The survey reveals salary progression based on AAT membership levels, regional variations in salaries, gender pay gaps, industry-specific salaries, and the job satisfaction and security of AAT members.
The Association of Accounting Technicians (AAT) recently released its 2023 Salary Survey, providing a comprehensive overview of the current state of the accountancy market. The survey offers valuable insights into salary trends, job satisfaction, and the impact of AAT qualifications on earning potential.
The survey reveals a significant increase in salaries across all levels of AAT membership. Student salaries have risen by 14%, MAAT salaries by 35%, and licensed member salaries by a staggering 43%.
However, the survey also highlights a persistent gender pay gap. Male MAATs and FMAATs earn 9% more than their female counterparts, while female students earn 11% more than male students.
The AAT Salary Survey 2023 also sheds light on the average bonuses received by AAT members within the last year. According to the survey, 36% of AAT members received a bonus, indicating an increase from the previous year. On average, bonuses represent 3% of the overall salary for students and 4% for MAATs and FMAATs. The survey reveals a significant increase in bonuses for both students and MAATs compared to the previous year.
The AAT Salary Survey 2023 highlights regional variations in salaries among AAT members. London remains the highest paying region in the UK, offering the highest average salaries for AAT members across all membership levels. However, it is worth noting that regional salary gaps have decreased compared to the previous year.
London remains the top-paying region across all membership levels, with a 22% difference in salaries between London and the lowest paying regions, the North East and Wales. In terms of industry, AAT members working in the private sector earn the highest average salaries and receive higher bonuses.
The AAT Salary Survey 2023 showcases the progression of salaries and bonuses based on age groups. The survey reveals that, in line with previous years, average salaries and bonuses for AAT members increase as they advance in age. However, it is interesting to note that the bonus for individuals aged 55 and above is typically lower than that of the 45-54 age group.
Notably, members working in the private sector (non-accountancy practices) receive the highest average salaries. The private sector also emerges as the top-paying sector for bonuses, with a higher likelihood of receiving a bonus compared to other sectors.
The AAT Salary Survey 2023 also explores the company benefits preferred by AAT members across various industries. The survey allowed participants to select their top five preferences from a list of 15 potential benefits.
The most desired company benefit among AAT members is hybrid working, with 57% of respondents including it in their top five preferences. Private health care and flexi-time closely follow as highly desired benefits, with 56% and 52% of respondents including them in their top five preferences, respectively.
The AAT Salary Survey 2023 also analyses the average annual income of AAT Licensed Accountants, who are members that run their own practices. The survey reveals a notable increase in practice fee income for AAT Licensed Accountants who are purely self-employed and work full-time. Compared to the previous year, these accountants have experienced a 43% increase in their average annual income.
The survey also highlights that 32% of AAT Licensed Accountants have their own practice while also being employed. Of these accountants, a third spend more than 50% of their time on their practice, indicating a growing focus on entrepreneurial endeavours within the accounting profession.
The survey 2023 explores the job satisfaction and job security levels of AAT members. The survey reveals that 79% of AAT members express high levels of job satisfaction, marking an increase from previous years. Additionally, 89% of AAT members feel secure in their current job, reflecting a sense of stability within the accounting profession.
The data from the survey also underscores the value of AAT qualifications. A significant 83% of members who have completed an AAT accounting qualification agree that it has increased their earning potential. This highlights the importance of continuous professional development and the role of AAT in enhancing career prospects in the finance industry.
