Pay levels for management accountants high despite low global inflation

The latest annual salary survey from the Association of International Certified Professional Accountants reveals average earnings for qualified Chartered Global Management Accountant (CGMA) designation-holders in Sri Lanka is an annual Rs. 2.17 million, rising by an average of 12 per cent in the next 12 months.

Pay prospects for CGMA trainees are also bright, with students en route to full CGMA status believing their salary will go up by 15 per cent in 2017/18. They are currently paid an average Rs. 460,000 a year, according to a CGMA media release.

A strong focus on professional development in the accountancy sector was also shown in the survey, with a healthy desire by both qualified and student CGMAs to learn new skills, such as strategy and negotiation, to help their own careers and the organisations in which they work.

Venkkat Ramanan, Regional Vice President, Asia Pacific, the Association of International Certified Professional Accountants, said: “I remain optimistic that the transformation of business and finance functions will bring enormous opportunity for management accountants to show their value. Key to success will be an investment in continuous professional development. The survey highlighted the training needs to be on the strategic and soft skills that employers say will be critical to succeed.”

Andrew Harding, Chief Executive – Managing Accounting – the Association of International Certified Professional Accountants, said: “Change is happening at unprecedented speed, and reshaping how business is done. There has never been a better time to be a management accountant. The skills and experience they use to overcome challenges and seize opportunities are clear for employers to see. This is reflected in the salaries and positions being offered globally.”

More information on the survey can be found on the Association’s Salary Insights Tool, orhttps://salary. aicpaglobal.com/ where chartered global management accountantsand CGMA students can compare their salary across the profession.