ACAs in business attract average salary of nearly 80k

The high demand for the skills of chartered accountants means that the average salary for those working in business is nearly 80k, according to research from the Institute of Chartered Accountants in England and Wales (ICAEW) and specialist financial recruitment consultancy Robert Half Finance & Accounting. The survey also shows the wide range of roles that chartered accountants have with 39% operating at board level.

The first Career Benchmarking Survey of ICAEW members in business reveals that the average salary is 79.4k with the largest group earning between 55k - 64k and 3% earning over 175k. Salaries also vary significantly by sector with the average salary highest in the financial services sector (85k) and lowest in retail and wholesale (70k) and manufacturing and engineering (71k).

In addition, chartered accountants who qualify by taking the ACA qualification, have a strong remuneration package with 76% receiving an average annual bonus of 29,000. A number of benefits are also on offer including a company pension, healthcare and life assurance.

Michael Izza, Chief Executive of the ICAEW, said: ìThe level of salaries being earned by our members in business is recognition of the value companies attach to the skills and expertise which ACAs bring to a variety of roles and across multiple industry sectors. The survey shows the ACA qualification is one for business leadership and with the launch of the new ACA later this year we hope to help more businesses train future chartered accountants.î

Phil Sheridan, Managing Director of Robert Half Finance & Accounting, said: ìThese salaries are very much reflective of the demand that exists today for skilled finance professionals. Employers have to look carefully at what they are offering in terms of remuneration packages to attract and retain qualified, high level ACAs. Chartered accountants have a significant role to play in organisations across all sectors and these higher level salaries are indicative of this.î

Unsurprisingly salaries vary a lot by role with Chief Executives and Managing Directors earning the most (110k) followed by Chief Financial Officers and Financial Directors (94k) with role of ëFinance Managerí earning the least (51k). The survey however also confirms the ACA as a premium business qualification, with 39% of ACAs operating at board level.

This corresponds with the fact that 67% of FTSE 100 qualified accountants acting as Finance Director or CEO have an ACA ñ four times more than any other single qualification.

The survey does however indicate a difference in pay between male and female ACAs. Women are also under-represented in the most senior roles in comparison with men, suggesting the existence of a ëglass-ceilingí. Although more is being done, business needs to continue to adapt in order to attract and retain this talent pool, especially with the number of newly qualified women chartered accountants rising rapidly. The Institute is developing a programme called ëNarrowing the Gapí to advise on issues relating to gender diversity in the accountancy profession. Its focus will be on talent management, in particular the recruitment and retention of women.

Most chartered accountants in business believe they are in an enjoyable and satisfying profession with 81% saying they are happy in their current roles and three quarters (76%) content with their work/life balance. Concessions are made however with those being the most satisfied earning more than their counterparts whilst many of those earning the least are also fulfilled due to the flexibility options that they have taken up. These include flexible working hours and help with childcare as well as having a corporate culture which is supportive of family life.

The Career Benchmarking Survey interviewed over 3,000 member of the ICAEW who work in business.