Management accountants: CIMA members ‘highest paid professionals’ after auditing

Published: January 27, 2013
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Remuneration: Rs68,203 is the basic monthly salary of a part-qualified CIMA student in Pakistan, according to a survey. PHOTO: cimaglobal.com

Remuneration: Rs68,203 is the basic monthly salary of a part-qualified CIMA student in Pakistan, according to a survey. PHOTO: cimaglobal.com

KARACHI: 

The second highest number of students of the Chartered Institute of Management Accountants (CIMA) – a global body of management accountants based in the United Kingdom – in the Middle East, South Asia and North Africa (MESANA) region came from Pakistan in 2012, according to CIMA President Gulzari Babber.

Speaking to The Express Tribune in an interview, Babber said out of 8,800 students who joined CIMA in 2012 from the MESANA region, the highest number of students belonged to Sri Lanka. “The number of new students from Pakistan and India remained almost equal last year,” he said, adding one-third of the global student intake in 2012 was from the MESANA region.

Established in the United Kingdom in 1919, CIMA is one of the largest professional bodies of management accountants internationally. It has offices in all major economies of the world, including the United States, Canada, Australia, the United Arab Emirates, China and Singapore, with its members and students present in 176 countries.

There are 115 CIMA members in Pakistan. The number of students, including part-qualified students who have yet to pass all the five examination levels, is 3,000. “We’ve three offices in Pakistan as opposed to just one office in India. So you can imagine how much importance CIMA gives to Pakistan,” Babber said.

Besides getting three years of practical experience, one has to complete five exam levels, which consist of several papers, to become a CIMA member. These are called certificate, operational, management, strategic and professional competence levels.

“To say that a member of another accounting body can do what a CIMA member is capable of doing will be wrong in my opinion. If an employer wants to hire a management accountant, he’s going to hire a CIMA member only,” he said.

There are 96,000 CIMA members globally. The number reaches 195,000 if members and students are put together. While the number of students in India is equal to that in Pakistan, Babber said, India has about 400 members, roughly four times the number of CIMA members in Pakistan.

According to the CIMA Salary Survey 2012, the basic monthly salary of a part-qualified student in Pakistan was Rs68,203, down by over Rs6,500 compared to 2011. “I think the drop in the average salary in Pakistan was because of the economic situation. But our students and members still received higher salaries on average compared to their counterparts belonging to other accounting bodies,” he noted.

Babber claimed that CIMA members are the highest paid professionals outside the auditing profession. With 58% of the part-qualified graduates satisfied with their current salary, the most recent CIMA salary survey said 87% of students anticipated a salary hike of approximately 14.4% over the next 12 months.

“What we teach our students is entirely different from the curricula of other accounting bodies. That’s the reason employers prefer CIMA members for jobs in management information, performance measurement and sustainability analysis,” he said.

He said the employment rate for CIMA is “literally 100%” worldwide. He also referred to the trend of CIMA members migrating from developing countries like Sri Lanka, India and Pakistan to developed countries like Australia and Canada after getting the qualification.

Indeed, the salary survey points out that while 79% part-qualified CIMA graduates in Pakistan expected to change jobs within the next two years, over 30% of them planned to move abroad.

“Auditing and financial accounting are history. The future belongs to management accounting. CIMA is the future,” he said.

Published in The Express Tribune, January 27th, 2013.

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Reader Comments (5)

  • current
    Jan 27, 2013 - 4:32PM

    It seems BABER hasn’t heard of Institute of Chartered of Accountants of England and Wales. (ICAEW) (ACA) .. completely trumps everything. In the financial world ICAEW is the most prestigious qualification and the only qualification that attends the DAVOS summit every year.

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  • Jan 27, 2013 - 10:34PM

    @current: There’s is no such thing as ‘prestige’ in finance. Period. Ofcourse unless one is employed in the financial sector.

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  • fool
    Jan 28, 2013 - 12:28AM

    @ Asif. Try looking up icaew before commenting. What current meant is ICAEW is a prestigious qualification and has brand name value which translates into big bucks. Similarly MBA from Harvard will have a higher brand name value than MBA from Preston. ICAEW will give you technical skills that are unmatched when compared to CIMA,CPA or acca.

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  • Zubair Edhy
    Feb 4, 2013 - 11:59AM

    Some points from a member of another accountancy body in Pakistan.

    Monthly salary figure for part qualified students is simply wrong. I am working in Karachi and know the remunerations and job opportunities for part qualified accountants prevailing. (By the way is this average or median salary? well this could be highest salary one student is getting).

    Number of members is 96,000 while students is 99,000. Other bodies have much higher ratios of students (and higher growth of future membership).

    “What we teach our students is entirely different from the curricula of other accounting bodies.” This is simply means what other accountancy bodies are teaching is entirely different also from what CIMA is teaching.

    Every accountancy body is claiming almost 100% employment, (I do not know why), which is far from fact.

    “79% part-qualified CIMA graduates in Pakistan expected to change jobs within the next two years, over 30% of them planned to move abroad.” Beware of prospective employers, would you prefer to hire them now ;-)

    Auditing and financial accounting has long history and will continue to remain relevant for the reasons these have been since so long.

    Well different aspects of accounting have their relevance. CIMA is a good organisation making important contribution to the profession. However I expect from the President to be a Management Accountant (with an analytical mind and responsibility) and not a marketing person.

    Zubair Edhy
    Member of another accountancy body in Pakistan

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  • Salman
    Feb 22, 2013 - 3:25PM

    The average salary is the highest salary in my views as i live here in Karachi. I am Strategic level students gets around 30k with 2.5 years of experience. The bad thing is not the qualification, it is the economy which is going bad. I know my worth is not of 30k per month salary, it should be around 50-60k.
    And ICAP students and members believe that they are the only one who are professional. Stop this please ! There are big names in the world as well. And you are the people who hold top positions due to ICAP monopoly. Soon, we will find other accounting bodies replacing you INSHALLAH !

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