High-performing financial professionals remain in high demand as the skills deficit grows in the financial sector.
London, 16 January 2018 – The Robert Half 2018 Salary Guide has revealed that accountants and finance leaders will top the list of professionals set to experience the greatest salary increases in financial services in 2018.
The top 10 roles anticipated to see the biggest salary rises in 2018 include:
1. Accountant (NQ – 3 years’ PQE) – 4.2% (£52,500 – £65,750)
2. Chief financial officer/ Group financial director – 4.0% (£86,500 - £100,000)
3. Senior financial controller – 4.0% (£44,500 – £54,000)
4. Risk associate – 3.3% (£48,000 - £60,500)
5. Operations manager – 3.2% (£78,000 – £117,000)
6. Accountant (4-7 years PQE) – 3.1% (£70,000 - £95,000)
7. Assistant management/ Financial accountant – 2.9% (£22,000 - £32,000)
8. Tax specialist – 2.6% (£43,000 – £65,750)
9. Finance director – 2.6% (£95,000 – £176,500)
10. Systems accountant – 2.5% (£49,000 – £65,000)
With 51% of financial services executives struggling to recruit with the lack of experienced professionals available on the market and 59% admitting that demand is growing faster than supply, the financial services sector is investing in its talent to keep pace with the changing climate. Increasingly, companies are hiring junior accounting and finance professionals to fill the gap then supporting their growth within the company.
“The skills shortage continues to be felt industry-wide and is a trend that is likely to continue into the foreseeable future. With finance automation, changing regulations and a driving need for greater efficiencies, firms are focused on attracting and holding onto top talent,” explained Matt Weston, Director, Robert Half UK. “In a bid to attract highly skilled professionals, many financial services firms plan to prioritise salary increases and bonus payments tied to performance over standard benefits this year.”
Bonuses for junior to mid-level roles will range from 10-20% on average, rising to 20-50% for those in senior positions. Private medical care, 25 days’ annual leave and life insurance are also still popular options in attractive remuneration packages that help acquire skilled professionals.
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About the Robert Half 2018 Salary Guide
Since 1950, Robert Half has produced Salary Guides to offer business owners, hiring managers and professionals’ information on prevailing starting salaries in their geographic areas and insight into the latest employment trends. Companies consult the annual Salary Guide to determine appropriate remuneration for accounting and finance, financial services, technology and administrative professionals at all levels.
Information in the Salary Guide is based on the thousands of job searches, negotiations and placements managed each year by Robert Half's recruitment consultants, along with the company's ongoing surveys of executives. Continuing or ongoing salaries are not reported because many external factors – such as seniority, work ethic, non-monetary benefits, job performance and training – impact the salaries of permanent professionals as work histories develop.
Download the Robert Half 2018 Salary Guide
Notes to editors
The annual study was developed by Robert Half UK and is conducted by an independent research firm. The study is based on more than 200 interviews with senior financial services executives from companies across the UK, with the results segmented by size, sector and geographic location.