The GAAPweb Salary Insight Report revealed several key findings regarding the average salaries associated with various locations across the UK.
Perhaps unsurprisingly, salaries in the capital continued to rise in 2018. With average salaries hitting £69,720 and average salary increases of £4,000, London based Finance and Accountancy professionals continued to enjoy premium pay packets compared with the rest of the UK.
While professionals in the South East (excluding London) saw average earnings of £63,686, Scotland-based Accountants enjoyed a salary surge of £7,000 year-on-year. With their average pay reaching just over £60,000, professionals in Scotland were comfortably within the top three highest paid UK locations in 2018.
Contrastingly, respondents working in Wales reported significant salary decreases. Average salaries of £41,029 – a staggering 21% drop year-on-year – placing them firmly at the tail end of the table.
Elsewhere, respondents in the South West, West Midlands, East Midlands, North West and North East all earned between £55,000 and £58,000 per year on average.
It’s in the name
At a more granular level, the report revealed some surprises at the level of salary by location and job title.
Contributing to the significant average salary increase seen by Finance and Accountancy professionals in Scotland were higher average salaries than London across several key job titles.
Finance Business Partners, for example, earned £75,000 per annum on average working in Scotland, as opposed to £72,051 in London.
Similarly, Scotland-based Finance Analyst respondents were awarded £50,000 on average - £2,500 more per year than their London contemporaries.
Surprisingly, London-based professionals only reported the highest UK earnings in 9 of the 25 job titles surveyed.
The data shows that the capital’s overall position as the highest paying location is maintained by a fortunate minority – the CFOs, Finance Directors and Heads of Finance in London who earn substantially more than the rest of their UK colleagues.
Elsewhere, the South East often offers higher earnings than London – for Audit professionals, FP&A Analysts and those working in Tax, to name a few
The West Midlands was home to the highest earning FP&A Managers, whereas NQ Accountants in the South West were compensated higher than anywhere else in the UK.
The relocation question
Despite higher overall average salaries for London accountants, a significant 55% of London-based respondents are prepared to leave the capital for the right opportunity.
Conversely, 25% of those willing to relocate from elsewhere indicated London as their destination of choice – perhaps enticed by the prospect of potential higher earnings.
Overseas relocations held the most appeal amongst respondents though, with 33% willing to move their careers abroad should a suitable opportunity present itself.
The findings of our report are a significant resource for Finance and Accountancy professionals considering a relocation, as well as those curious whether their salary matches up to those of their regional contemporaries.
For senior professionals in London, it does not currently appear that earnings would benefit from a move, but amongst the lower to mid-level positions, salaries found elsewhere in the UK may be worth the career upheaval.
For a more detailed overview concerning the state of Finance and Accountancy salaries by location and job title – and a host of other exclusive insights – download a copy of our Salary Insight Report today.