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Thursday, June 05, 2008
ACMAs earn more than ACCAs: survey
CIMA Insights June 2008
http://www.cimaglobal.com/cps/rde/xchg/live/root.xsl/Insight054432_4500.htm
CIMA members are being paid up to 20% more.
The shortage of accountants in the commercial market - particularly at newly qualified level - continued in 2007, according to a UK salary survey by recruitment firm Robert Walters.
With demand for accountants outstripping supply, accountants’ salaries continued to increase while employers struggled with retention under competitive market conditions. Robert Walters said that companies are now expected to focus on consolidating their talent pools rather than increasing head count.
ACMAs doing well
The good news for newly qualified CIMA professionals is that their earning potential was equal to that of ACAs and almost always higher than that of newly qualified ACCAs.
This was evident in commerce and the professional services industries in London where both newly qualified ACMAs and ACAs earned on average between £45,000 and £55,000. London based newly qualified ACCAs in that sector earned between £40,000 and £50,000 in commerce and between £42,000 and £48,000 in professional services.
In the public and not for profit sectors earnings potential between newly qualified ACCAs and ACMAs was also marked. While London based ACCAs in that sector typically earned between £36,000 and £40,000, newly qualified ACMAs earned between £40,000 and £50,000.
The survey chose the jnsurance sector to provide a comparison between management accountants and financial accountants.
It found that London based management accountants were typically commanding higher salaries than financial accountants in that sector. Management accountants in insurance with at least one year post qualified experience (PQE) were earning in excess of £50,000 in London, compared with financial accountants, who earned in excess of £45,000.
The salary gap between experienced management accountants and financial accountants in insurance had grown. Management accountants with between two and four years’ PQE did particularly well over the past year, with salaries increasing by around 16% - ranges were up from £52,000 to £60,000 in 2007 to £60,000 to £70,000 in 2008.
Financial accountants in that sector with the same experience saw their salary range tighten from £55,000 to £60,000 in 2007 to £55,000 to £60,000.
& 11:14 pm