UAE businesses showing a new level of optimism

Unlike its global counterparts facing a sluggish growth rate, businesses in the UAE are showing a new level of optimism and recovery from the economic crisis. There has been a visible shift in the local market — from budget freeze and downsizing to new investments, market expansion, and an increase in staff recruitment and training. This sentiment was echoed in the Chartered Institute of Management Accountants (CIMA) salary survey 2012, of CIMA qualified members and active part qualified students from the UAE to get a better understanding of their job aspirations, current market trends and future growth needs. Qualified CIMA members in the UAE earned Dh44,978 in basic monthly salary plus Dh2,720 in monthly bonus payment totalling Dh47,698 per month, according to the survey. The survey shows the impact of professional qualifications on earnings potential, salary satisfaction and the ability to realise ambitions such as moving to a new organisation, or working abroad. Part qualified CIMA students earned an average of Dh18,286 per month including bonus payment, the survey found. Mobility and desire for greater job challenges were robust with 37 per cent planning to find another job in the next six months and 68 per cent planning to move jobs within the next two years, of these 77 per cent said they would continue to work in the UAE. Business growth is expected to remain positive in 2012 but expectations of CIMA students and members are cautiously optimistic with the most positive expectation being an increase in staff recruitment, followed by salary increases across the board and increased training spend. Geetu Ahuja, Head of GCC-Middle East of CIMA, said: “The potential for CIMA members and students to develop rewarding and dynamic international careers remains strong despite the many challenges facing the business community over the next 12 months.” Among all part qualified CIMA students and members, 65 per cent are satisfied with their current salary. Satisfaction in salary is much higher among qualified members (78 per cent) than students (48 per cent) with CIMA members emphasing the benefit of fast-tracking career progression by becoming CIMA qualified. The salary survey was conducted online by CIMA between May 2 and 29, 2012, and the data was analysed and reported by an independent specialist consultancy. Within the study period 5,558 responded internationally, including 77 from the UAE. The CIMA, founded in 1919, is the world’s leading and largest professional body of management accountants, with 195,000 members and students operating in 176 countries, working at the heart of business. CIMA members and students work in industry, commerce, the public sector and not-for-profit organisations. CIMA has formed a joint venture with the American Institute of CPAs (AICPA) to establish the Chartered Global Management Accountant (CGMA) designation. CGMA is the global quality standard that further elevates the profession of management accounting. From : Khalij