Industrial evolution: the most popular sectors in finance and accountancy
The GAAPweb Salary Insight Report sheds light on the current popularity of sectors within finance and accountancy, along with the earning potential of each.
Our survey of over 2,000 professionals revealed some surprises regarding the popularity of sectors in Finance.
Remaining at the top of the table for another year, Manufacturing & Engineering is the industry in which the largest proportion (14%) of our audience are carving their careers – but the enduring popularity of the sector appears not to stem from premium pay packets.
With average salaries reaching £68,333 per annum, Manufacturing & Engineering does not appear in the top five most lucrative sectors for finance and accountancy professionals.
This decreasing popularity of working in practice may have roots in the fact that, of every sector surveyed, those working in Accountancy Practice reported the lowest salaries, reaching an average of £36,911 per year.
With an average annual salary increase of £5,000 and average salaries hitting £73,421, the popularity of IT/Telecoms in 2018 – now one of the highest paying sectors amongst respondents – is unsurprising.
However, Consultancy & Business Services’ place in the top five may prove less stable considering an annual salary decrease of £4,000.
Despite making up just 1% of our audience, those in Fintech saw the highest earnings of all, receiving £85,833 on average last year.
While still amongst the 10 most popular sectors for our audience to work in, Accountancy Practice is suffering a dip in popularity as industries such as Retail, Banking and Technology offer higher earning potential.
Perhaps enticed by a stronger feeling of belonging to a company in an industry in which they have a real interest, the results of our survey suggest that accountants and finance professionals are increasingly inclined to work in industry as opposed to the traditionally favoured Accountancy Practice.