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Key Insights and Trends from the GAAPweb Salary Survey

Written by: Lily Hughes
Published on: 30 Sep 2024

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Salary Survey takeaways GW

At the beginning of this year, we surveyed over 2,200 accountancy and finance professionals to discover if they followed market standards for salary, bonuses and benefits for their roles. These professionals came from a variety of roles and sectors, and worked for renowned brands and accountancy firms including Apple, Deloitte, Goldman Sachs and PWC.

Despite industry averages taking a knock, the individual salary narrative for accountancy and finance professionals in 2024 remained positive. This article delves into the key findings from our latest GAAPweb salary survey, highlighting trends, disparities, and future considerations for the finance sector.

  • Salary Increases and Bonuses

    When looking at the GAAPweb salary survey 2024 results from a broad perspective, it’s apparent that the positive salary increases were widespread. Over half of respondents received a pay rise, and a healthy 78% secured an additional bonus, reflecting an impressive 27% uplift on last year’s figures.

    This enhanced salary would have been welcome news for 27% of respondents, who stated that salary was the most important factor in their job, surpassing flexibility, opportunities for progression, and job stability.

    At the peak of this we saw 97% of professionals in Corporate Finance/M&A receiving a bonus, with both senior and junior employees in these roles shown to be equally as likely to receive a pay rise. In addition to this, many junior roles took prominence, with 85% of Accounts Assistants and 96% of Finance Assistants reporting an additional 4-6% salary supplement.

    This shift highlights the adaptability of the financial recruitment market, where companies are focusing on retention practices, which may lead to continued salary bumps and bonus schemes in the coming years.

    Yet again, London remained the highest-earning city with an average salary of £81,118, reflecting a 4% increase from the previous year. In contrast, we saw European economies drop 18%, averaging £58,516.

  • Sector-Specific Insights

    Looking at sector specific highlights, professionals in the Technology sector came out on top in 2024, with an average salary of £79,138, likely due to the emergence of new AI models and the need for specialist talent. Marginally behind, we saw the Pharmaceutical sector at £79,074 on average and Transport/Logistics with a median salary of £76,143, up a staggering 40% from 2023 salary survey UK statistics.

    On a less positive note, this year saw salary dips across 15 of the 20 sectors surveyed, with financial challenges in Fintech reflecting an average decline of 35%. The sectors with the lowest salaries surveyed were:

    • Charity (£46,051)

    • Education/Training (£55,478)

    • Consumer Products/FMCG (£55,530)

  • Salary Inequalities

    This year marked a significant stride towards gender equality compared to last year, with the pay gap narrowing from 20% to 9% in 2024. In addition to this, female representation was reported as equal to or surpassing male presence in three-quarters of surveyed job titles.

    Despite this positive news, the gender disparity within senior roles was still apparent, with just 29% of CFOs and 32% of Finance Directors identifying as women. This parity continued across sectors, with just 4 out of 21 sectors paying women more than men, IT/Telecommunications being the highest. They were:

    • Utilities (+£11,167)

    • Sport and Leisure (+£6,927)

    • IT/Telecommunications (+£19,302)

    • Insurance (+£2,886)

    Another area of discussion was the ethnicity pay gap, where white respondents reported the highest salary at £63,987, despite a 13% drop year-on-year. Although salaries for black, African, Caribbean or black British professionals rose by 4% year-on-year, this had no effect on the overall ethnic group averages, with this increase still showing a significant £20,604 disparity compared to their white colleagues.

    It is apparent that the Finance sector has areas to celebrate in 2024. However, to foster loyalty and inclusivity, firms must commit to equitable practices and D&I initiatives on a widespread scale.

  • Hybrid Working Trends

    Flexible working arrangements were the new normal in 2024, with 73% of accountancy and financial professionals having a hybrid schedule. Despite this, only 4% of respondents reported working fully remote, with almost half spending 3-4 days in the office a week - a 19% uplift from the previous year.

    When looking at these statistics in terms of job title, the roles with the highest percentage of professionals with flexible arrangements were:

    • FP&A Analyst (93%))

    • Corporate Finance/M&A (93%)

    • Finance Assistant (91%)

    With these results in mind, it’s interesting that just under half of participants answered ‘yes’ when questioned if a return to work would be a deal breaker. The group most against this decision were females aged 41-60+, where results ranged from 65-69%. On the opposite end, those most open to this change were females and males aged 31-40, where the vast majority preferred a mix of office and home working.

    Only 17% of participants noted hybrid working as the most important factor within their job, highlighting a possible shift towards more professionals being open to returning to the office in the future.

  • What Next?

    Salary surveys are an excellent tool for benchmarking and even negotiating your own salary if you don’t follow market norms. To read the full report, you can download this on GAAPweb today.

    For updates on taking part in the GAAPweb 2025 salary survey, sign up to our newsletter or follow us on social media, so you can be one of the first to get notified.

    If this salary survey has inspired you to look for a new role, you can apply for the latest Accountant, Finance manager, and Tax positions on GAAPweb. Alternatively, you can upload your CV to get headhunted for the latest advertised and non-advertised roles.