The Institute of Management Accountants salary survey came out yesterday, and you should check it out if you're into that sort of thing. Quickly while we're on the topic of salary, consider this your friendly reminder that the Going Concern Compensation Survey is still open and it would be great if you can take a second to fill it out.
Back to the IMA! It appears the news isn't all that great, with the IMA writing:
In last year’s survey, we wondered if “the winds of change have completely shifted toward a positive direction or whether the future will continue to feel like rough seas.” We now have our answer: Batten down the hatches before wading into the 2013 details, but keep an eye open for the occasional ray of sunlight.
Yeesh, how bad could this be?
With a notable contraction in both average salary and average total compensation, the gains of 2012 have been offset—and in some cases exceeded—in 2013. Many participants reported decreases in both average salary and average total compensation. The average salary of members responding to the 2013 survey was $108,455, a decrease of $4,170 from the 2012 average of $112,625. Average total compensation decreased from $135,654 in 2012 to $125,734 this year, a difference of $9,920. For the first time in six years, both changes are statistically significant.
Now, let's talk about guys and dolls. The discrepancy in compensation between men and women is actually the entire reason this survey got started in 1989, and continues to be a pretty big issue as the years go by. Here's how 2013 shakes out.
That means a salary gap of 78.9% and a total compensation gap of 75.8%. In simpler terms, women make nearly 79 cents for every dollar made by a male survey respondent.
Here's where things get really obvious, in salary ranges.
Further broken down, the report states that "historically, the salary gap is smallest in the younger age categories and widens with each older range."
Women in their first 5 years in the field make 88.2% as much as men, while women with more than 20 years experience make 76.1%. Notably, women with 16 – 20 years experience make 83.3%, almost just as much as women with 6 – 10 years experience. You'll be flabbergasted to hear in 2012, women in the 1-5 years group had an average salary of 104.5% that of men.
Of total survey respondents, 70% hold professional certifications such as CMA, CPA, and CFM. Those with a CMA, CPA or both report an average salary of $120,306 in 2013, a decline of 0.7% from the $121,165 earned in 2012. Those with neither certification earned an average salary of $88,196, a 4.7% decline from the $92,570 earned in 2012.
The entire report is worth a read if you're considering making a jump or wondering if extra letters after your name are really worth it. According to the IMA, they're worth it to the tune of $10,000 in additional compensation per certification compared to individuals without certification.
This bit may also be relevant to your interests:
The dual certification earns the largest average salary and total compensation in the 19-29 and 40-49 age groups, and it also earns the largest total compensation for those in the 50-59 age group. For the 60 and over group, the CPA alone edges out the CMA ($130,105 vs. 128,353) for the highest in average salary, but the CMA offers a distinct advan – tage ($12,361 more than the CPA and $19,764 more than dual certification) in total compensation.
Read the rest here and enjoy!