Wednesday 26 February 2020

CMA salaries in UAE ‘higher than MEA average’

DUBAI, September 4, 2019

Average salaries for certified management accountants (CMAs) in the UAE are 178 per cent higher and the average total compensation is 177 per cent higher, compared to those in the MEA region, said the Institute of Management Accountants (IMA) in a new report.

 Overall, respondents in the UAE earn a higher median compensation versus those in the MEA region, where the median base salary and total compensations were $16,000 and $19,000, respectively, according to IMA’s 2019 UAE Salary Survey.

Having a CMA opened doors to enhanced career opportunities, with 83 per cent of respondents agreeing with this statement, and 81 per cent expressing that it did strengthen their job security in a dynamic business landscape, the survey said.

In a clear trend, those holding the CMA qualification continue to earn higher median salaries and higher median total compensation in the UAE compared to their counterparts who do not possess the certification. The median salary for respondents holding the CMA in the UAE was 54 per cent higher compared to those without it.

Monetary compensation is found to be a determining factor that contributes significantly to job satisfaction. On a global level, there has been a marked increase in job satisfaction from the previous year's results. In the UAE, 79.5 per cent of the respondents were either somewhat or strongly in agreement with the statement, "I love my job," which is an increase of 35 per cent compared to overall satisfaction in 2017.

This marked increase in job satisfaction is despite a drop in average compensation for the year and with only 42 per cent of the respondents agreeing that their compensation package was competitive with their peers.

In addition to compensation, several factors contribute toward job satisfaction, including raises and hours worked. In the UAE, 44.4 per cent of respondents reported that they received a raise within the past year, with an average raise of around 14.7 per cent and a median raise of 10 per cent. An interesting outcome of the study found that a higher percentage of women received raises in the last year, compared to men (47.5 per cent vs. 43.3 per cent).

As concerns about job security and stability increase with advancements in artificial intelligence (AI) in the Digital Age, respondents were asked how they felt AI would affect their company, the finance function, and their job status in the near future.

Overall, 65 per cent felt confident that their jobs would not be replaced by AI any time soon. Furthermore, those in top management roles felt most confident that their jobs would not be replaced (84 per cent), whereas those in lower management felt less confident (48 per cent). Forty-nine percent of respondents either somewhat or strongly agreed that AI would greatly impact their company in the next two years, while 53 per cent agreed that the finance function would also be impacted in the same time period.

"The UAE has been a productive economy providing job opportunities across a wide range of sectors in the region. It offers professionals promising career paths that allow them to excel at various levels of the corporate ladder," said Hanadi Khalife, director, ME and India operations at IMA.

"The survey showcases the added value the CMA creates for management accountants in building up-to-date knowledge and professional expertise. Similar to other regions in the Middle East, more than half of the respondents this year expressed their confidence that AI will not replace their roles. This is a positive conclusion of the study, as it shows the pertinence of acquiring and developing new skills, which address technological advancements in the workplace." – TradeArabia News Service



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