Marks Sattin Market Insight 2013 (Thames Valley)

Market Insight 2013Thames Valley

Accountancy, Finance & Advisory

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.

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.

METHODOLOGY

CONTACT US

LONDON322 High Holborn, London, WC1V 7PB +44 20 7321 [email protected]

THAMES VALLEYDavidson House, Forbury Square, Reading, Berkshire RG1 3EU+44 118 900 [email protected]

NORTH WEST3rd Floor, Centurion House,129 Deansgate, Manchester, M2 3WR+44 161 638 [email protected]

YORKSHIREPark Row House, 19-20 Park Row, Leeds, LS1 5JF+44 113 242 [email protected]

markssattin.co.uk Marks Sattin @MarksSattin

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INTRODUCTION .................................................................................................................... 2

LONDON ............................................................................................................................... 19Financial Services ................................................................................................................ 21Banking & Capital Markets .................................................................................................. 21Change Management .......................................................................................................... 29Front Office.......................................................................................................................... 37Insurance ............................................................................................................................ 45Investment Management ..................................................................................................... 53Senior Finance .................................................................................................................... 61

Commerce & Industry.......................................................................................................... 69Executive............................................................................................................................. 69Part Qualified & Transactional Accounting ............................................................................ 77Qualified .............................................................................................................................. 85

Professional Services........................................................................................................... 97Advisory .............................................................................................................................. 97Audit & Assurance ............................................................................................................... 105Management Consultancy ................................................................................................... 113Taxation .............................................................................................................................. 123

NORTH WEST ....................................................................................................................... 131Key Findings........................................................................................................................ 131Commerce & Industry.......................................................................................................... 139Executive............................................................................................................................. 145Financial Services ................................................................................................................ 151

THAMES VALLEY .................................................................................................................. 157Key Findings........................................................................................................................ 157Executive............................................................................................................................. 165Part Qualified & Qualified ..................................................................................................... 171

YORKSHIRE .......................................................................................................................... 177Key Findings........................................................................................................................ 177Commerce & Industry.......................................................................................................... 185Executive............................................................................................................................. 191Temporary ........................................................................................................................... 197Professional Services........................................................................................................... 203

ACKNOWLEDGEMENTS & DISCLAIMER .............................................................................. 209

INTRODUCTION

INTRODUCTION

Dave Way

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 protected] +44 20 7747 9670

DAVE WAYManaging Director

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 su§er 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 su§ered significantly.

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!

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.

KEY TRENDS

Employers began to be slightly more forthcoming with pay rises for accountancy and advisory sta§ last year, with 68% of employees receiving a positive review and only 1% asked to take a pay cut.

Only 30% of permanent sta§ and 20% of contract sta§ 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.

SALARIES & BENEFITS

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. 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.

Only 30% of permanent sta§ and 20%

of contract sta§ were unhappy with their current salaries

56%of respondents were happy with their

benefits

68%of respondents

received a pay increase

last year

44%of respondents were satisfied with their

bonus


benefits

68%of respondents


last year


bonus


benefits

68%of respondents


last year


bonus

Our survey showed that across the board, accountants were far

better looked after than other professionals

JOB SECURITY

INTRODUCTION Dave Way

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.

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.

78%of respondents feel secure in their

current role

70%of respondents felt secure in their

current role

2013

2012

78%of respondents feel secure in their

current role

70%of respondents felt secure in their

current role

2013

2012

33% of respondents actually saw an increase in the size of their teams over the past 12 months

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-o§ers increased significantly across the board, as employers reacted to valued team members being o§ered 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 sta§ 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.

RELOCATION

Never more so has relocation been a hot topic within the finance community. As a result, our non-London businesses have continued to o§er 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.

42%of respondents

would relocate to the USA

41%of respondents

were only in their first year of employment

88% of respondents state that working with a recruitment agency is still a vital part of any new job search.

DemographicsKEY FINDINGS

67%

33%

67% of respondents were male and 33% female

Less than 25 years 7%

26 to 30 years 23%

31 to 35 years 21%

36 to 40 years 15%

41 to 50 years 22%

More than 50 years 12%

Age

<25years

26-30 31-35 36-40 41-49 >50

RESPONDENT PROFILE

2,016

respondents took part in this year’s survey

Greater London

64%

59%South East12%

11%

North West

7%

4%

Yorkshire & Humberside

5%12% Other9%

11%

Midlands3%

3%

KEYPermanent

Contract

Work location

Gender

LinkedIn 66%

Facebook 59%

Twitter 17%

Other 7%

None 15%

Respondents could choose more than one answer

Social networks actively used by respondents

UK

CURRENT EMPLOYMENT

2-5years

6-10years

10+years

10+ 10+ years’ PQE 36%

2-5years

6-10years

10+years

10+

5 to 10 years’ PQE 18%

2-5years

6-10years

10+years

10+

2 to 5 years’ PQE 21%2-5

years

6-10years

10+years

10+

Newly qualified 9% 2-5years

6-10years

10+years

10+

Part qualified 11%

2-5years

6-10years

10+years

10+

Qualified by experience or not qualified 5%

Permanent or fixed term contract 78%

Interim or contractor 20%

Unemployed 2%

Which of the following best describes your qualification status?

How are you currently employed?

2-5years

6-10years

10+years

10+

Only 2%of respondents are unemployed

44% of respondents are satisfied in their current role

Satisfaction with current role

Permanent

Satisfied 44%

Permanent

Neither satisfied nor dissatisfied 26%

Permanent

Dissatisfied 30%

73%

73% of respondents would recommend their employer

Other

6%Public

Practice

10%

Aud

it an

d A

ssur

ance

Cor

pora

te F

inan

ce

Taxa

tion

Oth

er

Management Consultancy

11%

Unemployed

2%

Cap

ital M

arke

ts

Cha

nge

Man

agem

ent

Insu

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Inve

stm

ent B

anki

ng

Inve

stm

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anag

emen

t

Ret

ail B

anki

ng

Oth

er

Banking & Financial

Services

28%

Adv

ertis

ing,

PR

, Med

ia a

nd P

ublis

hing

Bus

ines

s S

ervi

ces

Ene

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and

Nat

ural

Res

ourc

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Eng

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ring

and

Man

ufac

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FMC

G a

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harm

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Pro

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Tele

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chno

logy

Oth

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Commerce & Industry

43%

Which of the following best describes the area/sector you currently work in?

SECTOR REPRESENTATION

DemographicsKEY FINDINGS

UK

Other

6%Public

Practice

10%

Aud

it an

d A

ssur

ance

Cor

pora

te F

inan

ce

Taxa

tion

Oth

er

Management Consultancy

11%

Unemployed

2%

Cap

ital M

arke

ts

Cha

nge

Man

agem

ent

Insu

ranc

e

Inve

stm

ent B

anki

ng

Inve

stm

ent M

anag

emen

t

Ret

ail B

anki

ng

Oth

er

Banking & Financial

Services

28%

Adv

ertis

ing,

PR

, Med

ia a

nd P

ublis

hing

Bus

ines

s S

ervi

ces

Ene

rgy

and

Nat

ural

Res

ourc

es

Eng

inee

ring

and

Man

ufac

turin

g

FMC

G a

nd P

harm

aceu

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s

Pro

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Ret

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chno

logy

Oth

er

Commerce & Industry

43%

Market Perspective

Recruitment freeze 34%

Budget cuts 35%

Profitability of business 33%

Business process/policy change 41%

Salary freeze 36%

Respondents could choose more than one answer from a choice of 14

Top 5 expectations for your business in the next 12 monthsCompared with the last 12 months, how confident do you feel about the economic prospects facing your company?

More confident 20%

As confident 52%

Less confident 28%

ECONOMIC PROSPECTS

KEY FINDINGS

64%64%

Salary freeze 20%64%

Salary reduction 3%

64%

Shorter working week 2%

64%

Redundancy 1% 64%

Other 14%


Expectations for personal salary and job security in the next 12 months

How would you rate your current job security?

Secure 78%

Insecure 22%

JOB SECURITY

Only 20%of respondents feel

more confident about the economic prospects facing

their company compared with the last 12 months

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%

What is your employer’s recruitment strategy?

Remained the same

34%

How has the number of sta� in your team changed in the past 12 months?

What is the size of your department?

Remained the same

34%

Increased 33%

Remained the same

34%

Decreased 28% Remained the same

34%

Not sure 5%

1 to 5 employees 23%




More than 20 employees 36%

61%of respondents selected business growth or expansion as the main reason for an increase in sta§

of respondents selected

headcount reductions as the main reason for a decrease in sta§

HEADCOUNT

UK

33%of respondents have seen an increase in the size of their team in the last 12 months

36% of respondents have more than 20 employees in their department

EXPERIENCE

<1years

1-2 2-3 3-5 5-10 >10

Length in current roleLength of time in the accountancy, finance or advisory profession

Less than 1 year 41%

1 to 2 years 24%

2 to 3 years 15%

3 to 5 years 12%

5 to 10 years 6%


0 to 3 years 9%

4 to 6 years 19%

7 to 10 years 21%

11 to 15 years 18%

16 to 20 years 9%


Not applicable 3%

7-10years

More than 20 years

HOURS WORKEDAverage hours worked per week

How has the number of hours changed in the last 12 months?

Increased 34%

Remained the same 53%

Decreased 13%

55%of respondents chose taking on more responsibility as the main reason for an increase in working hours

41% of respondents have been in their current role for less than a year

Career InsightKEY FINDINGS

RELOCATION

42%

USA 42% Singapore 23% South Africa 10%

Australia 33% Hong Kong 22% Malaysia 9%

Mainland Europe 28% UAE 19% China 8%

Within the UK 28% New Zealand 18% India 7%

Canada 24% Ireland 12% Other 3%

Respondents could choose more than one country from a choice of 14

USA 42% Singapore 23% South Africa 10%

Australia 33% Hong Kong 22% Malaysia 9%

Mainland Europe 28% UAE 19% China 8%

Within the UK 28% New Zealand 18% India 7%

Canada 24% Ireland 12% Other 3%


Improved quality of life61%

Di§erent culture 54%

New career opportunity 52%

Better employment opportunities 49%

Improved salary48%

Respondents could choose more than one reason from a choice of nine

Top 5 reasons for respondents wanting to relocate

29% of respondents would not relocate

UK

Improved quality of life is the main reason for respondents wanting to relocate

Places respondents would consider relocating to in the next 2 years

MOVING ON

Top 5 reasons for leaving last role

How do you rate the importance of the following sources when seeking a new role?

Career development33%

New challenge/more interesting work 29%

Higher salary 26%

End of contract18%

Redundancy 16%

Respondents could choose up to three reasons

36% of respondents anticipate changing roles in the next 12 months

57%

43%

19%

9%

2%

7%

29%

20%

33%

10%

36%

22%

11%

34%

33%

18%

39%

38%39%

15%

50%

3% 3%

30%

38% of respondents took up to 3 months to find their current role

57%

43%

19%

9%

2%

7%

29%

20%

33%

10%

36%

22%

11%

34%

33%

18%

39%

38%39%

15%

50%

3% 3%

30%

KEYImportance

Vital

Very important

Quite important

Not important

Source

57%

43%

19%

9%

2%

7%

29%

20%

33%

10%

36%

22%

11%

34%

33%

18%

39%

38%39%

15%

50%

3% 3%

30%

National press

57%

43%

19%

9%

2%

7%

29%

20%

33%

10%

36%

22%

11%

34%

33%

18%

39%

38%39%

15%

50%

3% 3%

30%

Online job boards/advertising

57%

43%

19%

9%

2%

7%

29%

20%

33%

10%

36%

22%

11%

34%

33%

18%

39%

38%39%

15%

50%

3% 3%

30%

Social networking

57%

43%

19%

9%

2%

7%

29%

20%

33%

10%

36%

22%

11%

34%

33%

18%

39%

38%39%

15%

50%

3% 3%

30%

Recruitment consultancies/headhunters

57%

43%

19%

9%

2%

7%

29%

20%

33%

10%

36%

22%

11%

34%

33%

18%

39%

38%39%

15%

50%

3% 3%

30%

Trade press

57%

43%

19%

9%

2%

7%

29%

20%

33%

10%

36%

22%

11%

34%

33%

18%

39%

38%39%

15%

50%

3% 3%

30%

Word of mouth/personal referrals/internal contact

How did you find your current position?

Recruitment consultancy or headhunter 47%

Online advertising 13%

Professional network or personal contact 13%

Direct approach9%

Internal promotion5%

Print advertising 2%

Other 2%

Not currently employed9%

REMUNERATION

What was the outcome of your last pay review?

Less than 6 months ago 33%

6 to 12 months ago 35%

More than 12 months ago 12%

Not applicable 20%

Pay increase 68%

Pay remained the same 31%

Asked to take a pay cut 1%

33% of respondents perceive a 5 to 10% salary increase as acceptable if they were to move roles

Salaries & BenefitsKEY FINDINGS

68% of respondents have had a pay review in the last 12 months

Permanent

Contract

Satisfaction with current remuneration

Permanent

Satisfied 44%

Permanent


Permanent

Dissatisfied 30%

Permanent

Satisfied 53%

Permanent


Permanent

Dissatisfied 20%

53% of contract respondents are satisfied with their current remuneration compared with 44%

of permanent respondents

When was your last pay review?

44%

Did you receive a bonus in 2012?

Yes 47%

No, not entitled to receive one 38%

No, not awarded one 15%

44% of respondents were satisfied with their bonus

BENEFITS

BONUS

Respondents rated a selection of 20 benefits in order of importance

Benefits considered most and least important when considering a new role

25 days holiday or more

Annual bonus scheme

Good company pension

Private healthcare

Sabbatical

Mortgage relief

Season ticket loan

Daily subsidised meals

Childcare vouchers

Insurance*

56%

56% of respondents were satisfied with their benefits

34%

of respondents received the same bonus in 2012 as 2011

As a percentage of your basic salary, what was your bonus in 2012?

1 to 9% of salary 41%





More than 90% of salary 3%

1-9% of salary

UK

25 days holiday or more is the most desired benefit

*PMI/death in service/life insurance

Top 5 benefits currently received

25 days holiday or more 78%

Company pension scheme 64%

Private healthcare 54%

Annual bonus scheme 48%

Insurance (PMI/death in service/life insurance) 48%

Respondents could select all benefits that applied

1-9% of salary

0

20

40

60

80

100

Banking and Financial Services Commerce and Industry Management Consultancy Public Practice


A comparison of bonuses received across sectors*

50 to 79% of salary

More than 80% of salary

30 to 39% of salary

40 to 49% of salary

KEY1 to 9% of salary

10 to 19% of salary

20 to 29% of salary

BONUS

*Bonuses received as a percentage of salary

THAMES VALLEY

Key Findings

+44 118 900 [email protected]

Regional Director

Paul Collier

THA

ME

S V

ALL

EY

Market Perspective

Greater focus on regulatory issues 28%

Recruitment freeze 35%

Budget cuts 41%

Business process/policy change 48%

Salary freeze 29%

Respondents could choose more than one answer from a choice of 14

Top 5 expectations for your business in the next 12 monthsCompared with the last 12 months, how confident do you feel about the economic prospects facing your company?

More confident 13%

As confident 57%

Less confident 30%

ECONOMIC PROSPECTS

KEY FINDINGS

53%53%

Salary freeze 32%

53%

Redundancy 5% 53%

Salary reduction 3%

53%

Shorter working week 2%

53%

Other 13%


Expectations for personal salary and job security in the next 12 months

How would you rate your current job security?

Secure 67%

Insecure 33%

JOB SECURITY

Only 13%of respondents feel more

confident about the economic prospects facing their

company compared with the last 12 months

THA

ME

S VA

LLEY

Short term (0-6 months ahead) 43%

Medium term (6-12 months ahead) 17%

Long term (1-2 years) 11%

Non-existent 11%

Not sure 18%

What is your employer’s recruitment strategy?

Remained the same

41%

How has the number of sta� in your team changed in the past 12 months?

Remained the same

41%

Increased 28%

Remained the same

41%

Decreased 27% Remained the same

41%

Not sure 4%

57%of respondents selected business growth or expansion as the main reason for an increase in sta§

of respondents selected

headcount reductions as the main reason for a decrease in sta§

of respondents have more than

20 employees in their team

HEADCOUNT

THAMES VALLEY

28%of respondents have seen an increase in the size of their team in the last 12 months

THA

ME

S V

ALL

EY

EXPERIENCE

69%

31%

<1years

1-2 2-3 3-5 5-10 >10

Length in current roleLength of time in the accountancy, finance or advisory profession

Less than 1 year 42%

1 to 2 years 24%

2 to 3 years 14%

3 to 5 years 13%

5 to 10 years 5%


0 to 3 years 4%

4 to 6 years 15%

7 to 10 years 18%

11 to 15 years 19%

16 to 20 years 13%


Not applicable 2%

11-15years

HOURS WORKEDAverage hours worked per week

How has the number of hours changed in the last 12 months?

Increased 26%

Remained the same 57%

Decreased 17%

51%of respondents chose taking on more responsibility as the main reason for an increase in working hours

42% of respondents have been in their current role for less than a year

Career InsightKEY FINDINGS

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MOVING ONTop 5 reasons for leaving last role

End of contract54%

New challenge/more interesting work 46%

Career development40%

Redundancy 37%

Higher salary 34%

Respondents could choose up to three reasons

RELOCATION

39%

39%

Mainland Europe 38%

39%

Australia 34%

39%

Within the UK 31%

39%

New Zealand 29%


Improved quality of life68%

New career opportunity58%

Di§erent culture 55%

Better employment opportunities 49%

Improved salary43%

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

Top 5 reasons for respondents wanting to relocate

38% of respondents would not relocate

Improved quality of life is the main reason for respondents wanting to relocate

34% of respondents anticipate changing roles in the next 12 months

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REMUNERATIONWhen was your last pay review?

Less than 6 months ago 25%

6 to12 months ago 48%

More than 12 months ago 11%

Not applicable 16%

76% of respondents received a pay increase in their last pay review

40% of respondents perceive a 1 to 5% salary increase as acceptable if they were to move roles


73% of respondents have hada pay review in the last 12 months

Permanent

Contract

Satisfaction with current remuneration

Permanent

Satisfied 45%

Permanent


Permanent

Dissatisfied 31%

Permanent

Satisfied 50%

Permanent


Permanent

Dissatisfied 0%

50% of contract respondents are satisfied with their current remuneration compared with45%

of permanent respondents

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45%

Did you receive a bonus in 2012?

Yes 49%

No, not entitled to receive one 39%

No, not awarded one 12%

45% of respondents were satisfied with their bonus

BENEFITS

BONUS

Top 5 benefits currently received

Company pension scheme 83%

25 days holiday or more 82%

Private healthcare 64%

Insurance (PMI/death in service/life insurance) 61%

Annual bonus scheme 54%

Respondents could select all benefits that applied

Respondents rated a selection of 20 benefits in order of importance

Benefits considered most and least important when considering a new role

25 days holiday or more

Annual bonus scheme

Private healthcare

Company pension scheme

Childcare vouchers

Mortgage relief

Daily subsidised meals

Sabbatical

Season ticket loan

Insurance*

59%

59% of respondents were satisfied with their benefits

43%

of respondents received the same bonus in 2012 and 2011

As a percentage of your basic salary, what was your bonus in 2012?





More than 50% of salary 0%

1-9% of salary

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A company pension scheme is the most desired benefit

* PMI/death in service/life insurance

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Executive


Senior Consultant

Liam Gri�n

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The big trends of 2012After numerous cost cutting programmes in the past few years, businesses were keen to rebuild their senior management layer, so invested heavily in recruitment at this level. Typically, salaries in this area were between £70,000 and £100,000.

We predict that senior recruitment will continue to grow as organisations look to rebuild their middle management layer to support expected business growth over the next five years

Senior hires have taken longer to complete as an increasing amount of senior non-finance stakeholders have become more involved in the overall decision making process

Outlook for 2013We predict that senior recruitment will continue to grow as organisations look to restructure their middle management layer to support expected business growth over the next five years. The competition for these positions will be as fierce as ever, with tougher recruitment processes for more senior hires, as organisations seek to attract top talent both internally and externally.

We expect to see very little change in the overall style of the senior recruitment market, but would still expect steady growth in the overall number of opportunities. In spite of market conditions, organisations will continue to pursue the best talent where possible.

Reactions to uncertain market conditions Quite simply, companies have been reacting to the market with caution. Senior hires have taken longer to complete as an increasing amount of senior non-finance stakeholders have become more involved in the overall decision making process. Not only this, but more companies have been using third parties to test and profile external candidates. This cautious approach to recruitment is a simple reflection of the pressures affecting many organisations. Recruitment is an expensive and time consuming process and organisations are taking every step they can to minimise any risk.

EXECUTIVE Market Insight

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Market growth Over the last year we have seen two distinct areas of growth in the Thames Valley: the first has been in senior technical accounting roles and the second in senior internal audit positions. This growth seems indicative of a continued focus on risk and controls. At this stage, due to the shortage of high calibre individuals with these particular skills and the high demand for them in the market, we see no reason why this growth will not continue.

Supply and demandThe main area that has seen a particular increase in demand for candidates has been senior level audit and controls. This is as a result of organisations looking to strengthen their controls environment given the current economic conditions. Generally demand has been met in this area but companies have had to o§er strong pay increases and more structured career paths to entice senior audit and controls individuals away from their current posts.

Taking the next step in your careerBE PATIENT The recruitment process can take a while but you must stick with it if you are serious about getting the best role on the market.

BE BRAVEIf you’re looking for a new job, you have to go to meetings and listen to what people have to say. A role is unlikely to find you, you need to take the first step and start looking.

ENGAGE WITH YOUR RECRUITMENT PARTNERGive yourself the best chance to set yourself apart from the competition. Know what you have achieved and be confident in articulating where you can add value in your next organisation.

PREPARE AND APPROACH EACH INTERVIEW DIFFERENTLYOne style will not work for every interview you have. You must bring di§erent skills to the table, depending on your audience.

Due to the shortage of high calibre individuals with these particular skills and the high demand for them in the market, we see no reason why this growth will not continue

One style will not work for every interview you have. You must bring di§erent skills to the table, depending on your audience

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Attracting top talentCARRY OUT SWIFT PROCESSESHave an efficient recruitment process in place with a clear and defined interview structure, and ensure this process is communicated to candidates from the outset.

PAY A COMPETITIVE MARKET RATE FOR THE ROLEIt is no longer acceptable for companies to look for bargains, even in such a challenging market.

OFFER PROGRESSION AND CAREER DEVELOPMENTMake sure the role offers a chance to progress, with clear guidelines for professional career development within the organisation.

COMPLETE THE PROCESSCompanies need to ensure they follow the recruitment process to the end, even after the offer is made. Candidates need to be kept engaged right up until their start date.

PROVIDE FLEXIBILITY AROUND NON-SALARY INCENTIVESFlexible working hours are desirable although not essential in all cases.

Why candidates are making a moveAs can be expected, redundancy and business restructures are still a leading cause for people seeking new opportunities in a tough economic climate.

At the top end of the market, there has also been a marked increase in the number of candidates moving due to a lack of career progression with their current employer and redundancies. In particular the phenomenon of the ‘phantom promotion’ has seen a noticeable increase, with many candidates no longer willing to wait to progress and instead deciding there is no clear direction in their current role

EXECUTIVE Market Insight

At the top end of the market, there has also

been a marked increase in the number of candidates

moving due to a lack of career progression with

their current employer

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Executive Salary range Daily rate

Job title 2012 2013 2012 2013

Financial Controller £55,000-£75,000 £50,000-£70,000 £400-£500 £400-£550

Head of Finance £70,000-£80,000 £70,000-£90,000 £400-£500 £400-£550

Finance Director £75,000-£105,000 £70,000-£100,000 £500-£700 £550-£800

Chief Financial O�cer £100,000-£250,000 £100,000-£250,000 £750-£1000 £800-£1100

Spotlight on salaries and bonuses Over the last year salaries in the Thames Valley have remained stable at the top end of the market. However, a large number of blue-chip organisations have been paying salaries that are competitive with London rates, to ensure they can recruit the very best talent. A prime example is the London-style bonus culture developing in the world of finance. It is expected that salaries will remain consistent in 2013, with the exception of roles with particularly strong technical accounting skills. These candidates can expect to see a small increase due to the lack of dedicated skills at the top end of the market.

A large number of blue-chip organisations have been paying salaries that are competitive with London rates, to ensure they can still recruit the very best talent

Part Qualified & Qualified


Associate Director

Jonathan Rose

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The big trends of 2012Companies were focused on getting the right hire so recruitment processes took even longer than they did in 2011. Employers wanted individuals who ticked every box before making that offer, and as such businesses who couldn’t find the ideal candidate for a permanent role instead sourced suitable temporary candidates for an interim solution.

Employers wanted individuals who ticked every box before making that offer, and as such businesses who couldn’t find the ideal candidate for a permanent role instead sourced suitable temporary candidates for an interim solution

We expect to see a greater shift towards a better work-life balance for employees in the Thames Valley, with companies starting to appreciate the value this flexible approach can have on their businesses

Outlook for 2013We expect to see a greater shift towards a better work-life balance for employees in the Thames Valley, with companies starting to appreciate the value this approach can have on their businesses. This flexibility could be in the form of working from home, flexible working practices, or reduced working hours to suit the workforce needs.

Reactions to uncertain market conditions In the past 12 months employers have been slightly cautious about fully committing to recruitment plans, with a variety of roles being put on hold or supported by internal cover. However, key hires have continued to take priority and we expect this trend to continue in 2013.

PART QUALIFIED & QUALIFIED Market Insight

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Skills in demandThere has been a marked growth of around 15-20% in the demand for financial planning and analysis roles at the part qualified and qualified level. For these roles some businesses are prepared to pay a premium as accurate reporting, budgeting and forecasting allows them to more e§ectively plan and manage their sales pipeline. We expect this trend to continue in 2013.

Supply and demandThere has been a notable shortage in the supply of candidates for highly technical accounting roles, for example positions where IFRS and US GAAP skills are essential. These skills are very niche and employers are carefully holding on to the best talent in the area. Despite salaries for these roles being above market rates, we don’t envisage this shortage easing in 2013.

Taking the next step in your careerCONSIDER YOUR ASPIRATIONSThink clearly about what you’re looking for from your career over the next five to 10 years, and match up these aspirations with suitable roles and employers where possible.

BE PREPAREDIf you get an interview make sure you do plenty of research about your prospective employer and consider key questions you’d like answering.

USE EVERYTHING YOU CANUse all resources available to you in terms of information gathering and building your network.

There has been a marked growth of around 15-20% in the demand for financial planning and analysis roles

at the part qualified and qualified level

There has been a notable shortage in the supply of candidates for highly technical accounting roles, for example positions where IFRS and US GAAP skills are essential

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Attracting top talentMAKE YOUR SELL ATTRACTIVEThe message you send out to candidates needs to be exciting to make them want to work for you. Creating a candidate information pack is an ideal way to clearly present this information.

REACT QUICKLY WHEN YOU LIKE SOMEONEThe best candidates are in short supply and are still getting multiple offers so don’t delay.

BE CLEAR ON THE FUTURECarefully consider what the future career prospects would be for someone coming into a role you are recruiting and communicate this at the interview stage.

Why candidates are making a moveWith salaries generally remaining static across the market, candidates are seeking roles that offer strong career prospects. If candidates feel like they are hitting a brick wall and can no longer see a future with their job, they will look to move on.

Sometimes it’s not the role that makes an individual want to start job hunting, but a disconnection with the employer. Differences in personality can have a huge impact on an individual’s work experience, so it is essential you get your employer brand right to attract the right talent.

With economic pressures still looming over many businesses, professionals are becoming more aware of the struggles facing their firms. Any uncertainty can push employees to look elsewhere before the threat of redundancy or the company going under becomes more apparent.

PART QUALIFIED & QUALIFIED Market Insight

With salaries generally remaining static across the market, candidates

are seeking roles that offer strong career prospects.

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.

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 of or relating to use of this information. Commercial use and distribution of the contents of this document is not allowed without express and prior written consent of the author.

ACKNOWLEDGEMENTS

DISCLAIMER

Editor and Marketing: Kirsty KellyAssistant Editor: Alex Voskou Alicja Skrakowski

Promotion: Your future in finance and accountancy

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