Accountants survey reveals how much ACCA members are paid

An international certification association for accountants has moved to attract more interest in its programme through a study showing its members have broad career opportunities.

The Association of Chartered Certified Accountants (ACCA) released the results of an in-house survey showing that two-thirds of its members globally received a pay increase of at least six per cent last year.

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“In general, this research shows that accountancy generates financial rewards and it offers diverse career opportunities over many sectors,” said Anthony Kariuki, the ACCA country manager.

The survey showed that out of the 22,379 respondents in 23 countries , including Kenya , 63 per cent said that they received a pay rise over the prior year while 69 per cent said they were also expecting a pay increase this year.

The highest paid individuals with the qualification earn between Sh180,000 and Sh250,000 per month and hold the positions of financial managers, senior analysts, internal auditors and senior finance officers in the not-for-profit sector.

In the corporate sector and in financial services, this group earns between Sh60,000 and Sh250,000.

The least paid of ACCA’s graduates are accounts, finance and audit assistants in the public sector, who earn between Sh16,000 and Sh80,000 per month.

The survey did not compare the increase with that offered to members of other accounting certifying bodies such as the Certified Public Accountants, which is specific to Kenya.

However, it is bound to reignite debate on professional courses and the long-term benefits they offer members in terms of career prospects, including salaries and bonuses.

The survey was carried out in Kenya, Bangladesh, China, Cyprus, Ghana, Hong Kong, Ireland, Jamaica and Malawi. Others surveyed were from Malaysia, Mauritius, Nigeria, Pakistan, Romania, Russia, Singapore, Trinidad and Tobago, the United Arab Emirates, Uganda, the United Kingdom, Vietnam, Zambia and Zimbabwe.

In Kenya, the ACCA survey shows a high turnover of accountants with nearly half or 48 per cent of respondents having previously worked in a different sector and 65 per cent considering doing so in the future. The movement was more pronounced with professionals under the age of 30.

Two-thirds — or 66 per cent — of the younger professionals said they would rather have a varied career than become highly specialised.

Four in ten of the respondents said they had changed roles in the past 12 months, approximately half of these within the same organisation.
The survey showed that more than 80 per cent of the respondents in Kenya planned to rise in their current line, aimed to lead a finance team and were considering starting their own businesses.

Job market

More than three in four professionals in Kenya (77 per cent) said they wanted to work in another country at some point in order to gain additional skills and experience a new culture.

David Muturi, executive director of the Kenya Institute of Management (KIM) who is also the managing trustee of the Management University of Africa board, said that the job market in the country had become competitive and that students taking academic programmes and professional certifications would have an edge over others.

“This is definitely the way to go. After gathering the academic qualifications these (professional certifications) give you the hands on skills. They are more focused,” he said.

Apart from ACCA which is a London-based professional certification, accountants in Kenya can also take the Certified Public Accountants (CPA) examinations which are administered by the Kenya Accountants and Secretaries National Examinations Board (Kasneb).

Kasneb also offers other professional courses such as the Certified Public Secretaries and Certified Securities and Investments Analyst (CSIA).

The locally offered professional programmes, particularly those in the finance oriented professions such as CSIA are also facing stiff competition from global credentials such as the Chartered Financial Analyst (CFA) which is run by the CFA Institute from Viginia in the US. However, the qualification targeting those seeking careers in the investments sector is more expensive.

Mr Muturi said professional certifications were replacing mentorship programmes in bridging the skills gap between job market needs and university modules. More qualifications by professionals, however, do not necessarily make competent workers.

“We need to stop this reliance on just papers. From my experience I have come across people whose potential has not been tapped so where does this person begin,” said Sheila Mwihia, head of East Africa at Pedersen & Partners, a global executive recruitment firm.

She said qualifications alone translated to better pay in companies without a robust performance management system because it only encourages people to keep abreast with qualifications.