IMA® , the Institute of Management Accountants, today announced the results of its 2018 UAE Salary Survey.
The survey results showed that respondents in UAE had a higher base salary than the Middle East and Africa (MEA) regional average which were recorded at $51,293 and $34,993 respectively. It was also higher when it came to comparisons on total compensation which were reported at $56,144 and $40,722 respectively.
The results also showed that respondents holding an advanced degree earn an average salary that is 54% higher compared to those with a baccalaureate degree. Those in general management positions had the highest median total compensation ($63,000).
Impact of CMA Certification
More than half of the respondents (54%) in UAE hold the CMA® (Certified Management Accountant) certification. Average salaries for CMAs continue to be 54% higher than the non-CMAs. The greatest value in holding the CMA is the ability to move across areas of business, with 84% of the respondents agreeing with this statement.
Globally, about 58% of the respondents expressed satisfaction with their jobs. In the Middle East/Africa (MEA) region, this percentage was 46% and in the UAE, 45%. Respondents were most satisfied with their working relationship with others and the 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 indicates that accountants in business are valued and measured against their education level, certifications and leadership skills. This corroborates the positive impact of the CMA on a person’s career and how it enables a management accountant to advance within organizations, take on new responsibilities and negotiate for higher salaries or a better compensation package.”
Although a smaller percentage of respondents hold the CMA in the UAE compared to last year, those holding the CMA continue to highlight the benefits of having the certification. More than 84% of the respondents attribute their ability to move across all areas of business to the CMA, while 81% state the CMA helps create career opportunities.
For all age groups, the average base salary was 91% of average total compensation. This is an increase of 9% compared to 2016, which indicates more of the participants’ compensation is coming in the form of base salary.
Overall 2017, the respondents in the UAE reported a 5% decreases in average salary and total compensation compared to 2016. This 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 the UAE 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 Dubai province increased, indicating a slight shift in the demographics. The highest percentages of respondents were in middle management positions, with the lowest percentage in top management positions (3%).