egypt salary survey2015

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2014 Egypt Salary Survey

Understanding and Implementing

Internet E-Commerce

The Association of

Accountants and

Financial Professionals

in Business

ima

2014 EGYPT SALARY SURVEY


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© October 2014Institute of Management Accountants10 Paragon Drive, Suite 1Montvale, NJ, 07645www.imanet.org/salary_survey


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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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Denis Desroches

Denis Desroches is director of research 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. He also was a professor of mathematics and

business systems for 11 years at Seneca College of

Applied Arts and Technology in Toronto, Ontario.

You can reach Denis at [email protected] or

(201) 474-1711.


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52014 Egypt Salary Survey www.imanet.org/salary_survey

Salary ComparisonsIn April 2014, IMA® conducted a survey of

members who worked outside the United

States. Using the survey data, we are able

to provide country-specific results based on

the responses from IMA members in Egypt.

As of April 2014, the average salary for IMA

members in Egypt is US$10,467, and the

median salary is US$4,900.1 Respondents’ average total compensation is US$27,476 (total compensation includes

salary plus additional compensation), and median total compensation is US$6,213 (see Table 1). These averages are

much lower than the global (non-U.S.) results for the same period. The large disparity between mean and median

values indicates that a large portion of the respondents earn less than the mean amounts. In fact, 78% report base

salaries below the mean, and 87% report total compensation below the mean.

Table 1 shows that, on average, base salary comprises about 38% of respondents’ total compensation. This ismuch lower than the overall percentage in the global (non-U.S.) results (79.7%).

A majority of the respondents (69%) are from Cairo. Table 2

compares the annual base pay and total compensation for

members in Cairo to those outside of Cairo. The average base

salaries for IMA members in Cairo are slightly higher than those in

the rest of Egypt, but the average total compensation is more than

double the average total compensation.

A Disappearing GenderPay GapIMA’s prior salary surveys have consistently

found a gender pay gap, with women receiving

substantially less pay than men. This year’s

study indicates that this gap is narrowing

around the globe. Analyzing the compensation

for men and women in Egypt produces some

interesting results (see Table 3). The averagebase salary for women is 179% of that for men,

but average total compensation for women is

60% of that for men. So, overall, it appears that

there is still a significant compensation gap

between the genders in Egypt.

1 All compensation data was collected in U.S. dollars and is reported here using that monetary unit. To covert to Egyptian Pound (EGP), multiply

the U.S. dollar amounts by the exchange rate prevalent at the time the survey was conducted (approximately 6.95 EGP per U.S. dollar).

38.0%

Table 2: Compensation by Location

TotalCompensationSalary

Mean

10,841

9,587

Mean

33,421

13,519

Median

4,950

4,285

Median

6,000

8,000

Cairo

Others

Table 1: Average Salary (in US$)

Global (non-U.S.)Egypt

Total Salary

35,622

52,512

Total Salary

6,213

27,476

Base Salary

30,000

41,840

Base Salary

4,900

10,467

Median

Mean

Percentage of Compensationfrom Base Salary

Table 3: Average Compensation by Gender

Women

Men

Women as a Percentage of Men

Women

Men

Women as a Percentage of Men

Egypt

Globally (excluding U.S.)

Base Salary

Base Salary

Mean

11,923

6,676

179%

Mean

41,840

46,598

90%

Mean

17,064

28,475

60%

Mean

52,512

63,604

83%

Median

7,500

4,243

177%

Median

30,000

26,100

115%

Median

10,300

5,536

186%

Median

35,622

34,000

105%

Total Compensation

Total Compensation

79.7%


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Furthermore, comparing these compensation values tells us that men are much less reliant on base salary. On

average, 70% of total compensation for women comes from base salary, while only 23% of total compensation for

men comes from base salary.

Compensation andCertifcationThe value of CMA® (Certified Management

Accountant) certification is very significant

in Egypt. On average, CMAs earn $13,936

in salary and $41,300 in total compensation,

compared to $5,588 and $8,036 for non-

CMAs. Thus, on average, members with a CMA designation earn 149% more in salary and 414% more in total

compensation than non-CMAs (see Table 4).

Compensation andEducationAll of the survey respondents in Egypt have

at least a baccalaureate degree, but only 6%

have an advanced degree (see Table A1 in

the Appendix). Table 5 shows the relationship

between education and compensation. Clearly

it supports the case that ”education pays”—on average, higher education leads to greater earnings for IMA members.

Supervisory ResponsibilitiesIn terms of supervisory responsibilities, respondents who have some supervisory responsibility but are not head of a

major department report the highest average total compensation (see Table 6). The highest average base salary is

reported by those who are the head of a major department and report directly to the CEO or Board of Directors. Those

with no supervisory responsibility earn the lowest in terms of both average base salary and average total compensation.

Table 4: Compensation by CMA Designation

Mean

SalarySalary

6,000

4,000

50%

13,936

5,588

149%

CMAs

Non-CMAs

CMA Premium

8,500

4,930

72%

41,300

8,036

414%

Median

Total Compensation Total Compensation

Table 5: Salary by Level of Education

Mean

SalarySalary

4,950

2,000

9,328

26,860

Baccalaureate degree

Advanced degree

6,107

8,500

27,247

30,780

Median

Total Compensation Total Compensation

Table 6: Supervisory Responsibilities

Mean Total Compensation

38,783

33,764

26,694

9,348

4,425

Some supervisory responsibility but not headof a major department

Head of a major department and reportdirectly to CEO or Board of Directors

Head of a major department but do not reportdirectly to CEO or Board of Directors

Little or no supervisory responsibility andreport directly to CEO or Board of Directors

No supervisory responsibility

5,493

23,878

18,841

6,748

3,997

41.6%

13.0%

20.8%

6.5%

16.9%

Mean SalaryPercent of Respondents


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Responsibility AreaFigure 1 shows a great variance in the salaries and total compensation by area of responsibility. Employees working

in the area of finance receive the highest average base salary, and those who are in budgeting and planning roles

receive the highest average total compensation. Those working in government accounting report the lowest

compensation values.

Employee SatisfactionSixty-four percent of survey respondents in Egypt received

a raise in the past year. The average raise is 12%, and the

median increase is 10%. Table 7 shows the distribution of

percentage increases for those receiving a raise.

More respondents (79%) are expecting a salary increase in

the coming year. Table 7 breaks down the increases received in

the past year and what is expected in the coming year. As thetable shows—and as is presented graphically in Figure 2—the

raises expected for next year are more modest than the raises

received this year. While no one received a raise of at least

50% within the last year, 5% of respondents are expecting

raises in excess of 50% in the coming year.

Table 7: Raises Received and Expected

Expect aRaise in theComing Year

5%

20%

36%

11%

11%

11%

3%

2%

Received aRaise in the

Past Year

8%

21%

42%

10%

15%

5%

0%

0%

Percent Raise

At Least(%)

0

5

10

15

20

25

50

100

Less Than(%)

5

10

15

20

25

50

100

Figure 1: Compensation by Responsibility Area

35,000

30,000

25,000

20,000

15,000

10,000

5,000

—

P u b l i

c A c c o

u n t i n

g

G e n e

r a l M a n

a g e m

e n t

C o r p o r a t e

A c c o

u n t i n

g

F i n a n

c e

I n t e r

n a l A

u d i t i n

g

G e n e

r a l A c c o

u n t i n

g

T a x a

t i o n

I n f o r m a t i

o n S y s t e

m s

C o s t A c

c o u n t i n

g

B u d g

e t i n g

a n d P

l a n n i n

g

P e r s o

n n e l A c

c o u n t i n

g

R i s k M

a n a g

e m e n t

G o v e

r n m e n t A

c c o u n t i n

g

Mean Salary

Mean TotalCompensation


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Other Job-related IssuesHours Worked

The average work week for Egypt respondents is 44 hours (with a median of 45 hours), which is slightly less than theoverall average for all respondents in the global (non-U.S.) survey (45.1 hours). When asked about the change in the

hours worked in the past year, 8% of Egyptian respondents indicate a decrease in their hours worked, 61% indicate

their hours had stayed the same, and 32% indicate they were working more hours. The reasons for an increase in hours

worked vary, and there are often multiple reasons. The most common reason is taking on more responsibility/more

pressure on the job (see Figure 3).

Career vs. Personal Priorities

When asked to choose between a more

flexible work schedule with slower career

advancement and a more rigid schedulewith faster advancement, more respondents

(44%) prefer the rigid schedule with faster

advancement than the flexible schedule

(18%). This appears to indicate a general

preference for career considerations over

personal considerations.

Figure 3: Reasons for Increase in Hours Worked

Taking on more responsibility/more pressureCompany growth

Change in role

Company culture

Current nancial climate

Understafng/lack of resources

0% 20% 40% 60% 80% 100%

Figure 2: Salary Raise Percentage: (Cumulative) Last Year vs. Next Year

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

5 10 15 20 25 50 100 >100

Last Year

Next Year


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Desire for Job Change

About 70% of respondents plan to look for

another job in the short term—within the

next year (see Figure 4). This represents

a high level of dissatisfaction with their

current position. Of those planning to lookfor another job, 61% would like to work in

another country, 12% would not, and 27% are

undecided. The countries mentioned most as

desirable places to move are the United Arab

Emirates and the Kingdom of Saudi Arabia.

The reasons given for considering a job

in another country are shown in Figure 5. The

most common reasons are the desire for an improved quality of life (94%) and, not surprisingly, improved salary (83%).

Employee Benefits

Figure 6 shows the additional employee benefits that respondents receive and would like to receive in their job. The

most commonly received employee benefit is healthcare or healthcare insurance, with 71% of respondents receivingthis benefit (and another 24% desiring it). And since many report compensation beyond base salary, it’s no surprise

that 70% of respondents report they are currently receiving bonuses. Another 27% desire them.

The rest of the benefits are each available to fewer than half of the respondents, though many are identified as

desirable, including share options, company-provided tablets, contribution toward IMA dues, the ability to work from

home, and travel benefits/allowances.

Figure 4: Looking to Change Jobs?

•__________ Between 6 months

and 1 year27%

•_______More than 1 year

6%

•_______No

7%

•________Not sure

17%

Within the next3 months ____________• 9%

Immediately

20% ________________•

Between 3 and6 months14% _______________•

10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Figure 5: Reason for Considering a Move to Another Country

Improved quality of life

Improved salary

New career opportunity

Experience a different culture

Better employment opportunities

Stronger economy

Improved employment conditions

Work promotion

Take time off/travel

Internal company transfer

To learn a new language

Friends and family

0%


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Lower Average Salaries and CompensationThe average base salary and total compensation for IMA members in Egypt are much lower than the global

averages. There is a tendency, especially among men, for a substantial portion of compensation to come from

somewhere other than base salary. There is a significant gap between the total compensation reported by men and

women. The average base salary for women exceeds that of men, but average total compensation for women lags

well behind that for men. Most IMA members in Egypt received raises in the current year, with more respondents

expecting increases in the coming year.

Other important findings are that more respondents are willing to accept more rigid schedules in order to

advance their careers—pointing out a general priority toward their career vs. personal priorities.

A majority of workers look to change jobs in the next year, reflecting a desire for an improved quality of life and

better compensation. And the value of participation in the CMA program continues to be clear: On average, CMAs

in Egypt earn 149% more in salary and 414% more in total compensation than non-CMAs.

Figure 6: Benefts Currently Received or Desired

Healthcare/healthcare insurance

Bonus

Life insurance

Company car/allowance

Pension

Mobile phone

Flexible hours

Travel benets/allowance

Extra holidays

Contribution/payment of IMA dues

Share/share options

Working from home

iPad or tablet

Don’t receive but would like to

Currently receive

0% 20% 40% 60% 80% 100%


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112014 Egypt Salary Survey www imanet org/salary survey

AppendixIMA conducted a global survey of its members in April 2014 to examine compensation levels, salary trends, and

other employment-related factors. A total of 77 usable responses were received, representing about 4% of IMA’s

members in Egypt. This report examines those responses in detail.

Respondent DemographicsTable A1 contains the demographic characteristics of

the respondents from Egypt. Respondents are more

likely to be male (79%), and, while all have (at least) a

baccalaureate degree, few have an advanced degree

(6%). More than half of the respondents have the

CMA designation. The average and median age for

respondents is 38.

Table A1: Respondent Demographics (Egypt members)

79%

21%

38

38

100%

6%

58%

1%

Gender Male

Female

Age Median

Average

Degrees Baccalaureate

Advanced

DesignationCMA

CPA

egypt salary survey2015

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