within the next two years and 17% plan to move abroad.
Among members and students who plan to seek employment abroad, the UK is the
most frequently named destination at 58%, followed by the USA, August and Canada.
Switzerland and Singapore are also other popular planned destinations. Key reasons
cited for moving would be a new career opportunity and improved quality of life.
Among those already working as a management accountant, 42% expect to progress
to finance manager, financial controller or finance director within the next three years.
Among those currently working in assisting finance roles, 43% expect to progress to
management accountant.
Managerial skills, particularly leadership and strategic planning are the skill sets
students most wish to develop, while for qualified members there is a secondary
focus on softer skills such as persuading and influencing, personal development
and skills for developing others.
2
Salary survey results
South Africa average salary gures
In 2013, qualied CIMA members in South
Africa are earning on average R794,452 in
basic salary plus R112,490 in bonus payments,
totalling R906,943 per annum.
1
Part qualied
students in South Africa are earning on average
R380,761 in basic salary plus R34,235 in bonus
payments, totalling R414,996.
Robust salary satisfaction
While 75% of members are satised with
their current salary, the gure is lower among
students (52%). This difference highlights the
fact that the average total annual salary for
members is more than twice that for students.
The overall level of satisfaction among
members and students combined is 62%,
compared with 77% in 2012 and 67% in 2011.
Above-ination salary increases anticipated
Nevertheless, there is considerable optimism
about future salaries, particularly among part
qualied students. 97% of all members and
students are expecting an increase in salary, at
an average rate of 7.9%.
Among part qualied students alone, salaries
are expected to increase largely in line with
CIMA level attained: from 7.8% at operational
level to 9.1% among those at T4 professional
competence level, who are anticipating higher
salaries as fully qualied CIMA members. In
real terms, these average rises will be well
above ination forecasts of around 5.6%.
2
Bonus payments form a signicant part of
total salary and 84% of members and students
expect to receive one this year, at an average
rate of 11.8% on top of basic salary. The gure
rises to 12.9% among qualied members
alone.
Qualication boosts salary deals for CIMA
students
The effect of the CIMA qualication on
boosting salary deals is strongest for newly
qualied members and part qualied students
at operational level, with 75% of both
categories saying it helps to strengthen their
position in salary negotiations.
Figure 1: Annual remuneration by CIMA level
97% of members
and students are
expecting a salary
increase, at an
average rate of
7.9%.
75% of newly
qualied members
say the CIMA
qualication
strengthens their
position in salary
negotiations.
1 Figures may not sum due to rounding.
2 IMF World Economic Outlook, April 2013. Available at: http://www.imf.org/external/pubs/ft/weo/2013/01/pdf/text.pdf
Accessed 11 June 2013.
R1,202,789
R874,775
R438,507
R434,794
R370,059
R461,786
CIMA Member
FCMA, CGMA
CIMA Member
ACMA, CGMA
Strategic T4 professional
competence
Management Operational
3
Salary patterns
Remuneration by job role
Just over one-third (36%) of part qualied
students work as a management accountant or
nance manager and earn above-average total
salaries of c. R442k and R548k respectively.
Those in accounts assisting roles earn on
average c. R229k, are signicantly more likely
to be female than male, and tend to have less
than one year of relevant experience.
Average salaries for qualied members are
substantially higher. Associate members
(ACMAs) earn c. R875k and Fellows (FCMAs)
earn c. R1.2m on average. Management
accountants earn an average of c. R640k, and
nance managers earn c. R840k per annum.
Those in very senior roles (CEO/MD and CFO)
tend to earn over c. R1m on average, including
signicant annual bonus payments of around
16.5% or R175kR202k.
3
Remuneration by business size
For students, average basic salaries and
bonuses tend to increase with business size.
Those working in micro/small and medium
businesses earn on average 25% and 9% less
than the national average respectively, while
those working in large businesses earn c.
R550k: 8% more than the national average.
In contrast, qualied members in micro/small
businesses earn 5% more than the overall
average. The most likely reason being that 21%
of them are the business owner (CEO/MD).
Figure 2: Annual remuneration by job role
Associate members
(ACMAs) earn c.
R875k and Fellows
(FCMAs) earn R1.2m
on average.
Johannesburg
attracts a signicantly
larger average salary
for qualied members
than other cities.
3 Figures reported for Fellows (FCMAs) and very senior roles are based on low bases of less than 30 members but represent
statistically signicant differences against the national average salary for qualied members.
547,620 495,924
442,154 404,826
413,958 380,466
356,232 330,529
346,694 320,337
229,007 209,277
414,996 380,761
South Africa - part
qualified students
Finance manager
Management accountant
Finance/Business analyst
Financial accountant
Accountant
Accounts assistant/
executive/Assistant
management accountant*
1,383,382 1,181,179
1,197,870 1,023,286
839,090 741,076
790,413 706,250
639,950 566,000
906,943 794,452
South Africa -
qualified members
CEO/MD*
CFO*
Finance manager
Finance/Business analyst*
Management accountant*
*Caution: Low base, under 30
Lowest base: Accounts assistant/executive/
Assistant management accountant* (26)
Highest base: Management accountant (93)
*Caution: Low base, under 30
Lowest base: CEO/MD* (12)
Highest base: Finance manager (53)
Basic salary Bonus Total
4
Students working
in the natural
resources, energy/
fuel and utilities
sector earn one-third
(32%) more than
the national average
total salary for part
qualied CIMA
students (R414,996).
Figure 3: Annual remuneration by city
Remuneration by major city
Average salary packages vary by major city,
with Johannesburg attracting a signicantly
larger average salary for qualied members
than other cities, and 10% more than
the national gure. As the largest city,
Johannesburg has sizeable banking, technology,
nancial and manufacturing sectors; according
to our survey, these tend to pay among the
highest salaries by industry sector.
Although in 2013 part qualied students
in Pretoria currently earn more on average
than those in Johannesburg, the difference in
salaries between these cities is not statistically
signicant. The Johannesburg total salary
is 9% higher than the national gure for
students, while that of Pretoria is 10% higher.
Remuneration by sector
Students working in the natural resources,
energy/fuel and utilities sector earn one-
third (32%) more than the national average
total salary for part qualied CIMA students
(R414,996). Other large sectors attract salaries
in line with the average, while those working
in the accountancy sector earn 45% below
the average this may be a result of the
greater likelihood of students working in the
accountancy sector being in the early stages of
their careers.
Salaries for qualied members tend to be more
consistent across the largest industry sectors,
with nancial services paying the highest
average salary of R993,701; this includes
an average annual bonus of around 15%,
equivalent to c. R150k.
Durban
Part qualified (38): R320,748
Qualified (22*): R807,015
Johannesburg
Part qualified (255): R452,880
Qualified (120): R998,785
Cape Town
Part qualified (106): R334,133
Qualified (43): R767,241
Pretoria
Part qualified (36): R456,574
Qualified (17*): R793,007
Bases shown in brackets
*Caution: Low base, under 30
5
Figure 4: Annual remuneration by sector
Equality of opportunity
Our ongoing commitment to equality
of opportunity is demonstrated by very
positive increases in the proportion of
African enrolees in the South African CIMA
membership.
4
In 2013, our salary survey
reports that Africans comprise 15% of
qualied members but 38% of part qualied
students (who are above certicate level and
in full-time employment). There are similarly
positive changes in the proportion of Indian
and Coloured membership, although on a
smaller scale: Indians comprise 11% of the
qualied membership but 14% of the student
population and Coloureds represent 4% of
members and 7% of students.
Among part qualied students, earnings across
the racial categories are similar, although the
annual earnings of Africans (R405,181) and
Coloureds (R405,982) are slightly below the
average total salary of R414,996 for all CIMA
students in South Africa. Over time, these
differences in salary are likely to lessen further,
as more Africans, Coloureds (and Indians)
progress through the qualication. Currently,
around one-half of all African, Indian and
Coloured students are at operational level,
compared to one-quarter of Whites.
Among qualied members, gures suggest
that, at R933,768, Whites earn just above the
national average total salary of R906,943,
while Africans and Indians earn just below
the average, at R860,689 and R852,654
respectively.
4 The abolition of apartheid in 1991 marked the end of division of South African peoples into different categories; however,
many South Africans still view themselves and each other according to the different groups, and the governments
ongoing focus on fostering equality of opportunity means that the classication is still relevant for monitoring purposes.
548,523 495,449
438,451 405,317
436,545 405,388
436,009 394,779
434,325 396,147
404,456 362,674
227,168 216,112
414,996 380,761
South Africa - part
qualified students
Natural resources,
energy/fuel and utilities
Retail and
consumer goods
Manufacturing
and engineering
ICT, technology
and telecoms*
Banking
Financial services
Accountancy
993,701 843,814
979,392 843,215
938,572 826,215
889,443 763,530
851,381 731,649
906,943 794,452
South Africa - part
qualified students
Financial services
Natural resources,
energy/fuel and utilities
Manufacturing
and engineering
Banking
Retail and
consumer goods
*Caution: Low base, under 30
Lowest base: ICT, technology and telecoms (26*)
Highest base: Manufacturing and engineering (81)
*Caution: Low base, under 30
Lowest base: Natural resources,
energy/fuel and utilities (19*)
Highest base: Manufacturing and
engineering (40)
Basic salary Bonus Total
6
Figure 5: Annual remuneration by racial category
There are a number of interlocking factors
affecting average salary gures by racial group
for members; the key factors in 2013 seem
to be job role and industry sector. African
members are more likely than White members
to be in a senior role such as nance manager
or manager in a non-nance role, whereas
Whites represent 100% of all survey responses
from CEO/MDs and self-employed consultants,
who earn relatively larger salaries.
African members are more likely than other
racial groups to be working in the natural
resources, energy/fuel and utilities sector and
the oil, gas and alternative energy sector; this
has an upward effect on average salary.
On the other hand, they are also more likely
to be working in the government and not-for-
prot sectors, which has the opposite effect.
Similarly, Indians are highly likely to be working
in the nancial services and the manufacturing
and engineering industries, which display
higher average total salaries, but also the retail
and banking industries, where average total
salaries are a little below average.
Business and the economy
Expectations for future pay and conditions
Amid a mixed backdrop of continuing concern
over the fate of South Africas major trading
partners in the Eurozone, China and to a
lesser extent the USA, the economy is still
forecast to grow by 2.8% in 2013, rising to
3.3% in 2014.
5
In line with this, two-fths of
CIMA members and students are positive in
their expectations for the protability of the
organisation in which they work, and one-third
expect salary increases across the board.
There has been dramatic improvement in
sentiment since 2009, particularly with regard
to budget cuts, job cuts and protability
expectations. However, there is evidence of a
slight shift towards the downside in the last
two years.
5 IMF World Economic Outlook, April 2013. Available at: www.imf.org/external/pubs/ft/weo/2013/01/pdf/text.pdf
Accessed 11 June 2013.
421,759 388,944
420,513 380,561
405,982 358,994
405,181 373,706
414,996 380,761
South Africa - part
qualified students
White
Indian
Coloured
African
*Caution: Low base, under 30
Lowest base: Coloured (30)
Highest base: White (211)
933,768 815,184
860,689 758,537
852,654 757,107
906,943 794,452
South Africa -
qualified members
White
African
Indian
Coloured*
*Caution: Low base, under 30
** Insufficient responces for reporting (8)
Lowest base: Indian (23*)
Highest base: White (151)
Basic salary Bonus Total
7
The percentages of CIMA members and
students expecting changes to business
prots have remained steady since 2011, but
the proportion anticipating budget cuts has
increased from 25% to 30% over the same
period. Similarly, the proportion expecting
job cuts has increased from 12% to 17%.
Changes to business processes and policy are
anticipated by 41%, which is up substantially
from the 26% reported in 2009.
Working conditions
Working hours
On average, South African members and
students work 45 hours per week, although
29% work less than the average.
Longer hours are linked to seniority: 61% of
students at operational and management
levels of the CIMA qualication are working
more than 40 hours per week, compared to
79% of qualied members.
Two-fths (40%) of members and students
expect their working hours to increase over the
coming 12 months, while over one-half (56%)
expect no change. The primary reason for
increasing working hours is related to career
progression taking on more responsibility
was cited by 67% of members and students.
A secondary factor, mentioned by 46%, is
understafng/lack of resource.

Figure 6: Expectations for the business environment over the coming 12 months selected
indicators
42%
43%
43%
41%
42%
39%
26%
35%
43%
38%
23%
27%
26%
30%
27%
25%
69%
18%
16%
16%
7%
17%
14%
12%
35%
8%
9%
10%
28%
15%
13%
15%
60%
Increase in the overall profitability of the business*
Business process/policy changes
Salary increases*
Budget cuts
Increase in staff recruitment*
Increase mergers/acquisitions
Job cuts
Fall in the overall profitability of the business
Salary freezes
2011 2012 2013 *Indicator not featured in 2009 2009
8
Motivators at work
The key motivators at work for both members
and students are a good working environment
(47%) and nancial reward (46%). Flexibility/
work-life balance is mentioned by 43%, but is
more important for females (53%) than males
(37%), as they may be more likely to need
to juggle work and non-work commitments.
Among qualied female members alone, 75%
are motivated by exibility/work-life balance,
compared to 46% of qualied males.
A challenging workload is signicantly more
important than average to students at T4
professional competence level (49% versus
36% overall). The importance of training and
development reduces from 28% for students
to 14% for qualied members.
Career plans
Seeking new opportunities
Mobility of CIMA members and students in
South Africa remains strong, with only 4%
seeing themselves in the same role in three
years time.
While almost one-half (47%) anticipate being
in a senior nance-related role such as nance
manager, nancial director or controller,
CFO, head of accounting or self-employed
practitioner, 14% anticipate being in a very
senior non-nance role such as CEO/MD,
head, director or manager of a non-nance
division. Among those already working as
a management accountant, 42% expect
to progress to nance manager, nancial
controller or nance director within the next
three years. Among those currently working in
assisting nance roles, two-fths (43%) expect
to progress to management accountant.
Among all qualied members and part
qualied students, 31% are planning to nd
another job over the next six months and a
total of 71% are planning to move job within
the next two years. Of those, 83% plan to stay
within South Africa and 17% plan to move
abroad.
The CIMA qualification
strengthens my ability
to move internationally
with my career
93%
agree
The CIMA qualification
creates career
opportunities for me
89%
agree
The CIMA qualification
strengthens my ability
to move across all areas
of the business
82%
agree
96% anticipate
being in a new role
within the next three
years and 17% plan
to move abroad.
9
A global career
Among members and students who plan to
seek employment abroad, the UK is the most
frequently named planned destination (58%),
followed by the USA (42%), Australia (31%)
and Canada (28%). Other popular planned
destinations are Switzerland (17%) and
Singapore (12%).
In 2013, seeking a new career opportunity
(55%) and an improved quality of life (52%)
are the key factors to planned relocation.
Better employment opportunities, wanting to
experience a new culture (both at 45%) and
improved salary (43%) are also important
factors.
Building skill sets
Over the coming 12 months students are
keen to develop a broad mix of skill sets.
Technical skills such as nancial reporting are
important, alongside personal development
(which includes career planning and time
management) and project management.
However, managerial skills particularly
leadership and strategic planning are the skill
sets students most wish to develop.
While leadership and strategic planning skills
remain important at all levels of experience,
acquiring managerial people skills becomes
more important for qualied members: 38%
mention persuading and inuencing, 33%
mention skills for developing others and 28%
mention relationship management.
71% are looking to move job within
the next two years, of which
83% plan to stay in South Africa
17% plan to move abroad
Part qualified students Qualified members
52% Leadership
56% Leadership
35% Personal development 42% Personal development
29% Data analysis
29% Operational planning
29% Skills for developing others
38% Persuading and influencing
36% Financial reporting
51% Strategic planning and implementation
60% Strategic planning and implementation
29% Communication
26% Risk management
24% Change management
43% Decision making
33% Skills for developing others 38% Project management
34% Risk management
34% Communication
28% Relationship management
28% Decision making
While leadership
and strategic
planning skills
remain important
at all levels of
experience, acquiring
managerial people
skills becomes
more important for
qualied members.
10
Figure 7: Top skills that students and members wish to develop
Appendix
Part qualied students Qualied members
South Africa Base Basic
salary
(R per
annum)
Bonus
(R per
annum)
Total
package
(R per
annum)**
Base Basic
salary
(R per
annum)
Bonus
(R per
annum)
Total
package
(R per
annum)**
Total 475 380,761 34,235 414,996 216 794,452 112,490 906,943
Age
<25 years 44 213,509 16,544 230,053
2534 years 330 372,035 32,429 404,464
3544 years 88 469,600 47,068 516,667
45+ years 13 *** *** ***
Age
< 31 years 49 556,633 64,426 621,059
3135 years 47 728,192 91,574 819,766
3640 years 57 860,807 116,794 977,601
41-50 years 44 935,307 153,492 1,088,798
51+ years 19* 996,278 167,011 1,163,289
Gender
Male 295 396,588 36,272 432,860 157 841,808 126,374 968,182
Female 180 355,653 31,004 386,657 59 664,904 74,508 739,412
Level
Operational 148 338,176 31,883 370,059
Management 127 403,346 31,448 434,794
Strategic 85 403,235 35,272 438,507
T4 professional
competence
115 419,783 42,003 461,786
Associate 200 768,875 105,900 874,775
Fellow 16* 1,029,688 173,102 1,202,789
Size of organisation
Micro/small (150
employees)
72 288,533 23,111 311,644 25* 827,950 127,375 955,326
Medium (50249
employees)
87 344,192 32,453 376,645 22* 769,891 78,243 848,135
All Large (250+
employees)
316 412,145 37,288 449,433 169 792,723 114,897 907,619
250999 62 376,088 27,677 403,765 35 806,528 106,733 913,260
1,0009,999 99 390,543 34,892 425,435 61 724,506 98,124 822,630
10,000 or more 155 441,383 42,878 484,261 73 842,814 132,677 975,490
Experience since enrolling
Up to 1 year 37 322,874 28,107 350,980
12 years 88 317,748 27,172 344,920
23 years 84 379,305 28,915 408,220
34 years 52 369,597 41,820 411,416
45 years 29* 459,431 33,336 492,768
5+ years 95 479,148 50,205 529,354
11
*Caution: Low base, under 30. **Figures may not sum due to rounding. *** Data unavailable due to low base numbers.
Part qualied students Qualied members
South Africa Base Basic
salary
(R per
annum)
Bonus
(R per
annum)
Total
package
(R per
annum)**
Base Basic
salary
(R per
annum)
Bonus
(R per
annum)
Total
package
(R per
annum)**
Total 475 380,761 34,235 414,996 216 794,452 112,490 906,943
Experience since qualifying
Up to 1 year 24* 565,625 63,130 628,755
13 years 65 659,231 78,210 737,440
45 years 38 738,686 88,333 827,020
69 years 26* 891,270 138,969 1,030,240
1019 years 42 963,242 157,696 1,120,938
20+ years 21* 1,060,267 180,725 1,240,992
Industry
Accountancy 31 216,112 11,056 227,168 6 *** *** ***
Banking 46 396,147 38,178 434,325 24* 763,530 125,913 889,443
Financial services 60 362,674 41,782 404,456 26* 843,814 149,888 993,701
ICT, technology and
telecoms
26* 394,779 41,230 436,009 11 *** *** ***
Manufacturing and
engineering
81 405,388 31,158 436,545 40 826,215 112,357 938,572
Natural resources, energy/
fuel and utilities
37 495,449 53,074 548,523 19* 843,215 136,177 979,392
Retail and consumer
goods
67 405,317 33,134 438,451 28* 731,649 119,733 851,381
Region
Cape Town 106 308,802 25,331 334,133 43 671,341 95,900 767,241
Durban 38 296,897 23,852 320,748 22* 708,494 98,522 807,015
Johannesburg 255 414,525 38,355 452,880 120 867,710 131,075 998,785
Pretoria 36 420,842 35,732 456,574 17* 747,059 45,949 793,007
Race
African 170 373,706 31,476 405,181 33 758,537 102,152 860,689
Coloured 30 358,994 46,988 405,982 8 *** *** ***
Indian 62 380,561 39,952 420,513 23* 757,107 95,547 852,654
White 211 388,944 32,815 421,759 151 815,184 118,584 933,768
Job role
Accountant 66 320,337 26,357 346,694 5 *** *** ***
Accounts assistant/
executive/ Assistant
management accountant*
26* 209,277 19,730 229,007 2 *** *** ***
CEO/MD 0 *** *** *** 12* 1,181,179 202,203 1,383,382
CFO 2 *** *** *** 15* 1,023,286 174,583 1,197,870
Finance analyst/Business
analyst
41 380,466 33,492 413,958 20* 706,250 84,163 790,413
Finance manager 82 495,924 51,696 547,620 53 741,076 98,014 839,090
Financial accountant 30 330,529 25,702 356,232 5 *** *** ***
Management accountant 93 404,826 37,327 442,154 25* 566,000 73,950 639,950
*Caution: Low base, under 30. **Figures may not sum due to rounding. *** Data unavailable due to low base numbers.
12
Technical information
Survey responses were collected by CIMA
among active qualied members and part
qualied students 25 April and 19 May 2013,
via an online survey. The data was analysed
and reported by an independent specialist
consultancy.
Approximately 25,000 qualied members
and just under 21,000 part qualied students
were selected and invited to participate in the
international study, which covers 23 markets in
total. Within the study period 6,039 responded
internationally, including 691 from South
Africa.
The response data presented in this report has
been weighted to reect the prole of CIMA
qualied members and part qualied students
by market and level of study. All base numbers
quoted in gures 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 specic 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
Societys Code of Conduct and the Data
Protection Act.
CIMA South Africa
1st Floor,
198 Oxford Road,
Illovo 2196
T: +27 11 788 8723
E: johannesburg@cimaglobal.com
September 2013, Chartered Institute of Management Accountants