CIMA SALARY

SURVEY 2013
Ghana

Salary survey results

Ghana average salary figures
On average part
qualified CIMA
students earn
c. GHS2,955 per
month in total.

Our survey suggests that in 2013 part qualified

CIMA students in Ghana earn on average
GHS2,862 in basic monthly salary plus GHS94
in bonus payments, totalling GHS2,955 per
month.1
Salary increases anticipated

Students agree
that the CIMA
qualification
strengthens their
ability to work
internationally,
creates career
opportunities and
widens career
choice.

84% are expecting a salary rise over the next

12 months. Although 36% anticipate a smaller
salary rise, the average expected increase is
13%, which is above the inflation forecast of
8.48.9%.2
[I chose to become CIMA qualified
because] it will give me full confidence in
negotiating my future wages and to pursue
further studies.

With the current dynamics in corporate

finance and reporting, I find CIMA to be
very appealing to all sectors of business.
Male student, accountant working in the natural
resources, energy/fuel and utilities industry.

The CIMA qualification

strengthens my ability
to move internationally
with my career

agree

The CIMA qualification

creates career
opportunities for me

Male student, finance manager working in the retail,

consumer, FMCG, food and drink industry.

The CIMA course is unique [and] broadens

ones scope of training. With CIMA, I can
work in any business.
Female student, procurement manager working in
the manufacturing and engineering industry.

CIMA boosts salary and widens career

choice

100%

96%
agree

The CIMA qualification

strengthens my ability
to move across all
areas of the business

85%
agree

All student respondents in Ghana agree that

the CIMA qualification strengthens their ability
to work internationally. The vast majority agree
that it creates career opportunities and widens
career choice.

1 Figures should be treated with caution as they are based on 26 respondents. Figures may not sum due to rounding.
2 IMF World Economic Outlook, April 2013. Available at: http://www.imf.org/external/pubs/ft/weo/2013/01/ African
Economic Outlook: Ghana. Available at: http://www.africaneconomicoutlook.org/en/countries/west-africa/ghana/
Both accessed 5 August 2013.

Business and the economy

Expectations for future pay and conditions
Ghanas economic growth remains
encouraging. GDP growth is expected to reach
78% in 2013, led by revenues from oil and
gas, primary commodities exports and the
service sector.3
A slowdown in demand for oil and gas
exports, particularly from China and the USA,
continued problems in the EU economy,
security challenges, and domestic oil supply
outages are downside risks that remain.
However, overall, students in Ghana are fairly
optimistic about the outlook over the coming
12 months, particularly in terms of business
profits.

cuts (15%) and decreased profitability (4%)

are relatively low. At the same time, two-fifths
of students (42%) expect increases in business
profitability and salary increases across the
board in the organisation in which they work
(38%). While 31% anticipate staff recruitment
to increase, 15% expect a recruitment freeze,
and 12% expect job cuts.
Almost one-half (46%) of CIMA students
in Ghana expect business process/policy
changes, and around one-quarter (27%)
anticipate a greater focus on regulatory issues.
Expectations for business investment remain
muted, with 15% anticipating an increase over
the coming 12 months.

Expectations for negative factors of budget

Figure 1. Expectations for the business environment over the coming 12 months selected
indicators
Business process/policy changes

46%

Increase in the overall profitability of the business

42%

Salary increases

38%

Increase in staff recruitment

31%

Greater focus on regulatory issues

27%

Increased spend on staff training

23%

Budget cuts

15%

Recruitment freezes

15%

More money available for future investment

15%

Job cuts
Fall in the overall profitability of the business

12%
4%

3 IMF World Economic Outlook, April 2013. Available at: http://www.imf.org/external/pubs/ft/weo/2013/01/ African
Economic Outlook: Ghana. Available at: http://www.africaneconomicoutlook.org/en/countries/west-africa/ghana/
Both accessed 5 August 2013.

Working conditions
92% of part
qualified students
see themselves in a
different role within
three years.

Working hours
Our survey suggests that on average, CIMA
students in Ghana work 46 hours per week,
with 73% typically working more than 40
hours per week. 38% expect their working
hours to increase over the coming 12 months,
primarily due to taking on more responsibility/
more pressure.
Motivators at work
In 2013 the key motivator at work is a good
working environment (mentioned by 46%),
followed by a job security and flexibility/worklife balance (both mentioned by 42%).

Career plans
Seeking new opportunities
92% of part qualified students see themselves
in a different role within three years,
suggesting a very high degree of mobility and
promotion prospects.
Two-fifths (43%) anticipate being in a senior
finance-related role in three years time,
including finance manager, financial director,
financial controller, CFO, head of accounting/
finance or self-employed practitioner.
27% of students are planning to find another
job over the next six months and 42% expect
to move job within the next two years.
I [chose] CIMA because of its in-depth
course content in all areas of skills
development and updates on new
emerging issues worldwide.
Female student, financial director working in the
government sector.

Building skill sets

Over the coming 12 months students in
Ghana are keen to develop their managerial,
interpersonal and technical skill sets.
Two-thirds of students wish to develop
their leadership skills (65%) and in addition
to personal development (58%), around
one-half will focus on risk management
(54%) and decision making skills (50%).
Technical management accounting skills
will be important, including problem
solving (54%) and strategic planning and
implementation (50%). Skills for developing
others, communication skills (which
includes negotiating, presenting and written
communication) and relationship management
are interpersonal skill sets that students would
like to develop.
[I chose to become CIMA qualified]
because its a course that cuts across all
areas of a business and gives you a good
oversight of the business.
Female student, finance assistant working in the notfor-profit/charity sector.

65% Leadership
58% Personal development
54% Risk management
54% Problem solving
50% Strategic planning and implementation
50% Decision making
46% Skills for developing others
46% Communication
42% Project management
42% Change management
38% Relationship management

Appendix
Technical information

Further information

Survey responses were collected by CIMA

among active qualified members and part
qualified students between 25 April and 19
May 2013, via an online survey. The data was
analysed and reported by an independent
specialist consultancy.

For further information on technical matters

relating to this survey, contact
yourvoice@cimaglobal.com

Approximately 25,000 qualified members

and just over 21,000 part qualified students
were selected and invited to participate in the
international study, which covers 23 markets in
total. Within the study period 6,039 responded
internationally, including 26 part qualified
students in Ghana.
Please note that due to the small base of 26
respondents, the data we have presented is
based on unweighted responses and is only
indicative of salaries and opinions of part
qualified students in Ghana; therefore results
should be viewed with caution.

For further country specific analysis and

reports, visit CIMA MY JOBS at
http://myjobs.cimaglobal.com

Acknowledgements
This research was conducted by CIMA
in conjunction with Spotlight Market
Research & Editing. The Chartered Institute
of Management Accountants is a Market
Research Society Company Partner. Both CIMA
and Spotlight abide by the Market Research
Societys Code of Conduct and the Data
Protection Act.

CIMA Ghana
3rd Floor, Ayele Building,
IPS/Attraco Road,
Madina, Accra
T: +233 (0)30 2543283
E: accra@cimaglobal.com
September 2013, Chartered Institute of Management Accountants