The last few years have seen significant economic growth in the Russian Federation, much of it based on its vast energy and oil reserves. However, the global economic downturn affected Russia far more than most countries in 2009, with the International Monetary Fund (IMF) reporting that the economy contracted by 9%. With the outlook for the global economy generally improving in 2010, the IMF forecasts that Russia will see growth in GDP of 3.6%, followed by 3.4% in 2011.
The second annual global salary survey of CIMA students was carried out in February 2010. A total of 2,563 employed students (who had sat an exam in the last two years under the 2005 CIMA qualification structure) contributed to the survey of which 47 responses were from Russia.
This report summarises the results of this survey with a particular focus on Russia, looking at how recent economic events are impacting on salary levels and benefit packages experienced by CIMA students working there. Please note that due to small base numbers, only indicative results are given for Russia. The results should be viewed with caution when compared to global averages.
Salaries and bonuses
Recruitment and retention
Salaries and bonuses
The average basic salary per month is 154,255 roubles plus a bonus of 17,969 roubles, producing a total average monthly remuneration package of 172,224 roubles. The average is pushed up by a small proportion of individuals (11%) earning a basic monthly salary of over 300,000 roubles. A further 15% earn between 200,000 roubles and 299,999 roubles.
For the 77% of Russian respondents expecting to receive a bonus in 2010, the average rises to 23,138 roubles, equating to 15% of their salary.
Certainly, relative to CIMA students in other countries, there is an expectation that students in Russia will suffer fewer ill effects of the global economic downturn. While almost one-quarter of students in Russia anticipate a pay freeze in 2010, this compares with 39% of students globally. Only 2% anticipate salary reductions or redundancy in the coming year.
55% of students in Russia are at managerial level, 21% are at strategic level, 11% are studying TOPCIMA and 13% are passed finalists. In general, salaries increase with CIMA level.
70% of students live in Moscow and 11% in St Petersburg.
CIMA is important to the broad base of industries in Russia with the accountancy sector (19%), and banking, finance and insurance sectors (17%) employing the highest proportion of CIMA students. The retail sector and oil, gas and alternative energy sectors are also important, accounting for 15% and 13% of students respectively. Given the low base numbers it is difficult to make comparisons across the sectors. The majority (81%) are working for organisations employing 500 or more staff internationally.
In terms of fitting into the business, the organisational structure is traditional, as 81% of respondents sit in the finance division. A further 11% reside in operations. The most common job titles are finance analyst/business analyst (26%), finance manager (15%) and financial controller (13%) demonstrating the strategic nature of many students' roles.
1 For the purposes of this survey CIMA level data was collected under the 2005 CIMA qualification structure and refers to those at managerial level, strategic level, TOPCIMA and passed finalists. For comparison under the 2010 qualification structure these levels are respectively now known as operational/management level, strategic level, T4 Part B Case Study and exams complete.
Recruitment and retention
Satisfaction with salary and benefits
Almost three-fifths of students (59%) are happy with their level of salary, compared to the global average of 51%, with just 4% being extremely satisfied. Some 9% are very dissatisfied. Satisfaction with benefits received is much higher than salaries, with 68% indicating they are extremely satisfied or satisfied with the benefits they receive, in line with global scores
Importance of benefits
Bonuses, healthcare, flexible hours and study leave are the key benefits sought by students in Russia. In common with most other countries, bonuses are highly valued by students in Russia (scored 4.6 in terms of importance and 64% stated they are extremely important), alongside healthcare (which scored 4.4 in terms of importance and is considered to be extremely important by 51% of students). Pensions, although generally considered important, are clearly less of a priority (the lowest score of all countries), with a mean score of 3.6 and just 16% stating that receiving a pension is extremely important (again the lowest globally).
Importance of benefits (mean score) by benefits received
5 = extremely important, 1 = not at all important
Other benefits considered relatively important relate to work life balance, including extra holidays, flexible working, working from home and study leave but with less students receiving these as part of their benefits package, expectations are not fully being met.
81% of students receive healthcare benefits as part of their package and 60% receive life assurance and a contribution to CIMA fees (compared to 40% and 23% globally). 53% receive a bonus and 47% receive a daily subsidised food allowance, the highest of all countries surveyed.
A 41-50 hour week is most commonly worked by over half (53%) of students. But onequarter of students work more than 50 hours per week. The average working week is 46 hours in Russia (compared with 42 hours globally).
Some 23% of students are under pressure to increase their number of hours (compared to 31% globally), but the majority (70%) expect working hours to remain the same. Increased hours can often be as a result of career progression with 64% of those anticipating longer hours having taken on more responsibilities or a more pressurised position. Unlike some other countries, the Russian economy is expected to show recovery during 2010, and 45% report company growth as a reason for needing to work more hours, compared to 28% globally.
Staying the same: 70%
Skill set requirements
CIMA students are well aware that their future careers will need them to be good at elements other than just technical accountancy. Therefore students seek to improve their skills in a wide range of areas, particularly leadership (53%), personal development (43%), persuading and influencing (38%), and strategic planning and implementation (36%). Around one-third of students are also interested in skills for developing others and reporting and analysis.
Extent of movement
Almost two-thirds of students (64%) intend to change jobs over the next two years, which may reflect increased confidence in the Russian economy and job market in 2010-11. Over one-third are looking to move job within the next 12 months, and 30% in the next one to two years.
Over half of potential movers (60%) want to remain in Russia for their next position, but of those interested in travelling outside Russia, the most popular destinations are Switzerland (42%) and the UK (33%), followed by Canada, Germany and Singapore.
Improved employment opportunities and quality of life are the key drivers to move to new destinations.
Data collection for the CIMA Global Part Qualified Salary Survey 2010 was carried out by CIMA itself online during the period 28 January to 14 February 2010. The data was subsequently rim weighted (by Redshift Research) by country to ensure the profile of the survey sample accurately represents all CIMA markets.
13,980 CIMA students globally were selected and invited to participate (UK, Ireland, South Africa, Sri Lanka, Malaysia, India, Hong Kong, Australia, Mainland China, UAE, Botswana, Pakistan, Russia, Poland and Zambia). A total of 2,563 completed the study globally (18% response rate), with 47 responses from Russia. Please note that due to small base numbers, only indicative results are given for Russia. The results should be viewed with caution when compared to global averages.
For the purposes of this survey, CIMA level data was collected under the 2005 CIMA qualification structure and refers to those at managerial level, strategic level, TOPCIMA and passed finalists. For comparison under the 2010 qualification structure, these levels are respectively now known as operational/management level, strategic level, T4 Part B Case Study and exams complete.
For further information on technical matters relating to this survey, contact
For further country specific analysis and reports, visit CIMA MY JOBS at
Both the Chartered Institute of Management Accountants and Redshift Research are Market
Research Society Company Partners. The organisations abide by the Market Research
Society's Code of Conduct and the Data Protection Act.
Chartered Institute of
26 Chapter Street
London SW1P 4NP
Phone: +44 (0)20 7663 5441
Fax: +44 (0)20 7663 5442
© May 2010, Chartered Institute of Management Accountants