Overview
A large proportion of the working population in the GCC are expatriates and as a consequence remuneration is more complex. These expatriates are sourced from different countries with varying pay and purchasing power. Similarly, within the countries that make up the GCC there are differing costs of living and remuneration.
There are also areas such as the public sector where recruitment from other sectors is infrequent. As a consequence salaries are generally lower, as they do not have to compete externally. Furthermore, whereas external auditors were previously recruited from the Big 4, recruitment is now focused on securing internal auditors with relevant industry specific experience.
Total remuneration
As salaries across the region have been largely influenced by expatriate recruitment, salaries are invariably augmented by other benefits. The most valuable of these are accommodation and transport costs. These other benefits, when combined with base salary represent total remuneration. What constitutes total remuneration varies between countries and there are exceptions within individual countries. However, the following provides a broad outline:
Saudi Arabia, Kuwait, Bahrain, Oman and Qatar:
- Base salary
- Additional benefits - accommodation costs (normally adequate to rent), education allowance, family medical insurance, set up costs, annual flights, bonus
United Arab Emirates:
- Base salary + expense allowance = Gross salary
- Additional benefits - education allowance, family medical insurance, annual flights, bonus
The main difference is that in the UAE the expense allowance is a cash figure paid monthly mainly in lieu of accommodation costs. It is not usually adequate to cover the cost of accommodation. Base salary is normally around 60% of gross salary. This is important because where a bonus is also offered this may be paid as a percentage of base rather than gross.
Bonuses vary across industries and there is no set pattern. In general, roles in the banking sector pay bigger bonuses than in other sectors and for auditors, the bonus can be generous compared to their counterparts in say the UK or Australia. However, although we can expect bonuses to decline in 2009, even within the banking industry, there is no established percentage.
Given the current cost of living in the UAE, salaries in general offer less in terms of spending power than those in the rest of the GCC, despite the recent fall in inflation.
Salary Survey
Total remuneration varies throughout the GCC in terms of the salary, other benefits and bonuses that may be paid. For the purpose of this survey we have chosen common examples of job types and evaluated the salary range that would have to be offered to attract appropriate candidates. We have excluded bonuses. We recognise that the make up of total remuneration varies across the region and for ease of comparison we have divided salaries between what could be expected in the UAE and other GCC countries. The following can be assumed about the salaries shown in our table:
UAE - salaries shown are ‘gross’ salary and reflect the cash figure paid, inclusive of cash benefits – this will include any allowance for accommodation. In addition to this figure there would be extra benefits including education allowance, family medical insurance and annual flights.
Rest of GCC - salaries are shown as ‘base’ salary. In addition to this figure there would be extra benefits including accommodation allowance, education allowance, family medical insurance and annual flights.
| |
UAE
‘Gross Salary’ |
Rest of GCC
‘Base Salary’ |
Head of Internal Audit
Min. 10yrs PQE qualified accountant with extensive experience gained within a commercial/public sector organisation |
$200,000+
|
$145 – 155,000
|
Senior Audit Manager
Qualified accountant, multi-site audit manager with high level of experience gained within the private sector |
$140 – 170,000
|
$110 – 130,000
|
Audit Manager
At least 5yrs PQE, manager with a high level of experience across commercial organisations |
$100 – 120,000
|
$80 – 100,000
|
Senior Auditor
Newly qualified or 2/3yrs PQE, trained in Big 4 with industry experience |
$80 – 95,000
|
$65 – 80,000
|
Internal Auditor
Part qualified accountant of graduate calibre, with experience in the private sector |
$40 – 65,000
|
$35 – 55,000
|
Head of IT Audit
Qualified, min 10yrs PQE extensive senior management responsibilities and exposure |
$160,000+
|
$110 – 150,000
|
Senior Computer Auditor
CISA Qualified graduate, Big 4 trained with significant computer audit experience |
$75 – 130,000
|
$70 –100,000
|
Computer Auditor
Part qualified CISA auditor within Big 4 |
$40 – 55,000
|
$35 – 50,000
|
Head of Internal Audit
Group audit responsibility for a Middle East international bank. |
$200,000+
|
$200 – 240,000
|
Senior Audit Manager
Divisional audit responsibility for an international bank |
$150 – 190,000
|
$110 – 160,000
|
Senior Auditor
Qualified accountant with supervisory responsibilities in a retail bank |
$95 – 120,000
|
$80 - $100,000
|
Treasury Audit Manager
Managing specialist treasury audit projects in a bank |
$130 – 170,000
|
$100 – 140,000
| |
|
|
