Published on October 23, 2013
Market Insight 2013 Yorkshire Accountancy, Finance & Advisory
METHODOLOGY Marks Sattin is a leading multi-divisional specialist accountancy, finance and advisory recruitment consultancy. Since our formation in 1988, Marks Sattin has established an excellent reputation for providing the full range of permanent, temporary, contract and interim professionals within the public and not-for-profit sector, commerce and industry, banking and finance and public practice. Marks Sattin is a well-established specialist recruitment firm with over 100 recruitment consultants based in the UK and Ireland, and a further 60 consultants across our global offices. To give an outline on the scope and size of our operations: • In 2012 we helped our clients fill more than 650 temporary placements and 850 permanent positions • We currently work with 75 of the FTSE 100 companies • At any one time we represent over 65,000 finance, accounting and advisory professionals throughout the UK and Ireland • We currently average over 24,000 visits to the Marks Sattin website every month • Marks Sattin are proud to work with a number of The Sunday Times Fast Track 100 and Best Companies to Work For. CONTACT US LONDON 322 High Holborn, London, WC1V 7PB +44 20 7321 5000 email@example.com NORTH WEST 3rd Floor, Centurion House, 129 Deansgate, Manchester, M2 3WR +44 161 638 8630 firstname.lastname@example.org THAMES VALLEY Davidson House, Forbury Square, Reading, Berkshire RG1 3EU +44 118 900 1800 email@example.com YORKSHIRE Park Row House, 19-20 Park Row, Leeds, LS1 5JF +44 113 242 8177 firstname.lastname@example.org In Q4 of 2012 Marks Sattin conducted a survey with clients and candidates, focused on the demographics, length of tenure, working week, job security, career motivations, department changes, reward and bonus trends of finance professionals. Over 2,000 accountancy, finance and advisory professionals from 20 industry sectors across the UK were surveyed. The report is based on findings received from respondents completing the survey as well as sector specific market insight and salary ranges (annual and day rates) from our experienced consultants based at Marks Sattin’s UK offices. Market insight and salary range data tables are provided across the following sectors and regions: Banking and Capital Markets, Change Management, Front Office, Insurance, Investment Management, Senior Finance, Commerce and Industry, Executive, Part Qualified and Transactional, Qualified, Advisory, Audit, Management Consultancy, Taxation, North West, Thames Valley and Yorkshire. It is important to note that this report is a useful guide, but if you need any tailored or specific advice please do contact us directly. markssattin.co.uk Marks Sattin @MarksSattin
INTRODUCTION Dave Way In Marks Sattin’s 25th year of trading, we’re delighted to have received a record number of responses to our Market Insight 2013 survey. Over 2,000 accountancy and advisory professionals provided their feedback on key areas such as salaries, bonuses and overall business conﬁdence – as both they and their employers see it – coming into 2013. 2012 proved to be a year of continued upheaval for the business community, with the eurozone crisis dragging on and the double dip recession increasing uncertainty across the markets. Despite this, the accounting and advisory community didn’t suffer in the way we’d seen in the previous downturns, with job cuts and redundancies far less frequent. However, cost management was still the order of the day, with capital expenditure, new investment and increased headcount being something of a rarity. Some businesses, industries and geographies will always buck the trend, and there was a resurgence seen throughout the qualiﬁed commerce and industry sector in later 2012. Areas such as natural resources, digital media, advertising, online retail and property were all more bullish thanks to improved trading. Conversely, high street retailers and areas such as manufacturing suffered signiﬁcantly. DAVE WAY Managing Director Dave Way, Managing Director of Marks Sattin, believes in leading by example and is committed to making Marks Sattin the best ﬁnancial recruitment company in the market. Having joined Marks Sattin as a graduate in 1999, Dave has worked at every level and division within the business, which gives him a deep understanding of the workings of ﬁnancial recruitment. As such, he has considerable expertise in providing a bespoke service for clients and candidates alike. email@example.com +44 20 7747 9670 Recruitment within consultancy and public practice quietened after a busy 2011, as our clients took a cautious approach to recessionary markets. Financial services and in particular, the banking community, once more came under ﬁre. But despite this, recruitment conditions for accountants in ﬁnancial services improved as the year went on, with departments increasingly ﬁnding themselves under-resourced amid heavy regulation and change. We hope you ﬁnd the results of our survey as interesting as we have. Please feel free to contact me or any of the Marks Sattin team directly to ﬁnd out further details. From all the team we wish you a successful year! INTRODUCTION
KEY TRENDS SALARIES & BENEFITS Employers began to be slightly more forthcoming with pay rises for accountancy and advisory staff last year, with 68% of employees receiving a positive review and only 1% asked to take a pay cut. Only 30% of permanent staff and 20% of contract staff were unhappy with their current salaries, once again showing that remuneration isn’t a key driver for leaving. This is further highlighted by the fact that a 5 to 10% uplift in basic salary would be acceptable should a move come about. 56% of respondents were happy with their beneﬁts packages, with the most important beneﬁts being 25 days holiday, pensions and private healthcare – all of which were deemed more important than annual bonuses. The sensitive subject of bonuses was covered in depth in our survey. 47% of respondents received a bonus, 38% were not entitled to one and 15% not awarded one. These ﬁgures aren’t necessarily surprising, as bonuses are becoming increasingly tied to company performance and a high proportion of companies have failed to deliver on targets over the course of the year. 68% spondents ceived a 68% ncrease of respondents received a st year pay increase Of those receiving bonuses, only 44% were satisﬁed with what they received. 1 to 9% of salary was the most consistent amount paid out across the board (received by 41%) while 32% received 10 to 19% and a lucky 27% received over 20% of their basic salaries. The fact that 1 to 9% of basic salary was the most common bonus payout is perhaps a sign of the increasing scrutiny of bonuses by the wider business community, although the biggest bonuses were still paid within the ﬁnancial services sector. last year 68% Our survey showed that across the board, accountants were far better looked after than other professionals. The average salary for accountancy and advisory professionals rose in 2013, a strong indicator of the value of ﬁnance professionals during uncertain and changing times. of respondents received a pay increase 56% Only 30% of permanent staff and 20% of contract staff were unhappy with their current salaries last year of respondents were happy with their 56% beneﬁts of respondents were happy with their 56% beneﬁts of respondents were happy with their beneﬁts 44% of respondents were satisﬁed with their 44% bonus of respondents were satisﬁed with their 44% of respondents were satisﬁed with their bonus bonus Our survey showed that across the board, accountants were far better looked after than other professionals
INTRODUCTION Dave Way JOB SECURITY Similarly to our other surveys over the past five years, the crystal ball for 2013 does not show a picture of renewed optimism, with only 20% of respondents feeling more confident about the economic prospects facing their companies compared to the last 12 months. 36% of our respondents anticipated changing roles over the next year, compared to 52% the previous year. Despite this, only 44% stated that they are currently happy within their role, perhaps showing a greater tolerance due to the current climate. Aligned with this is the clear fact that accountants find themselves far more secure in their positions than in previous years, with an overwhelming 78% feeling secure compared to 70% last year. This is clearly an encouraging statistic compared to previous surveys, where respondents expected headcount cuts as a result of the economic downturn and uncertainty. Business process/policy changes (41%) salary freezes (36%) and budget cuts (35%) are predicted for this year, showing that belt tightening and cost control are still the order of the day. Businesses are striving to ensure they maximise profits, but not to the extent of losing finance staff. 2013 78% 2013 of respondents feel secure in their current role % of respondents feel secure in their current role 78 2012 2012 70% of respondents felt secure in their current role % of respondents felt secure in their current role 70 33% of respondents actually saw an increase in the size of their teams over the past 12 months Few businesses are perceived to be taking a long term view on headcount, which is hardly surprising considering the yo-yo economy and false dawns seen over the past few years. Only 18% of respondents believed their management were planning one to two years ahead, whilst the majority (31%) thought that hiring was short term and only looking six months ahead. This lack of succession planning, which ties in with the reactive hiring we’ve experienced throughout 2012, will surely be to the detriment of some departments if not rectified in 2013. 33% of respondents actually saw an increase in the size of their teams over the past 12 months. Many businesses have clearly been as lean as possible in terms of headcount over the past few years, and whether this will come back to bite them is yet to be seen. 34% of our participants said their working hours increased over the past 12 months, with over half putting this down to an increase in responsibilities. This might suggest that a greater degree of variety and progression is coming into working life, as bosses are reluctant to add new heads or contractors to cover gaps in their departments.
KEY TRENDS MOVEMENT Overall, we saw a consistent movement of accounting professionals throughout 2012, with many now feeling it’s an opportune time to re-enter the job market after staying put during the worst of the global ﬁnancial crisis. This is shown by the fact that 41% of our respondents were only in their ﬁrst year of employment in early 2013. In line with this, the majority of hires in 2012 were replacement hires. As a result, the volume of counter-offers increased signiﬁcantly across the board, as employers reacted to valued team members being offered higher salaries and rates elsewhere in the market. In 2013, this reactive element has subsided somewhat. Salaries are increasing organically, acknowledging the opportunity cost of losing the best staff to competition. The motivations for moving on to greener pastures continue to be an interesting topic for our business. Throughout the downturn, we’ve seen that accountants seldom move for cash, although money does remain part of the decision to move (and very rarely do candidates ever move for less!) The greatest drivers for moving continue to be career development, which top scored with 33%, with new challenge/ interesting work in second. Higher salary was cited by just 26%, showing that our respondents on the whole put their careers before cold cash. Recruiters continued to be the top source of ﬁnding roles (46%) with 13% coming from personal contacts. This shows the ever increasing importance of expanding your business network and keeping in good favour with previous employers. Where networking is concerned, 66% of respondents are now on LinkedIn and 59% on Facebook. Whilst neither will cover all of the bases in any given job search, this shows how much social media plays a prominent part in our respondents’ lives. 88% of respondents state that working with a recruitment agency is still a vital part of any new job search. Also of note is that 38% of candidates took only three months to ﬁnd their last role, primarily as a result of the volume of roles available and being able to dedicate enough time to the job search. 88% of respondents state that working with a recruitment agency is still a vital part of any new job search. 41% of respondents were only in their ﬁrst year of employment 42% of respondents would relocate to the USA RELOCATION Never more so has relocation been a hot topic within the ﬁnance community. As a result, our non-London businesses have continued to offer great opportunities to their local markets, beneﬁting from a sizable relocation of resources and highly talented candidates from the South East to the West, North East, North West and Ireland. International opportunities are also becoming more appealing, with candidates’ top motivation being a better quality of life and the second being a desire to experience a new culture. Interestingly, and despite the lucrative options being advertised overseas, only 48% said that money would be the main reason for moving, which was the fourth most important reason. The USA was the most popular destination for a new working life (chosen by 42%) maybe as a result of its resurgent markets coming into 2013. The golden beaches of Australia appealed to 33% of our respondents, followed by the well-documented and high proﬁle allure of Asia, with Singapore at 33% and Hong Kong at 32%. But with talk of bonuses being capped, corporate and personal taxes being too high and our climate being as unpredictable as our economy, is now the time to spread our wings? Not according to the 29% of our respondents who wouldn’t relocate, primarily because of having settled where they are.
KEY FINDINGS Demographics RESPONDENT PROFILE Gender 2,016 Social networks actively used by respondents 67% respondents took part in this year’s survey 67% 33% LinkedIn 66% of respondents were male and 33% female Facebook 59% Age Twitter 17% Less than 25 years 7% Other 7% 26 to 30 years 23% 31 to 35 years 21% None 15% Respondents could choose more than one answer 36 to 40 years 15% 41 to 50 years 22% More than 50 years 12% <25 26-30 31-35 36-40 41-49 >50 years Work location 11% 59% Greater London 12% 64% Midlands 3% Yorkshire & Humberside 5% South East 7% 3% 11% 12% 9% 4% Other North West KEY Permanent Contract
2-5 years UK years CURRENT EMPLOYMENT Which of the following best describes your qualiﬁcation status? How are you currently employed? 10+ years 2-5 6-10 years years 10+ years 10+ years’ PQE 36% 10+ 2-5 6-10 years years 5 to 10 years’ PQE 18% 10+ years 10+ 2-5 6-10 2 to 5 years’ PQE 21% years years 2-5 10+ years Newly qualiﬁed 9% years 2-5 6-10 10+ years 6-10 years years 10+ Permanent or ﬁxed term contract 78% Unemployed 2% years Part qualiﬁed 11% 10+ 10+ years Qualiﬁed by experience or not qualiﬁed 5% 10+ 2-5 6-10 Interim or contractor 20% years years Satisfaction with current role 10+ years 10+ Pe r 73% ent an m 73% of respondents would recommend their employer of respondents are unemployed ent an m Pe r Only 2% ent an m Pe r Satisﬁed 44% Neither satisﬁed nor dissatisﬁed 26% Dissatisﬁed 30% 44% of respondents are satisﬁed in their current role
Banking & Financial Services 28% 43% Commerce & Industry Telecoms and Technology Retail and Clothing Property and Construction FMCG and Pharmaceuticals Other Engineering and Manufacturing Energy and Natural Resources Business Services Advertising, PR, Media and Publishing Other Retail Banking Investment Management Investment Banking Insurance Change Management Capital Markets KEY FINDINGS Demographics SECTOR REPRESENTATION Which of the following best describes the area/sector you currently work in?
Management Consultancy Public Practice 11% 10% Other Taxation Corporate Finance Audit and Assurance UK Other Unemployed 6% 2%
KEY FINDINGS Market Perspective ECONOMIC PROSPECTS Compared with the last 12 months, how conﬁdent do you feel about the economic prospects facing your company? Top 5 expectations for your business in the next 12 months Business process/policy change 41% Salary freeze 36% Budget cuts 35% Recruitment freeze 34% More conﬁdent 20% Proﬁtability of business 33% As conﬁdent 52% Respondents could choose more than one answer from a choice of 14 Less conﬁdent 28% JOB SECURITY Only 20% of respondents feel more conﬁdent about the economic prospects facing their company compared with the last 12 months Expectations for personal salary and job security in the next 12 months How would you rate your current job security? 64% 64% Secure 78% Insecure 22% 64% Salary freeze 20% 64% Salary reduction 3% 64% Shorter working week 2% Redundancy 1% 64% Other 14% Respondents could choose more than one answer
UK HEADCOUNT What is the size of your department? How has the number of staff in your team changed in the past 12 months? 61% of respondents selected business growth or expansion as the main reason for an increase in staff 34% Remained the 34% same 34% Remained the same Increased 33% Remained 1 to 5 employees 23% the same Decreased 28% 6 to 10 employees 21% Not sure 5% 11 to 15 employees 12% 16 to 20 employees 8% More than 20 employees 36% What is your employer’s recruitment strategy? of respondents selected headcount reductions as the main reason for a decrease in staff 36% of respondents have more than 20 employees in their department Short term (0-6 months ahead) 31% Medium term (6-12 months ahead) 18% Long term (1-2 years) 18% Non-existent 10% Not sure 23% 33% of respondents have seen an increase in the size of their team in the last 12 months
KEY FINDINGS Career Insight EXPERIENCE Length of time in the accountancy, ﬁnance or advisory profession 0 to 3 years 9% Length in current role 1 to 2 years 24% 11 to 15 years 18% 7-10 years Less than 1 year 41% 7 to 10 years 21% More than 20 years 4 to 6 years 19% 2 to 3 years 15% 16 to 20 years 9% 3 to 5 years 12% More than 20 years 21% 5 to 10 years 6% Not applicable 3% <1 1-2 2-3 3-5 5-10 >10 years More than 10 years 2% 41% of respondents have been in their current role for less than a year 55%of respondents chose taking on more responsibility as the main reason for an increase in working hours HOURS WORKED Average hours worked per week How has the number of hours changed in the last 12 months? Increased 34% Remained the same 53% Decreased 13%
UK RELOCATION Places respondents would consider relocating to in the next 2 years 2% 4 USA 42% USA 42% Singapore 23% Singapore 23% South Africa 10% South Africa 10% Australia 33% Australia 33% Hong Kong 22% Hong Kong 22% Malaysia 9% Malaysia 9% Mainland Europe 28% Mainland Europe 28% UAE 19% UAE 19% China 8% China 8% Within the UK 28% Within the UK 28% New Zealand 18% New Zealand 18% India 7% India 7% Canada 24% Canada 24% Ireland 12% Ireland 12% Other 3% Other 3% Respondents could choose more than one country from choice of 14 Respondents could choose more than one country from a a choice of 14 29% of respondents would not relocate Top 5 reasons for respondents wanting to relocate Improved quality of life 61% Different culture 54% New career opportunity 52% Better employment opportunities 49% Improved salary 48% Respondents could choose more than one reason from a choice of nine Improved quality of life is the main reason for respondents wanting to relocate
MOVING ON How do you rate the importance of the following sources when seeking a new role? 57 % 50 39 % 38 34 29 % 33 33 % 19 % 15 36% of respondents % % 20 11 % % % 7% 3% anticipate changing roles in the next 12 months Top 5 reasons for leaving last role Career development 33% New challenge/more interesting work 29% Higher salary 26% End of contract 18% Redundancy 16% Respondents could choose up to three reasons % 38% of respondents took up to 3 months to ﬁnd their current role
33 KEY Importance Vital 50 % Very important 43 38 Quite important % 39 % % 36 % % Not important 57 % % 30 50 % 43 39 % 38 34 57 29 % 33 33 % % 39 % % 36 % % 30 % Source % % 19 18 % 22 % 20 19 % 50 % 15 % 11 57 3% % 29 34 % 33 33 % % 50 % 20 39 29 9% 3 % % 11 33 33 % 20 3 43 % 36 % 2% 19 50 3% 30 10 39 % % 18 % 22 39 3 % % % % % 9% % 30 Online job boards/ advertising 18 % % 7% % % % 11 9% % National press 38 7 15 % 43 36 2% % % % 57 % 10 % % % % % 38 % 19 15 34 % % % % % 10 7% 22 18 % % % 39 10 % % % 22 % 9% % 43 2% 3 % % 39 % 38 34 % 29 2% 3% 33 33 % 36 % 20 % 30 % 19 % 18 % % 15 % 50 7% 10 % 33 33 % 36 % 20 30 19 % % 11 % 7% 10 4 2%3% 3 % 39 3 39 % % 36 % % 33 33 19 % 18 % % 7% Trade press % 22 % % % 15 % 30 % 20 % % % 38 34 Recruitment consultancies/ headhunters 9% % % % 22 18 % 15 % 50 % 11 % % % 29 39 % 34 29 57 3% % 38 % % 9% 243% % % 22 % % 3% 39 % Social networking % % 57 11 39 % 10 3% 9% % 2% 3% Word of mouth/ personal referrals/ internal contact How did you ﬁnd your current position? Recruitment consultancy or headhunter 47% Internal promotion 5% Online advertising 13% Print advertising 2% Professional network or personal contact 13% Other 2% Direct approach 9% Not currently employed 9%
KEY FINDINGS Salaries & Beneﬁts REMUNERATION When was your last pay review? Less than 6 months ago 33% 6 to 12 months ago 35% More than 12 months ago 12% 68% of respondents have had a pay review in the last 12 months Not applicable 20% What was the outcome of your last pay review? 33% of respondents perceive a 5 to 10% salary increase as acceptable if they were to move roles Pay increase 68% Pay remained the same 31% Asked to take a pay cut 1% Satisfaction with current remuneration t rac nt ent an m ent an m Pe r ent an m Pe r ent an m respondents Pe r Pe r ent an m 44% of permanent Pe r Pe r ent an m respondents are satisﬁed with their current remuneration compared with ent an m 53% of contract Co Pe r Satisﬁed 44% Satisﬁed 53% Neither satisﬁed nor dissatisﬁed 26% Neither satisﬁed nor dissatisﬁed 27% Dissatisﬁed 30% Dissatisﬁed 20%
UK BENEFITS 25 days holiday or more is the most desired beneﬁt 56% 56% of respondents were satisﬁed with their beneﬁts Top 5 beneﬁts currently received 25 days holiday or more 78% Company pension scheme 64% 1-9% of salary Beneﬁts considered most and least important when considering a new role 25 days holiday or more Annual bonus scheme Good company pension Private healthcare Insurance* Private healthcare 54% Sabbatical Annual bonus scheme 48% Mortgage relief Insurance (PMI/death in service/life insurance) 48% Respondents could select all beneﬁts that applied Season ticket loan Daily subsidised meals Childcare vouchers *PMI/death in service/life insurance Respondents rated a selection of 20 beneﬁts in order of importance BONUS Did you receive a bonus in 2012? 44% 44% of respondents were satisﬁed with their bonus As a percentage of your basic salary, what was your bonus in 2012? Yes 47% 1-9% of salary 34% of respondents received the same bonus in 2012 as 2011 1 to 9% of salary 41% 10 to 19% of salary 32% 20 to 29% of salary 15% No, not entitled to receive one 38% 30 to 49% of salary 5% No, not awarded one 15% 40 to 90% of salary 4% More than 90% of salary 3%
KEY FINDINGS Salaries & Beneﬁts BONUS A comparison of bonuses received across sectors* 100 80 60 40 20 0 Banking and Financial Services Commerce and Industry Management Consultancy Public Practice KEY 1 to 9% of salary 30 to 39% of salary 50 to 79% of salary 10 to 19% of salary 40 to 49% of salary More than 80% of salary 20 to 29% of salary *Bonuses received as a percentage of salary
Paul Collier Regional Director YORKSHIRE Key Findings +44 113 242 8177 firstname.lastname@example.org
KEY FINDINGS Market Perspective ECONOMIC PROSPECTS Compared with the last 12 months, how conﬁdent do you feel about the economic prospects facing your company? Top 5 expectations for your business in the next 12 months Business process/policy change 56% Salary freeze 40% Budget cuts 36% Job cuts 35% Recruitment freeze 33% More conﬁdent 14% As conﬁdent 48% Respondents could choose more than one answer from a choice of 14 Less conﬁdent 38% JOB SECURITY Only 14% of respondents feel more conﬁdent about the economic prospects facing their company compared with the last 12 months Expectations for personal salary and job security in the next 12 months How would you rate your current job security? 60% 60% 60% Salary freeze 30% Secure 69% Insecure 31% 60% Redundancy 11% 60% Salary reduction 1% YORKSHIRE 60% Shorter working week 1% Other 7% Respondents could choose more than one answer
YORKSHIRE HEADCOUNT How has the number of staff in your team changed in the past 12 months? 58% of respondents selected business growth or expansion as the main reason for an increase in staff 34% 34% 34% 34% Decreased 31% Remained the same 31% Not sure 4% What is your employer’s recruitment strategy? of respondents selected headcount reductions as the main reason for a decrease in staff Short term (0-6 months ahead) 32% Medium term (6-12 months ahead) 21% Long term (1-2 years) 14% of respondents have more than 20 employees in their team 34% of respondents have seen an increase in the size of their team in the last 12 months Non-existent 9% Not sure 24% YORKSHIRE
KEY FINDINGS Career Insight EXPERIENCE Length of time in the accountancy, ﬁnance or advisory profession 0 to 3 years 7% Length in current role 40 % 7 to 10 years 22% 1 to 2 years 19% 11 to 15 years 18% 2 to 3 years 9% 3 to 5 years 22% More than 20 years 18% 4-6 years Less than 1 year 34% 16 to 20 years 11% 60% 4 to 6 years 23% 5 to 10 years 12% Not applicable 1% <1 1-2 2-3 3-5 5-10 >10 years More than 10 years 4% 34% of respondents have been in their current role for less than a year HOURS WORKED Average hours worked per week How has the number of hours changed in the last 12 months? 53% of respondents chose taking on more responsibility as the main reason for an increase in working hours YORKSHIRE Increased 38% Remained the same 50% Decreased 12%
YORKSHIRE RELOCATION Experiencing a different culture Top 5 reasons for respondents wanting to relocate Different culture 71% Improved quality of life 65% New career opportunity 61% is the main reason for respondents wanting to relocate Improved salary 46% Better employment opportunities 43% Respondents could choose more than one reason from a choice of nine Top 5 places respondents would consider relocating to in the next two years Australia 28% Within the UK 26% 36% 36% 36% Canada 24% 36% 36% New Zealand 21% 44% of respondents would not relocate Respondents could choose more than one country from a choice of 14 MOVING ON Top 5 reasons for leaving last role Career development 32% New challenge/more interesting work 22% Higher salary 21% Redundancy 19% Better work-life balance 10% Respondents could choose up to three reasons 38% of respondents anticipate changing roles in the next 12 months YORKSHIRE
KEY FINDINGS Salaries & Beneﬁts REMUNERATION When was your last pay review? 67% of respondents have had a pay review in the last 12 months 42% of respondents perceive a 5 to 10% salary increase as acceptable if they were to move roles Less than 6 months ago 35% 6 to12 months ago 32% More than 12 months ago 14% Not applicable 19% 68% of respondents received a pay increase in their last pay review Satisfaction with current remuneration Co Pe r ent an m Pe r ent an m YORKSHIRE ent an m of permanent respondents Pe r ent an m 39% Pe r ent an m respondents are satisﬁed with their current remuneration compared with Pe r ent an m 64% of contract Pe r t rac nt ent an m Pe r Satisﬁed 39% Satisﬁed 64% Neither satisﬁed nor dissatisﬁed 22% Neither satisﬁed nor dissatisﬁed 29% Dissatisﬁed 39% Dissatisﬁed 7%
YORKSHIRE BENEFITS Top 5 beneﬁts currently received 25 days holiday or more 85% Company pension scheme 67% Annual bonus scheme 47% Insurance (PMI/ death in service/life insurance) 44% Private healthcare 43% Respondents could select all beneﬁts that applied 25 days holiday or more is the most desired beneﬁt Beneﬁts considered most and least important when considering a new role 25 days holiday or more Company pension scheme Annual bonus scheme Flexible working Car or car allowance Leisure facilities 48% 48% of respondents were satisﬁed with their beneﬁts Childcare vouchers Mortgage relief Daily subsidised meals Season ticket loan Respondents rated a selection of 20 beneﬁts in order of importance BONUS Did you receive a bonus in 2012? 36% 39% 36% of respondents were dissatisﬁed with their bonus As a percentage of your basic salary, what was your bonus in 2012? 10 to 19% of salary 31% 1-9% of salary 30 to 39% of salary 3% 40 to 49% of salary 1% More than 50% of salary 2% YORKSHIRE No, not awarded one 20% 1 to 9% of salary 55% 20 to 29% of salary 8% Yes 47% No, not entitled to receive one 33% of respondents received the same bonus in 2012 and 2011
Javed Bobat Associate Director YORKSHIRE Commerce & Industry +44 113 204 2033 email@example.com
COMMERCE & INDUSTRY Market Insight The big trends of 2012 Amid strong fears over the eurozone crisis and the UK’s double-dip recession, demand for accountancy and finance professionals remained resilient, with modest growth seen in the region throughout the year. This contradicted many predictions made at the start of 2012, which envisaged a major slow-down and decline in the sector due to ongoing economic fears. Businesses realised accountancy and finance professionals were essential if they wanted to maintain revenues and continue to grow. Businesses realised accountancy and finance professionals were essential if they wanted to maintain revenues and continue to grow Outlook for 2013 Whilst the general prospect for strong economic development remains unlikely, we anticipate demand for accountancy and finance professionals to continue based on growth over the past few years, and the ongoing desire businesses have to keep progressing. This coupled with firms still focusing on cost reduction means that the role of finance will become ever more important. In 2012 the focus was on retaining and attracting the best talent and this will stay the same in 2013. However, the big trend as a result of this will be the continued increase in counter offers. YORKSHIRE Over the last few years employers have experienced the impact of losing high quality employees and to avoid this continuing, some will be prepared to counter offer. In addition to this, organisations will be looking to further enhance their career progression and development offering to boost their employment appeal. Reactions to uncertain market conditions Whilst the macro factors surrounding Europe, the US fiscal cliff and the uninspiring budget continue to dominate the thoughts of business leaders, there is growing acceptance of the phrase ‘the new normal’, which refers to the market that we are now accustomed to, and this is unlikely to change in the short term. This accepted plateau in the economy has enabled businesses to focus on things they can control and improve, and employers have been keen to maximise on such opportunities – developing more efficient systems and processes, as well as increasing their top line by selling more products and services to their existing client base. However, business have not had much appetite for growing through diversification or mergers and acquisitions, something that is expected to change as they look to invest cash reserves built up over the last few years. In 2012 the focus was on retaining and attracting the best talent and this will stay the same in 2013
YORKSHIRE Market growth There has been increased demand for newly qualiﬁed candidates as organisations need to recruit heads to replace more senior employees. Recruiting at this level has allowed organisations to put into place succession planning, and offer individuals greater career progression opportunities with their company. There has also been growth within commercial and ﬁnancial planning roles due to candidates being able to demonstrate immediate time, quality and cost beneﬁts to the business, by making their mark at the top or bottom line. With the shift towards global reporting and the move to IFRS candidates with strong compliance and reporting backgrounds, we envisage this demand to continue moving forward. Supply and demand The sectors that saw solid demand and growth in 2012 are ﬁnancial services, retail, FMCG and manufacturing with some modest growth in healthcare and technology. We anticipate demand to remain resilient throughout the year, whilst seeing incremental growth in some areas. This is backed up by a regional survey which found that over 75% of business leaders expect growth to remain steady or even increase, with less than 5% expecting to make redundancies. There has been increased demand for newly qualiﬁed candidates as organisations need to recruit heads to replace more senior employees Taking the next step in your career GIVE YOUR CURRENT EMPLOYER A CHANCE Sometimes employees can be too quick to resign before exploring all options with their current employer. An increase in counter offers suggests businesses are not prepared to lose staff without a ﬁght, so it is worth ﬁnding out what they can offer you before you look to make your move. KEEP UP TO SPEED ON MARKET DEVELOPMENTS Keep up-to-date on what is going on in your sector, within the general economy and the wider recruitment market. Also know your value as an employee in the current conditions so you are in a better position to secure your next role. UTILISE SPECIALIST RECRUITMENT EXPERTS AT EVERY OPPORTUNITY The service provided to jobseekers is ultimately free, so take advantage. Recruiters can provide you with information on the job market, companies, salaries, bonuses, as well as other related matters to help you with your next career move. YORKSHIRE An increase in counter offers suggests employers are not prepared to lose staff without a ﬁght
COMMERCE & INDUSTRY Market Insight Why candidates are making a move LIMITED PROGRESSION INTERNALLY Some companies are keeping structures lean and are not investing in growth so internal opportunities to progress are becoming limited. SEEKING A SALARY TO MATCH CURRENT RESPONSIBILITIES Some businesses are underpaying employees, and so naturally these professionals are keen to secure another opportunity with better remuneration. Attracting top talent LOOKING FOR A BETTER WORK-LIFE BALANCE Companies operating very lean finance structures are increasing their demands on individuals in various roles. This is acceptable as a short term measure, but in the long term it is giving employees a very good reason to leave. CAREER DEVELOPMENT OPPORTUNITIES Candidates looking for a new role tend to prioritise career development over salary, so it is essential you have the capacity to facilitate progression and internal success stories to back this up. OFFER COMPETITIVE SALARIES Candidates undertake a lot of research prior to searching for a new role and are well versed on the salary they should command in the market relative to their experience. Good compensation packages will help to attract the best talent. YORKSHIRE Candidates looking for a new role tend to prioritise career development over salary, so it is essential you have the capacity to facilitate progression and internal success stories to back this up CREATE A BETTER WORK-LIFE BALANCE Providing a better work-life balance is proving to be a challenge for companies operating leaner structures, but a number of businesses are facilitating this for their employees and it is certainly becoming a must-have benefit for candidates. Spotlight on salaries Salaries have remained fairly steady compared to the previous two to three years, especially for the majority of traditional core financial and management accounting roles. There have been some exceptions to the rule, though, with candidates attaining higher salaries than the market average.
YORKSHIRE Qualification Job title Salary range Hourly rate 2012 2013 2012 2013 Newly Qualiﬁed | Not Top 4 trained £30,000-£32,000 £30,000-£33,000 £15-£16 £15-£17 Newly Qualiﬁed | Top 4 trained £34,000-£35,000 £34,000-£36,000 £18-£19 £18-£19 1-3 years’ PQE £39,000-£42,000 £38,000-£43,000 £20-£23 £20-£24 3-5 years PQE £45,000-£55,000 £45,000-£60,000 £25-£35 £25-£32 Newly Qualiﬁed £30,000-£32,000 £30,000-£34,000 £14-£16 £14-£16 1-3 years’ PQE £34,000-£37,000 £35,000-£37,000 £16-£18 £16-£18 3-5 years’ PQE £38,000-£40,000 £38,000-£41,000 £20-£24 £20-£24 Financial Conroller | 5-6 years’ PQE £50,000-£60,000 £50,000-£65,000 £30-£35 £30-£40 Financial Director | 8-10 years’ PQE £80,000-£100,000 £80,000-£120,000 £40-£50 £40-£60 ACA ACCA/CIMA Qualified Job title Salary range Hourly rate 2013 2012 2013 Management Accountant £28,000-£32,000 £28,000-£32,000 £16-£18 £16-18 Newly Qualiﬁed ACMA £30,000-£34,000 £30,000-£34,000 £15-£17 £15-£17 Newly Qualiﬁed CA £34,000-£35,000 £34,000-£36,000 £16-£19 £16-£19 Business Analyst £32,000-£36,000 £32,000-£37,000 £18-£22 £18-£22 Financial Analyst £32,000-£36,000 £32,000-£37,000 £18-£22 £18-£22 Finance Manager £40,000-£45,000 £40,500-£45,000 £20-£25 £20-£25 FP&A Manager £50,000-£55,000 £50,000-£60,000 £30-£35 £30-£35 Financial Controller £60,000-£70,000 £60,000-£75,000 £35-£42 £35-£45 Head of Finance £70,000-£80,000 £70,000-£80,000 £40-£56 £40-£60 Finance Director £85,000-£100,000 £80,000-£100,000 £50-£70 £50-£80 Chief Financial Officer £100,000-£130,000 £100,000-£150,000 £90-£120+ £90-£120+ YORKSHIRE 2012
COMMERCE & INDUSTRY Market Insight Part qualified Job title Salary range Hourly rate 2012 2013 2012 2013 £16,000-£19,000 £16,000-£19,000 £9-£10 £9-£10 Foundation Stage | 0-2 years £20,000-£22,000 £20,000-£22,000 £11-£12 £11-£12 Intermediate Stage | 2-3 years £23,000-£25,000 £23,000-£25,000 £12-£13 £12-£13 Finalist Stage | 3-4 years £26,000-£28,000 £26,000-£28,000 £13-£14 £13-£14 Certificate Stage | 0-2 years £20,000-£23,000 £20,000-£23,000 £11-£12 £11-£12 Managerial Stage | 2-3 years £23,000-£26,000 £23,000-£26,000 £13-£14 £13-£14 Strategic/TOP CIMA | 3-4 years £27,000-£29,000 £27,000-£29,000 £14-£15 £14-£15 Graduate Up to 12 months ACCA CIMA YORKSHIRE Salaries have remained fairly steady compared to the previous two to three years, especially for the majority of traditional core financial and management accounting roles
Raﬁ Davies Principal Consultant YORKSHIRE Executive +44 113 204 2032 firstname.lastname@example.org
EXECUTIVE Market Insight The big trends of 2012 There was a rise in the number of senior candidates proactively looking for their next career move. Individuals realised they couldn’t keep waiting for the market to change and instead needed to make the change themselves to avoid being left behind their peers. Outlook for 2013 Given that 2012 was the year of senior candidates pushing their careers forward, we expect to see an increase in the number of roles at finance director level, which will in turn create gaps. If confidence in the market increases in 2013, more finance directors will want to move, opening up the opportunities they have left behind for other professionals. Over the past three to four years, a reluctance to invest and a need to reduce costs have resulted in many businesses building up reasonable cash reserves. With the market now settling we expect companies to look at new growth opportunities to invest into, creating greater demand for commercial and strategically focused senior finance professionals with relevant corporate finance experience. YORKSHIRE The majority of organisations have been very risk-averse and therefore unwilling to make any hasty business decisions If confidence in the market increases in 2013, more finance directors will want to move, opening up the opportunities they have left behind for other professionals Reactions to uncertain market conditions The majority of organisations have been very riskaverse and therefore unwilling to make any hasty business decisions, which has affected recruitment processes for finance director positions.
YORKSHIRE Market growth In the past few years the role of ﬁnance director has changed immensely. Individuals have had to play a more pivotal role, both commercially and strategically, and as a result there has been notable growth in the amount of commercially strategic ﬁnance directors in the market. The expectation is that this will continue into 2013, but these desirables in a candidate will soon become essentials, as employers look to their ﬁnance directors to drive the business forward alongside the managing director. Supply and demand There has been increased demand for commercially focused ﬁnance professionals, as the role of ﬁnance has become much more ‘business partner’ focused. These roles are now better suited to individuals with strong communication skills, and those who are able to interact well outside of the ﬁnance team. There is certainly no shortage of candidates in the market. However, the quality is hard to ﬁnd There has been increased demand for commercially focused ﬁnance professionals, as the role of ﬁnance has become much more ‘business partner’ focused Taking the next step in your career KNOW WHAT BOXES YOU NEED TO TICK There is no point saying you want to progress in your career and not knowing what that means to you. For most candidates, becoming ﬁnance director is the goal, so map out what you need to achieve to make it there. SPEAK TO THE RIGHT PEOPLE It is important you speak to the right people in the market who can give you the right advice. Sometimes tough love is important, and it’s certainly imperative you are hearing what you need to hear, not what you want to hear! STAND OUT FROM THE CROWD There is certainly no shortage of candidates in the market. However, the quality is hard to ﬁnd, so make yourself appealing to employers. An MBA or secondment outside of ﬁnance are excellent achievements to add to your CV. YORKSHIRE
EXECUTIVE Market Insight Why candidates are making a move Very few professionals move just for a higher remuneration; they move to progress in their career. Candidates are looking for attractive roles that offer opportunities, and in most circumstances, finding the right role will provide them with the relevant remuneration package. Candidates are also looking for new opportunities because they are feeling the pressure. Professionals who have sat tight over the past few years have realised that if they don’t move forward they won’t be able to compete with their peers. Spotlight on salaries As competition to secure the best talent has continued to increase, the pressure to retain talent has grown and so have the salaries on offer. Some businesses have been forced to offer ‘above market’ salaries to counter offer their employees’ prospective employers, and in many cases not surprisingly, these counter offers have been accepted. YORKSHIRE Bonuses were paid out in 2012 but this was largely due to personal performance as opposed to company performance. Whilst bonus potential remained high at finance director level, the actual bonuses paid out were much less due to many companies falling short of their 2012 goals. Some businesses have been forced to offer ‘above market’ salaries to counter offer their employees’ prospective employers, and in many cases not surprisingly, these counter offers have been accepted
YORKSHIRE Executive Job title Salary range Hourly rate 2012 2013 2012 2013 Financial Controller £60,000-£70,000 £60,000-£75,000 £35-£42 £35-£45 Head of Finance £70,000-£80,000 £70,000-£80,000 £40-£56 £40-£60 Finance Director £85,000-£100,000 £80,000-£100,000 £50-£70 £50-£80 Chief Financial Officer £100,000-£130,000 £100,000-£150,000 £90-£120+ £90-£120+ Attracting top talent BE CLEAR ON WHAT YOU EXPECT The best candidates in the market are always looking to move forward and want to know whether their next role will help them do that. Any uncertainty from a prospective employer during the recruitment process can be very offputting and create a negative impression of your business. OFFER A COMPETITIVE REMUNERATION PACKAGE No matter what is said, remuneration will always remain a key priority for the majority of candidates, so offer an attractive salary. INCENTIVES TO DELIVER Most candidates want to know that they will be rewarded if they achieve what is expected of them over a three to ﬁve year period. Not only is this beneﬁcial to the employer, as it will encourage the individual to stay for a longer period of time, but it will also motivate that person to exceed expectations. Most candidates want to know that they will be rewarded if they achieve what is expected of them over a three to ﬁve year period YORKSHIRE
Oliver Lampkin Principal Consultant YORKSHIRE Temporary +44 113 204 2037 email@example.com
TEMPORARY Market Insight The big trends of 2012 Where businesses were reluctant to increase permanent headcounts, they used interim professionals to fill the gaps while they decided what to do in the long term. In addition to this there was a large demand for professional interims with strong change, integration and transformation experience as a result of businesses streamlining to improve efficiency. Outlook for 2013 With the economy settling and there being greater confidence amongst senior decision makers, we expect recruitment levels to increase and activity to improve. Purse strings will be loosened and recruitment freezes lifted, giving businesses the flexibility to bring on new hires. Where businesses were reluctant to increase permanent headcounts, they used interim professionals to fill the gaps while they decided what to do in the long term We anticipate an increased demand for more commercial and strategically focused candidates who can help businesses cut costs, as well as an increase in IFRS candidates with strong compliance and reporting backgrounds, as there is a shift towards global reporting. Reactions to uncertain market conditions Businesses have become risk averse and rather than thinking long term, they are concentrating on short term goals and plans, opening up the potential for more interim resources until the market improves. YORKSHIRE With the economy settling and there being greater confidence amongst senior decision makers, we expect recruitment levels to increase and activity to improve
YORKSHIRE Market growth There has been continual growth within the change, transformation and integration sector as businesses try to streamline processes, merge business units and improve efficiency. As a result of the difficult economic conditions, there has been an increased demand for interim professionals to steady business activity whilst ﬁrms decide what they want to do in the long term – a trend we expect to continue. Supply and demand Generally there has been greater demand for candidates to support businesses striving to improve business activity and proﬁtability. Whilst the role of the technical accountant remains crucial, companies have been looking for more commercially minded candidates to help steer their business in a more strategic direction. Whilst the role of the technical accountant remains crucial, companies have been looking for more commercially minded candidates to help steer their business in a more strategic direction As a result of the difficult economic conditions, there has been an increased demand for interim professionals to steady business activity whilst ﬁrms decide what they want to do Taking the next step in your career HAVE A PLAN Be completely conﬁdent with your own career path and development plans. GET MORE QUALIFIED Make yourself more appealing to prospective employers with further qualiﬁcations, such as an MBA or Prince II. DON’T PRICE YOURSELF OUT OF THE MARKET Research what current rates are being paid against your skill set and be realistic about what you are worth. YORKSHIRE
TEMPORARY Market Insight Why candidates are making a move Career progression and a desire for fresh challenge are key reasons for interim professionals wanting to move roles. Candidates are keen to impress and news travels fast, so making a name for yourself in the market is a priority. There is also the appeal of new industry exposure for seasoned interims and the opportunity to shine in front of new management during what is proving to be a very testing period in the marketplace. Spotlight on salaries Attracting top talent Day rates have remained fairly consistent with little drastic change to report. Despite the uncertainty, the demand for interim staff has remained steady and in some instances increased, which has allowed these individuals to retain their day rates. For those businesses going through periods of change and transformation, there has been a notable demand for contractors with a reflective skill set. This has proved to be business critical and in such instances, candidates have been fortunate enough to improve on their existing rates. PROVIDE CLARITY ON WHAT THE BUSINESS NEEDS Give prospective employees a clear profile of the candidate you are looking for and what will be expected of them to help meet the business needs. ENSURE YOUR RECRUITMENT PROCESS RUNS SMOOTHLY Keep the number of interview stages to a minimum and provide regular and prompt updates to candidates on the progress of their application. Candidates will have a stronger belief in a business that sticks to its word and runs a hassle-free recruitment process. YORKSHIRE PROVIDE OPPORTUNITIES TO DEVELOP A clear path for progression remains among candidates’ top priorities when searching for a new role, so make sure you have the capacity to do this and make sure this is clearly communicated during the recruitment process. A clear path for progression remains among candidates’ top priorities when searching for a new role, so make sure you have the capacity to do this and make sure this is clearly communicated during the recruitment process
YORKSHIRE Executive Job title Hourly rate 2012 2013 Financial Controller £35-£42 £35-£45 Head of Finance £40-£56 £40-£60 Finance Director £50-£70 £50-£80 £90-£120+ £90/£120+ Chief Financial Officer Qualified Job title Hourly rate 2012 2013 Newly Qualiﬁed ACMA £15-£17 £15-£17 Management Accountant £16-£18 £16-18 Newly Qualiﬁed CA £16-£19 £16-£19 Business Analyst £18-£22 £18-£22 Financial Analyst £18-£22 £18-£22 Finance Manager £20-£25 £20-£25 FP&A Manager £30-£35 £30-£35 Part Qualified Job title Hourly rate 2012 2013 £9-£10 £9-£10 Foundation Stage | 0-2 years £11-£12 £11-£12 Intermediate Stage | 2-3 years £12-£13 £12-£13 Finalist Stage | 3-4 years £13-£14 £13-£14 Certiﬁcate Stage | 0-2 years £11-£12 £11-£12 Managerial Stage | 2-3 years £13-£14 £13-£14 Strategic/TOP CIMA | 3-4 years £14-£15 £14-£15 Graduate Up to 12 months ACCA YORKSHIRE CIMA
Sonya Sharples Senior Consultant YORKSHIRE Professional Services +44 113 204 2030 firstname.lastname@example.org
PROFESSIONAL SERVICES Market Insight The big trends of 2012 Outlook for 2013 Although recruitment within tax and audit was busy last year, recruitment was generally quieter than it was in 2011, most notably in restructuring. Many firms have waited until 2013 to recruit, and as a result the need to hire has slowly become more urgent. Recruitment was stagnant across the Big 4, culminating in a high number of redundancies, especially from KPMG, which reduced its headcount by 5% during the second half of 2012. With the Big 4 not recruiting, the main bulk of the recruitment activity was generally left to the mid-tier firms like Grant Thornton. Predicted changes in 2013 THE BIG 4 WILL RE-ENTER THE RECRUITMENT MARKET They have generally been unable to recruit over the last year. MORE MOVEMENT AT THE EXECUTIVE LEVEL There are currently a number of attractive opportunities available. MORE MERGER ACTIVITY AND FURTHER CHANGES IN THE TOP 100 FIRMS This is in the wake of the PKF and BDO merger. YORKSHIRE Recruiting candidates who can bring new work to the firm either through their current portfolios or by networking, will help to increase revenue Within tax in the Big 4, top 10 and independent firms, there will be a regular need to recruit due to the continual changes in legislation, client pressures to reduce their taxes and firms looking to add more headcount to their specialist tax teams such as expat, financial services and research and development. Restructuring has been the slowest area in recruitment over the last two years and we expect this to continue over the rest of the year. Revenues in all the major insolvency houses have been consistently down, partly due to the ’zombie’ companies, but this is also a result of insolvency practitioners being unable to sell the assets of insolvent firms and release their fees. Corporate finance and transaction services have seen a steady amount of recruitment over the last year and should continue to do so in 2013. In these areas the emphasis has been on recruiting experienced individuals, which has meant more activity at manager level and above. Over the last year we have seen the Big 4 and top 10 recruit at these levels. However, there has been greater activity within the boutique corporate finance houses. Towards the end of 2012, audit recruitment became more urgent and this has continued into 2013, with the Big 4, top 10 and independent firms all recruiting in this sector. This has been a result of a large number of audit candidates making the move into industry, some of professionals relocating and a high volume of professionals being seconded to other areas of their firms. In 2012 most firms struggled with market conditions, but now the majority of mid-tier firms have turned a corner and are looking to bolster their resources, all of which suggests positive signs for growth and profit over the year.
YORKSHIRE Reactions to uncertain market conditions Employers have been cautious when looking to bring in a new hire, so the sign off process has been more complicated and elongated. Many ﬁrms have waited to recruit, choosing to cover additional workload internally, and as a result the need to hire has been more urgent. A large amount of redundancies have been made and although market conditions have been uncertain, professionals who have been made redundant have generally been quickly recruited into new roles, highlighting that high-calibre individuals will always be snapped up. Many ﬁrms that struggled during 2012 lost senior members of their team, but a number of these individuals have since gone on to start up new ﬁrms of their own. Their aim has been to provide a more cost effective service to clients whilst maintaining a high quality level of work. This has resulted in numerous niche accountancy practices being set up throughout Yorkshire and these ﬁrms are now recruiting to service work won in 2012. Skills in demand Tax candidates, at all levels from trainee to partner, have been in high demand. This will continue throughout 2013 as the tax area continues to grow, especially with the many changes in legislation that have created greater demand on accountancy ﬁrms to provide both corporate and personal tax advice to their clients. Supply and demand Taking the next step in your career THINK ABOUT YOUR LONG TERM PLAN In the current climate every career move you make needs to add another element to your CV and give you experience in a new area. For example, if you want to become a partner in the long term, you need to think seriously about a role which gives you exposure to business development. THINK ABOUT THE ORGANISATION YOU ARE JOINING Carefully consider whether this business will give you the progression you need, determine if it will be a good cultural ﬁt for you and ask yourself if the role is going to challenge you. If the organisation doesn’t fulﬁl all these criteria, you should reconsider whether this opportunity is right for you. MOVE UPWARDS Make sure the role is an upward step rather than a sideward move. YORKSHIRE Activity has been light in restructuring and consultancy, whilst tax has been very busy. In general though, activity has been minimal in a lot of areas, with redundancies happening in the majority of the Big 4. Most recruitment that did happen was with the independent and mid-tier ﬁrms. Tax candidates, at all levels from trainee to partner, have been in high demand
PROFESSIONAL SERVICES Market Insight Why candidates are making a move Businesses remain cautious about hiring and as a result, departments are feeling the strain of being understaffed and individuals are feeling the stress of being overworked. In these environments, people typically seek new opportunities for greater job satisfaction and also because they feel underappreciated for the work they do. This sense of caution is also causing a freeze on pay and promotions, providing another reason for candidates to look for another role. Redundancies are also still happening and therefore giving individuals no option but to look elsewhere. Spotlight on salaries Attracting top talent Salaries and bonuses have remained fairly consistent over the last few years, except within tax, where jobs have seen a slight increase of 5%. Tax professionals have been in great demand across the Yorkshire region, with high quality candidates being able to negotiate their base salaries as a result of multiple offers. OFFER LONG TERM STRUCTURE Job offers cannot be based purely on salary anymore as candidates need a challenge and a chance to progress, so offer a role full of opportunities and longevity. YORKSHIRE In the corporate finance market there have been numerous occasions where candidates have left the Big 4 and top 10 firms for smaller boutique firms in search of more lucrative bonuses. Although base salaries in the smaller firms may not be as appealing, the opportunity for larger bonuses is much greater. HAVE A USP Sell the role as a unique opportunity that the candidate will not find at another firm. INSTILL A GOOD TEAM CULTURE Create a good company culture that candidates will talk about and make them want to work for you. Job offers cannot be based purely on salary anymore as candidates need a challenge and a chance to progress, so offer a role full of opportunities and longevity
YORKSHIRE Qualified | By type Job title Big 4 salary range Mid-tier salary range 2012 2013 2012 2013 1st Year Trainee £25,000-£30,000 £25,000-£30,000 £22,000-£28,000 £22,000-£28,000 Finalist | 2+ years £28,000-£30,000 £28,000-£30,000 £25,000-£28,000 £25,000-£28,000 Newly Qualiﬁed £32,000-£39,000 £32,000-£39,000 £32,000-£36,000 £32,000-£36,000 Manager £42,000-£45,000 £42,000-£45,000 £42,000-£45,000 £42,000-£45,000 Senior Manager £62,000-£80,000 £62,000-£80,000 £58,000-£75,000 £58,000-£75,000 Director £75,000-£85,000 £75,000-£85,000 £65,000-£80,000 £65,000-£80,000 £140,000-£300,000 £140,000-£300,000 £80,000-£180,000 £80,000-£180,000 ACA/CTA Partner Audit/Accounts Job title Big 4 salary range Mid-tier salary range 2012 2013 2012 2013 Trainee | 2-3 years £25,000-£30,000 £25,000-£30,000 £22,000-£28,000 £22,000-£28,000 Finalist £28,000-£30,000 £28,000-£30,000 £25,000-£28,000 £25,000-£28,000 Newly Qualiﬁed £32,000-£39,000 £32,000-£39,000 £32,000-£36,000 £32,000-£36,000 Manager £42,000-£45,000 £42,000-£48,000 £42,000-£45,000 £42,000-£45,000 Senior Manager £62,000-£80,000 £60,000-£80,000 £58,000-£75,000 £58,000-£75,000 Director £75,000-£85,000 £75,000-£85,000 £65,000-£80,000 £65,000-£80,000 Partner £140,000-£300,000 £140,000-£300,000 £80,000-£180,000 £80,000-£180,000 Recovery/Insolvency Job title Big 4 salary range Mid-tier salary range 2013 2012 2013 Junior Administrator £20,000-£27,000 £20,000-£27,000 £18,000-£24,000 £18,000-£24,000 Senior Administrator £33,000-£43,000 £33,000-£43,000 £33,000-£42,000 £33,000-£42,000 Assistant Manager £42,000-£50,000 £42,000-£50,000 £38,000-£45,000 £38,000-£45,000 Manager £50,000-£78,000 £50,000-£78,000 £45,000-£60,000 £45,000-£60,000 Senior Manager £70,000-£100,000 £70,000-£100,000 £60,000-£90,000 £60,000-£90,000 Director £80,000-£190,000 £80,000-£190,000 £75,000-£135,000 £75,000-£135,000 Partner £150,000-£550,000 £150,000-£550,000 £100,000-£250,000 £100,000-£250,000 YORKSHIRE 2012
PROFESSIONAL SERVICES Market Insight Forensics Job title Big 4 salary range Mid-tier salary range 2012 2013 2012 2013 Part Qualified £20,000-£30,000 £20,000-£30,000 £18,000-£24,000 £18,000-£24,000 Newly Qualified £38,000-£45,000 £38,000-£45,000 £38,000-£42,000 £38,000-£42,000 Manager £48,000-£62,000 £48,000-£62,000 £45,000-£55,000 £45,000-£55,000 Senior Manager £60,000-£86,000 £60,000-£86,000 £55,000-£75,000 £55,000-£75,000 Director £80,000-£150,000 £80,000-£150,000 £80,000-£110,000 £80,000-£110,000 Partner £140,000-£550,000 £140,000-£550,000 £120,000-£220,000 £120,000-£220,000 Transactional Services/ Corporate Finance Big 4 salary range Mid-tier salary range Job title 2012 2013 2012 2013 Analyst £22,000-£34,000 £22,000-£34,000 £22,000-£33,000 £22,000-£33,000 Executive £38,000-£42,000 £38,000-£42,000 £32,000-£40,000 £32,000-£40,000 Manager £45,000-£55,000 £45,000-£55,000 £42,000-£45,000 £42,000-£45,000 Senior Manager £60,000-£75,000 £60,000-£75,000 £50,000-£65,000 £50,000-£65,000 Director £75,000-£90,000 £75,000-£90,000 £60,000-£85,000 £60,000-£85,000 Partner £150,000-£700,000 £150,000-£700,000 £100,000-£200,000 £100,000-£200,000 YORKSHIRE There has been a slight increase in taxation salaries, as well as a rise of around 5% in transaction services, due to skills shortages in these areas.
ACKNOWLEDGEMENTS We would like to extend our appreciation to all those who completed this survey and made this market report possible. If you didn’t participate, please do so next year so we can continue to develop the depth and quality of this report and provide you with a fair and balanced picture. This report is only ever intended to give a very general overview on the changing nature and complexity of the employment market for accountancy, finance and advisory professionals and can serve as a useful guide. However, if you require a more tailored and confidential discussion on how this will affect your business, finance department or indeed your own career, please do not hesitate to get in touch. Alex Voskou Alicja Skrakowski Editor and Marketing: Kirsty Assistant Editor: Promotion: Your future in finance and accountancy Kelly gaapweb.com DISCLAIMER This research was carried out by means of an electronic questionnaire and supplemented with data and market information that Marks Sattin has access to. The results are provided as generic market information only. Marks Sattin does not make any warranties regarding the use, validity, accuracy or reliability of the results and information obtained. Marks Sattin will not be liable for any damages of any kind arising out
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