Accountants’ pay rises 7% over past year

ACCOUNTANCY PAY has increased by around 7% over the past year, according to the 2013 Market Report by finance and accountancy recruiter Marks Sattin.

Salaries grew 5%, with the average growing from £60,788 in 2011/12 to £64,022 in 2012/13, while the typical bonus followed suit at £11,012 – £1,409 greater than expected.

Most accountants expected a bonus of £9,603, or 15% of their salary. Instead, most bonuses came in at 17.2% salary.

The results, based on a survey of 502 accountants conducted in November 2012, showed that not only have bonuses risen, but the proportion receiving them has too, up  to 47% from 45%.

Unsurprisingly, satisfaction with bonus levels rose to 70% in 2012/13 from 65% in 2011/12. The feel-good factor does not stop there either, with the percentage of accountants saying they are confident about their company’s economic prospects rising one point over the past year from 19% to 20%, while the proportion saying they are not confident has fallen to 23% from 27%.

Marks Sattins managing director Dave Way said the figures are a “huge boost” for accountancy.

He said: “[These results] offer proof of the resilience of accountancy as a profession. In tough financial circumstances, companies have a stronger focus on their purse strings.

“Obviously, accountants aren’t immune from the gloomy economic news, hence their understated bonus expectations, but the news is actually very good for them – these figures represent the third year in a row of solid, above inflation, pay growth.”

Related reading