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2006 salary survey: benchmark your pay here
Wage hikes don't match increased workload for accountants.
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55% of respondents would not take a pay cut to work abroad, however 83% of credit controllers stated they would work on a lower income to move to the sun. Also, more than a third of finance professionals are more concerned about their pension than last year. 75% of people were worried about the impact of the pension shortfall on the UK economy.
To benchmark your salary, see the full results of the survey in our careers portal.
The big earners
The increase in accountants’ workloads and the ongoing war for talent should mean that salaries for finance professionals are increasing in line with demand. The survey found however that average salaries only rose in line with inflation and even finance directors can only expect to take home 10% more than they did last year.
In Spring 2005, the average salary of finance professionals was £44,850. One year on it has risen to £47,050 – an increase of 4.9%.
The Thames Valley, London and Scotland are the most lucrative areas for finance professionals to live, with average salaries of £53,400, £50,800 and £47,800 respectively.
The biggest pay increase within the last six months was for finance directors followed by auditors. Salaries rose most sharply in Scotland, where there was an increase of over £10,000. The lowest paid regions remained the North and the South coast.
Lifestyle
The majority of finance professionals surveyed had no overwhelming desire to work abroad with 58% electing against emigrating.
Those who did want to work abroad preferred English speaking countries such as the USA and Australia (50%). 23% would emigrate closer to home in Europe. China and the Far East did not appeal to most, with only 9% wanting to emigrate there.
The opportunity to travel was the biggest factor encouraging people to look for work overseas – the deciding factor for 60% of people. Career progression was important for 27% but more money was only important to 11% of respondents.
The survey also built a picture of the working day of finance professionals. Although balancing work and home life continues to be stressful and one of the hardest parts of the job, it appears that the pressure is self-imposed. 48% worked between 39 and 45 hours per week and 31% worked 46-55 hours per week. 44% feel guilty if they do not work longer hours. However, only 9% of people had experienced a colleague or boss complaining that they had not put in extra hours.
The survey found that the majority of accountants eat breakfast at home but only have time to eat lunch at their desk.
73% of finance directors, 61% of financial controllers and 88% of partners have no aspirations to work abroad.
Impact of the pensions debate
- Almost half of men and women wanted a pension more than any other benefit.
- 39% of the survey respondents were more concerned than a year ago by their pension prospects.
- Long term saving was important for 65% of people.
- 45% of people said that tax incentives would encourage them to save more. 33% stated that a greater contribution from their employer would encourage them to save more.
75% of people were worried about the impact of the pension shortfall on the UK economy.
Finance directors and partners showed more alarm over the state of their retirement funds than almost all those in lower status roles.
Two key comparisons to last year’s survey were:
- in 2006 69% opposed plans to extend the statutory retirement age
- in 2005 72% opposed those plans
- in 2006 57% would not work longer to ensure a bigger pension
- in 2005 45% would not work longer.
It would seem that the government still has much more to do to make the case for reform as set out by the Turner Commission.
July 2006
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