Accountants disappointed with low salary hikes

by Accountancy Age Staff

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10 May 2012

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UK ACCOUNTANTS were disappointed at the smaller than expected salary hike they received in 2011 according to research from Marks Sattin.

The financial recruitment agency found that the average accountant was expecting a wage increase of 13.5% but instead received 10.3%, although this increase is still seven times larger than the national average.

However despite the disappointing show optimism has grown in 2012 as nearly all of the 1,300 accountants surveyed, expect their pay to increase by 14.2%, raising the average salary to around £68,400 in 2013.

Most of those surveyed said the best way to enhance earning potential is to change firms, with about half (51%) of accountants expecting to take on a new role in the next 12 months.

Dave Way, managing director of Marks Sattin said: "Accountants are disappointed with the growth in their salaries this year, but in most industries a 10% increase would mean party hats and champagne. It shows how good the prospects currently are for accountants that a raise far in excess of the national average is less than had they had hoped for."

Other findings include that more accountants feel secure in their job role now (70%) compared to just 58% last year.

Who could blame them of feeling secure in the job as it seems counter offers are increasing too. More than a third of resigning accountants are being made counter-offers of an average of 15% of their salary to stay put.

In the most recent results from the Big Four KPMG and Deloitte saw profits per partner fall in 2011, while turnover increased in all the firms. KPMG reported the highest revenue growth; its sales grew 13% in 2010 - 2011. Deloitte and Ernst & Young saw turnover rises of 7% and 7.7% respectively.

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