ima
The Association of
Accountants and
Financial Professionals
in Business
IMA 2014 Salary Survey: Kingdom of Saudi Arabia
IMA 2014 Salary Survey: Kingdom of Saudi Arabia
About IMA®
IMA, the association of accountants and financial
professionals in business, is one of the largest and most
respected associations focused exclusively on advancing
the management accounting profession.
Globally, IMA supports the profession through research,
the CMA® (Certified Management Accountant) program,
continuing education, networking, and advocacy of the
highest ethical business practices. IMA has a global
network of more than 70,000 members in 120 countries
and 300 professional and student chapters.
Headquartered in Montvale, N.J., USA, IMA provides
localized services through its four global regions:
The Americas, Asia/Pacific, Europe, and Middle East/Africa.
For more information about IMA, please visit www.imanet.org.
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IMA 2014 Salary Survey: Kingdom of Saudi Arabia
Denis Desroches
Denis Desroches is a research associate for IMA®
(Institute of Management Accountants). Prior to join­ing
IMA, he spent 20 years supporting organizations with the
selection, implementation, and knowledge acquisition of
enterprise performance management systems. Desroches
also was a professor of mathematics and business systems
for 11 years at Seneca College of Applied Arts and
Technology in Toronto, Ontario.
Raef Lawson, CMA, CPA, CFA, Ph.D.
Raef Lawson is the vice president of research & policy and
professor-in-residence for IMA. He received his MBA and
Ph.D. degrees from the Leonard N. Stern School of Business,
New York University. He holds a variety of professional
certifications, including CMA, CFA, and CPA. Prior to
joining IMA, Lawson spent 20 years as a professor in the
Department of Accounting and Law at the University at
Albany, SUNY, where he also served as department chair.
He can be reached at rlawson@imanet.org or (201) 474-1532.
Kip Krumwiede, CMA, CPA, Ph.D.
Kip Krumwiede is the director of research for IMA. He
received his MAcc degree from Brigham Young University
and Ph.D. from the University of Tennessee. Prior to
joining IMA, Krumwiede spent 18 years as a management
accounting professor at universities including Brigham
Young, Boise State, and Christopher Newport. He has
published more than 20 articles in both practice and
academic journals. Previously, he worked for two Fortune
500 companies in a variety of positions. You can reach him
at kkrumwiede@imanet.org or (201) 474-1732.
© July 2015
Institute of Management Accountants
10 Paragon Drive, Suite 1
Montvale, NJ, 07645
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IMA 2014 Salary Survey: Kingdom of Saudi Arabia
IMA conducted a global survey of its members in
Table 1: Respondent Demographics
October 2014 to examine compensation levels, salary
trends, and other employment-related factors. There
KSAGlobal
Gender
Female
2%31%
Male
98%69%
Age
Mean
3639
Median
3436
Degree
Baccalaureate
99%98%
Advanced
28%43%
Management Level
Top management
13%11%
were 268 usable responses received from IMA’s members
in the Kingdom of Saudi Arabia (KSA). This report
examines those responses in detail.
Respondent Demographics
Table 1 contains the demographic characteristics of the
respondents in the KSA. Respondents are likely to be
male (98%) and have at least a baccalaureate degree (99%).
Senior management
33%23%
Middle management
38%42%
Lower management/Entry level 16%21%
Academic position in college/university0%
3%
Years of Experience
Current position
45
Current employer
66
Years in field
1113
Certification
CMA
45%48%
CPA
7%16%
The percentages of respondents with the CMA®
(Certified Management Accountant) designation (45%) or
an advanced degree (28%) are below the global rate.
Compared to the overall global results, KSA respondents
are younger (median age = 34, mean age = 36) and have
fewer years of experience, but they are more likely to hold
senior management positions.
Salary Comparisons
The mean salary for IMA members in the KSA is $52,363,
Table 2: Compensation by Location
and the median salary is $37,040.1 Mean total compensation
is $66,561 (total compensation includes salary plus any
Province
Riyadh Eastern Province Makkah Total additional compensation), and median total compensation
is $45,105. The remuneration values for respondents in the
KSA are the third highest in the Middle East/Africa region,
behind only UAE and Qatar.
Base Salary
Total Compensation
MeanMedian MeanMedian
$56,137 $37,947 $69,826 $43,500
53,958 36,992 71,614 53,500
44,179 36,000 56,186 41,850
52,363 37,040 66,561 45,105
Geographically, 44% of survey respondents are from
the region of Riyadh, 29% are from the Eastern Province, and 24% are from Makkah region.2 Table 2 lists the annual base
pay and total compensation for members in these regions. IMA members from the Riyadh province report the highest
mean and median base salary values, but those in the Eastern Province report the highest values for total compensation.
Remuneration values for Makkah are lower than for the other two major provinces. These differences in the median
remuneration values may reflect the relative cost of living for the three areas.
1
All compensation data was collected in U.S. dollars and is reported here using that monetary unit. To covert to Saudi Riyal (SAR), multiply the U.S. dollar amounts by the
exchange rate prevalent at the time the survey was conducted (approximately 3.75 SAR per U.S. dollar as of October 15, 2014: www.x-rates.com).
2
The Eastern Province includes major centers of Dammam, Dhahran, Jubail, and Khobar; and Makkah includes major centers of Makkah, Jedddah, and Rabigh.
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Gender Pay Difference
Table 3: Average Compensation by Gender
An important aspect of IMA’s salary surveys is the ability
Women Men Women/Men %
This Year Last Year
to compare salary and compensation values by a variety
of characteristics. The difference in pay between men and
women has always generated a great deal of interest. Prior
studies have consistently found a gender pay gap, with
women often receiving substantially less pay than men.
Base Salary
Total Compensation
MeanMedian MeanMedian
$35,437$40,000$44,930$40,000
52,51936,43266,86145,105
67%110%67%89%
67%95%76%98%
There were very few female respondents from the KSA
in this year’s survey, which means an in-depth comparison of gender pay differences is not practical. We present Table 3
as a general summary of compensation by gender in the KSA, but be very cautious in drawing any conclusions from the
results. The percentage of female respondents is too low for a meaningful comparison.
Compensation and Certification
Table 4: Compensation by CMA Designation
The median base salary for professionals in the KSA
MeanMedian
Salary Total Compensation Salary Total Compensation
CMAs
$54,223$70,460$40,000$54,050
Non-CMAs 50,85563,39936,00039,132
CMA premium
7%11%11%38%
holding the CMA credential is $40,000, and their median
total compensation is $54,050. Based on median
compensation, members with a CMA designation earn
11% more in salary and 38% more in total compensation
than non-CMAs (see Table 4).
In addition to higher remuneration, CMAs identified other ways that the designation helps their career: 89% agree
that the CMA designation creates career opportunities, 87% report that the CMA strengthens their ability to move across
all areas of the business, and 86% said that their CMA certification strengthens their position in salary negotiations
Given the financial and career benefits of the CMA designation, it is no wonder that 97% of respondents in the KSA
who do not currently have the designation are planning to pursue it in the next year.
Compensation and Education
Table 5: Salary by Level of Education
Table 1 showed that 99% of survey respondents have at least
Baccalaureate degree Advanced degree a baccalaureate degree and that 28% have an advanced
degree.3 Table 5 shows clearly that education pays in the
KSA. On average, IMA members with advanced degrees
Base Salary
Total Compensation
MeanMedian MeanMedian
$40,065 $30,000 $50,781 $37,188
83,379 65,300 106,417 88,600
earn 108% more in base salary and 110% more in total
compensation than those with only a baccalaureate degree.
Median remuneration values for those with a baccalaureate degree are virtually identical to KSA respondents in
last year’s global survey. Median remuneration values for KSA respondents with an advanced degree show significant
increases. Compared to last year, their salaries are 28% higher and total compensation is 43% higher.
3
Only three of the 268 respondents indicate that they had no academic credentials.
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Management Level
Table 6 shows that the higher a respondent’s management level in the organization, the greater his or
her compensation.
Table 6: Salary by Management Level
Top management
Senior management
Middle management
Lower management/
Entry level
Academic/Other
Total
Percent of Respondents Percent of Respondents Median Base Salary Median Total Compensation
This Year
Last Year
13%
8%$62,000 $76,700
33%
28%47,015 59,000
38%
39%35,200 43,400
16%
22%25,500 33,000
0% 3%N/A N/A
100% 100%37,040 45,105
Responsibility Area
Figure 1 shows the median salaries and total compensation by area of responsibility. Respondents with risk
management responsibility report the highest median salary ($98,400) and total compensation ($121,650).
For the second consecutive year, public accountants in the KSA report the lowest median salary ($15,500)
and total compensation ($16,100).
The biggest responsibility area is finance, with 38% of respondents. This group reports the third-highest
median remuneration values (salary = $52,000, total compensation = $76,000).
Figure 1: Median Compensation by Responsibility Area
Base Salary
Additional Compensation
140,000
120,000
100,000
80,000
60,000
40,000
20,000
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Employee Satisfaction
Table 7: Raises Received and Expected
Sixty-three percent of all KSA survey respondents
Percent Raise
At Least (%) Less Than (%)
0
5
5
10
10
15
15
20
20
25
25
50
50
100
100
received a raise in the past year. The mean raise averaged
12% (median raise = 10%). Table 7 indicates the
distributions of percentage increases for those receiving
a raise last year and the expected percentage increases
for those expecting a raise in the coming year.
While more respondents are expecting a salary
increase in the coming year (78%), the amounts of the
Received a Raise
in the Current Year
1%
0%
7%
30%
25%
11%
13%
14%
Expect a Raise
in the Coming Year
1%
1%
4%
23%
34%
15%
8%
15%
expected raise are generally in line with the raises received
this year. This is illustrated in Figure 2, which compares the right two columns of Table 7.
Figure 2: Salary Raise Percentage, (Cumulative) Last Year vs. Next Year
Current Year
Next Year
100%
80%
60%
40%
20%
0%
5
10
15
20
25
50
Other Job-related Issues
>100
Figure 3: Reasons for Increase in Hours Worked
Hours Worked
Taking on more
responsibility/more pressure
The average work week for respondents in the KSA is 45.6
Company culture
hours (median = 45 hours), similar to the average work week
for all countries (mean = 46 and median = 45 hours). When
Company growth
asked how the number of hours they worked had changed in
Understaffing/lack of resources
the past year, 9% indicate a decrease, 73% indicate there was
no change, and 18% indicate they are working more hours.
Change in role
The reasons for increased hours varied, and individuals often
gave multiple reasons. The most common reason was taking
Current financial climate
on more responsibility/more pressure on the job (see Figure 3).
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0%20%40%60%80%100%
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Career vs. Personal Priorities
When asked to choose between a more flexible job with slower career advancement and a more rigid schedule with
faster advancement, 43% of the respondents preferred the rigid/faster option compared to 25% who prefer the flexible/
slower option. Globally, 35% prefer a rigid schedule and 33% feel flexibility is more important than rapid career
advancement. This suggests that IMA members in the KSA tend to have a preference for career over personal
considerations. This should not be too surprising because KSA member respondents tend to be younger than the
global respondents, and career considerations are often stronger at younger ages.
Desire for Job Change
About 58% of survey respondents in the KSA plan to look for another job within the next year. This is similar to last year’s
survey (56%) and reflects the very dynamic nature of the accounting profession in the KSA. Of those planning to look for
another job, 55% would like to work in another country, and only 9% would not. The rest are undecided. The countries
most often mentioned as a desirable place to move for work are the United Arab Emirates, the United States, and Qatar.
The most commonly identified reason for considering a job in another country is the desire for an improved quality of
life (see Figure 4). The two other reasons mentioned by more than half of respondents looking for a new job are to seek
new career opportunities and improved salaries. These three reasons were also the most popular cited in last year’s survey.
Figure 4: Reasons for Considering a Move to a Different Country
This Year
Last Year
Improved quality of life
New career opportunity
Improved salary
Better employment opportunities
Experience a different culture
Stronger economy
Work promotion
Improved employment conditions
Friends and family
To learn a new language
Take time off/travel
Internal company transfer
0% 10%20% 30%40% 50%60%70%80%90%
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Employee Benefits
The most commonly received employee benefit is healthcare or healthcare insurance, with 91% of respondents in the
KSA receiving this benefit and another 7% desiring it (see Figure 5). The percentage of respondents in the KSA reporting
this benefit is higher than the global average of 85%. Healthcare benefits are also the most commonly received benefit
among global members. More than half of KSA respondents also report having a company car/allowance, travel benefits/
allowances, and bonuses.
The other benefits shown in Figure 5 are not generally available to KSA respondents, but the majority of respondents
would like them. The benefits cited as desirable by more than 60% of the respondents are share options, flexible hours,
payment of IMA dues, and extra holidays. Globally, having share options is the benefit cited most often as being desired.
Figure 5: Benefits Currently Received or Desired
Currently receive
Don’t receive but would like to
100%
80%
60%
40%
20%
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Final Thoughts
Average base salary and total compensation for IMA members in the KSA have increased in the past year.
While these totals remain lower than the global averages, they are still higher than in most other countries in the
Middle East/Africa region.
Most IMA members in the KSA have received substantial raises this year, with a greater number expecting
similar increases in the coming year. With regard to work/life balance, more of them are willing to accept more rigid
schedules in order to advance their careers, which suggests a generally higher priority toward career considerations
over personal considerations. A majority of KSA respondents continue to consider job changes in the next year, citing
a desire for an improved quality of life, new career opportunities, and improved salaries as primary motivations.
The financial value of participation in the CMA program continues to be clear. CMAs in the KSA earn 11% more
in median salary and 38% more in median total compensation than their non-CMA counterparts. CMAs also gain
other career benefits with the designation. Nearly 90% of CMAs agree that the designation creates career opportunities,
strengthens their ability to move across all areas of the business and strengthens their position in salary negotiations.
One respondent commented, “I am trying to be CMA holder to improve my career and increase my salary.”
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