Curious about a CMA salary in Dubai and the Middle East? Well, the IMA conducted two comprehensive CMA salary surveys in 2010 and 2012 among the current and prospective CMAs in Dubai, UAE, and the Middle East, together with two recent global surveys in 2014 and 2015. Here are some interesting findings:
Here are the findings in a text version for your reference.
Based on members who responded to the survey, an “average IMA member” is more likely a man in his mid-thirties with a bachelor’s degree, and quite possibly with a master’s degree. He has been working for 10 years in middle to senior management.
On average, the IMA members in this region earn US$44K in their annual basic salary and US$54K if their salary includes other compensation, such as bonuses and profit-sharing. The level is lower than the previous year by 13-18%, likely due to the fall in oil prices.
The median figure is UK$29K and US$35K, respectively.
In any case, the salary increase is still impressive from the first report in 2010.
The range varies significantly by country within the region.
Median instead of average numbers are used because the higher salaries tend to distort the picture of what an average member earns.
(US$)
UAE has the highest median salary and compensation at US$39K and US$45K, respectively. Egypt has the lowest at US$6.6K and $8.3K, respectively.
The region experienced an 18% year-on-year drop in median salary. This is likely due to local currency depreciation (against the USD) as well as a big drop in oil prices.
Looking at the longer-term trends, the Middle East region enjoyed strong growth with a 6-year CAGR of 16% from 2010 to 2016.
(US$)
The trend of total compensation (basic salary and benefits) is very similar, but with KSA dethroning UAE for the first time. The CAGR for total compensation was 13% from 2010 to 2016.
Among the Middle Eastern countries, UAE, Saudi Arabia, and Egypt have the most number of IMA members, representing 35%, 25%, and 13% of total survey respondents, respectively.
Here is a further breakdown:
For a detailed analysis of CMA salaries in Dubai/UAE, Saudi Arabia, and Egypt, please check out the links here:
Salary in UAE | Salary in Saudi Arabia | Salary in Egypt |
Not surprisingly, compensation increases as people gain experience in their field. In the general accounting and finance field, you can expect compensation levels to rise considerably within the first 10 years of work. The percentage increase is less thereafter, but the absolute amount is still significant.
(US$)
2012 data
(x-axis: total compensation in US$; y-axis: number of work experience)
The difference in compensation by age can only be explained partially by the number of years of experience. Another critical factor is whether a person possesses professional qualifications.
The following analysis is based on the availability of any accounting or financial certification. In the survey, 50% were CMAs, and 9% were CPAs.
2012 data
(x-axis: total compensation in US$; y-axis: age group)
The “certification premium” is the most significant in the 30 to 39-year-old age group: those with certifications earn 2.58 times more than those without certifications. The premium is at least two times in other age groups.
Given the importance of oil and refinery in the Middle East, this sector demands the highest level of compensation. Government jobs are also well paid when considering the total compensation package.
The highest number of employment (see below) are from the finance, insurance, and real estate sectors as well as the manufacturing industry. Their compensation level is slightly lower than the average.
Compensation for general management and risk management is among the highest; government accounting ranks last.
Based on the latest report in 2016, CMAs continue to enjoy higher salaries and compensation than non-CMAs. On average, a CMA salary in the Middle East is US$48K, and compensation at $61K, compared to $39K and $47K, respectively, for non-certification holders. The premium is 24-29%.
Looking at the numbers more closely, the impact of having the CMA designation becomes more apparent as you gain experience and move up the corporate ladder. Young CMAs have slightly lower pay when compared to their non-CMA counterparts, but for all other categories, the benefits of having the CMA designation are very clear.
(US$)
2012 data
(x-axis: total compensation in US$; y-axis: age group)
Similarly, the impact of CMA certification is most apparent at the top management and senior management levels.
(US$)
This is an interesting analysis showing that higher education, professional certification, and professional experience do make a big difference to your career and your pay.
These charts show the encouraging big picture, but it is prudent to check whether it applies to your local area. The best way to do it is to search for a “certified management accountant” in an online job search and see the type of job and salary level you will get.
If you are still thinking about the CMA or another qualification exam, it’s really time to do it!
Salary reports for your reference:
I am the author of How to Pass The CPA Exam (published by Wiley) and the publisher of this and several accounting professional exam prep sites.