RIYADH – IMA (Institute of Management Accountants) on Tuesday announced the results of its 2018 KSA Salary Survey. The study, covering 2017 data, surveyed IMA members from across KSA, concentrating on three provinces: Riyadh, Eastern Province and Makkah. The report summarizes information related to education, certification, and experience, and analyzes the effects these factors have on compensation. It also presented information gathered from respondents regarding job satisfaction.
The survey results showed that respondents in KSA had higher base salary than the Middle East and Africa (MEA) regional average which were recorded at $42,191 and $34,993 respectively. This was also the case when it came to comparing KSA with the Middle East and Africa on compensation, which were reported at $51,472 and $40,722 respectively.
The results also showed that respondents holding an advanced degree earn an average salary that is 43% higher compared to those with a baccalaureate degree. Those in general management positions had the highest median total compensation ($86,750).
Impact of CMA Certification
Almost half of the respondents (47%) in KSA hold the CMA (Certified Management Accountant) certification. Average salaries for CMAs continue to be 85% higher than the non-CMAs. The greatest value in holding the CMA is the ability to move across areas of business, with 88% of the respondents agreeing with this statement. The percentage of total compensation coming from base salary increased from 76% in 2016 to 82% in 2017.
Globally, about 58% of the respondents expressed satisfaction with their jobs. In the Middle East/Africa (MEA) region, this percentage was 46% and in KSA 44%. Respondents were the most satisfied with their working relationship with others and least satisfied with their opportunities for advancement.
Commenting on the results of the survey, Hanadi Khalife, director, MEA and India operations at IMA said: “The survey shows that salaries continue to be influenced by certification, education, and management level. Those with a CMA certification can earn up to 85% more than those without the certification. Clearly, there is expanded career and earning potential for those who pursue certification and we hope these results support the increasing emphasis on management accounting in KSA.”
Although a smaller percentage of respondents hold the CMA in KSA compared to last year, those holding the CMA continue to highlight the benefits of having the certification. More than 88% of the respondents attribute their ability to move across all areas of business to the CMA, while 85% state the CMA helps create career opportunities.
Within age groups in KSA, only those aged 20-29 had an increase in average salary and total compensation compared to 2016 results. These young professionals had a 13% increase in average salary and a 15% increase in total compensation.
For all age groups, average base salary was 82% of average total compensation. This is an increase from 76% last year, which indicates more of the participants’ compensation is coming in the form of base salary.
Overall this year, the respondents in KSA reported decreases in average salary and total compensation. The decreases may be explained by the unusually high salaries reported in 2016. Salaries from the 2018 Survey (based on 2017 salary data) are more consistent with those in 2015. Although the reported average salaries of the participants in KSA were lower than last year, they are still significantly higher than the overall average salary in the MEA region.
The percentage of respondents from the Riyadh province increased, indicating a slight shift in the demographics. The highest percentage of respondents was in middle management positions (41%), with the lowest percentage in top management positions (8%). — SG
