Contract rates for accountants working in the North of the UK are up 5.2% year-on-year, according to results from the 2013 Robert Walters Salary Survey. This compares with increases of 0.5% across the UK as a whole, 0.4% in London and 0.0% in the Midlands.
The majority of permanent salary levels remained relatively stable, with overall accountancy salaries down 0.1% across London and the UK as a whole and flat across the rest of the country.
However, accounting professionals are more optimistic about 2013. The Robert Walters Pay and Compensation Survey (conducted in November 2012) reveals that 62% of finance professionals expect a pay rise this year (compared to 60% overall and 54% of HR, 57% of IT and 51% of banking operations professionals). A relatively high proportion of accountants working in the pharmaceuticals (86%), FMCG (81%), banking and financial services (74%), and retail (68%) sectors are predicting a salary increase. Similarly, the Pay and Compensation Survey also reveals that 50% are expecting a bonus in 2013 (compared to 46% of HR professionals, 45% of legal specialists and 38% of IT workers).
Andrew Setchell, Director of Accountancy Recruitment at Robert Walters, says:
"It will come as no shock to finance professionals that market conditions are challenging across the UK at the moment and, as a result, both pay rises and bonuses for accountants are scarce. Only individuals considered by businesses as top performers – specifically those capable of either assisting in generating new revenue or cutting costs by streamlining or implementing efficiencies – are receiving these types of financial benefits from their existing employers right now. However, we also continue to see uplifts of up to ten per cent for accountants moving jobs from one company to another. So there is still some flexibility among employers looking to secure the best talent available."
Daniel O'Leary, Associate Director of Contract Recruitment in the North at Robert Walters, comments:
"The increase in overall salary levels for contractors in the North is reflective of the notable demand we are seeing in this area. Many employers are relocating from more expensive locations to the region and a number are seeking professionals on a short-term basis to ensure they complete business-critical projects and cover existing workloads."
Looking for a new role? Search and apply for the latest accountancy and finance opportunities from Robert Walters on GAAPweb
About the Robert Walters Salary Survey 2013
The Robert Walters Salary Survey 2013 is a review of recruitment and pay trends across each of the 23 countries that the firm operates in globally. The figures quoted are based on the difference between the average salary figures for each of the roles we have recruited for from January 2012 to January 2013.
About the Robert Walters Accountancy Pay and Compensation Survey
The accountancy and finance pay survey, conducted in November 2012, is based on the responses of 691 accounting professionals working across a variety of sectors to questions about the pay and bonuses they received and their compensation expectations for the future.
About Robert Walters
Robert Walters is one of the leading international recruitment consultancies, with a network of 53 offices spanning 24 countries, including the United Kingdom, Ireland, Continental Europe, the United States, Australia, New Zealand, Asia, South Africa and South America.