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IMA 2007 Salary Survey
Karl E. Reichardt, CMA, and David L. Schroeder
2007 was a good year for IMA members in regard to salary and compensation. The average salary for respondents to the 19th Annual Salary Survey was $101,805. This is an increase of 6.9% over last year and is the first time that the average salary exceeded $100,000. As in past years, certification is a significant factor—those who have earned a CMA or CPA have significantly higher average compensation and greater earning power throughout their career.
Making More Time For Effective Financial Analysis
Steve Spiech, CMA, CFM
Many of the tasks we put off performing because we’re pressed for time are the very activities that could add the most value to our company. In order to increase the time available to spend on analysis and consulting, financial professionals need to become more comfortable with making quicker decisions with less information. They should analyze the way they spend time to identify opportunities for improvement and change. And they need to change their behavior and employ tools that can help automate some of their more mundane tasks.
Weathering Economic Storms
While many CFOs at corporations around the world are troubled by what they foresee as a serious economic downturn, the CFOs of UPS and Qwest Communications are taking aggressive strategies with unwavering focus on long-term growth. Managers at UPS use scenario-based thinking to help identify trends and the major drivers that influence their business, constantly looking for ways to reinvent the way they do business. Qwest will continue their renewed focus on the customer and productivity by working to increase the speed of their broadband network and by investing in areas that will help the company meet future demand.
The Waterfront Complex
Gregory P. Tapis, CMA, CFM, and Jeanne Haser-Lafond, CPA
The Waterfront Complex describes the impact that longer-tenured employees can have on recent hires. The symptoms may be unintentional or subconscious, but they can have a negative effect on the company as whole. Management must be able to recognize and prevent any signs of their appearance within the organization. Symptoms include emphasis on years of service, resistance to change, and avoiding extra work. Prevention methods include mentor programs for new employees and focusing on the present rather than the past.
In gratitude: Robert W. Gunn, 1947-2008.
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