There are many great benefits to earning a CIMA qualification, but one that most graduates are interested in is their earning potential! So let’s check out what CIMA salaries are like these days.
Armed with a qualification, professionals are in the perfect position to demand a higher salary or perks such as bonuses.
So, let’s look at how much a CIMA graduate can earn once they’ve completed their studies to become a management accountant.
Who is CIMA?
The Chartered Institute of Management Accountants (CIMA) is a professional body that specializes in training individuals in managerial accounting and related subjects.
CIMA ranks as the most prominent managerial accounting organization worldwide, with over 696,000 members. This comes as no surprise since it’s been around for over a century!
CIMA Qualification: Salary & Benefits
The most crucial question CIMA graduates (or those aspiring to take the CIMA path) ask is:
“How much will I earn?”
Being a significant accomplishment in the finance profession, you can’t be blamed for wanting to know how much the qualification is worth.
A CIMA qualification goes a long way to advancing your career along with many other benefits such as:
- Becoming equipped with financial, and accounting awareness and proficiency
- Attaining recognition not only in the industry but also on a global scale
- Confirmation of your competence in management accounting which translates into being an in-demand employee
- Social growth and development that will enhance your personal growth
Let’s look at a few key questions that CIMA graduates ask us in relation to salary.
What can I expect as an annual salary?
As a CIMA graduate, you probably have expectations: a specific range or figure in mind. When you first start out, the salary you will probably get is below your expectations.
As a Chartered Management Accountant, the salary you earn varies depending on several factors such as:
- Market cap of the firm you work for
- The industry or field you will work in
- Working hours and overtime clocked
- The type of firm
Various global trends can also affect what you earn, such as:
- The demand for personnel in sectors such as technology and logistics
- The changing needs of companies, e.g. remote working, temporary or interim roles, etc.
- Increased demand for financial modelling as organisations want to boost revenue
CIMA Salary Range
Recent CIMA research revealed that qualified members earn a figure upwards of twice the average annual national earnings in the UK. This can be attributed to the additional £7,200 bonus* that comes along with £60,000 in basic salary*.
As a CIMA graduate, you get bargaining power when it comes to the amount you earn.
However, this doesn’t imply that the qualification automatically guarantees you a big salary. As with any other career, earning power increases as you gain more experience.
In New Zealand, the average annual salary for newly-qualified CIMA members is NZ$40,000 to 46,000.
Further afield, the salary in Sri Lanka is 2,200,000 to 2,500,000 Rs, while Hong Kong counterparts earn between HK $180,000 to 230,000. In Switzerland, the range is between 60,000 to 80,000 Swiss francs.
You can also get an insight into how much you can earn as a recently qualified CIMA member in your region and job position through reliable salary insight tools such as Hays Salary Guide 2022
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Location plays a massive role in salary.
Your salary can vary depending on location. For example, graduates starting their careers in London firms earn more than their counterparts in Chester or Peterborough. In London, newly-qualified CIMA graduates earn about £50 – 55k per year.
As you advance to a higher position, your salary range climbs to between £46,000 and £129,000 in the UK. While you’re a CIMA student, your bonus is usually 8%. Upon CIMA qualification, this increases to about 10% – 13%.
In the operational stratum, you earn an average of £31,000. A step further to management increases your salary to an average of £37,500. At the strategic level, you pocket an average of £42,500 as per data from 2021 and 2022 (London firms).
SALARY PER ANNUM
SALARY PER ANNUM
40 – 45
40 – 45
35 – 40
35 – 40
28 – 34
28 – 34
Salaries break down, as shown in the table below from a Robert Walters survey, depending on the job titles in the UK:
AVERAGE PAY 2021 (GBP £)
47 – 55k
47 – 60k
30 – 40k
50 – 75k
38 – 50k
Remember, many factors affect the salary of a CIMA graduate. You need to display your flexibility with new accounting approaches while demonstrating your management ability.
Most importantly, you should also be able to make critical decisions and strategic plays.
*These figures are from 2016 research. Actual statistics at the moment may vary.
CIMA Career Options
One of the advantages of being a CIMA graduate is the variety of career choices.
CIMA not only gives you accounting proficiency but also hones skills in other areas such as business management, risk assessment, financial consultancy, and operation management, amongst many others.
The qualification potentially opens up different doors in your financial world. You earn straight qualifications in managerial accounting as well as other sectors such as banking, insurance, and consultancy, to mention a few.
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