Good news is on the horizon for accountants and finance professionals' pay packets next year, according to recruitment consultancy Robert Half.
The firm's Salary Guide 2013 shows accountants and finance workers will see an increase in pay and demand for their profession, despite stagnation in other careers.
Auto-enrolment, a move toward global financial reporting and a demand for IFRS specialists for 2015 will see a rise in demand for finance staff, they said.
According to analysis data from the Office for National Statistics by Randstad Financial and Professional, accountants have already seen their pay rise by 7.5% since 2006.
Next year however, some salaries are set to rise by 3% or more, as the shortage of quality candidates for finance roles will see finance departments paying more for staff. Around 78% of CFOs said they found it a challenge to find strong, suitable candidates.
The research is based on thousands of yearly job searches, negotiations and placements managed by Robert Half, in addition to executive surveys.
According to the salary guide, the candidates in strongest demand are:
- those with process change management and project implementation skills
- accountants who can perform business partnering functions
- IFRS specialists and those with previous experience of converting organisations from GAAP to IFRS
- accountants with systems implementation experience
- those who can carry out financial and strategic analysis
- newly qualified accountants with five or more years experience, especially with industry experience outside of public practice more
Robert Half managing director Phil Sheridan said the findings reflected the "finance growth challenge", which are finance departments being asked to do more with less.
"Our research shows that business confidence has improved, with most CFOs saying they are more confident in their companies' growth prospects than last year. Finance professionals are benefiting from this optimism as companies look for additional insight and strategy into business process improvement, cost savings and revenue sources," he said.
Here's a breakdown of the best paid roles in accounting and finance:
Role | 2013 salary range | % rise over 2012 |
Chief financial officer/Group finance director (Large) | £75,000 - £130,000 | 1.5% |
Finance director (Large) | £69,750 - £121,500 | 1.6% |
Partner (Public Practice) | £108,000 - £430,000 | |
Salaries that will rise next year by 3% or more:
Role |
2013 salary range |
% rise over 2012 |
Financial business partner (Small business) |
£40,000 - £61,000 |
3.0% |
Compliance manager (Large company) |
£41,500 - £60,000 |
3.0% |
Newly qualified accountant (Large company) |
£34,750 - £45,000 |
3.2% |
Compliance manager (Small business) |
£41,500 - £60,000 |
3.3% |
Financial business partner (Large company) |
£40,250 - £60,500 |
3.5% |
Internal audit manager (Small business) |
£43,000 - £62,250 |
3.7% |
Credit controller (Small business) |
£17,500 - £24,000 |
3.8% |
Replies (11)
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Payrise
Have sent link to my boss.
Can keep on hoping!
Shock news
Recruitment agency claims that salaries are rising shock.
Male cow produces excrement non shock
It's more money for somebody, anyway
It certainly adds weight to their argument for increasing their fees.
Well, with all the hard work that they do in vetting candidates and recruiters we all know they're worth it.
Money for old rope, anyone?
Sigh
I can only wish
Loss
Just thinking about financial returns, assuming a sole trader (working from home or a small office) puts in the same number of hours as a partner in practice, is it reasonable to say that if they are making less than £108,000 a year they are making a net loss after allowing for a notional salary for themselves?
Even if a sole-trader works 25% less time they will need to make £81,000 to break-even.
Bob Harper
Crunchers Accountants
I would say
not Bob....you employ people to make you more profit....so by employing someone to say prepare the accounts, automatically you as the owner should (in theory) see your profit increase by the difference between what that person is issuing in fees and their salary.
Opportunity costs
@JustSoTax - a sole-trader could employ people working from home or a small office.
It's the opportunity cost I am focussing on and working out what is a reasonable notional salary for sole-traders use for their time to work out their "real profit".
Perhaps if the sole-trader would need to pay £75,000 to get someone to do everything they do.
What do you think?
Bob
and if they are
employing people then maybe £108k is not so unrealistic....? For me you only employ people in order to make more profit....if they are working on say £100k of fees then their salary would reflect that fact, but also that they have not associated risks...so they may get £40-50k, so together with other overheads you may perhaps clear £20-30k.....
7.5% in six years equates to 1.25% p/a. I will believe 3% rise in 2013 when it happens. As I type I can see a flying pig passing the window!
Fiat money
...means the true rate of inflation is probably somewhere between 5-7% pa.
Increase yeah, right...
BTW - £108K is quoted as 'best paid' - given the stress that employees can cause, it'd need to be better than that!
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