Future is bright for career in management accounting

Those looking for a new career in Portsmouth may want to think about management accountancy.

By The Newsroom
Tuesday, 12th January 2016, 6:38 am
Updated Tuesday, 12th January 2016, 7:53 am
Management accountants earn more than the national average
Management accountants earn more than the national average

In the south-east, salaries within the profession grew at five times the national average salary increase in 2015, according to the Chartered Institute of Management Accountants (CIMA).

The latest annual salary survey has revealed that qualified CIMA members in the south east earned an average basic salary of £65,634 in 2015 '“ more than double the UK national average salary.

The current UK average salary is £27,200 but even those still studying for their qualification earn an average salary of £34,317.

Andrew Harding, managing director of CIMA, said: '˜In contrast to the ongoing trend of weak wage growth nationally, the earning potential of our members in Portsmouth has remained high, driven by the relevance and value of their skills to business.

'˜As we face ongoing economic uncertainty, we continue to see strong demand for management accounting skills as business seeks better support in decision-making.

'˜Businesses in Portsmouth know the benefit of strong management accounting skills in driving value and managing risk and so management accountants are increasingly sought after '“ and receiving increased remuneration as a result.'

The average pay package increases by around 25 per cent once students have become fully qualified Chartered Global Management Accountants (CGMA).

A newly qualified CIMA member (less than a year since qualifying) earns an average £44,349 compared to an average of £35,283 for students at strategic level.

CIMA members in the south east continue to be confident about their career mobility, with nearly two thirds (62%) intending to change jobs and eight per cent planning to find a job abroad.

Mr Harding added: '˜Business is increasingly global and being able to work across cultures is a highly valuable skill.

'˜This can apply for companies in the south east which have operations based across the globe but is also important for businesses that want to trade internationally.

'˜Our CGMA designation provides a global standard for management accountancy skills, based on research involving over 3,000 businesses and professionals across the whole world.'

Both CIMA members and students across the UK are positive about their future salary growth, with nearly nine in ten anticipating a salary increase over the next 12 months.