Accounting & Finance | 2014 -15 Salary Guide

David Leithead 28.10.2014

View our most up-to-date Accounting & Finance Salary Guide.

Asset/Wealth Management, Hedge Funds & Private Banking

Permanent

Over the past 12 months, there has not been any significant change in basic salaries being offered by London-based Asset Management houses. This is partly due to the competitive nature of the professional pool at present, allowing clients to be more selective in their decision to hire the right individual. However, with the majority of bonuses being paid in Q1 2014, and in many cases not meeting expectations, professionals are now more determined to secure a higher basic salary when considering a move. Evidence from recent data suggests that clients are more likely to offer competitive salaries to professionals with 2-5 years PQE.

 

ANNUAL SALARY

Role: Part Qualified Newly Qualified 2-5 years PQE 5-10 years PQE Director 10+ years
Financial Accountant £30k - £40k £45k - £55k £60k - £75k £75k - £90k £100k+
Management Accountant £30k - £40k £45k - £55k £60k - £75k £75k - £90k £100k+
Financial Controller * £55k - £60k £60k - £75k £75k - £90k £100k+
Fund Accountant £30k - £40k £45k - £55k £60k - £75k £75k - £90k £100k+
Regulatory Accountant £30k - £40k £45k - £55k £60k - £75k £75k - £90k £100k+
Business / Finance Analyst £40k - £50k £50k - £60k £65k - £80k £80k - £100k £100k+

*Typically, these roles do not exist at this level

Contract/Temporary

Whilst newly qualified accountants straight from practice have been back in demand, another main area of hiring within the Asset Management sector has been for corporate accountants with sector specific experience. For example, real estate within private equity. 

Hiring managers are willing to pay an increased day rate for professionals who are immediately available, in particular those with hands-on accounting experience. There has been evidence of increased day rates across all levels but most notably at the £275-£350 mark which has roughly been between 10-20%. 

 

RATE PER DAY

Role: Part Qualified Newly Qualified 2-5 years PQE 5-10 years PQE Director 10+ years
Financial Accountant £150 - £180 £200 - £250 £300 - £350 £350 - £450 £450+
Management Accountant £200 £200 - £300 £300 - £350 £350 - £450 £450+
Financial Controller £200 £200 - £300 £300 - £350 £350 - £450 £450+
Fund Accountant £200 £250 - £300 £300 - £350 £350 - £450 £450+
Regulatory Accountant £200 £250 - £300 £300 - £350 £350 - £450 £450+
Business / Finance Analyst £200 £250 - £300 £300 - £350 £350 - £450 £450+

 

Banking | London

Permanent, Senior Finance

At the senior end of the market, salaries have remained flat compared with previous years, with one or two notable exceptions. Regulatory pressures have resulted in greater demand for experienced and technically strong individuals within valuation control/IPV functions. This is particularly relevant within exotic or structured product groups where global regulatory bodies are focusing much of their time. In order to attract and retain the best talent, global investment banks have increased base salary bandings by 10-20% to keep pace within a notoriously small talent pool. As a result, an experienced VP or director within IPV can expect to be paid more on a base salary in 2014 than in the past two years. In addition, many banks continue to implement changes within their regulatory reporting teams, particularly around capital and liquidity requirements. The senior finance community within Regulatory Reporting has always been small and those with a combination of technical and change experience will be able to demand significant pay increases for an external move. The outlook for H2 salaries remains consistent with last year, although the expected increase in available roles will force many organisations to pay more for senior level talent.

Permanent, Core Finance

Year on year, volumes have remained consistent at associate and AVP levels and changes were similar to what we witnessed at the senior end of the market regarding in-demand skill sets and salary levels. Since late 2013, we have seen an uplift in product control roles across various asset classes and an increased requirement for Cost MI/Business Partner roles across the banking community. We expect salaries to remain static through 2014, but a premium may be needed to attract top talent, in particular at AVP level.

 

ANNUAL SALARY

Role: Part Qualified Newly Qualified 2-5 years PQE 5-10 years PQE Director 10+ years
Product Control * £50k - £58k £65k - £75k £80k - £120k £120k - £200k
Valuation Control * £50k - £58k £60k - £75k £80k - £120k £120k - £200k
Financial Control * £50k - £55k £60k - £75k £75k - £110k £110k - £200k
Financial Reporting * £50k - £55k £60k - £75k £75k - £100k £100k - £200k
Management Reporting * £50k - £55k £60k - £75k £75k - £100k £100k - £200k
Regulatory Reporting * £50k - £55k £60k - £75k £80k - £120k £120k - £200k
Treasury * £50k - £55k £60k - £75k £75k - £100k £100k - £200k
Business Manager / COO * * * £80k - £120k £120k - £200k
Finance Director / CFO * * * * £120k - £200k

*Typically, these roles do not exist at this level

Contract/Temporary

The main hiring requirements during 2014 to date have been for newly qualified accountants straight from Practice, or for professionals with prior experience within banking.  Average daily rates for such skill-sets have been around £250-£350 for many business-as-usual roles in Banking and Financial Services as a whole.
 
Changes in the regulatory space have put a high demand on experienced regulatory candidates, and since it is a skill-set that isn’t easy to come by, banks understand they now have to pay higher daily rates, with the increase being around 20% higher than in the past. Another sought after skill set would be that of valuations professionals, who have previous product control experience.  Like the permanent market, a shortage of supply has resulted in an increase of daily rates for these types of profiles.  Apart from these more specialist roles, daily rates will remain fairly consistent across 2014.

 

RATE PER DAY

Role: Part Qualified Newly Qualified 2-5 years PQE 5-10 years PQE Director 10+ years
Product Controller £250 - £350 £250 - £275 £350 - £400 £400 - £450 £500 - £700
Legal Entity Controller £250 - £350 £250 - £275 £350 - £400 £400 - £450 £500 - £700
Management Accountant £250 - £350 £250 - £275 £350 - £400 £400 - £450 £500 - £700
Business Analyst £300 - £350 £275 - £300 £350 - £400 £450 - £550 £600 - £900
Financial Accountant £200 - £300 £250 - £275 £300 - £350 £400 - £450 £500 - £600
Finance Business Partner £250 - £300 £250 - £275 £300 - £350 £400 - £450 £500 - £600
Financial Planning and Analysis £250 - £300 £250 - £275 £300 - £350 £400 - £450 £500 - £600

*Newly qualified accountants in all roles are classed as qualifying straight from practice with no experience in industry.

 

Banking | Regions

Permanent

Despite an increased demand for professionals with strong technical accounting and regulatory experience, salaries have remained relatively stagnant. Although there is increased competition between the major banks and financial institutions to attract the best quality professionals, clients are keen to keep salaries well within their respective organisational bandings. Increased competition between these firms, drawing from a scarce professional pool, created more flexibility within these salary bandings through the second half of 2014.  

 

ANNUAL SALARY

Role: Part Qualified Newly Qualified 2-5 years PQE 5-10 years PQE Director 10+ years
Financial Accountant * £50k - £58k £65k - £75k £80k - £120k £120k - £200k
MI / BI Analyst * £50k - £58k £60k - £75k £80k - £120k £120k - £200k
Business Partner * £50k - £55k £60k - £75k £75k - £110k £110k - £200k
Menagement Accountant * £50k - £55k £60k - £75k £75k - £100k £100k - £200k
Project / PMO / Change Management * £50k - £55k £60k - £75k £75k - £100k £100k - £200k
Internal Audit * £50k - £55k £60k - £75k £80k - £120k £120k - £200k

Contract/Temporary

The regional Financial Services sector remains buoyant despite much of the negative press received over the last few years. Demand for professionals with strong analytical skills is increasing, while numerous opportunities remain for those professionals with strong regulatory or technical accounting experience. Contractor rates have remained relatively flat as banks look to drive forward with various simplification and cost saving initiatives. The pressure on contractor rates will remain during 2014 despite continued demand remaining steady.

 

RATE PER DAY

Role: Part Qualified Newly Qualified 2-5 years PQE 5-10 years PQE Director 10+ years
Management Accountant £150 - £180 £200 - £250 £300 - £350 £350 - £450 £450+
Business Analyst £200 £200 - £300 £300 - £350 £350 - £450 £450+
Financial Accountant £200 £200 - £300 £300 - £350 £350 - £450 £450+
Finance Business Partner £200 £250 - £300 £300 - £350 £350 - £450 £450+
Financial Planner and Analyst £200 £250 - £300 £300 - £350 £350 - £450 £450+

 

Commerce & Industry Transactional | London

Permanent and Contract/Temporary

The salary bracket has not moved significantly over the last 12 months but professionals are now looking to achieve the top end of the bracket whereas clients are still looking to pay at the bottom end. Confidence is unquestionably growing and the permanent market is where we are seeing the most growth. H2 2014 looks like it will be full of great prospects but we do not expect to see salaries and rates to increase by more than 7-8%.

 

PERMANENT
ANNUAL SALARY

Role: 0-2 years 2-5 years 5+ years
Accounts Assistant £20k - £25k £25k - £30k £30k+
Credit Control £18k - £24k £25k - £30k £30k+
Accounts Payable £18k - £24k £25k - £30k £30k+
Accounts Receivable £18k - £24k £25k - £30k £30k+
Ledger Manager £25k - £3k £30k - £40k £40k+
 

TEMPORARY
RATE PER HOUR

Role: 0-2 years 2-5 years 5+ years
Accounts Assistant £10 - £15 £15 - £18 £18 - £25
Credit Control £10 - £15 £15 - £18 £18 - £25
Accounts Payable £10 - £15 £15 - £18 £18 - £20
Accounts Receivable £10 - £15 £15 - £18 £18 - £20
Ledger Manager £15 - £20 £20 - £30 £30+

 

Commerce & Industry | London

Permanent

Salaries have remained stagnant for some time in the broader Commerce and Industry space but there are signs that they may increase as we progress through 2014. It is expected that this increase will fall in line with attracting top talent as we see professionals now gaining multiple offers and clients needing to pay at the top end of salary brackets to attract them on board. The sectors which have seen highest demand are media, technology, legal and retail.  Those at newly-qualified levels have already seen uplifts of greater than 10% in recent months.

 

SMEs
ANNUAL SALARY

Role: Part Qualified Newly Qualified 2-5 years 5-8 years 8+ years
Financial Accountant £25k - £30k £40k - £45k £45k - £50k £50k - £60k £65k+
Management Accountant £25k - £30k £40k - £45k £45k - £50k £50k - £60k £65k+
FP&A / FP&A Manager £25k - £30k £42k - £47k £47k - £55k £55k - £65k £70k+
Finance Manager * £40k - £45k £45k - £50k £50k - £55k £60k+
Financial Controller * * £50k - £55k £55k - £60k £70k+
Financial Director * * * £70k - £75k £85k+

*Typically, these roles do not exist at this level

 

LARGE CORPORATES
ANNUAL SALARY

Role: Part Qualified Newly Qualified 2-5 years 5-8 years 8+ years
Financial Accountant £30k - £35k £45k - £50k £50k - £55k £55k - £65k £65k+
Management Accountant £30k - £35k £45k - £50k £50k - £55k £55k - £65k £65k+
FP&A / FP&A Manager £30k - £35k £45k - £50k £50k - £55k £60k - £75k £75k+
Finance Manager £35k - £50k £50k - £55k £50k - £55k £60k - £65k £65k+
Financial Controller * * £55k - £60k £65k - £75k £75k+
Financial Director * * * £85k - £90k £90k+

*Typically, these roles do not exist at this level

Contract/Temporary

Hiring trends within the interim market have remained consistent over the past 12 months, with rates also remaining fairly flat over that period, similar to the permanent market. The sectors that have seen highest demand are media, technology, legal and retail. Various projects combined with M&A activity have resulted in more interim requirements. We expect that this will continue as increased positivity in the market further fuels integration of businesses. We anticipate that analytically biased roles will continue to drive the bulk of requirements from clients as businesses want increased depth of their fiscal information.

 

RATE PER DAY

Role: Part Qualified Newly Qualified 2-5 years 5-8 years 8+ years
Financial Accountant £115 - £200 £200 - £250 £280 - £400 £350 - £450 £500+
Management Accountant £115 - £200 £200 - £250 £280 - £400 £350 - £450 £500+
Financial Controller * £200 - £250 £300 - £400 £300 - £550 £500+
FP&A / FP&A Manager £115 - £200 £200 - £250 £280 - £400 £300 - £550 £500+
Business / Finance Analyst * £200 - £250 £280 - £400 £300 - £450 £500+
Financial Director * * * * £600+

*Typically, these roles do not exist at this level

 

Commerce & Industry | South West

Permanent

Salaries have remained fairly stagnant during the past few years. There is however, an expectation for this to change as companies seek to attract and retain top talent. Shortages of professionals with strong commercial and analytical experience will also likely put pressure on companies to review their salary and benefits. One expected area of growth will be the SME market, across multiple sectors, as economic confidence grows. This section of the market has suffered considerably during the recent downturn, but showed signs of recovery into H2 2014.

   

ANNUAL SALARY

Role:   Part Qualified Newly Qualified 2-5 years 5-8 years 8+ years
Financial Accountant   £25k - £35k £32k - £40k £45k - £55k £50k - £60k *
Management Accountant   £24k - £33k £30k - £40k £40k - £50k £50k - £60k *
Financial Controller   * £35k - £45k £48k - £60k £60k - £85k £70k+
FP&A / FP&A Manager   £20k - £32k £35k - £45k £45k - £55k £55k - £70k £70k+
Finance Director   * * * £65k - £90k £75k+
Internal Auditor   £20k - £30k £35k - £42k £45k - £60k £60k - £80k £80k+
Business/Finance Analyst   £20k - £32k £35k - £45k £45k - £55k * *

*Typically, these roles do not exist at this level

Contract/Temporary

The interim market has remained strong during the recent downturn, with clients preferring flexibility to commitment of long term hires.  As a result, professional contractors have been able to command healthy rates, as their skills are in demand from both corporates and SMEs.  We expect this trend to continue throughout 2014, forecasting a minor increase on pay rates as we move through the year. 

 

RATE PER DAY

Role: Part Qualified Newly Qualified 2-5 years 5-8 years 8+ years
Financial Accountant £180 £200 - £300 £300 - £350 £350 - £450 £450+
Management Accountant £200 £200 - £300 £300 - £350 £350 - £450 £450+
Financial Controller £200 £200 - £300 £300 - £350 £350 - £450 £450+
FP&A / FP&A Manager £200 £250 - £300 £300 - £350 £350 - £450 £450+
Internal Auditor £150 - £200 £200 - £275 £250 - £350 £350 - £450 £400+
Regulatory Accountant £180 £200 - £300 £300 - £350 £350 - £450 £450+
Business / Finance Analyst £200 £250 - £300 £300 - £350 £350 - £450 £450+

 

Commerce & Industry | Home Counties

Permanent

After years of stagnation, salaries within the Home Counties have responded positively to the recent return of economic growth. Most finance skill sets have seen moderate salary increases on 2013, as demand starts to outstrip supply. This is particularly true for permanent roles, where we have seen a definite upturn in job volumes over the past 12 months. However, there have been some areas of stagnation, most notably at the graduate, part qualified and newly qualified level. For these levels of roles, pay has not changed significantly since 2006. We expect this to change moving into 2015, as businesses compete to hire in a limited talent pool.

 

ANNUAL SALARY

Role: Part Qualified Newly Qualified 2-5 years 5-8 years 8+ years
Financial Accountant £25k - £35k £35k - £45k £45k - £60k £60k - £70k £70k - £120k
Management Accountant £25k - £35k £35k - £45k £45k - £55k £55k - £65k *
Financial Controller * * £50k - £75k £75k - £80k £80k
FP&A / FP&A Manager £25k - £35k £35k - £45k £45k - £55k £55k - £65k £65k - £75k
Internal Auditor £25k - £35k £35k - £50k £50k - £75k £75k - £80k £80k - £120k
Business / Finance Analyst £25k - £35k £35k - £45k £45k - £55k * *

*Typically, these roles do not exist at this level

Contract/Temporary

Whilst the permanent market is on the rise, the contracting and interim space is not necessarily following a similar pattern. Daily and hourly rates have continued to fall from their 2012 peak. This has been driven by falling demand, as businesses look to stabilise their human capital and invest in permanent resources. However, this trend is not expected to continue for much longer, as we believe the market will soon rebalance, with a healthy blend of permanent and interim workers being reached by H2 2014.

 

RATE PER DAY

Role: Part Qualified Newly Qualified 2-5 years PQE 5-10 years PQE Director 10+ years
Financial Accountant £180 - £220 £220 - £280 £250 - £350 £400+ £600+
Management Accountant £180 - £220 £220 - £280 £250 - £350 £400+ *
Financial Controller * * £350 - £450 £450 - £600 *
FP&A / FP&A Manager £250 £250 - £280 £300 - £400 £450+ £600+
Business / Finance Analyst £180 - £220 £250 - £280 £300 - £400 £450+ *

 

David Leithead's picture
Chief Operations Officer UK
dleithead@morganmckinley.co.uk