Some UAE accountants get pay hike of 36 per cent

If you’ve been fretting about a nominal five per cent pay hike last year, this could just make you feel worse – or better, depending on your profession and your role within that line of work.

A new global salary survey by the IMA (Institute of Management Accountants) reveals that median total compensation for management accounting and finance professionals in the Mena region, which includes the UAE, increased to $40,030 (Dh147,028) in 2014 – an increase of 36 per cent.

Globally, the data collected from IMA members in 81 countries indicate a median total compensation of $66,000 (Dh242,414), making the fat salary hike for those in Mena not all that great after all.

Approximately 70 per cent of survey respondents reported a salary raise following the 2013 salary survey. As economic outlook continues to strengthen, the prospects for future raises also appear bright, with more than three-quarters of survey respondents anticipating a raise in the coming year.

But the grass is not greener for everyone on the other side of the fence. The survey highlights that salaries remained largely the same or declined for professionals in traditional areas of responsibility such as corporate accounting, taxation, general accounting and internal audit.

However, the need for budgeting, planning and cost-control skills has led to an increase in salary for professionals with responsibilities in these and related areas.

The ones who were doled out the fat hikes were those in information systems, education, corporate accounting and general management.

A previous survey by Hays recruitment in 2014 shows that 74 per cent of the participating professional received some form of pay increase and 31 per cent received positive changes to their benefits package.

The average increase last year was 5 to 10 per cent of basic salary and majority (87 per cent) are expecting a higher increase to occur again in 2015 with a 10 per cent plus hike.

Many may also leave their current jobs for better pastures and those who are planning to do so believe at least a pay hike of 15 per cent is likely to come by.

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