marks sattin market insight 2013 (yorkshire)
DESCRIPTION
In Q4 of 2012 Specialist Financial Recruitment Marks Sattin conducted a survey with clients and candidates, focused on the demographics, length of tenure, working week, job security, career motivations, department changes, reward and bonus trends of finance professionals.TRANSCRIPT
Market Insight 2013Yorkshire
Accountancy, Finance & Advisory
Marks Sattin is a leading multi-divisional specialist accountancy, finance and advisory recruitment consultancy. Since our formation in 1988, Marks Sattin has established an excellent reputation for providing the full range of permanent, temporary, contract and interim professionals within the public and not-for-profit sector, commerce and industry, banking and finance and public practice.
Marks Sattin is a well-established specialist recruitment firm with over 100 recruitment consultants based in the UK and Ireland, and a further 60 consultants across our global offices.
To give an outline on the scope and size of our operations:• In 2012 we helped our clients fill more than 650 temporary placements and 850 permanent
positions • We currently work with 75 of the FTSE 100 companies• At any one time we represent over 65,000 finance, accounting and advisory professionals
throughout the UK and Ireland• We currently average over 24,000 visits to the Marks Sattin website every month• Marks Sattin are proud to work with a number of The Sunday Times Fast Track 100 and
Best Companies to Work For.
In Q4 of 2012 Marks Sattin conducted a survey with clients and candidates, focused on the demographics, length of tenure, working week, job security, career motivations, department changes, reward and bonus trends of finance professionals.
Over 2,000 accountancy, finance and advisory professionals from 20 industry sectors across the UK were surveyed.
The report is based on findings received from respondents completing the survey as well as sector specific market insight and salary ranges (annual and day rates) from our experienced consultants based at Marks Sattin’s UK offices.
Market insight and salary range data tables are provided across the following sectors and regions:
Banking and Capital Markets, Change Management, Front Office, Insurance, Investment Management, Senior Finance, Commerce and Industry, Executive, Part Qualified and Transactional, Qualified, Advisory, Audit, Management Consultancy, Taxation, North West, Thames Valley and Yorkshire.
It is important to note that this report is a useful guide, but if you need any tailored or specific advice please do contact us directly.
METHODOLOGY
CONTACT US
LONDON322 High Holborn, London, WC1V 7PB +44 20 7321 [email protected]
THAMES VALLEYDavidson House, Forbury Square, Reading, Berkshire RG1 3EU+44 118 900 [email protected]
NORTH WEST3rd Floor, Centurion House,129 Deansgate, Manchester, M2 3WR+44 161 638 [email protected]
YORKSHIREPark Row House, 19-20 Park Row, Leeds, LS1 5JF+44 113 242 [email protected]
markssattin.co.uk Marks Sattin @MarksSattin
INTRODUCTION
INTRODUCTION
Dave Way
Dave Way, Managing Director of Marks Sattin, believes in leading by example and is committed to making Marks Sattin the best financial recruitment company in the market. Having joined Marks Sattin as a graduate in 1999, Dave has worked at every level and division within the business, which gives him a deep understanding of the workings of financial recruitment. As such, he has considerable expertise in providing a bespoke service for clients and candidates alike.
[email protected] +44 20 7747 9670
DAVE WAYManaging Director
2012 proved to be a year of continued upheaval for the business community, with the eurozone crisis dragging on and the double dip recession increasing uncertainty across the markets. Despite this, the accounting and advisory community didn’t su§er in the way we’d seen in the previous downturns, with job cuts and redundancies far less frequent. However, cost management was still the order of the day, with capital expenditure, new investment and increased headcount being something of a rarity.
Some businesses, industries and geographies will always buck the trend, and there was a resurgence seen throughout the qualified commerce and industry sector in later 2012. Areas such as natural resources, digital media, advertising, online retail and property were all more bullish thanks to improved trading. Conversely, high street retailers and areas such as manufacturing su§ered significantly.
Recruitment within consultancy and public practice quietened after a busy 2011, as our clients took a cautious approach to recessionary markets. Financial services and in particular, the banking community, once more came under fire. But despite this, recruitment conditions for accountants in financial services improved as the year went on, with departments increasingly finding themselves under-resourced amid heavy regulation and change. We hope you find the results of our survey as interesting as we have. Please feel free to contact me or any of the Marks Sattin team directly to find out further details. From all the team we wish you a successful year!
In Marks Sattin’s 25th year of trading, we’re delighted to have received a record number of responses to our Market Insight 2013 survey. Over 2,000 accountancy and advisory professionals provided their feedback on key areas such as salaries, bonuses and overall business confidence – as both they and their employers see it – coming into 2013.
KEY TRENDS
Employers began to be slightly more forthcoming with pay rises for accountancy and advisory sta§ last year, with 68% of employees receiving a positive review and only 1% asked to take a pay cut.
Only 30% of permanent sta§ and 20% of contract sta§ were unhappy with their current salaries, once again showing that remuneration isn’t a key driver for leaving. This is further highlighted by the fact that a 5 to 10% uplift in basic salary would be acceptable should a move come about. 56% of respondents were happy with their benefits packages, with the most important benefits being 25 days holiday, pensions and private healthcare – all of which were deemed more important than annual bonuses. The sensitive subject of bonuses was covered in depth in our survey. 47% of respondents received a bonus, 38% were not entitled to one and 15% not awarded one. These figures aren’t necessarily surprising, as bonuses are becoming increasingly tied to company performance and a high proportion of companies have failed to deliver on targets over the course of the year.
SALARIES & BENEFITS
Of those receiving bonuses, only 44% were satisfied with what they received. 1 to 9% of salary was the most consistent amount paid out across the board (received by 41%) while 32% received 10 to 19% and a lucky 27% received over 20% of their basic salaries.
The fact that 1 to 9% of basic salary was the most common bonus payout is perhaps a sign of the increasing scrutiny of bonuses by the wider business community, although the biggest bonuses were still paid within the financial services sector. Our survey showed that across the board, accountants were far better looked after than other professionals. The average salary for accountancy and advisory professionals rose in 2013, a strong indicator of the value of finance professionals during uncertain and changing times.
Only 30% of permanent sta§ and 20%
of contract sta§ were unhappy with their current salaries
56%of respondents were happy with their
benefits
68%of respondents
received a pay increase
last year
44%of respondents were satisfied with their
bonus
56%of respondents were happy with their
benefits
68%of respondents
received a pay increase
last year
44%of respondents were satisfied with their
bonus
56%of respondents were happy with their
benefits
68%of respondents
received a pay increase
last year
44%of respondents were satisfied with their
bonus
Our survey showed that across the board, accountants were far
better looked after than other professionals
JOB SECURITY
INTRODUCTION Dave Way
Similarly to our other surveys over the past five years, the crystal ball for 2013 does not show a picture of renewed optimism, with only 20% of respondents feeling more confident about the economic prospects facing their companies compared to the last 12 months. 36% of our respondents anticipated changing roles over the next year, compared to 52% the previous year. Despite this, only 44% stated that they are currently happy within their role, perhaps showing a greater tolerance due to the current climate. Aligned with this is the clear fact that accountants find themselves far more secure in their positions than in previous years, with an overwhelming 78% feeling secure compared to 70% last year. This is clearly an encouraging statistic compared to previous surveys, where respondents expected headcount cuts as a result of the economic downturn and uncertainty. Business process/policy changes (41%) salary freezes (36%) and budget cuts (35%) are predicted for this year, showing that belt tightening and cost control are still the order of the day. Businesses are striving to ensure they maximise profits, but not to the extent of losing finance staff.
Few businesses are perceived to be taking a long term view on headcount, which is hardly surprising considering the yo-yo economy and false dawns seen over the past few years. Only 18% of respondents believed their management were planning one to two years ahead, whilst the majority (31%) thought that hiring was short term and only looking six months ahead. This lack of succession planning, which ties in with the reactive hiring we’ve experienced throughout 2012, will surely be to the detriment of some departments if not rectified in 2013. 33% of respondents actually saw an increase in the size of their teams over the past 12 months. Many businesses have clearly been as lean as possible in terms of headcount over the past few years, and whether this will come back to bite them is yet to be seen. 34% of our participants said their working hours increased over the past 12 months, with over half putting this down to an increase in responsibilities. This might suggest that a greater degree of variety and progression is coming into working life, as bosses are reluctant to add new heads or contractors to cover gaps in their departments.
78%of respondents feel secure in their
current role
70%of respondents felt secure in their
current role
2013
2012
78%of respondents feel secure in their
current role
70%of respondents felt secure in their
current role
2013
2012
33% of respondents actually saw an increase in the size of their teams over the past 12 months
KEY TRENDS
MOVEMENT
Overall, we saw a consistent movement of accounting professionals throughout 2012, with many now feeling it’s an opportune time to re-enter the job market after staying put during the worst of the global financial crisis. This is shown by the fact that 41% of our respondents were only in their first year of employment in early 2013. In line with this, the majority of hires in 2012 were replacement hires. As a result, the volume of counter-o§ers increased significantly across the board, as employers reacted to valued team members being o§ered higher salaries and rates elsewhere in the market. In 2013, this reactive element has subsided somewhat. Salaries are increasing organically, acknowledging the opportunity cost of losing the best sta§ to competition.
The motivations for moving on to greener pastures continue to be an interesting topic for our business. Throughout the downturn, we’ve seen that accountants seldom move for cash, although money does remain part of the decision to move (and very rarely do candidates ever move for less!)
The greatest drivers for moving continue to be career development, which top scored with 33%, with new challenge/interesting work in second. Higher salary was cited by just 26%, showing that our respondents on the whole put their careers before cold cash.
Recruiters continued to be the top source of finding roles (46%) with 13% coming from personal contacts. This shows the ever increasing importance of expanding your business network and keeping in good favour with previous employers. Where networking is concerned, 66% of respondents are now on LinkedIn and 59% on Facebook. Whilst neither will cover all of the bases in any given job search, this shows how much social media plays a prominent part in our respondents’ lives. 88% of respondents state that working with a recruitment agency is still a vital part of any new job search. Also of note is that 38% of candidates took only three months to find their last role, primarily as a result of the volume of roles available and being able to dedicate enough time to the job search.
RELOCATION
Never more so has relocation been a hot topic within the finance community. As a result, our non-London businesses have continued to o§er great opportunities to their local markets, benefiting from a sizable relocation of resources and highly talented candidates from the South East to the West, North East, North West and Ireland. International opportunities are also becoming more appealing, with candidates’ top motivation being a better quality of life and the second being a desire to experience a new culture. Interestingly, and despite the lucrative options being advertised overseas, only 48% said that money would be the main reason for moving, which was the fourth most important reason.
The USA was the most popular destination for a new working life (chosen by 42%) maybe as a result of its resurgent markets coming into 2013. The golden beaches of Australia appealed to 33% of our respondents, followed by the well-documented and high profile allure of Asia, with Singapore at 33% and Hong Kong at 32%.
But with talk of bonuses being capped, corporate and personal taxes being too high and our climate being as unpredictable as our economy, is now the time to spread our wings? Not according to the 29% of our respondents who wouldn’t relocate, primarily because of having settled where they are.
42%of respondents
would relocate to the USA
41%of respondents
were only in their first year of employment
88% of respondents state that working with a recruitment agency is still a vital part of any new job search.
DemographicsKEY FINDINGS
67%
33%
67% of respondents were male and 33% female
Less than 25 years 7%
26 to 30 years 23%
31 to 35 years 21%
36 to 40 years 15%
41 to 50 years 22%
More than 50 years 12%
Age
<25years
26-30 31-35 36-40 41-49 >50
RESPONDENT PROFILE
2,016
respondents took part in this year’s survey
Greater London
64%
59%South East12%
11%
North West
7%
4%
Yorkshire & Humberside
5%12% Other9%
11%
Midlands3%
3%
KEYPermanent
Contract
Work location
Gender
LinkedIn 66%
Facebook 59%
Twitter 17%
Other 7%
None 15%
Respondents could choose more than one answer
Social networks actively used by respondents
UK
CURRENT EMPLOYMENT
2-5years
6-10years
10+years
10+ 10+ years’ PQE 36%
2-5years
6-10years
10+years
10+
5 to 10 years’ PQE 18%
2-5years
6-10years
10+years
10+
2 to 5 years’ PQE 21%2-5
years
6-10years
10+years
10+
Newly qualified 9% 2-5years
6-10years
10+years
10+
Part qualified 11%
2-5years
6-10years
10+years
10+
Qualified by experience or not qualified 5%
Permanent or fixed term contract 78%
Interim or contractor 20%
Unemployed 2%
Which of the following best describes your qualification status?
How are you currently employed?
2-5years
6-10years
10+years
10+
Only 2%of respondents are unemployed
44% of respondents are satisfied in their current role
Satisfaction with current role
Permanent
Satisfied 44%
Permanent
Neither satisfied nor dissatisfied 26%
Permanent
Dissatisfied 30%
73%
73% of respondents would recommend their employer
Other
6%Public
Practice
10%
Aud
it an
d A
ssur
ance
Cor
pora
te F
inan
ce
Taxa
tion
Oth
er
Management Consultancy
11%
Unemployed
2%
Cap
ital M
arke
ts
Cha
nge
Man
agem
ent
Insu
ranc
e
Inve
stm
ent B
anki
ng
Inve
stm
ent M
anag
emen
t
Ret
ail B
anki
ng
Oth
er
Banking & Financial
Services
28%
Adv
ertis
ing,
PR
, Med
ia a
nd P
ublis
hing
Bus
ines
s S
ervi
ces
Ene
rgy
and
Nat
ural
Res
ourc
es
Eng
inee
ring
and
Man
ufac
turin
g
FMC
G a
nd P
harm
aceu
tical
s
Pro
pert
y an
d C
onst
ruct
ion
Ret
ail a
nd C
loth
ing
Tele
com
s an
d Te
chno
logy
Oth
er
Commerce & Industry
43%
Which of the following best describes the area/sector you currently work in?
SECTOR REPRESENTATION
DemographicsKEY FINDINGS
UK
Other
6%Public
Practice
10%
Aud
it an
d A
ssur
ance
Cor
pora
te F
inan
ce
Taxa
tion
Oth
er
Management Consultancy
11%
Unemployed
2%
Cap
ital M
arke
ts
Cha
nge
Man
agem
ent
Insu
ranc
e
Inve
stm
ent B
anki
ng
Inve
stm
ent M
anag
emen
t
Ret
ail B
anki
ng
Oth
er
Banking & Financial
Services
28%
Adv
ertis
ing,
PR
, Med
ia a
nd P
ublis
hing
Bus
ines
s S
ervi
ces
Ene
rgy
and
Nat
ural
Res
ourc
es
Eng
inee
ring
and
Man
ufac
turin
g
FMC
G a
nd P
harm
aceu
tical
s
Pro
pert
y an
d C
onst
ruct
ion
Ret
ail a
nd C
loth
ing
Tele
com
s an
d Te
chno
logy
Oth
er
Commerce & Industry
43%
Market Perspective
Recruitment freeze 34%
Budget cuts 35%
Profitability of business 33%
Business process/policy change 41%
Salary freeze 36%
Respondents could choose more than one answer from a choice of 14
Top 5 expectations for your business in the next 12 monthsCompared with the last 12 months, how confident do you feel about the economic prospects facing your company?
More confident 20%
As confident 52%
Less confident 28%
ECONOMIC PROSPECTS
KEY FINDINGS
64%64%
Salary freeze 20%64%
Salary reduction 3%
64%
Shorter working week 2%
64%
Redundancy 1% 64%
Other 14%
Respondents could choose more than one answer
Expectations for personal salary and job security in the next 12 months
How would you rate your current job security?
Secure 78%
Insecure 22%
JOB SECURITY
Only 20%of respondents feel
more confident about the economic prospects facing
their company compared with the last 12 months
Short term (0-6 months ahead) 31%
Medium term (6-12 months ahead) 18%
Long term (1-2 years) 18%
Non-existent 10%
Not sure 23%
What is your employer’s recruitment strategy?
Remained the same
34%
How has the number of sta� in your team changed in the past 12 months?
What is the size of your department?
Remained the same
34%
Increased 33%
Remained the same
34%
Decreased 28% Remained the same
34%
Not sure 5%
1 to 5 employees 23%
6 to 10 employees 21%
11 to 15 employees 12%
16 to 20 employees 8%
More than 20 employees 36%
61%of respondents selected business growth or expansion as the main reason for an increase in sta§
of respondents selected
headcount reductions as the main reason for a decrease in sta§
HEADCOUNT
UK
33%of respondents have seen an increase in the size of their team in the last 12 months
36% of respondents have more than 20 employees in their department
EXPERIENCE
<1years
1-2 2-3 3-5 5-10 >10
Length in current roleLength of time in the accountancy, finance or advisory profession
Less than 1 year 41%
1 to 2 years 24%
2 to 3 years 15%
3 to 5 years 12%
5 to 10 years 6%
More than 10 years 2%
0 to 3 years 9%
4 to 6 years 19%
7 to 10 years 21%
11 to 15 years 18%
16 to 20 years 9%
More than 20 years 21%
Not applicable 3%
7-10years
More than 20 years
HOURS WORKEDAverage hours worked per week
How has the number of hours changed in the last 12 months?
Increased 34%
Remained the same 53%
Decreased 13%
55%of respondents chose taking on more responsibility as the main reason for an increase in working hours
41% of respondents have been in their current role for less than a year
Career InsightKEY FINDINGS
RELOCATION
42%
USA 42% Singapore 23% South Africa 10%
Australia 33% Hong Kong 22% Malaysia 9%
Mainland Europe 28% UAE 19% China 8%
Within the UK 28% New Zealand 18% India 7%
Canada 24% Ireland 12% Other 3%
Respondents could choose more than one country from a choice of 14
USA 42% Singapore 23% South Africa 10%
Australia 33% Hong Kong 22% Malaysia 9%
Mainland Europe 28% UAE 19% China 8%
Within the UK 28% New Zealand 18% India 7%
Canada 24% Ireland 12% Other 3%
Respondents could choose more than one country from a choice of 14
Improved quality of life61%
Di§erent culture 54%
New career opportunity 52%
Better employment opportunities 49%
Improved salary48%
Respondents could choose more than one reason from a choice of nine
Top 5 reasons for respondents wanting to relocate
29% of respondents would not relocate
UK
Improved quality of life is the main reason for respondents wanting to relocate
Places respondents would consider relocating to in the next 2 years
MOVING ON
Top 5 reasons for leaving last role
How do you rate the importance of the following sources when seeking a new role?
Career development33%
New challenge/more interesting work 29%
Higher salary 26%
End of contract18%
Redundancy 16%
Respondents could choose up to three reasons
36% of respondents anticipate changing roles in the next 12 months
57%
43%
19%
9%
2%
7%
29%
20%
33%
10%
36%
22%
11%
34%
33%
18%
39%
38%39%
15%
50%
3% 3%
30%
38% of respondents took up to 3 months to find their current role
57%
43%
19%
9%
2%
7%
29%
20%
33%
10%
36%
22%
11%
34%
33%
18%
39%
38%39%
15%
50%
3% 3%
30%
KEYImportance
Vital
Very important
Quite important
Not important
Source
57%
43%
19%
9%
2%
7%
29%
20%
33%
10%
36%
22%
11%
34%
33%
18%
39%
38%39%
15%
50%
3% 3%
30%
National press
57%
43%
19%
9%
2%
7%
29%
20%
33%
10%
36%
22%
11%
34%
33%
18%
39%
38%39%
15%
50%
3% 3%
30%
Online job boards/advertising
57%
43%
19%
9%
2%
7%
29%
20%
33%
10%
36%
22%
11%
34%
33%
18%
39%
38%39%
15%
50%
3% 3%
30%
Social networking
57%
43%
19%
9%
2%
7%
29%
20%
33%
10%
36%
22%
11%
34%
33%
18%
39%
38%39%
15%
50%
3% 3%
30%
Recruitment consultancies/headhunters
57%
43%
19%
9%
2%
7%
29%
20%
33%
10%
36%
22%
11%
34%
33%
18%
39%
38%39%
15%
50%
3% 3%
30%
Trade press
57%
43%
19%
9%
2%
7%
29%
20%
33%
10%
36%
22%
11%
34%
33%
18%
39%
38%39%
15%
50%
3% 3%
30%
Word of mouth/personal referrals/internal contact
How did you find your current position?
Recruitment consultancy or headhunter 47%
Online advertising 13%
Professional network or personal contact 13%
Direct approach9%
Internal promotion5%
Print advertising 2%
Other 2%
Not currently employed9%
REMUNERATION
What was the outcome of your last pay review?
Less than 6 months ago 33%
6 to 12 months ago 35%
More than 12 months ago 12%
Not applicable 20%
Pay increase 68%
Pay remained the same 31%
Asked to take a pay cut 1%
33% of respondents perceive a 5 to 10% salary increase as acceptable if they were to move roles
Salaries & BenefitsKEY FINDINGS
68% of respondents have had a pay review in the last 12 months
Permanent
Contract
Satisfaction with current remuneration
Permanent
Satisfied 44%
Permanent
Neither satisfied nor dissatisfied 26%
Permanent
Dissatisfied 30%
Permanent
Satisfied 53%
Permanent
Neither satisfied nor dissatisfied 27%
Permanent
Dissatisfied 20%
53% of contract respondents are satisfied with their current remuneration compared with 44%
of permanent respondents
When was your last pay review?
44%
Did you receive a bonus in 2012?
Yes 47%
No, not entitled to receive one 38%
No, not awarded one 15%
44% of respondents were satisfied with their bonus
BENEFITS
BONUS
Respondents rated a selection of 20 benefits in order of importance
Benefits considered most and least important when considering a new role
25 days holiday or more
Annual bonus scheme
Good company pension
Private healthcare
Sabbatical
Mortgage relief
Season ticket loan
Daily subsidised meals
Childcare vouchers
Insurance*
56%
56% of respondents were satisfied with their benefits
34%
of respondents received the same bonus in 2012 as 2011
As a percentage of your basic salary, what was your bonus in 2012?
1 to 9% of salary 41%
10 to 19% of salary 32%
20 to 29% of salary 15%
30 to 49% of salary 5%
40 to 90% of salary 4%
More than 90% of salary 3%
1-9% of salary
UK
25 days holiday or more is the most desired benefit
*PMI/death in service/life insurance
Top 5 benefits currently received
25 days holiday or more 78%
Company pension scheme 64%
Private healthcare 54%
Annual bonus scheme 48%
Insurance (PMI/death in service/life insurance) 48%
Respondents could select all benefits that applied
1-9% of salary
0
20
40
60
80
100
Banking and Financial Services Commerce and Industry Management Consultancy Public Practice
Salaries & BenefitsKEY FINDINGS
A comparison of bonuses received across sectors*
50 to 79% of salary
More than 80% of salary
30 to 39% of salary
40 to 49% of salary
KEY1 to 9% of salary
10 to 19% of salary
20 to 29% of salary
BONUS
*Bonuses received as a percentage of salary
YOR
KS
HIR
E
Market Perspective
Budget cuts 36%
Business process/policy change 56%
Recruitment freeze 33%
Job cuts 35%
Salary freeze 40%
Respondents could choose more than one answer from a choice of 14
Top 5 expectations for your business in the next 12 monthsCompared with the last 12 months, how confident do you feel about the economic prospects facing your company?
More confident 14%
As confident 48%
Less confident 38%
ECONOMIC PROSPECTS
KEY FINDINGS
60%60%
Salary freeze 30%
60%
Redundancy 11% 60%
Salary reduction 1%
60%
Shorter working week 1%
60%
Other 7%
Respondents could choose more than one answer
Expectations for personal salary and job security in the next 12 months
How would you rate your current job security?
Secure 69%
Insecure 31%
JOB SECURITY
Only 14%of respondents feel more confident about the economic prospects facing their company compared with the last 12 months
YOR
KS
HIR
E
Short term (0-6 months ahead) 32%
Medium term (6-12 months ahead) 21%
Long term (1-2 years) 14%
Non-existent 9%
Not sure 24%
What is your employer’s recruitment strategy?
34%
How has the number of sta� in your team changed in the past 12 months?
34%
Decreased 31%
34%
Remained the same 31%
34%
Not sure 4%
58%of respondents selected business growth or expansion as the main reason for an increase in sta§
of respondents selected
headcount reductions as the main reason for a decrease in sta§
of respondents have more than
20 employees in their team
HEADCOUNT
YORKSHIRE
34%of respondents have seen an increase in the size of their team in the last 12 months
YOR
KS
HIR
E
EXPERIENCE
60%
40%
<1years
1-2 2-3 3-5 5-10 >10
Length in current roleLength of time in the accountancy, finance or advisory profession
Less than 1 year 34%
1 to 2 years 19%
2 to 3 years 9%
3 to 5 years 22%
5 to 10 years 12%
More than 10 years 4%
0 to 3 years 7%
4 to 6 years 23%
7 to 10 years 22%
11 to 15 years 18%
16 to 20 years 11%
More than 20 years 18%
Not applicable 1%
4-6years
HOURS WORKEDAverage hours worked per week
How has the number of hours changed in the last 12 months?
Increased 38%
Remained the same 50%
Decreased 12%
53%of respondents chose taking on more responsibility as the main reason for an increase in working hours
34% of respondents have been in their current role for less than a year
Career InsightKEY FINDINGS
YOR
KS
HIR
E
MOVING ONTop 5 reasons for leaving last role
Career development 32%
New challenge/more interesting work 22%
Higher salary 21%
Redundancy 19%
Better work-life balance 10%
Respondents could choose up to three reasons
RELOCATION
36%
36%
Australia 28%
36%
Within the UK 26%
36%
Canada 24%
36%
New Zealand 21%
Respondents could choose more than one country from a choice of 14
Di§erent culture 71%
Improved quality of life 65%
New career opportunity 61%
Improved salary 46%
Better employment opportunities 43%
Respondents could choose more than one reason from a choice of nine
Top 5 places respondents would consider relocating to in the next two years
Top 5 reasons for respondents wanting to relocate
44% of respondents would not relocate
Experiencing a di�erent culture is the main reason for respondents wanting to relocate
38% of respondents anticipate changing roles in the next 12 months
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REMUNERATIONWhen was your last pay review?
Less than 6 months ago 35%
6 to12 months ago 32%
More than 12 months ago 14%
Not applicable 19%
68% of respondents received a pay increase in their last pay review Perm
anent
Contract
Satisfaction with current remuneration
Permanent
Satisfied 39%
Permanent
Neither satisfied nor dissatisfied 22%
Permanent
Dissatisfied 39%
Permanent
Satisfied 64%
Permanent
Neither satisfied nor dissatisfied 29%
Permanent
Dissatisfied 7%
42% of respondents perceive a 5 to 10% salary increase as acceptable if they were to move roles
Salaries & BenefitsKEY FINDINGS
67% of respondents have had a pay review in the last 12 months
64% of contract respondents are satisfied with their current remuneration compared with 39%
of permanent respondents
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36%Did you receive a bonus in 2012?
Yes 47%
No, not entitled to receive one 33%
No, not awarded one 20%
36% of respondents were dissatisfied with their bonus
BENEFITS
BONUS
Top 5 benefits currently received
25 days holiday or more 85%
Company pension scheme 67%
Annual bonus scheme 47%
Insurance (PMI/death in service/life insurance) 44%
Private healthcare 43%
Respondents could select all benefits that applied
Respondents rated a selection of 20 benefits in order of importance
Benefits considered most and least important when considering a new role
25 days holiday or more
Company pension scheme
Annual bonus scheme
Flexible working
Leisure facilities
Childcare vouchers
Mortgage relief
Daily subsidised meals
Season ticket loan
Car or car allowance
48%
48% of respondents were satisfied with their benefits
39%
of respondents received the same bonus in 2012 and 2011
As a percentage of your basic salary, what was your bonus in 2012?
1 to 9% of salary 55%
10 to 19% of salary 31%
20 to 29% of salary 8%
30 to 39% of salary 3%
40 to 49% of salary 1%
More than 50% of salary 2%
1-9% of salary
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25 days holiday or more is the most desired benefit
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COMMERCE & INDUSTRY
The big trends of 2012Amid strong fears over the eurozone crisis and the UK’s double-dip recession, demand for accountancy and finance professionals remained resilient, with modest growth seen in the region throughout the year. This contradicted many predictions made at the start of 2012, which envisaged a major slow-down and decline in the sector due to ongoing economic fears.
Businesses realised accountancy and finance professionals were essential if they wanted to maintain revenues and continue to grow.
Businesses realised accountancy and finance
professionals were essential if they wanted to maintain
revenues and continue to grow
In 2012 the focus was on retaining and attracting the best talent and this will stay the same in 2013
Outlook for 2013Whilst the general prospect for strong economic development remains unlikely, we anticipate demand for accountancy and finance professionals to continue based on growth over the past few years, and the ongoing desire businesses have to keep progressing. This coupled with firms still focusing on cost reduction means that the role of finance will become ever more important.
In 2012 the focus was on retaining and attracting the best talent and this will stay the same in 2013. However, the big trend as a result of this will be the continued increase in counter offers. Over the last few years employers have experienced the impact of losing high quality employees and to avoid this continuing, some will be prepared to counter offer. In addition to this, organisations will be looking to further enhance their career progression and development offering to boost their employment appeal.
Reactions to uncertain market conditions Whilst the macro factors surrounding Europe, the US fiscal cliff and the uninspiring budget continue to dominate the thoughts of business leaders, there is growing acceptance of the phrase ‘the new normal’, which refers to the market that we are now accustomed to, and this is unlikely to change in the short term. This accepted plateau in the economy has enabled businesses to focus on things they can control and improve, and employers have been keen to maximise on such opportunities – developing more efficient systems and processes, as well as increasing their top line by selling more products and services to their existing client base. However, business have not had much appetite for growing through diversification or mergers and acquisitions, something that is expected to change as they look to invest cash reserves built up over the last few years.
Market Insight
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Market growthThere has been increased demand for newly qualified candidates as organisations need to recruit heads to replace more senior employees. Recruiting at this level has allowed organisations to put into place succession planning, and o§er individuals greater career progression opportunities with their company.
There has also been growth within commercial and financial planning roles due to candidates being able to demonstrate immediate time, quality and cost benefits to the business, by making their mark at the top or bottom line. With the shift towards global reporting and the move to IFRS candidates with strong compliance and reporting backgrounds, we envisage this demand to continue moving forward.
Supply and demandThe sectors that saw solid demand and growth in 2012 are financial services, retail, FMCG and manufacturing with some modest growth in healthcare and technology.
We anticipate demand to remain resilient throughout the year, whilst seeing incremental growth in some areas. This is backed up by a regional survey which found that over 75% of business leaders expect growth to remain steady or even increase, with less than 5% expecting to make redundancies.
Taking the next step in your careerGIVE YOUR CURRENT EMPLOYER A CHANCESometimes employees can be too quick to resign before exploring all options with their current employer. An increase in counter o§ers suggests businesses are not prepared to lose sta§ without a fight, so it is worth finding out what they can o§er you before you look to make your move.
KEEP UP TO SPEED ON MARKET DEVELOPMENTSKeep up-to-date on what is going on in your sector, within the general economy and the wider recruitment market. Also know your value as an employee in the current conditions so you are in a better position to secure your next role.
UTILISE SPECIALIST RECRUITMENT EXPERTS AT EVERY OPPORTUNITYThe service provided to jobseekers is ultimately free, so take advantage. Recruiters can provide you with information on the job market, companies, salaries, bonuses, as well as other related matters to help you with your next career move.
There has been increased demand for newly qualified
candidates as organisations need to recruit heads
to replace more senior employees
An increase in counter o§ers suggests employers are not prepared to lose sta§ without a fight
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Spotlight on salaries Salaries have remained fairly steady compared to the previous two to three years, especially for the majority of traditional core financial and management accounting roles. There have been some exceptions to the rule, though, with candidates attaining higher salaries than the market average.
Attracting top talentCAREER DEVELOPMENT OPPORTUNITIESCandidates looking for a new role tend to prioritise career development over salary, so it is essential you have the capacity to facilitate progression and internal success stories to back this up.
OFFER COMPETITIVE SALARIESCandidates undertake a lot of research prior to searching for a new role and are well versed on the salary they should command in the market relative to their experience. Good compensation packages will help to attract the best talent.
CREATE A BETTER WORK-LIFE BALANCE Providing a better work-life balance is proving to be a challenge for companies operating leaner structures, but a number of businesses are facilitating this for their employees and it is certainly becoming a must-have benefit for candidates.
Why candidates are making a moveLIMITED PROGRESSION INTERNALLYSome companies are keeping structures lean and are not investing in growth so internal opportunities to progress are becoming limited.
SEEKING A SALARY TO MATCH CURRENT RESPONSIBILITIESSome businesses are underpaying employees, and so naturally these professionals are keen to secure another opportunity with better remuneration.
LOOKING FOR A BETTER WORK-LIFE BALANCECompanies operating very lean finance structures are increasing their demands on individuals in various roles. This is acceptable as a short term measure, but in the long term it is giving employees a very good reason to leave.
Candidates looking for a new role tend to prioritise career development over salary, so it is essential you have the capacity to facilitate progression and internal success stories to back this up
COMMERCE & INDUSTRY Market Insight
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Qualification Salary range Hourly rate
Job title 2012 2013 2012 2013
ACA
Newly Qualified | Not Top 4 trained
£30,000-£32,000 £30,000-£33,000 £15-£16 £15-£17
Newly Qualified | Top 4 trained £34,000-£35,000 £34,000-£36,000 £18-£19 £18-£19
1-3 years’ PQE £39,000-£42,000 £38,000-£43,000 £20-£23 £20-£24
3-5 years PQE £45,000-£55,000 £45,000-£60,000 £25-£35 £25-£32
ACCA/CIMA
Newly Qualified £30,000-£32,000 £30,000-£34,000 £14-£16 £14-£16
1-3 years’ PQE £34,000-£37,000 £35,000-£37,000 £16-£18 £16-£18
3-5 years’ PQE £38,000-£40,000 £38,000-£41,000 £20-£24 £20-£24
Financial Conroller | 5-6 years’ PQE £50,000-£60,000 £50,000-£65,000 £30-£35 £30-£40
Financial Director | 8-10 years’ PQE £80,000-£100,000 £80,000-£120,000 £40-£50 £40-£60
Qualified Salary range Hourly rate
Job title 2012 2013 2012 2013
Management Accountant £28,000-£32,000 £28,000-£32,000 £16-£18 £16-18
Newly Qualified ACMA £30,000-£34,000 £30,000-£34,000 £15-£17 £15-£17
Newly Qualified CA £34,000-£35,000 £34,000-£36,000 £16-£19 £16-£19
Business Analyst £32,000-£36,000 £32,000-£37,000 £18-£22 £18-£22
Financial Analyst £32,000-£36,000 £32,000-£37,000 £18-£22 £18-£22
Finance Manager £40,000-£45,000 £40,500-£45,000 £20-£25 £20-£25
FP&A Manager £50,000-£55,000 £50,000-£60,000 £30-£35 £30-£35
Financial Controller £60,000-£70,000 £60,000-£75,000 £35-£42 £35-£45
Head of Finance £70,000-£80,000 £70,000-£80,000 £40-£56 £40-£60
Finance Director £85,000-£100,000 £80,000-£100,000 £50-£70 £50-£80
Chief Financial O¯cer £100,000-£130,000 £100,000-£150,000 £90-£120+ £90-£120+
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COMMERCE & INDUSTRY Market Insight
Part qualified Salary range Hourly rate
Job title 2012 2013 2012 2013
Graduate
Up to 12 months £16,000-£19,000 £16,000-£19,000 £9-£10 £9-£10
ACCA
Foundation Stage | 0-2 years £20,000-£22,000 £20,000-£22,000 £11-£12 £11-£12
Intermediate Stage | 2-3 years £23,000-£25,000 £23,000-£25,000 £12-£13 £12-£13
Finalist Stage | 3-4 years £26,000-£28,000 £26,000-£28,000 £13-£14 £13-£14
CIMA
Certificate Stage | 0-2 years £20,000-£23,000 £20,000-£23,000 £11-£12 £11-£12
Managerial Stage | 2-3 years £23,000-£26,000 £23,000-£26,000 £13-£14 £13-£14
Strategic/TOP CIMA | 3-4 years £27,000-£29,000 £27,000-£29,000 £14-£15 £14-£15
Salaries have remained fairly steady compared to the previous two to three years, especially for the majority of traditional core financial and management accounting roles
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EXECUTIVE
The big trends of 2012There was a rise in the number of senior candidates proactively looking for their next career move. Individuals realised they couldn’t keep waiting for the market to change and instead needed to make the change themselves to avoid being left behind their peers.
The majority of organisations have
been very risk-averse and therefore unwilling
to make any hasty business decisions
If confidence in the market increases in 2013, more finance directors will want to move, opening up the opportunities they have left behind for other professionals
Outlook for 2013Given that 2012 was the year of senior candidates pushing their careers forward, we expect to see an increase in the number of roles at finance director level, which will in turn create gaps. If confidence in the market increases in 2013, more finance directors will want to move, opening up the opportunities they have left behind for other professionals.
Over the past three to four years, a reluctance to invest and a need to reduce costs have resulted in many businesses building up reasonable cash reserves. With the market now settling we expect companies to look at new growth opportunities to invest into, creating greater demand for commercial and strategically focused senior finance professionals with relevant corporate finance experience.
Reactions to uncertain market conditions The majority of organisations have been very risk-averse and therefore unwilling to make any hasty business decisions, which has affected recruitment processes for finance director positions.
Market Insight
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Market growthIn the past few years the role of finance director has changed immensely. Individuals have had to play a more pivotal role, both commercially and strategically, and as a result there has been notable growth in the amount of commercially strategic finance directors in the market.
The expectation is that this will continue into 2013, but these desirables in a candidate will soon become essentials, as employers look to their finance directors to drive the business forward alongside the managing director.
Supply and demandThere has been increased demand for commercially focused finance professionals, as the role of finance has become much more ‘business partner’ focused. These roles are now better suited to individuals with strong communication skills, and those who are able to interact well outside of the finance team.
Taking the next step in your careerKNOW WHAT BOXES YOU NEED TO TICKThere is no point saying you want to progress in your career and not knowing what that means to you. For most candidates, becoming finance director is the goal, so map out what you need to achieve to make it there.
SPEAK TO THE RIGHT PEOPLEIt is important you speak to the right people in the market who can give you the right advice. Sometimes tough love is important, and it’s certainly imperative you are hearing what you need to hear, not what you want to hear!
STAND OUT FROM THE CROWDThere is certainly no shortage of candidates in the market. However, the quality is hard to find, so make yourself appealing to employers. An MBA or secondment outside of finance are excellent achievements to add to your CV.
There has been increased demand for commercially focused finance professionals, as the role of finance
has become much more ‘business
partner’ focused
There is certainly no shortage of candidates in the market. However, the quality is hard to find
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Spotlight on salaries As competition to secure the best talent has continued to increase, the pressure to retain talent has grown and so have the salaries on offer. Some businesses have been forced to offer ‘above market’ salaries to counter offer their employees’ prospective employers, and in many cases not surprisingly, these counter offers have been accepted.
Bonuses were paid out in 2012 but this was largely due to personal performance as opposed to company performance. Whilst bonus potential remained high at finance director level, the actual bonuses paid out were much less due to many companies falling short of their 2012 goals.
Why candidates are making a moveVery few professionals move just for a higher remuneration; they move to progress in their career. Candidates are looking for attractive roles that offer opportunities, and in most circumstances, finding the right role will provide them with the relevant remuneration package.
Candidates are also looking for new opportunities because they are feeling the pressure. Professionals who have sat tight over the past few years have realised that if they don’t move forward they won’t be able to compete with their peers.
EXECUTIVE Market Insight
Some businesses have been forced to offer ‘above market’ salaries to counter offer their employees’ prospective employers, and in many cases not surprisingly, these counter offers have been accepted
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Executive Salary range Hourly rate
Job title 2012 2013 2012 2013
Financial Controller £60,000-£70,000 £60,000-£75,000 £35-£42 £35-£45
Head of Finance £70,000-£80,000 £70,000-£80,000 £40-£56 £40-£60
Finance Director £85,000-£100,000 £80,000-£100,000 £50-£70 £50-£80
Chief Financial O¯cer £100,000-£130,000 £100,000-£150,000 £90-£120+ £90-£120+
Attracting top talentBE CLEAR ON WHAT YOU EXPECT The best candidates in the market are always looking to move forward and want to know whether their next role will help them do that. Any uncertainty from a prospective employer during the recruitment process can be very o§-putting and create a negative impression of your business.
OFFER A COMPETITIVE REMUNERATION PACKAGENo matter what is said, remuneration will always remain a key priority for the majority of candidates, so o§er an attractive salary.
INCENTIVES TO DELIVERMost candidates want to know that they will be rewarded if they achieve what is expected of them over a three to five year period. Not only is this beneficial to the employer, as it will encourage the individual to stay for a longer period of time, but it will also motivate that person to exceed expectations.
Most candidates want to know that they will be rewarded if they achieve
what is expected of them over a three to five
year period
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TEMPORARY
The big trends of 2012Where businesses were reluctant to increase permanent headcounts, they used interim professionals to fill the gaps while they decided what to do in the long term. In addition to this there was a large demand for professional interims with strong change, integration and transformation experience as a result of businesses streamlining to improve efficiency.
With the economy settling and there being greater confidence amongst senior decision makers, we expect recruitment levels to increase and activity to improve
Where businesses were reluctant to increase permanent headcounts, they used interim professionals to fill the gaps while they decided what to do in the long term
Outlook for 2013With the economy settling and there being greater confidence amongst senior decision makers, we expect recruitment levels to increase and activity to improve. Purse strings will be loosened and recruitment freezes lifted, giving businesses the flexibility to bring on new hires.
We anticipate an increased demand for more commercial and strategically focused candidates who can help businesses cut costs, as well as an increase in IFRS candidates with strong compliance and reporting backgrounds, as there is a shift towards global reporting.
Reactions to uncertain market conditions Businesses have become risk averse and rather than thinking long term, they are concentrating on short term goals and plans, opening up the potential for more interim resources until the market improves.
Market Insight
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Market growthThere has been continual growth within the change, transformation and integration sector as businesses try to streamline processes, merge business units and improve eciency. As a result of the dicult economic conditions, there has been an increased demand for interim professionals to steady business activity whilst firms decide what they want to do in the long term – a trend we expect to continue.
Supply and demandGenerally there has been greater demand for candidates to support businesses striving to improve business activity and profitability. Whilst the role of the technical accountant remains crucial, companies have been looking for more commercially minded candidates to help steer their business in a more strategic direction.
Taking the next step in your careerHAVE A PLANBe completely confident with your own career path and development plans.
GET MORE QUALIFIEDMake yourself more appealing to prospective employers with further qualifications, such as an MBA or Prince II.
DON’T PRICE YOURSELF OUT OF THE MARKETResearch what current rates are being paid against your skill set and be realistic about what you are worth.
As a result of the dicult economic conditions, there
has been an increased demand for interim
professionals to steady business activity whilst firms decide what they want to do
Whilst the role of the technical accountant remains crucial, companies have been looking for more commercially minded candidates to help steer their business in a more strategic direction
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Spotlight on salaries Day rates have remained fairly consistent with little drastic change to report. Despite the uncertainty, the demand for interim staff has remained steady and in some instances increased, which has allowed these individuals to retain their day rates. For those businesses going through periods of change and transformation, there has been a notable demand for contractors with a reflective skill set. This has proved to be business critical and in such instances, candidates have been fortunate enough to improve on their existing rates.
Attracting top talentPROVIDE CLARITY ON WHAT THE BUSINESS NEEDSGive prospective employees a clear profile of the candidate you are looking for and what will be expected of them to help meet the business needs.
ENSURE YOUR RECRUITMENT PROCESS RUNS SMOOTHLYKeep the number of interview stages to a minimum and provide regular and prompt updates to candidates on the progress of their application. Candidates will have a stronger belief in a business that sticks to its word and runs a hassle-free recruitment process.
PROVIDE OPPORTUNITIES TO DEVELOPA clear path for progression remains among candidates’ top priorities when searching for a new role, so make sure you have the capacity to do this and make sure this is clearly communicated during the recruitment process.
Why candidates are making a moveCareer progression and a desire for fresh challenge are key reasons for interim professionals wanting to move roles. Candidates are keen to impress and news travels fast, so making a name for yourself in the market is a priority. There is also the appeal of new industry exposure for seasoned interims and the opportunity to shine in front of new management during what is proving to be a very testing period in the marketplace.
A clear path for progression remains among candidates’ top priorities when searching for a new role, so make
sure you have the capacity to do this and make sure this is clearly communicated during the recruitment process
TEMPORARY Market Insight
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Executive Hourly rate
Job title 2012 2013
Financial Controller £35-£42 £35-£45
Head of Finance £40-£56 £40-£60
Finance Director £50-£70 £50-£80
Chief Financial O¯cer £90-£120+ £90/£120+
Qualified Hourly rate
Job title 2012 2013
Newly Qualified ACMA £15-£17 £15-£17
Management Accountant £16-£18 £16-18
Newly Qualified CA £16-£19 £16-£19
Business Analyst £18-£22 £18-£22
Financial Analyst £18-£22 £18-£22
Finance Manager £20-£25 £20-£25
FP&A Manager £30-£35 £30-£35
Part Qualified Hourly rate
Job title 2012 2013
Graduate
Up to 12 months £9-£10 £9-£10
ACCA
Foundation Stage | 0-2 years £11-£12 £11-£12
Intermediate Stage | 2-3 years £12-£13 £12-£13
Finalist Stage | 3-4 years £13-£14 £13-£14
CIMA
Certificate Stage | 0-2 years £11-£12 £11-£12
Managerial Stage | 2-3 years £13-£14 £13-£14
Strategic/TOP CIMA | 3-4 years £14-£15 £14-£15
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PROFESSIONAL SERVICES
The big trends of 2012Although recruitment within tax and audit was busy last year, recruitment was generally quieter than it was in 2011, most notably in restructuring.
Recruitment was stagnant across the Big 4, culminating in a high number of redundancies, especially from KPMG, which reduced its headcount by 5% during the second half of 2012. With the Big 4 not recruiting, the main bulk of the recruitment activity was generally left to the mid-tier firms like Grant Thornton.
Recruiting candidates who can bring new work to the firm either through their current portfolios or by networking, will help to increase revenue
Outlook for 2013Many firms have waited until 2013 to recruit, and as a result the need to hire has slowly become more urgent. Within tax in the Big 4, top 10 and independent firms, there will be a regular need to recruit due to the continual changes in legislation, client pressures to reduce their taxes and firms looking to add more headcount to their specialist tax teams such as expat, financial services and research and development.
Restructuring has been the slowest area in recruitment over the last two years and we expect this to continue over the rest of the year. Revenues in all the major insolvency houses have been consistently down, partly due to the ’zombie’ companies, but this is also a result of insolvency practitioners being unable to sell the assets of insolvent firms and release their fees.
Corporate finance and transaction services have seen a steady amount of recruitment over the last year and should continue to do so in 2013. In these areas the emphasis has been on recruiting experienced individuals, which has meant more activity at manager level and above. Over the last year we have seen the Big 4 and top 10 recruit at these levels. However, there has been greater activity within the boutique corporate finance houses.
Towards the end of 2012, audit recruitment became more urgent and this has continued into 2013, with the Big 4, top 10 and independent firms all recruiting in this sector. This has been a result of a large number of audit candidates making the move into industry, some of professionals relocating and a high volume of professionals being seconded to other areas of their firms.
In 2012 most firms struggled with market conditions, but now the majority of mid-tier firms have turned a corner and are looking to bolster their resources, all of which suggests positive signs for growth and profit over the year.
Predicted changes in 2013THE BIG 4 WILL RE-ENTER THE RECRUITMENT MARKETThey have generally been unable to recruit over the last year.
MORE MOVEMENT AT THE EXECUTIVE LEVELThere are currently a number of attractive opportunities available.
MORE MERGER ACTIVITY AND FURTHER CHANGES IN THE TOP 100 FIRMSThis is in the wake of the PKF and BDO merger.
Market Insight
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Reactions to uncertain market conditions Employers have been cautious when looking to bring in a new hire, so the sign o§ process has been more complicated and elongated. Many firms have waited to recruit, choosing to cover additional workload internally, and as a result the need to hire has been more urgent. A large amount of redundancies have been made and although market conditions have been uncertain, professionals who have been made redundant have generally been quickly recruited into new roles, highlighting that high-calibre individuals will always be snapped up.
Many firms that struggled during 2012 lost senior members of their team, but a number of these individuals have since gone on to start up new firms of their own. Their aim has been to provide a more cost e§ective service to clients whilst maintaining a high quality level of work. This has resulted in numerous niche accountancy practices being set up throughout Yorkshire and these firms are now recruiting to service work won in 2012.
Skills in demand
Tax candidates, at all levels from trainee to partner, have been in high demand. This will continue throughout 2013 as the tax area continues to grow, especially with the many changes in legislation that have created greater demand on accountancy firms to provide both corporate and personal tax advice to their clients.
Supply and demandActivity has been light in restructuring and consultancy, whilst tax has been very busy. In general though, activity has been minimal in a lot of areas, with redundancies happening in the majority of the Big 4. Most recruitment that did happen was with the independent and mid-tier firms.
Taking the next step in your careerTHINK ABOUT YOUR LONG TERM PLANIn the current climate every career move you make needs to add another element to your CV and give you experience in a new area. For example, if you want to become a partner in the long term, you need to think seriously about a role which gives you exposure to business development.
THINK ABOUT THE ORGANISATION YOU ARE JOININGCarefully consider whether this business will give you the progression you need, determine if it will be a good cultural fit for you and ask yourself if the role is going to challenge you. If the organisation doesn’t fulfil all these criteria, you should reconsider whether this opportunity is right for you.
MOVE UPWARDSMake sure the role is an upward step rather than a sideward move.
Tax candidates, at all levels from trainee to partner, have been in high demand
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Spotlight on salaries Salaries and bonuses have remained fairly consistent over the last few years, except within tax, where jobs have seen a slight increase of 5%. Tax professionals have been in great demand across the Yorkshire region, with high quality candidates being able to negotiate their base salaries as a result of multiple offers. In the corporate finance market there have been numerous occasions where candidates have left the Big 4 and top 10 firms for smaller boutique firms in search of more lucrative bonuses. Although base salaries in the smaller firms may not be as appealing, the opportunity for larger bonuses is much greater.
Attracting top talentOFFER LONG TERM STRUCTUREJob offers cannot be based purely on salary anymore as candidates need a challenge and a chance to progress, so offer a role full of opportunities and longevity.
HAVE A USPSell the role as a unique opportunity that the candidate will not find at another firm.
INSTILL A GOOD TEAM CULTURECreate a good company culture that candidates will talk about and make them want to work for you.
Why candidates are making a moveBusinesses remain cautious about hiring and as a result, departments are feeling the strain of being understaffed and individuals are feeling the stress of being overworked. In these environments, people typically seek new opportunities for greater job satisfaction and also because they feel underappreciated for the work they do.
This sense of caution is also causing a freeze on pay and promotions, providing another reason for candidates to look for another role.
Redundancies are also still happening and therefore giving individuals no option but to look elsewhere.
Job offers cannot be based purely on salary anymore as candidates need a challenge and a chance to progress,
so offer a role full of opportunities and longevity
PROFESSIONAL SERVICES Market Insight
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Qualified | By type Big 4 salary range Mid-tier salary range
Job title 2012 2013 2012 2013
1st Year Trainee £25,000-£30,000 £25,000-£30,000 £22,000-£28,000 £22,000-£28,000
Finalist | 2+ years £28,000-£30,000 £28,000-£30,000 £25,000-£28,000 £25,000-£28,000
Newly Qualified £32,000-£39,000 £32,000-£39,000 £32,000-£36,000 £32,000-£36,000
Manager £42,000-£45,000 £42,000-£45,000 £42,000-£45,000 £42,000-£45,000
Senior Manager £62,000-£80,000 £62,000-£80,000 £58,000-£75,000 £58,000-£75,000
Director £75,000-£85,000 £75,000-£85,000 £65,000-£80,000 £65,000-£80,000
ACA/CTA Partner £140,000-£300,000 £140,000-£300,000 £80,000-£180,000 £80,000-£180,000
Audit/Accounts Big 4 salary range Mid-tier salary range
Job title 2012 2013 2012 2013
Trainee | 2-3 years £25,000-£30,000 £25,000-£30,000 £22,000-£28,000 £22,000-£28,000
Finalist £28,000-£30,000 £28,000-£30,000 £25,000-£28,000 £25,000-£28,000
Newly Qualified £32,000-£39,000 £32,000-£39,000 £32,000-£36,000 £32,000-£36,000
Manager £42,000-£45,000 £42,000-£48,000 £42,000-£45,000 £42,000-£45,000
Senior Manager £62,000-£80,000 £60,000-£80,000 £58,000-£75,000 £58,000-£75,000
Director £75,000-£85,000 £75,000-£85,000 £65,000-£80,000 £65,000-£80,000
Partner £140,000-£300,000 £140,000-£300,000 £80,000-£180,000 £80,000-£180,000
Recovery/Insolvency Big 4 salary range Mid-tier salary range
Job title 2012 2013 2012 2013
Junior Administrator £20,000-£27,000 £20,000-£27,000 £18,000-£24,000 £18,000-£24,000
Senior Administrator £33,000-£43,000 £33,000-£43,000 £33,000-£42,000 £33,000-£42,000
Assistant Manager £42,000-£50,000 £42,000-£50,000 £38,000-£45,000 £38,000-£45,000
Manager £50,000-£78,000 £50,000-£78,000 £45,000-£60,000 £45,000-£60,000
Senior Manager £70,000-£100,000 £70,000-£100,000 £60,000-£90,000 £60,000-£90,000
Director £80,000-£190,000 £80,000-£190,000 £75,000-£135,000 £75,000-£135,000
Partner £150,000-£550,000 £150,000-£550,000 £100,000-£250,000 £100,000-£250,000
YOR
KS
HIR
E
PROFESSIONAL SERVICES Market Insight
Forensics Big 4 salary range Mid-tier salary range
Job title 2012 2013 2012 2013
Part Qualified £20,000-£30,000 £20,000-£30,000 £18,000-£24,000 £18,000-£24,000
Newly Qualified £38,000-£45,000 £38,000-£45,000 £38,000-£42,000 £38,000-£42,000
Manager £48,000-£62,000 £48,000-£62,000 £45,000-£55,000 £45,000-£55,000
Senior Manager £60,000-£86,000 £60,000-£86,000 £55,000-£75,000 £55,000-£75,000
Director £80,000-£150,000 £80,000-£150,000 £80,000-£110,000 £80,000-£110,000
Partner £140,000-£550,000 £140,000-£550,000 £120,000-£220,000 £120,000-£220,000
Transactional Services/Corporate Finance Big 4 salary range Mid-tier salary range
Job title 2012 2013 2012 2013
Analyst £22,000-£34,000 £22,000-£34,000 £22,000-£33,000 £22,000-£33,000
Executive £38,000-£42,000 £38,000-£42,000 £32,000-£40,000 £32,000-£40,000
Manager £45,000-£55,000 £45,000-£55,000 £42,000-£45,000 £42,000-£45,000
Senior Manager £60,000-£75,000 £60,000-£75,000 £50,000-£65,000 £50,000-£65,000
Director £75,000-£90,000 £75,000-£90,000 £60,000-£85,000 £60,000-£85,000
Partner £150,000-£700,000 £150,000-£700,000 £100,000-£200,000 £100,000-£200,000
There has been a slight increase in taxation salaries, as well as a rise of around 5% in transaction services, due to skills shortages in these areas.
We would like to extend our appreciation to all those who completed this survey and made this market report possible. If you didn’t participate, please do so next year so we can continue to develop the depth and quality of this report and provide you with a fair and balanced picture.
This report is only ever intended to give a very general overview on the changing nature and complexity of the employment market for accountancy, finance and advisory professionals and can serve as a useful guide. However, if you require a more tailored and confidential discussion on how this will affect your business, finance department or indeed your own career, please do not hesitate to get in touch.
This research was carried out by means of an electronic questionnaire and supplemented with data and market information that Marks Sattin has access to. The results are provided as generic market information only. Marks Sattin does not make any warranties regarding the use, validity, accuracy or reliability of the results and information obtained. Marks Sattin will not be liable for any damages of any kind arising out of or relating to use of this information. Commercial use and distribution of the contents of this document is not allowed without express and prior written consent of the author.
ACKNOWLEDGEMENTS
DISCLAIMER
Editor and Marketing: Kirsty KellyAssistant Editor: Alex Voskou Alicja Skrakowski
Promotion: Your future in finance and accountancy
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