Newly-qualified accountants can expect up to a 10% increase on City starting salaries thanks to the shift towards forthcoming regulatory changes including IFRS 2005, according to recruiters Morgan McKinley.
Link: Recruiters delighted by accountant shortage
The company’s ACA Career Handbook reveals that newly-qualified accountants going into the City are once again enjoying high starting salaries, as investment banks and other institutions compete for the best talent available in the run up to the 1 January 2005 IFRS deadline.
Jason Garner, operational director at Morgan McKinley said training, experience or qualifications in IFRS is seen as a value-added skill when firms are hiring technical accountants.
‘There has been more of an onus on technical accounting and these roles generally command higher salaries. This is not a guarantee, but we have seen more senior technical accountants at director level or with 10 years experience command salaries of up to £500,000. Five years ago the same person would have been comfortable with £100,000. IFRS knowledge is definitely a very useful foundation for a well-paid career. It is no secret that six months’ experience on an IFRS project is more valuable than six months’ of straight-forward auditing.’
Richie Holliday, associate director at Morgan McKinley, added: ‘Renewed demand from the City for qualified accountants is not only being driven by the recent and projected growth in business volumes but also because financial institutions are preparing for forthcoming regulatory changes, including the shift towards IFRS, Sarbanes-Oxley compliance legislation and the ‘Turnbull guidance’ on risk management and corporate governance. Intensified demand for qualified people is inevitably moving salaries upwards.’