The GAAPweb Salary Insight Report is a survey of 2,000 accountancy and finance professionals, providing exclusive statistics on the average earnings of individuals within the sector.
Salary by Job Title
One of the most surprising findings in the Salary Insight Report was that those surveyed in higher paying roles - such as CFO, Finance Director and Head of Finance – did not experience a salary raise – with virtually no change in average earnings from the previous year.
However, there is good news for entry level candidates. Average earnings in roles such as ‘Part-Qualified Accountant’ and ‘Accounts Assistant’ increased by 15% and 13% on average respectively.
The biggest jump in average annual salary was for tax professionals – increasing from £44,028 in 2017 to £51,413 in 2018 - representing a 17% increase.
It was also a good year for those working in Treasury – with average annual salary increasing by 4% and with 75% of these candidates receiving a pay rise in a 12-month period.
Job Title by Gender
The survey indicated that women are closing the gender pay gap in 7 out of 24 job titles. On average, women earn more in roles including CFO (+£5,564), FP&A Manager (+5,561), PQ Accountant (+£4,911) and Assistant Accountant (+£2,167).
The survey indicated that 62% of female candidates received a pay rise compared to 59% of males. However, there is still a long way to go in closing the gender pay gap in accountancy and finance. Across all roles, men still out-earn their female counterparts by an average of £17,099 per year.
Whilst a larger percentage of women work as Bookkeepers (79%), Assistant Accountants (69%) and Purchase Ledgers (67%), these are some of the lowest paid roles in the industry.
Those in the most senior roles are still predominantly men, with 93% of CFOs and 77% of Finance Directors being male.
Average salary for job titles such as Accountant, Finance Analyst and Finance Assistant strike the most equal balance in terms of salary by gender, showing a promising sign of progress towards closing the gender pay gap.
Are you curious about your earning potential? Download the GAAPweb Salary Insight Report today.