Industry insights: Finance salaries & qualifications
webrecruit’s latest study has found that despite an increase in demand for accounting and finance professionals during 2012, remuneration did in fact, decrease.
The survey found that since 2011, the number of accounting and finance jobs available has increased by 12%.
What was particularly interesting was the demand for AAT qualified professionals, witnessing a 70% increase in 2012. Vacancies requiring an ACA, ACCA or CIMA qualification also witnessed a 12% rise. Yet when it came to salaries, the results revealed a decline across all industries and skill levels.
The study further revealed that this is no different whether you’re working in practice or industry. More specifically, the average salary for a finance role in practice has dropped by 6% and 9% if you’re looking to work in the industry.
What does this all mean?
The accounting and finance industry continues to remain buoyant, and it could be argued that these results reinforce just that.
Consider the supply and demand of finance and accounting professionals. If the number of opportunities increases, and so does the number of candidates on the job market, companies are less likely to push up their salaries. Even more so if you’re operating on a tight budget.
Last year, for example, we received an average of 138 applications per AAT qualified role, and c85 applications for finance roles requiring an ACA, ACCA or CIMA qualification.
Yet despite this, other reports imply it’s not all gloom. In fact, HR Magazine revealed in December that salaries for finance roles had increased by 6%.
So even if companies can’t afford to pay so much right now, perhaps if they do find that perfect finance professional, they will be happy to pay more.