Events in the year 2020 have dramatically changed the way we go about our daily lives. The entire world was affected by the global COVID-19 pandemic. Businesses everywhere faced unprecedented challenges. The pandemic has altered the way most industries service their customers and how employees perform their job responsibilities. In some cases, employees found themselves job hunting or seeking a major change in their skill set to rejoin the workforce.
IMA[R] (Institute of Management Accountants) members no doubt faced new and unexpected challenges brought about by the pandemic as well as its effect on business and economies around the world. This year's global salary survey not only analyzes and compares member compensation and employment characteristics globally and across regions, but it also delves into the unique factors of 2020 and how IMA members across the globe have been impacted by the changing economic landscape.
Please be aware that the results represent the survey respondents and don't necessarily reflect the whole population of accounting and finance professionals. Readers should be cautious about making comparisons of their salary to global, regional, or even same country results, as they're highly affected by the demographics of the respondents.
The total number of participants in this year's survey is 3,085, representing 79 different countries. The median salary and total compensation for all countries with at least 1% of the survey responses are presented in Figure 1 (all monetary values are in U.S. dollar equivalents as of the time of the survey). Consistent with surveys in the past, a majority (68.7%) of the participants are either from the United States (39.2%) or China (29.5%). The next largest representations are from the United Arab Emirates (UAE, 3.6%), India (3.4%), and Saudi Arabia (3.1%).
The demographics of the participants are summarized in Table 1 by region: the Americas, Asia/Pacific, Europe, and Middle East/Africa/India (MEAI). Compared to the previous survey, the percentage of female respondents decreased. Overall, 44% of the respondents identified as female (compared to 50% in last year's survey), 55% identified as male, and 1% preferred not to disclose. Across regions, the percentage of females participating varies, with 43% in the Americas, 60% in Asia/Pacific, 32% in Europe, and 20% in MEAI.
The mean and median ages of the respondents, overall, are 40 and 38 years old, respectively. This is slightly higher compared to last year. Respondents in the Americas are, on average, five years older compared to the overall mean. Asia/Pacific has the youngest average age of any region at 35 years old.
In terms of education, 97% of the participants have at least a bachelor's degree, with 41% holding a master's and/or a doctorate degree. Only Asia/Pacific had less than 100% of respondents holding a bachelor's degree (91%).
Overall, 62% of the respondents hold the CMA[R] (Certified Management Accountant) certification, which is an increase from 53% last year. Three regions had more than 60% of their respondents holding the CMA: the Americas (66%), Asia/Pacific (62%), and Europe (65%). This is a promising trend,...