morgan hunt salary survey 2015
DESCRIPTION
Finance salary guide Private, public & not for profit sector market trendsTRANSCRIPT
T: 020 7419 8900 E: [email protected] W: www.morganhunt.com/finance
Financesalary guidePrivate, public & not for profit sector market trends
CONTENT
03 Public and not for profit sector perspective
04 Charities & not for profit
04 NHS
05 Housing
06 Education & training providers
06 Government
08 Private sector perspective
09 Industry trends
10– 11 Salary analysis
ABOUT OUR SURVEY: The annual Morgan Hunt salary survey provides a comprehensive overview of the financial market recruitment trends and salary levels available. Ideal for benchmarking your teams salaries, your organisations salaries and your own.
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MESSAGE FROM THE MD
The positive changes within the market have been demonstrated across both the public and private sector finance salaries, a result of the fastest growing economic rate since 2007. This is validated by firms demonstrating an increase in confidence, an appetite for risk, new hires and growth. There is no doubt that the market is now more confident with forecasts on the rise rather than decline, providing an optimistic outlook for the cyclical recruitment market.
The public and not for profit recruitment landscape is changing. With the economy continuing to recover, the search for talent is intensifying particularly
in the charity and housing sectors. Public sector managers are beginning to show flexibility on experience due to the lack of extensive short-listed candidates. The general election will undoubtedly impact public sector recruitment over the coming year; another wave of cuts will drastically deter this wave of growth. Further austerity measures will no doubt put a dampener on the improvements we’ve seen during recovery.
However, in the private sector there is evidence of firms taking the same rigid approach to hiring used in previous years, when there was a considerable lack of talent movement. Evidence from our survey suggests that firms who recruit on the basis of qualification, competency and personality found themselves with a higher calibre of shortlisted prospects rather than recruiting solely on the basis of ‘sector experience’. If firms are more flexible, they will hire better talent.
With accountancy firms predicting financial stability and growth, evidence shows a major lift in hiring, a significant top four firm recently had over six hundred vacancies based on growth opportunities alone. Positions with the highest demand in this sector remain audit and assurance jobs, which have a small talent pool currently willing to move.
As the market improves, there is a distinct shift favouring the candidates. Multiple interviews in a variety of firms is also the norm for high calibre individuals. Candidates are demonstrating confidence in their ability to move jobs, especially when it comes to progression into new roles within competing firms; this is particularly prevalent in the professional service market, including the property and real estate sectors.
Larger corporations top priority still remains cost saving, and as a result we’ve seen an influx of shared service centres set up across the UK. This has presented more opportunities for transactional support staff with less experience, as the emphasis has been in controlling operations within the UK rather than off-shoring finance to other low cost countries.
Qualification still plays a significant role in salary differentiation with a busier part qualified (PQ) market creating candidate confidence. Interestingly the PQ market still seems to be replacement driven, rather than companies expanding their core bank of studying finance staff. The PQ market is currently experiencing the biggest skills gap to date with high-calibre experienced accountants having a multitude of options, particularly from corporate firms.
In the qualified market however we’re seeing a flood of middle-management job opportunities with more SME’s returning to the market, recruiting high level financial controllers or FD’s in order to help them capitalise on growth. An encouraging sign for the year ahead.
Our focus for 2015 will continue to be in the accountancy, legal, consulting, property, construction, retail, energy and technology markets as we can see major opportunities within these areas. Public sector areas of focus will continue to be within charities and housing along with the regulators and the NHS: all with significant increases in recruitment activity for top finance professionals.
I hope you find the remainder of this report informative in providing you with industry and recruitment insight. If you have any questions or recruitment needs don’t hesitate to get in touch.
Sue Cooper Morgan Hunt - Managing Director
The results of our latest salary survey suggest an optimistic outlook for the cyclical recruitment market.
Finance salary guide 2015 | Private, public & not for profit sector market trends
T: 020 7419 8900 E: [email protected] W: www.morganhunt.com/finance
Public sector perspective
Stuart Furneaux | Senior Manager
Stuart has over fourteen years recruitment experience within accountancy and finance and has a proven track record of recruiting at all levels, delivering bespoke recruitment solutions.
As the public and not for profit sector enters 2015, the recruitment landscape is changing. With the economy continuing to recover, the search for talent is intensifying and this will continue as organisations look to expand and hire throughout 2015 and beyond. Not only are recruiters requirements changing, candidates’ approach and confidence in the market has seen a dramatic positive shift and both look set to continue. As the job market continues to improve and with increased growth predicted, recruiters are having to look at more innovative ways of candidate attraction, remuneration and recruitment.
The recruiter in the public and not for profit sector is increasingly turning to candidates who can offer experience and skills from the commercial sector. While like for like sector experience is still in demand for niche accounting roles the need for more strategic accounting positions at all levels is now being cast outside of the sector. Whether these skills are to deal with impending new regulations, integrating finance with organisations strategic aims or offering more effective business partnering, recruiters across the commercial and public sector are now competing for the same candidates. As a result remuneration packages and softer benefits have had to become more competitive. Recruiters also have to look at their own recruitment processes - those that have been able to offer a more nimble approach are more likely to succeed.
Candidates look set to become the main
beneficiaries of this improving and variable market. The profile of the newly qualified ACA candidates remain as in demand as ever. Those with particular experience around analysis, regulations, financial controls and reporting have come to the fore and in turn these candidates are now becoming more confident in considering new opportunities. The more commercially minded candidates are those that recruiters are proactively seeking. For the public and not for profit recruiter, the challenge remains attracting candidates to the sectoral though candidates are recoginising the opportunity to develop their careers the need to for remuneration remains an issue.
The highest rate of recruitment demand has been evident in the charity and housing sectors, a result of the improved economy, diversification and an ever growing population. The search for talent is intensifying in these areas which means organisations will have to become more flexible to fulfil recruitment needs.
Overall the picture for the job market in 2015 remains a positive one, albeit different for recruiters and candidates, as expected salaries have remained stagnant, the trend being that if you want a pay rise you need to move jobs. It would appear public and not for profit sector recruiters will experience varying requirements in terms of skills and experience. Candidates will continue to benefit as the requirements fluctuate. As a result both recruiters and candidates will need to be aware of the ever changing market conditions and adapt accordingly.
T: 020 7419 8900 E: [email protected] W: www.morganhunt.com/finance
Public sector jobs
We recruit for permanent, interim and contract positions for mainstream accountancy and finance at all levels across the following sectors;
Charities and not for profit
Education
Government and regulatory bodies
Housing
NHS
Typical roles we recruit
Director of finance
Head of finance
Finance manager
Finance business partner
Service charge accountant
Capital accountant
Financial / management accountant
Internal auditor
Treasury accountant
Systems accountant
Finance analyst
Finance officer
Credit controller
3
With the economy continuing to recover, the search for talent is intensifying and this will continue as organisations look to expand and hire throughout 2015 and beyond.
18%
Charity
Education NHS
Gov
Housing
Contract jobs2014
24%
18%
22% 18%
Finance salary guide 2015 | Private, public & not for profit sector market trends
Qualified roles Annual salary (range) ) Day rate (range) nge)
Director of finance £60,000+ £300+
Head of finance/Financial controller £45,000 - £60,000 £250 - £350
Finance manager £38,000 - £45,000 £200 - £250
Management accountant/Financial accountant £38,000 - £50,000 £200 - £300
Finance business partner £45,000 - £60,000 £250 - £350
System accountant £35,000 - £60,000 £200 - £350
Internal audit manager £55,000 - £65,000 £300 - £400
Internal auditor £40,000 - £60,000 £200 - £350
Part-qualified roles Hourly rate
Assistant management accountant £28,000 - £34,000 £15 - £18
Assistant financial accountant £28,000 - £34,000 £15 - £18
Operational roles Hourly rate
Credit control and collections £24,000 - £30,000 £14 - £20
Finance officer/Accounts assistant £20,000 - £28,000 £11 - £18
Payroll £20,000 - £35,000 £12 - £20
Purchase ledger/Sales ledger clerk £18,000 - £26,000 £11 - £16
4
Charities and not for profit market trends
The charities and not for profit sector looks set to continue embracing the 2014 commercial perspective throughout 2015 which means recruiting the right talent will remain fiercely competitive.
Diversity in funding and revenue streams dominates both small and large organisations strategic direction, therefore candidates who have experience in maximising both of these are in demand.
Commercially–minded candidates with a real affinity for the organisations values are those that recruiters highly prize. In turn they are being offered opportunities to fast track their careers in exchange for their commercial outlook.
NHS market trends
With the decline of the Commissioning Support Units (CSU’s) the NHS market continues to be dominated by interim recruitment although permanent recruitment has seen a sharp increase which looks set to continue into 2015 asring-fenced money is deployed.
While niche specialist NHS skills and experience are always highly sought after, there is a growing trend to recruit from outside of the sector, especially in permanent roles.
Qualified candidates with a blend of NHS and commercial backgrounds in particular are in the highest demand especially for the CCG’s.
Salary guide | Charities Annual salary Day rate
Qualified roles Hourly rate (range) n
Director of finance (band 9+) £700 - £800
Head of finance (band 8 and above) £500 - £700
Financial planning and analysis (band 8a-c) £400 - £500
Financial accountant (band 6-7c) £250 - £300
Management accountant (band 6-7c) £250 - £300
Capital accountant (band 6-7c) £160 - £250
Finance manager (band 7c-8c) £250 - £300
Internal audit manager £300 - £400
Internal auditor £200 - £250
Part-qualified roles Hourly rate
Assistant financial accountant £13 - £20 (hourly)
Assistant management accountant £14 - £18 (hourly)
Operational roles Hourly rate
Payroll £14 - £20 (hourly)
Credit control and collections £13 - £20 (hourly)
Salary guide | NHS ANNUAL SALARY Hourly rate
Finance salary guide 2015 | Private, public & not for profit sector market trends
T: 020 7419 8900 E: [email protected] W: www.morganhunt.com/finance
Qualified roles Annual salary (range) ) Day rate (range) nge)
Director of finance £60,000+ £300+
Head of finance/Financial controller £45,000 - £60,000 £250 - £350
Finance manager £38,000 - £45,000 £200 - £250
Management accountant/Financial accountant £38,000 - £50,000 £200 - £300
Finance business partner £45,000 - £60,000 £250 - £350
System accountant £35,000 - £60,000 £200 - £350
Internal audit manager £55,000 - £65,000 £300 - £400
Internal auditor £40,000 - £60,000 £200 - £350
Part-qualified roles Hourly rate
Assistant management accountant £28,000 - £34,000 £15 - £18
Assistant financial accountant £28,000 - £34,000 £15 - £18
Operational roles Hourly rate
Credit control and collections £24,000 - £30,000 £14 - £20
Finance officer/Accounts assistant £20,000 - £28,000 £11 - £18
Payroll £20,000 - £35,000 £12 - £20
Purchase ledger/Sales ledger clerk £18,000 - £26,000 £11 - £16
Qualified roles Hourly rate (range) n
Director of finance (band 9+) £700 - £800
Head of finance (band 8 and above) £500 - £700
Financial planning and analysis (band 8a-c) £400 - £500
Financial accountant (band 6-7c) £250 - £300
Management accountant (band 6-7c) £250 - £300
Capital accountant (band 6-7c) £160 - £250
Finance manager (band 7c-8c) £250 - £300
Internal audit manager £300 - £400
Internal auditor £200 - £250
Part-qualified roles Hourly rate
Assistant financial accountant £13 - £20 (hourly)
Assistant management accountant £14 - £18 (hourly)
Operational roles Hourly rate
Payroll £14 - £20 (hourly)
Credit control and collections £13 - £20 (hourly)
5
Qualified roles Annual salary (range) ) Day rate (range) nge)
Finance director £70,000+ £350+
Head of finance £58,000 - £80,000 £300 - £400
Treasury manager £55,000 - £80,000 £300 - £400
Finance manager £40,000 - £55,000 £200 - £300
Development and capital accountant £38,000 - £55,000 £200 - £300
Internal audit manager £58,000 - £65,000 £300 - £350
Internal auditor £38,000 - £50,000 £200 - £280
Management accountant £38,000 - £55,000 £200 - £300
Financial accountant £40,000 - £55,000 £200 - £300
Part-qualified roles Hourly rate
Assistant financial accountant £26,000 - £36,000 £15 - £20
Assistant management accountant £26,000 - £36,000 £15 - £20
Operational roles Hourly rate
Service charge officer £24,000 - £35,000 £14 - £18
Credit control and collections £24,000 - £35,000 £14 - £18
Income/rent assistants £22,000 - £28,000 £12 - £15
Finance officer £20,000 - £28,000 £11 - £15
Payroll £20,000 - £30,000 £11 - £16
Housing market trends
Since the turn of the year, housing organisations have experienced an increased recruitment drive. Whether a g15 or small association, the demand for social housing continues and organisations look to support this by recruiting the right talent.
Increased competition, social reform and regulation have all combined to ensure that 2015 will continue to see high levels of recruitment. The introduction of the new financial reporting standard FRS102 for housing associations will mean recruiting more commercially-minded candidates.
This could involve bringing in a range of new financial candidates including systems accountants, consultants, implementation experts and trainers to name a few.
The majority of public sector candidates will not have experience in dealing with this reporting standard and therefore housing associations may find themselves bringing in more commercially-minded candidates at a higher rate. Organisations, both large and small are all competing for the most commercial talent as they look to adopt a more commercial outlook and structure.
The attraction of more commercial talent can be easier for those that take on a more commercial approach their operations.
Salary guide | Housing Annual salary Day rate
24%
22%
Permanent jobs2014
Public sector total jobs 2014
41% 30%
2% 15%
15%
17%18% 16%
Charity Charity
Education EducationNHS NHS
Gov Gov
Housing Housing
Finance salary guide 2015 | Private, public & not for profit sector market trends
T: 020 7419 8900 E: [email protected] W: www.morganhunt.com/finance
Qualified roles Annual salary (range) ) Day rate (range) nge)
VP finance / Finance director £70,000+ £350+
Head of finance £60,000 - £80,000 £300 - £400
Finance manager £40,000 - £55,000 £200 - £300
Finance business partner £45,000 - £58,000 £250 - £300
Management accountant £38,000 - £55,000 £200 - £300
Financial accountant £38,000 - £55,000 £200 - £300
Internal audit manager £58,000 - £65,000 £300 - £350
Internal auditor £38,000 - £48,000 £200 -£250
Part-qualified roles Hourly Rate
Assistant financial accountant £28,000 - £36,000 £15 - £20
Assistant management accountant £28,000 - £38,000 £15 - £20
Operational roles Hourly Rate
Credit control and collections £22,000 - £35,000 £12 - £20
Finance officer/Accounts assistant £22,000 - £32,000 £12 - £18
Payroll £22,000 - £30,000 £12 - £16
Qualified roles Annual salary (range) ) Day rate (range) nge)
Director of finance £80,000+ £400 +
Departmental head of finance (housing/children/adults)
£60,000 - £75,000 £350 - £400
Finance manager £42,000 - £55,000 £250 - £300
Finance business partner £50,000 - £60,000 £275 - £350
Finance systems manager £40,000 - £60,000 £200 - £300
Management accountant £38,000 - £50,000 £200 - £275
Internal audit manager £55,000 - £65,000 £300 - £400
Internal auditor £38,000 - £50,000 £200 - £275
Financial accountant £38,000 - £50,000 £200 - £275
Part-qualified roles Hourly rate
Assistant financial accountant £28,000 - £36,000 £15 - £20
Assistant management accountantt £28,000 - £38,000 £15 - £20
Operational roles Hourly rate
Payroll £22,000 - £35,000 £12 - £20
Credit control and collections £22,000 - £35,000 £12 - £20
Finance officer £22,000 - £28,000 £12 - £18
Credit control and collections £22,000 - £35,000 £12 - £20
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Education market trends
The Education sector as a whole continues to experience fluctuating recruitment trends which look set to continue.
One of the common themes when recruiting at the qualified and senior levels has been the requirement of sector experience to deal with complex and reduced funding. Available talent at this level is anever-decreasing pool as demand outstrips supply.
As universities and colleges experience further strains on their finances, this has resulted in widespread restructuring and mergers of certain support services affecting their ability to recruit.
With academies spreading out across the UK, they have looked ideally for a combination of commercial and education sector experience for their talent.
Central and local government market trends
Recruitment levels have seen a gradual increase which looks set to continue throughout the government sector set against a backdrop of reducing costs and tightening budgets.
Mid to senior level recruitment has seen the most activity across central and local government organisations where skills gaps have been created.
Attracting the most commercially-minded talent remains a challenge in an improving market where candidates are presented with more opportunities.
Salary guide | Education
Salary guide | Government
Annual salary
Annual salary
Day rate
Day rate
Finance salary guide 2015 | Private, public & not for profit sector market trends
T: 020 7419 8900 E: [email protected] W: www.morganhunt.com/finance
Qualified roles Annual salary (range) ) Day rate (range) nge)
VP finance / Finance director £70,000+ £350+
Head of finance £60,000 - £80,000 £300 - £400
Finance manager £40,000 - £55,000 £200 - £300
Finance business partner £45,000 - £58,000 £250 - £300
Management accountant £38,000 - £55,000 £200 - £300
Financial accountant £38,000 - £55,000 £200 - £300
Internal audit manager £58,000 - £65,000 £300 - £350
Internal auditor £38,000 - £48,000 £200 -£250
Part-qualified roles Hourly Rate
Assistant financial accountant £28,000 - £36,000 £15 - £20
Assistant management accountant £28,000 - £38,000 £15 - £20
Operational roles Hourly Rate
Credit control and collections £22,000 - £35,000 £12 - £20
Finance officer/Accounts assistant £22,000 - £32,000 £12 - £18
Payroll £22,000 - £30,000 £12 - £16
Qualified roles Annual salary (range) ) Day rate (range) nge)
Director of finance £80,000+ £400 +
Departmental head of finance (housing/children/adults)
£60,000 - £75,000 £350 - £400
Finance manager £42,000 - £55,000 £250 - £300
Finance business partner £50,000 - £60,000 £275 - £350
Finance systems manager £40,000 - £60,000 £200 - £300
Management accountant £38,000 - £50,000 £200 - £275
Internal audit manager £55,000 - £65,000 £300 - £400
Internal auditor £38,000 - £50,000 £200 - £275
Financial accountant £38,000 - £50,000 £200 - £275
Part-qualified roles Hourly rate
Assistant financial accountant £28,000 - £36,000 £15 - £20
Assistant management accountantt £28,000 - £38,000 £15 - £20
Operational roles Hourly rate
Payroll £22,000 - £35,000 £12 - £20
Credit control and collections £22,000 - £35,000 £12 - £20
Finance officer £22,000 - £28,000 £12 - £18
Credit control and collections £22,000 - £35,000 £12 - £20
Financesalary guide2015 | Private sector
8
Private sector perspective
Rob Anderson | Senior Manager
Rob has over seventeen years experience recruiting across accounting & finance in the private sector and has a proven track record of delivering localised expertise across the accountancy and finance markets.
It has been more than eighteen months since the IMF’s warning that the UK was playing with fire and the fiscal strategy in the UK was storing up long-term trouble. Ever since this stinging criticism, the UK economy has grown with forecasts being revised upwards. The IMF subsequently dropped their concerns on the back of several months of positive economic news and the restoring health of the UK.
This transition from recession to recovery clearly took many an expert by surprise. The sentiment of a recovery was well documented; but the reality of the accelerated and sustained recovery has been both surprising and impressive.
Where employers have had difficultly recovering, ‘post survival’ mode continues with a cautious approach when it comes to recruitment. There is however an increasing disconnect between an employer’s perception of a large, motivated talent pool of sector relevant candidates prepared to move for pay parity and the reality of a tightening labour market ensuring greater competition, choosier candidates and a widening skills gap. Expectation has to be tempered with the reality of the requirement and availability.
The focus on London and the South East as the only areas “feeling” the upturn has now spread to most areas of the UK and according to the British Chambers of Commerce (BCC), the second half of 2014 saw the UK’s GDP hit levels unseen since the first quarter of 2008.
With UK employment at near record level of 73.1%, the general feeling is about cautious optimism for sustained growth.
With the optimism however comes a gentle nod to the general fragility and caution of this welcomed recovery. National and international factors ranging from pending interest rate rises to international disputes and a potential energy crisis, is ensuring that we are not at full steam ahead just yet.
In the recruitment world there are mixed messages, winners and losers, areas of growth, areas remaining flat and opportunities for developing.
Our salary guide provides market information and guidance to where you or your organisation’s profile fits in the evolving accountancy and finance sector.
Jobs by sector
We recruit for permanent, interim and fixed term positions for finance at all levels across the following sectors;
Professiona; services including publicpractice, legal and consultancyProperty & construction Oil & gas RetailMedia & leisure
IT & telecoms
Typical job title we recruit
Financial directorFinancial controllerHead of financeSenior manager / Manager Finance managerFinancial planning & analysis (FP&A)Commercial / Business analystAudit managerAudit seniorSemi-seniorService charge accountantFinancial / Management accountantSystems accountantPart-qualified accountantAccounts assistantAccounting support (AP / AR)Credit controlPayroll
The sentiment of a recovery was well documented; but the reality of the accelerated and sustained recovery has been both surprising and impressive.
8.3%
8.3%
Interim jobs 2014
Media
Practice
IT & TelecoProp & Cons
Legal
FMCGEnergy
25%
16.7%
8.3%
8.3%
25%
5.6%
5.6%
Permanent jobs 2014
EnergyFMCGConsultancy
LegalPracticeProp & Cons
Retail
IT & TelcoMedia
19.7%
5.6%
12.7%
9.9%
7%
16.9%
16.9%
Finance salary guide 2015 | Private, public & not for profit sector market trends
T: 020 7419 8900 E: [email protected] W: www.morganhunt.com/finance
9
of headhunting of employees and keeping high-profile employees happy.
Client concerns on retaining talent given the widening skills gap have increased dramatically. Retention concerns are based on any number of reasons from: an improved jobs market, static remuneration or benefit concerns, poor work life balance, career and development opportunities. Addressing employee concerns and recognising talent and success with salary reviews and defined progression are increasingly important.
As employers generate greater numbers of vacancies, the talent pool will deplete – therefore employers need to be more aggressive when it comes to convincing job seekers, temps and contractors that the job on offer is better than competitors. Without corporate benefits, flexibility or skills development, securing new hires will prove difficult and different incentives need to be offered.
Similarly, firms looking to expand could bring on board people they haven’t needed before, big data and cloud computing specialists’ especially. To those that don’t have experience recruiting this calibre of talent or are lacking a comprehensive recruitment strategy will find themselves at a real disadvantage to competitors who do.
Massive surge in salary increases contradicts government figures
There is a contradiction of salaries across the accountancy and finance sector. Some individuals can expect significant increases, others at parity and in some instances, salary decreases.
Skills in demand
The accountancy & finance sector is one of the leading barometers of the overall labour market. It remains one of the top industries planning to increase headcount and even during the recession remained comparatively unscathed throughout the darker days.
There has been substantial evidence throughout late 2014 of clients planning on hiring both permanent and professional interims. Demand is growing within both the financial and professional services industries.
With this demand outstripping supply particularly amongst accountancy firms and consultancies, technically strong candidates with an assurance, tax, risk or compliance background will benefit from numerous opportunities due to the scarcity of their skill sets.
It has been forever thus that the academically strong, well trained newly qualified accountant will have clients salivating (especially if they seek technically biased reporting roles). Securing this calibre of talent is often led by their potential rather than depth of experience. Generation Y has grown up and has high expectations from their employers.
Other areas of demand involve in-depth IFRS, UK Gaap or data and business analysis experience supporting key stakeholders.
Hiring climate
The hiring climate is mixed. Simply put, job opportunities are on the rise and expected to increase throughout 2015. However the recruitment market has not fully recovered and where the skills offered are more generic, non-progressive and less career orientated, real wages have actually decreased. This is relevant across all sectors.
Where employers have had difficultly recovering, ‘post survival’ mode continues with a cautious approach when it comes to recruitment. There is however an increasing disconnect between an employer’s perception of a large, motivated talent pool of sector relevant candidates prepared to move for pay parity and the reality of a tightening labour market ensuring greater competition, choosier candidates and a widening skills gap. Expectation has to be tempered with the reality of the requirement and availability.
Attraction and retention
As hiring activity increases, clients should expect competition to intensify – both in terms
Our short snapshot can only provide some of our findings on current conditions.
Executive pay continues to rise and is now at a staggering 162 times greater than the average worker. Shareholder resentment bubbles but top pay awards far outstrip the norm.
Perceived talent and candidate potential ensure the greatest opportunity to significantly enhance salary. Newly or recently qualified finance professionals with strong academics and progressive career histories gained within companies with renowned training, are the most actively sought in the market and are being rewarded.
Much to the frustration of candidates who may tick the skills boxes but be in competition against an ‘industry specific’ candidate, candidates with the right skills gained within a specific industry or sector should expect a premium and are favoured by the majority of clients.
Technical competencies and more “hands on” accounting professionals are more likely to secure opportunities with salary increases.
Non-specific, middle managers or controllers / directors without demonstrable signs of progression and a mix of industries background face the biggest challenge.
Without a specialism or being too niche, options can be limiting but there are always options and methods to secure new opportunities with a salary increase.
Retention
£42 billion
costs
UKthe
a year
7.2%
6%
PracticeProp & Cons
Retail
EnergyFMCGConsultancy
Legal
IT & TelcoMedia
Private sector total jobs
2014
18.1%
4.8%
12%
10.8%
8.4%
16.9%
15.7%
Finance salary guide 2015 | Private, public & not for profit sector market trends
T: 020 7419 8900 E: [email protected] W: www.morganhunt.com/finance
Position ) D Interim rates (per day)
CFO / Group FD £150,000- £500,000+ £80,000 - £150,000+ £500 - £1500
Finance director / Div £90,000 - £135,000+ £80,000 - £120,000 £500 - £1000
Finance controller £65,000 - £100,000 £50,000 - £90,000 £350 - £650
FP&A manager £60,000 - £95,000 £55,000 - £85,000 £350 - £550
Finance manager £50,000 - £90,000 £45,00 - £70,000 £300 - £500
Group accountant £50,000 – £75,000 £45,000 - £70,000 £250 - £400
Management accountant £45,000 - £65,000 £38,000 - £55,000 £225 - £350
Financial accountant £45,000 - £60,000 £38,000 - £55,000 £225 - £350
Financial analyst £45,000 - £60,000 £40,000 - £60,000 £200 - £300
Commercial analyst £45,000 - £70,000 £40,000 - £60,000 £200 - £350
Finance business partner £50,000 - £80,000 £45,00 - £75,000 £350 - £500
Position Interim rates (per day)
Head of audit / director £70,000 - £135,000+ £60,000 £85,000 £400 - £1000+
Internal audit manager £60,000 - £82,000 £60,000 - £70,000 £350 - £700
Internal auditor £48,000 - £65,000 £42,000 - £60,000 £300 - £450
Industry sector / position ) Daily rate (range) Interim rates (per day)
Property / Real estate £50,000 - £55,000 £40,000 - £50,000 £5,000 £220 – £300
Energy £45,000 - £50,000 £40,000 - £45,000 £3,000 £220 – £325
Technology & telecoms £45,000 - £50,000 £44,000 - £48,000 £4,000 £220 – £300
Media £45,000 - £52,000 £43,000 - £48,000 £2,000 £220 – £300
Retail £42,000 - £50,000 £40,000 - £45,000 £3,000 £200 – £300
Legal & consultancy £45,000 - £50,000 £45,000 - £48,000 £0 £220 – £300
FMCG £45,000 - £50,000 £42,000 - £48,000 £3,000 £220 – £300
Financial accountant £45,000 - £60,000 £38,000 - £55,000 £38,000 - £55,000 £225 - £350
Financial analyst £45,000 - £60,000 £40,000 - £60,000 £40,000 - £60,000 £200 - £300
Commercial analyst £45,000 - £70,000 £40,000 - £60,000 £40,000 - £60,000 £200 - £350
Finance business partner £50,000 - £80,000 £45,00 - £75,000 £45,00 - £75,000 £350 - £500
10
Salary analysis
Newly qualified 2015
Qualified accountancy
Internal audit & governance
ACA’s moving into industry andCIMA/ACCA’s moving from FTSE businesses
Corporate
Corporate
SMECorporate
SME
Medium-sized
Premium*
Interim rates
*corporate finance experience
Interim rates
Interim rates
Finance salary guide 2015 | Private, public & not for profit sector market trends
T: 020 7419 8900 E: [email protected] W: www.morganhunt.com/finance
11
Position ) Daily rate (range) Interim rates (per day)
Partner £130,000 - £500,000+ £120,000+ £500 - £1500
Director £94,000 - £210,000 £72,000 - £85,000 £350 - £1000
Senior manager £65,000 - £90,000 £55,000 - £65,000 £250 - £500
Manager £50,000 - £65,000 £42.000 - £55,000 £200 - £350
Senior £40,000 - £48,000 £35,000 - £42,000 £175 - £275
Semi-senior £22,000 - £32,000 £19,000 - £30,000 To £180
Position ) Daily rate (range) Interim rates (per day)
Finance manager £40,000 - £55,000 £35,000 - £45,000 £180 – £250
Group accountant £35,000 - £45,000 £30,000 - £35,000 £175 – £225
Management accountant £38,000 - £50,000 £38,000 - £45,000 £200 – £250
Financial accountant £30,000 - £40,000 £28,000 - £35,000 £150 – £180
Financial analyst £40,000 - £55,000 £38,000 - £48,000 £200 – £250
Assistant accountant £26,000 - £32,000 £28,000 - £35,000 £120 – £160
Bookkeeper N/A £28,000 - £35,000 £120 – £160
Position Interim rates (per day)
PQ stage 1 / Operational £20,000 - £29,000 £17,000 - £28,000 £100 – £140
PQ stage 2 / Management £24,000 - £36,000 £18,000 - £32,000 £110 – £150
PQ stage 3 / Strategic £27,000 - £42,000 £24,000 - £36,000 £120 – £180
PQ stage 4 / Professional £30,000 - £45,000 £30,000 - £42,000 £130 – £200
Public practice
Part–qualified accountancy (by position) and qualified by experience
Part-qualified accountancy (by qualification stage)
Top 20
Corporate
Corporate
Small and mid-tier
SME
SME
Interim rates
Interim rates
Interim rates
Finance salary guide 2015 | Private, public & not for profit sector market trends
T: 020 7419 8900 E: [email protected] W: www.morganhunt.com/finance
Newgate St
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St. M
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Old
Bai
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Ludgate Hill
Cheapside
A40
City Thameslink
St Paul’s
St Paul’s Cathrdral
Morgan Hunt5th Floor16 Old BaileyLondonEC4M 7EG
T: 020 7419 8900E: [email protected] W: www.morganhunt.com/finance