This year has witnessed qualified management accountants earning an average of Rs. 20.87 lakhs in basic salary plus Rs. 2.48 lakhs in bonus payments, while approximately 75% CIMA members have highlighted that the management accountancy as a qualification strengthens their position whilst salary negotiations. Meanwhile, part-qualified CIMA students in India are earning on an average Rs.9.03 Lakhs (basic salary), plus Rs. 0.95 Lakhs in bonus payments.
A global survey conducted by the Chartered Institute of Management Accountants (CIMA) showcases the impact of professional qualifications on various aspects of a job viz. earnings potential, salary satisfaction and the ability to realise ambitions such as moving to a new organisation or working abroad.
Surveyed on their expectations for the business environment over the coming 12 months, 34% of respondents predicted an increase in the overall profitability of business. Among CIMA members, salary satisfaction has increased by 16% since 2011 and now stands at 66%, with the potential of further increase with years of experience.
Average salaries vary across regions of India, with the highest salaries being paid in Bengaluru followed by Mumbai and Chennai. The average total salary for Mumbai is slightly under the CIMA average for India.
Tentative figures for smaller cities including Hyderabad, Kolkata and Pune suggest that they attract lower salaries than the CIMA average for India. Figures suggest that the average total salary for Chennai is boosted by a strong presence in the oil, gas and alternative energy sector and the ICT, technology and telecoms sector. The average total salary for Bangalore is boosted by the ICT sector, while that of Mumbai is lowered due to a relatively strong presence of small/micro/medium sized businesses, particularly accountancy and finance practices.
Arati Porwal, Chief Representative CIMA India, said: "A total of 85% agreed that the CIMA qualification creates careers opportunities while 89% said that it strengthened their chances of adding an international dimension to their resume. These figures show that the CIMA community is robust, flexible and equipped to add value in both the public and private sectors - all the more so in challenging economic environments. source