CIMA SALARY

SURVEY 2013
Singapore
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Foreword
CIMA’s members and students are looking forward to rapid career
progression and salary rises - despite the continuing economic
uncertainty. This optimistic outlook reflects the growing demand for
professionally qualified management accountants who are focused on
helping organisations – in both the public and private sectors - to develop
strategies that are successful and sustainable in the long term.
Overall, our members and students told us that they are heading for a
dynamic future with promotion and attractive earnings packages on the
horizon. Their confidence may well have been boosted by CIMA’s joint
venture with the American Institute of Certified Public Accountants. The result of this alliance is
a new global designation, the Chartered Global Management Accountant (CGMA). The CGMA
designation is rapidly gaining globally acceptance as a mark of unparalleled excellence in business
and financial management.
On average, CIMA members are earning just under SGD15,200 per month, with 62% earning
SGD12,000 or more, including one-quarter who command SGD20,000 upwards. CIMA students
earn on average just over SGD6,000 per month, which is significantly above the average national
salary.
Ambition is a key driver for both members and students. In all, 53% said they want to develop their
strategic planning and implementation skills, and 50% are looking to develop leadership skills. The
vast majority of our members and students (93%) expect to be in a different role in three years’
time. Over half (51%) expect to be in a senior, finance-related role. The growing diversity of CIMA
members as business partners is reflected by members, 18% of whom anticipate being in a very
senior, non-finance role such as CEO or leading a non-finance division.
Our survey also revealed a preference for a more flexible approach to career progression. Key
workplace motivator is a good working environment (54%), followed by financial reward (51%) and
a desire for flexibility/work-life balance (47%). Combined, these responses give a clear indicator to
employers of what they should be offering if they want to attract the very best in management
accounting expertise.

Irene Teng
Regional Director - ASEAN & Australasia
CIMA
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Salary survey results

Singapore average salary figures
In 2013, qualified CIMA members in Singapore
earn on average SGD15,185 in basic monthly
salary plus SGD1,607 in bonus payments,
totalling SGD16,792 per month. The average
salary figure is very positive as 62% earn a
higher-tier basic monthly salary of SGD12,000
or more, including one-quarter who earn
SGD20,000 or more.
Part qualified students in Singapore earn on
average SGD5,792 in basic monthly salary
plus SGD284 in bonus payments, totalling
SGD6,076. This compares with the 2012 mean
average national salary of SGD4,433 per
month.1
Salary satisfaction
Among all qualified members and part
qualified students, 69% are satisfied with their
current salary, up slightly from 63% reported ‘On average
in 2012. qualified CIMA
members earn
Salary increases anticipated
c. SGD17,000 per
Over the next 12 months 86% of part
month and 62% earn
qualified students expect to receive a salary
increase, at an average rate of 7.5%. Two-thirds a higher-tier salary.’
expect an increase above the price inflation
forecast of 4.0%.2
Among CIMA members, 84% expect a salary
increase, at an average rate of 5.8%, although
around two-fifths anticipate a smaller increase.
‘[CIMA is] internationally recognised and
the courses are more related to the real
business world.’
Male student, finance analyst/business analyst in the
retail, consumer, FMCG, food and drink industry.

Figure 1: Monthly remuneration by CIMA level

SGD16,792

SGD6,076

Part qualified Qualified members

students

1 Ministry of Manpower. Labour Market Statistical Information. Gross Monthly Income from Work. Figure quoted is the
2012 mean average gross monthly income from work of full-time employed residents. Available at: http://www.mom.
gov.sg/statistics-publications/national-labour-market-information/publications/Pages/wages-tables-2013.aspx
Accessed 5 July 2013.
2 IMF World Economic Outlook April 2013. Available at: http://www.imf.org/external/pubs/ft/weo/2013/01/ Accessed
25 June 2013.
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Business and the economy

Expectations for future pay and conditions
The Singapore economy is forecast to grow
by 2.0% in 2013, up from 1.3% growth in
2012, and a further 5% of growth is expected
in 2014.3 However, the growth rate has
fluctuated over the years and has not yet
returned to pre-downturn levels.
As in 2012, the expectations of CIMA members
and students for the coming 12 months are
mixed. Almost one-third (31%) continue to
expect increased business profitability, but the
proportions anticipating a recruitment freeze
and budget cuts have increased from one-
quarter (24−26%) to one-third (36%).
Nevertheless, expectations for other negative
factors such as salary freezes (18%) and job
cuts (24%) have not changed significantly.
A higher proportion than last year expect
increased outsourcing, perhaps due to reduced
budgets and a squeeze on headcount.
Around one-half (49%) of members and
students continue to anticipate changes to
business processes and policies, and one-third
(34%) expect a greater focus on regulatory
issues in the coming 12 months.

Figure 2: Expectations for the business environment over the coming 12 months − selected
indicators
49%
Business process/policy changes
47%
37%
Increase in outsourcing
22%
36%
Budget cuts 26%
36%
Recruitment freeze 24%
34%
Greater focus on regulatory issues 28%
31%
Increase in the overall profitability of the business 35%
29%
Salary increases 26%
24%
Job cuts 21%
22%
Increase in staff recruitment 18%
18%
Salary freezes 16%
17%
Fall in the overall proftability of business 20%

2013 2012

3 IMF World Economic Outlook April 2013. Available at: http://www.imf.org/external/pubs/ft/weo/2013/01/ Accessed
05 July 2013.
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Working conditions
‘CIMA is more challenging, specific and
Working hours useful compared to other qualifications.’
Male student, assistant accountant in the oil, gas and
On average, members and students in alternative energy industry.
Singapore work 47 hours per week, and there
is a culture of longer working hours, with 80%
saying they regularly work over 40 hours per However, training and development ‘80% of members and
week. In addition, 32% expect their working (mentioned by 39% of CIMA students)
students agree that
hours to increase over the coming 12 months. and promotion prospects (22%) are more
important motivators for students than for the CIMA qualification
The primary reason for increasing hours is strengthens their
members.
related to career progression – taking on
ability to move
more responsibility was cited by 65%. Other
contributory factors, each mentioned by The CIMA qualification internationally with
around one-third, are company growth (37%), strengthens my ability their career.’
to move internationally
a change in role (36%), understaffing and
company culture (both at 35%).
with my career
78%
agree
‘[CIMA] is the most relevant accounting ‘In addition to a good
certification for management accountants.’
working environment
Male student, finance analyst/business analyst in the
retail, consumer, FMCG, food and drink industry. The CIMA qualification and financial
creates career reward, training and
opportunities for me development and
Motivators at work
The key motivator at work for members and
78% promotion prospects
students is a good working environment
agree are important
(54%). Similar proportions are motivated workplace motivators
by financial reward (51%), flexibility/work- for CIMA students’.
life balance (47%) and the scope of the role
(45%). A challenging workload (36%) is an The CIMA qualification
strengthens my
important driver for one-third of members and
ability to move
students.
across all areas of
the business 69%
agree
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‘93% anticipate Career plans
being in a new role
Seeking new opportunities
within the next
three years.’ Only 7% of qualified members and part
qualified students see themselves in the same
role in three years’ time, suggesting a high
degree of mobility and promotion prospects.
‘69% of CIMA
members and 51% of members and students anticipate
being in a senior finance-related role within
students expect to
three years, such as finance manager,
move into a senior financial director, financial controller, CFO,
role.’ head of accounting/finance or self-employed
practitioner. A further 18% anticipate being in
a very senior non-finance role such as CEO/
MD, head, director or manager of a non-
finance division.
‘[I chose to become CIMA qualified] to
strengthen my finance and accounting
skills, to increase my marketability locally
and internationally, [and] to expand my
career options to include more finance and
accounting-related roles.’
Female student, working in the banking industry.
59% are looking to move job
within the next two years, of which…
4 Percentages for planned destinations and reasons for relocating are not provided due to an insufficient base of 17
respondents who plan to move abroad.
Among all members and students, 26% are
planning to find another job over the next six
months and a total of 59% are planning to
move job within the next two years, one-third
of whom wish to relocate abroad.
A global career
Among the 36% of members and students
who plan to seek employment abroad, the
most popular planned destinations are the UK
and Australia. The most frequently mentioned
reasons for relocating are seeking an improved
quality of life, to experience a different culture,
improved salary and a new career opportunity.4
‘[I chose to become CIMA qualified] to
understand more [about] the business
environment, not only [the] accounting
point of view but the other aspects such
as marketing, sales, global business
environment, people management and
operations.’
Female student, finance manager working in a
medium sized business.
64% plan to stay in Singapore
36% plan to move abroad

Building skill sets
Over the coming 12 months, part qualified
students will be focusing on developing their
managerial and management accounting skills.
Strategic planning and implementation (53%)
and leadership skills (50%) are key priorities.
Communication skills are also important to
more than two-fifths (44%) of students.
‘CIMA covers more on business strategy.
It is more relevant to job requirements.
The finance role is changing as more of
the routine finance work is outsourced to
relatively cheaper countries. The finance
role [will] be more focused [on] business
needs.’
Female student, finance manager in the healthcare
and pharmaceutical industry.
Figure 3: Top skills that members and students wish to develop
Part qualified students
53% Strategic planning and implementation
50% Leadership
44% Communication
42% Decision making
39% Risk management
36% Persuading and influencing
36% Problem solving
7
Qualified CIMA members look forward to ‘Over the coming
developing their interpersonal and managerial 12 months, part
skills over the next 12 months, with persuading qualified students
and influencing skills being important to
will be developing
more than one-half (52%). Communication
their managerial
(42%), relationship management (32%),
and management
and skills for developing others (28%) are
other interpersonal skills that members accounting skills.’
wish to advance. Among managerial skills,
the top priority is strategic planning and
implementation (48%), followed by leadership
skills (46%), and change management (40%).
‘CIMA covers all the necessary skills that
[are] required in the practical market,
such as risk management and strategy
management…financial as well as non-
financial [skills].’
Male student, working in the banking industry.
Qualified members
52% Persuading and influencing
48% Strategic planning and implementation
46% Leadership
42% Communication
40% Change management
32% Relationship management
28% Skills for developing others
28% Risk management
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Appendix
Technical information
Survey responses were collected by CIMA
among active qualified members and part
qualified students between 25 April and 19
May 2013, via an online survey. The data was
analysed and reported by an independent
specialist consultancy.
Approximately 25,000 qualified members
and just over 21,000 part qualified 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 86 from Singapore.
The response data presented in this report has
been weighted to reflect the profile of CIMA
qualified members and part qualified students
by market. All base numbers quoted in figures
report the 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 specific 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
Society’s Code of Conduct and the Data
Protection Act.
CIMA Singapore
3 Phillip Street, Level 19
Royal Group Building
Singapore 048693
T. +65 (0)6824 8252
F. +65 (0)6824 8334
E. singapore@cimaglobal.com

© September 2013, Chartered Institute of Management Accountants