IMA’s 2023

EUROPE SALARY SURVEY

 IMA 2023 EUROPE SALARY SURVEY REPORT

IMA’S 2023 EUROPE SALARY SURVEY

For many years, IMA has conducted a popular global compensation survey to assess a segment of the
accounting job market and to help propel its members’ careers forward. This report empowers members
to compare their salaries and total compensation, the value of education and certification, as well as
their job satisfaction levels, workplace flexibility, and more. This is the eighth time IMA has published
global survey results, making it easy to track trends and compare regions. These reports are available on
IMA’s thought leadership website at IMA’s salary survey webpage.

ABOUT THE AUTHORS

Benjamin Knoll, Ph.D., leads the Survey and Analytics Hub at the American Productivity and
Quality Center (APQC), the world’s foremost authority on benchmarking, best practices, process
and performance improvement, and knowledge management. He received his doctorate in political
science from the University of Iowa and has more than a decade of experience in survey research. He
has authored more than 30 academic journal articles, book chapters, and other publications.

Kristen Senz is a writer in the research services division at APQC, a member-based nonprofit and
world leader in organizational benchmarking, best practices, process and performance improvement,
and knowledge management. An accomplished journalist, editorial leader, content strategist, and
consultant, she has worked for 20 years in media, marketing, nonprofits, and higher education.

APQC (American Productivity & Quality Center) IMA® (Institute of Management Accountants)
helps organizations work smarter, faster, and with is one of the largest and most respected
greater confidence. It is the world’s foremost associations focused on advancing the
authority in benchmarking, best practices, management accounting profession, with
process and performance improvement, and about 140,000 members in 150 countries.
knowledge management.

For more information, For more information,

please visit www.apqc.org. please visit www.imanet.org.

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 IMA 2023 EUROPE SALARY SURVEY REPORT

EXECUTIVE SUMMARY
U
nderstanding regional compensation compensation levels that were about 89% of
trends helps members of IMA (Institute of the average among men (77% at median).
Management Accountants) make smart • Nearly 60% of survey respondents in Europe
career choices. IMA regularly conducts global salary said their salaries had increased compared
surveys to equip its members with information with before the COVID-19 pandemic, even
about work arrangements and compensation in after accounting for regular cost-of-living
the accounting and finance field, across various increases and inflation.
industries, geographies, and management levels. • Remote work is on the rise for IMA members in
This report focuses on Europe and provides Europe. Four out of five respondents reported
survey results and analysis based on data working from home at least some of the
collected from IMA 2023 Global Salary Survey time. Prior to the pandemic, only one in five
respondents in Europe. Like the global report, this reported any remote work.
regional report summarizes information related • IMA members in Europe with CMA® (Certified
to education, certification, work experience, and Management Accountant) certification
other factors, and analyzes the extent to which reported compensation levels 41% higher than
such factors drove compensation levels in 2023. those without CMAs. The salaries of those
Key findings for respondents in Europe include: with both a CMA and a CPA were, on average,
• IMA members in Europe reported an average almost double the salaries of respondents
salary of about $104,000 (median $91,000) holding neither certification.
and an average total compensation value of • In Europe, those with CMAs value their
$124,000 (median $98,000). This is significantly certification. Nearly nine out of 10 said they
higher than the global average salary of would recommend a CMA to a friend or
about $69,000 (median $46,000) and total colleague in the same line of work.
compensation of $83,000 (median $54,000) • IMA members in Europe also reported high
reported by all IMA respondents. job satisfaction. Three-quarters said they loved
• The average salary among women was about their jobs, and nearly nine out of 10 said they
88% of the average salary among men (82% at felt valued, respected, and supported by their
the median). Women reported average total organizations. •

SURVEY METHODOLOGY
In August 2023, APQC distributed the IMA Global Salary Survey in English to all IMA members,
resulting in 2,789 total responses from around the world. Standard validation checks were
applied to the survey data; for the purposes of this report, we excluded respondents who were
self-employed or employed only part time, or if they reported earning less than $100 USD
annually (for purposes of salary comparison). This left a total of 121 usable responses from
Europe. Please note that mutually exhaustive percentages reported in the tables throughout
this report may not sum to 100% due to rounding.
Please also note that these survey results are representative of IMA’s membership and are not
reflective of compensation among all accounting and finance professionals. Readers should be
careful about comparing their salaries to global, regional, or country-specific salary results, as
salaries also vary based on respondents’ demographics and employer characteristics.

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 IMA 2023 EUROPE SALARY SURVEY REPORT

Introduction from Europe, it is common to further divide the

In Europe, as in the United States and elsewhere, continent by subregions (e.g., “Western Europe,”
companies seeking highly qualified accounting and “Southern Europe,” etc.). However, of the total
finance professionals during the post-pandemic number of Europe-based responses to IMA’s 2023
period have faced increasing competition with survey, about four out of five came from countries
other firms that are vying to hire the same top traditionally grouped into the “Western Europe”
talent. As a result, many organizations have subregion. This makes subregional analyses
increased compensation and enhanced benefits to infeasible in the context of this report.
attract professionals with strong credentials. Demographic information about IMA
Particularly in Europe, as compared with IMA’s respondents in Europe is shown in Table 2.
global survey results, members with professional Respondents identifying as women accounted
certifications reported much higher salaries than for 22% of all IMA respondents in Europe. In the
those without certifications. Members based in global sample, women accounted for about 39%.
Europe also saw a more widespread move toward Nearly all European respondents were either
remote work. Millennials or members of Gen X, indicating
This report focuses on survey responses from that members in Europe are somewhat more
IMA members in Europe and provides further concentrated and homogenous in age compared
analysis of salaries and total compensation, with the global membership.
including how specific factors such as education Compared with the global survey sample,
and management level affected compensation members in Europe reported holding advanced
levels in Europe in 2023. degrees at a higher rate. Roughly four out of five
European respondents reported having earned an
advanced degree of some kind; fewer than half
TABLE 1: SURVEY RESPONSES BY COUNTRY of the respondents in the global sample reported
holding an advanced degree.
Count % of Total
In Europe, like in the global survey sample, 70%
Netherlands 38 31% of respondents reported holding a CMA and 11%
Switzerland 20 17% reported holding a CPA. Of the total, 7% reported
Germany 14 12%
holding both a CMA and CPA, while 26% reported
having neither. More European respondents were
United Kingdom 11 9%
in upper management, with 37% reporting that
Italy 7 6% they held positions in senior/top management
Spain 5 4% and 49% reporting that they were in middle
management.

The 121 responses collected from Europe

represented 19 European countries. Those
countries from which IMA received five or more “[A CMA] demonstrates
responses are displayed in Table 1. The countries
listed comprise nearly 80% of all responses from
subject-matter competence
IMA members in Europe. and perseverance.”
Other countries with at least one response
– Vice president of manufacturing in Switzerland
included Austria, Belgium, Bulgaria, Estonia,
France, Greece, Hungary, Ireland, Kosovo,
Luxembourg, Portugal, Serbia, and Slovakia.
When reporting international survey results

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 IMA 2023 EUROPE SALARY SURVEY REPORT

Compensation Trends
TABLE 2: EUROPEAN
In this report, “salary” refers to regular salary or
RESPONDENT DEMOGRAPHIC wages, not including bonuses, profit-sharing,
INFORMATION etc. “Total compensation” refers to base salary
plus bonuses, profit-sharing, and other types
of extra compensation. Neither base salary nor
Europe Global total compensation include the value of health
GENDER insurance policies or other employee benefits.
As shown in Figure 1, the average reported base
Female 22% 39%
salary for IMA members in Europe was $104,369
Male 78% 61% (median $90,661). The average total compensation
AGE COHORT value was $124,024 (median $98,298). Professionals
based in Europe received higher pay, on average,
Age 58 or older
(Baby Boomer+)
3% 7% than other IMA members. In comparison, the
global average salary was about $69,000 (median
Age 43-57
41% 25% $46,000), and average total compensation value
(Gen X)
was about $83,000 (median $54,000).
Age 27-42 Table 3 shows the average (mean) and median
52% 58%
(Millennial)
salaries and total compensation levels for the six
Age 26 or younger European countries in which IMA had at least five
4% 11%
(Gen Z) survey respondents (see Table 1).
EDUCATION Members in Switzerland reported the highest
compensation levels, with an average (mean) base
Percent who have at
98% 95% salary of $197,276 and average total compensation
least a 4-year degree
value of $241,027. Italy, in contrast, reported the
Percent who have more
79% 45% lowest levels. The average base salary there was
than a 4-year degree
$57,184, and the average total compensation value
CERTIFICATIONS was $68,876.
Certified Management
70% 71%
Accountant (CMA)

Certified Public FIGURE 1: COMPENSATION TRENDS

11% 17%
Accountant (CPA)

MANAGEMENT LEVEL

Top management 13% 12%

Senior management 24% 14%

Middle management 49% 42%

Lower management/
12% 31%
entry-level

Academic position 3% 2%

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 IMA 2023 EUROPE SALARY SURVEY REPORT

TABLE 3: SALARY AND COMPENSATION BY COUNTRY

Base Salary Total Compensation
Mean Median Mean Median
Netherlands $103,225 $95,461 $115,051 $108,495
Switzerland $197,276 $197,486 $241,027 $202,500
Germany $89,685 $79,819 $103,959 $89,200
United Kingdom $71,360 $64,939 $92,532 $72,155
Italy $57,184 $42,951 $68,876 $54,977
Spain $62,955 $65,063 $74,510 $76,795

It is important to keep in mind that these findings The difference associated with age was especially
are based on small sample sizes, so the results pronounced. Members of Gen X reported a median
should be interpreted with a great deal of caution. salary of $106,660 compared with members of Gen
The ability to draw meaningful comparisons, either Z, who reported a median salary of $22,261.
between countries or between reported averages Having earned an advanced degree tended
and readers’ own compensation, is limited by the to increase the reported averages but did not
small samples. affect median compensation levels. This suggests
The average and median base salary and total that advanced degrees amounted to increased
compensation levels are shown in Table 4. As compensation for some, but not most, respondents.
expected, those with higher levels of compensation
tended to have more experience. Likewise, those Gender and Pay
with more education, older respondents, and those The “gender pay gap” is reported here by
with higher management positions also received showing women’s salaries and total compensation
higher pay. as a percentage of men’s salaries and total

FIGURE 2: SALARY AND COMPENSATION BY GENDER

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 IMA 2023 EUROPE SALARY SURVEY REPORT

compensation. For example, if women earned

an average salary of $80,000 and men earned an
TABLE 4: SALARY AND COMPENSATION BY average salary of $100,000, the chart would show
MANAGEMENT LEVEL, AGE, EDUCATION, 80%, because women’s earnings are 80% of men’s
AND EXPERIENCE earnings. This would indicate a 20% gap between
current pay levels and levels needed to achieve
pay equity.
Base Salary Total Compensation
In this survey, women reported an average base
Mean Median Mean Median salary that was 88% that of men’s (82% at the
median) and total compensation that was 89% that
MANAGEMENT LEVEL
of men’s (77% at the median).
Top management $169,569 $143,991 $223,231 $191,988 Because of the relatively small percentage of
Senior management $109,380 $109,753 $131,660 $116,273 female respondents within the total survey sample
from Europe (22%), a more in-depth comparison
Middle management $95,034 $88,903 $107,498 $93,978
of gender pay differences is not possible. Caution
Lower management/ is recommended in drawing conclusions from the
$64,924 $56,035 $72,102 $61,276
entry-level gender pay differences in this report. The small
AGE COHORT percentage of female respondents may prohibit
meaningful comparisons.
Age 58 or older
* * * *
(Baby Boomer+)

Age 43-57
(Gen X)
$129,485 $106,660 $158,202 $108,330 “[The CMA certification] gave
Age 27-42 me a good refresher after
$84,382 $82,662 $95,280 $88,528
(Millennial) several years out of university.”
Age 26 or younger – Finance manager in manufacturing from Italy
$31,045 $22,261 $33,524 $22,849
(Gen Z)

GENDER

Female $94,637 $74,662 $112,879 $77,998

Post-COVID 19 Salary Changes
Of all the respondents in Europe, 59% reported
Male $107,165 $91,068 $127,225 $100,689
that their salaries had increased compared with
EDUCATION prior to the pandemic, even after adjusting for
Advanced degree
regular cost-of-living increases and inflation. Only
$110,708 $89,609 $133,110 $97,897 4% saw salary decreases.
(<4 year)
IMA members in top management positions in
Bachelor's degree
(4-year)
$82,571 $92,081 $93,469 $100,050 Europe were least likely to report post-pandemic
salary increases, with only 53% saying their salaries
YEARS OF EXPERIENCE
were higher in 2023. This is compared with 64% of
40 and over * * * * senior managers, 60% of middle managers, and 64%
30-39 $223,248 $155,907 $290,214 $188,155 of lower management or entry-level professionals.
With respect to age, 47% of IMA members in
20-29 $127,023 $103,355 $155,200 $111,353
Gen X reported that their salaries had increased
10-19 $101,022 $96,894 $116,367 $108,495 since before the pandemic, compared with 70% of
0-9 $67,441 $68,456 $75,119 $76,976 Millennials.
Among those who had earned CMA certification,
* Results with fewer than five respondents removed to protect confidentiality. 54% said their salaries in 2023 were higher than
they were before the pandemic. Only 1% said they
were earning less.

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 IMA 2023 EUROPE SALARY SURVEY REPORT

FIGURE 3: WORKING FROM HOME

worked remotely—a condition associated with
BEFORE AND AFTER COVID-19 higher management levels—earned, on average,
base salaries that were about 30% higher than
those of men who also rarely or never worked
from home ($149,306 for women, compared with
$115,129 for men). The same was true for total
compensation in this context. These averages were
significantly higher than the medians, however,
suggesting that a few very high earners were
pushing them up.
IMA respondents in Europe said that they
generally worked about 43 hours per week,
roughly in line with the global IMA respondent
average of 44 hours per week. Those who
reported working remotely either all or most of the
time reported an average workweek of 41 hours,
compared with 45 hours for those who rarely or
never worked from home. This makes sense given
that people in higher-level management, who
typically work longer hours, were also less likely to
work from home.

Working From Home CMA Certification and Salaries

As shown in Figure 3, IMA members in Table 5 shows both average and median
Europe experienced major shifts in their work salaries and total compensation values for
arrangements because of the pandemic. The trend IMA respondents in Europe, broken down by
toward remote work was more pronounced in certification type. (Note that “CPA only” is not
Europe than in other regions of the world. included as there were fewer than five respondents
Before the pandemic, only 6% of survey with a CPA but not a CMA; their data were
respondents in Europe said they worked from removed to protect confidentiality.)
home either all or most of the time, and 79% said IMA members with a CMA only (63% of all
they either rarely or never worked remotely. After European respondents) reported a 41% higher
the pandemic, one in three reported working average salary (34% at the median) than those
from home either all or most of the time, and only without either a CMA or CPA. Their average total
19% said they rarely or never did so. Half of all compensation value was also 41% higher (33% at
European respondents said they work remotely at the median) than that of members without either
least “some of the time.” certification.
Middle managers were most likely to work Those who reported having both a CMA and a
from home, with 40% reporting that they did so CPA (7% of all respondents) reported even higher
either all or most of the time. Lower management levels of compensation. The average salary for this
reported frequent remote work at a rate of group was $154,445, nearly double the average
25%, compared with 21% and 7% for senior salary of those with neither (55% higher at the
management and top management, respectively. median). Similarly, average total compensation
Among women, 27% reported working remotely value was 114% higher (70% at the median) for
all or most of the time, compared with 41% of those with both certifications compared with those
men. Interestingly, women who rarely or never who had neither.

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 IMA 2023 EUROPE SALARY SURVEY REPORT

TABLE 5: SALARY AND COMPENSATION BY CMA AND CPA CERTIFICATION

Neither CMA CMA+CPA
CMA only CMA premium Both CMA+CPA
nor CPA premium

Mean Median Mean Median Mean Median Mean Median Mean Median

Base salary $78,410 $69,979 $110,344 $93,644 41% 34% $154,445 $108,660 97% 55%

Total compensation $91,874 $80,128 $129,089 $106,870 41% 33% $196,980 $135,825 114% 70%

Value of a CMA
IMA members in Europe who had earned a CMA
had positive views of their certification’s value, as
seen in Figure 4. Nearly 80% said their CMA has “[The CMA] gives me more
given them confidence to perform at a high level.
confidence in discussions
About three-quarters (73%) said it improved the
career opportunities available to them, and two-
with higher-level executives,
thirds (65%) said opportunities for advancement and and my title makes them take
promotion had improved due to having a CMA. me more seriously.”
More than half said their CMA helped facilitate
– Chief accountant in government in Austria
movement across different areas of the business
(59%) and between countries (54%) if relocation
was desired. About nine in 10 (89%) said that they
would recommend a CMA to someone in the same
line of work.

FIGURE 4: VALUE OF A CMA*

* Percent who “agree” or “strongly agree”

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 IMA 2023 EUROPE SALARY SURVEY REPORT

Job Satisfaction
IMA members in Europe also reported high levels
FIGURE 5: JOB SATISFACTION
of job satisfaction, as seen in Figure 5. More than
90% said they were personally invested in their job OF IMA MEMBERS*
performance, and 86% reported feeling valued,
respected, and supported in their organizations.
More than three-quarters (77%) of respondents
in Europe said that they loved their jobs, and
two-thirds (67%) said that through their jobs they
could influence the strategic direction of their
companies.

Looking Ahead
Uncertainty and disruption show no signs of
slowing in 2024. To make strategic decisions
amidst a backdrop of constantly shifting variables,
organizations across Europe and the world must
rely on accounting and finance professionals for
timely financial information.
IMA’s survey findings, based on data from
participants based in Europe, suggest that salaries
and workplace flexibility in Europe have generally
increased since before the COVID-19 pandemic. *Percent who agree/strongly agree
These trends are likely to continue as we look to
the future.
We would like to thank the Europe-based
members who took the time to complete the 2023
salary survey. •

“[The CMA] provides me

more cognitive ammunition
in my day-to-day job.”
– Financial analyst in the Netherlands

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