A SHORTAGE of UK accountants means those looking to change jobs could up their salary take by £8,750, research from a financial recruiter has found.
The average current average salary for accountants in financial services is £63,590, says recruiter Marks Sattin, but the average remuneration for advertised vacancies stands at £72,340 – a 14% salary hike, or the equivalent of £8,750 per year.
At the same time the ratio of candidates to vacancies in the sector has fallen from 3:1 in 2014 to 2:1 for the first half of this year, highlighting, the survey says, the “correlation between increase in salary and the mismatch between growth of the candidate pool and demand for accountants” – a trend driven in part by the growth of the Fintech sector.
Dave Way, managing director of Marks Sattin, said: “The recovery has provided the financial services sector with a vitality it lacked during the recession, and as the market has improved our clients are focusing on long term investment in their finance teams. In 2014 we saw a real buzz around Fintech and SMEs with start-up and private equity businesses seeking innovative talent to support the initial highly explosive growth period with all its financial complexities.
“Changing jobs has always offered the opportunity for increased salary opportunities, and A-players can expect to enjoy an annual salary rise of 14% should they decide to take on a new opportunity in the current red-hot climate. The high demand means those in the jobs market are likely to receive multiple job offers and the enticement of a counter-offer from their existing employer.”
Despite a 10% increase in UK accountants since 2011, the research shows that between 2013 and 2014 the growth in the number of accountancy jobs in financial services (87%) was six times higher than the growth in potential candidates entering the jobs market.
However, almost eight out of 10 (79%) accountants said they were either very satisfied or satisfied with their current role and would only move for a 16% salary hike.
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