Strong pay growth for UK accountants
Total pay among a sample of more than 2,000 accountants in the UK rose 4.6% in the last year, however only around half are satisfied with their salary and two in five will be actively looking for a move elsewhere this year.
According to financial recruiter Marks Sattin the average accountant's salary went up an inflation-busting 4.3% from £64,022 to £66,795, while 53% of accountants received a bonus of 17.5% of their salary.
This brings total remuneration to £78,465 up from £75,034 – an increase of 4.6% from last year and an increase of £14,000 since 2010/11.
Around 79% of respondents said they felt secure in their role but despite this, the survey revealed just 46% of accountants said that they were satisfied with their salary and 39% were actively looking for a new role.
Dave Way, managing director at Marks Sattin, said: “Increasingly onerous regulatory pressure and demand for growth mean quality accountancy talent remains integral – a fact shown by the year on year increase in salaries. In many sectors businesses are pulling back on bonuses and focusing on the stability that salary growth brings but the fact that accountants are seeing growth in both shows the high premium companies are placing on talent retention.
“Many businesses and firms are looking to increase their accountancy headcount so we are likely to see a lot of movement in the jobs market over the next year. Expansion, career development and salary rises have returned to the fore of peoples’ minds after a few years of relative stability and consolidation,” Way said.
Around 35% of accountants surveyed said that headcount had increased in their team and 59% said business growth or expansion was the reason for this.
Finance professional pay is showing no signs of slowing down and last month it was reported salaries are expected to outpace inflation by nearly four times.