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SALARY & MARKET TREND REPORT
MARKET INSIGHT
2018
reflected in recent surveys we conducted with cross sector CFO’s, who expressed that they expect to add to their teams over the coming 12 months, particularly in the services and technology sectors. These findings concur with PWC’s CEO Survey as our respondents said that they were more secure in their roles and more confident about the economic prospects facing their company this year when compared to last year. We expect the market to remain stable, with London enjoying moderate growth in recent times and this is on a par with that of the regions we operate in.
Interestingly, the USA featured across the report as the top destination that finance professionals would consider relocating to, narrowly followed by Australia. Similar to last year’s stats, candidates deem holiday allowance, pension contributions and bonuses as the most important benefits, and encouragingly our data shows that they are currently receiving these benefits. However, our report also reveals that 83% of professionals rank flexible working hours as ‘very important’ but only 50% of employers promote flexible working in their organisations. The survey also shines a light on some work to be done by employers around their diversity strategies, with 17% of respondents not sure if their organisation has an official diversity policy.
I would like to thank the 1,200 people who took the time to contribute to our survey and I hope that you find the content useful. We have made a donation of 25p to our charity partner ‘Solving Kids’ Cancer’ for every response we received.
Best wishes,
Matt WilcoxManaging Director
I N T R O D U C T I O NWelcome to the 2018 Marks Sattin Market Insight report - a year in which we celebrate 30 years of trading.
In this report, we discuss the employment market trends over the past 12 months and take a look ahead for the remainder of the year. We benchmark salaries across our specialisms and provide commentary on what clients are looking for, as well as what factors motivate people to move roles. We hope it will serve as a great tool to both candidates considering their options and hiring organisations benchmarking salaries.
You will learn key insights from our core functions in accountancy, from part qualified up to executive level, both permanent and interim, across financial services, commerce and industry and our specialist divisions: corporate finance, audit & assurance, internal audit, compliance, risk, business change & technology and taxation.
Our analysis covers most major hubs across the UK and Ireland from London and Reading in the South-East, to Birmingham in the Midlands, Manchester and Leeds in the North and Dublin in Ireland, so it provides a very balanced view on the UK and Irish employment market.
2017 was a mixed year for the UK and Ireland – hiring levels within financial services diminished in the South East when compared to previous years; however growth in our regional offices in Birmingham, Manchester and Leeds balanced this out. Employment activity in these locations was spurred by a bounce back in the UK manufacturing industry, thanks to a stronger global economy in more recent times and a more competitive currency. Similarly, the Dublin market is buoyant as organisations set up business units in Ireland as a hedge against Brexit.
The optimistic outlook has continued this year, with hiring levels remaining at what we would describe as consistent levels across the board. This optimism was
N I N T H E D I T I O N
NORTHWEST
Key Findings
Executive & Interim
Commerce & Industry
Specialist Markets
NORTH WESTWeWork, No. 1 Spinningfields
Quay Street
Manchester, M3 3JE
+44 (0)161 507 3090 [email protected]
North West
K E Y F I N D I N G SMARKET PERSPECTIVE
Compared to the last 12 months, how confident do you feel about the economic prospects facing your company?
How would you rate your current job security?
Top 5 expectations for your business in the next 12 months*
ECONOMIC PROSPECTS
JOB SECURITY
–+ =20% 62% 18%
More confident As confident Less confident
InsecureSecure
86% 14%
85% of respondents were satisfied in their current role
76% of respondents expect a salary increase in the next 12 months
*Respondents could choose more than one answer
Business process/policy changes
Increase in staff recruitment
Profitability of business
Greater focus on regulatory issues
Salary increases
46%
42%
37%
34%
31%
How has the number of staff in your team changed in the past 12 months?
HEADCOUNT
UnsureRemained the sameDecreasedIncreased
36%19%
39%6%
CAREER INSIGHT
How has the number of hours changed in the last 12 months?
Top 3 places respondents would consider relocating to in the next two years (outside the UK)*
Top 3 reasons for respondents wanting to relocate*
HOURS WORKED
RELOCATION
Average hours worked per week is 36-45
Increased
Decreased
Remained the same
26%9%65%
*Respondents could choose more than one answer
Australia19%
11% Canada
22% USA
*Respondents could choose more than one answer
1
2
3
Experience a different culture
New career opportunity
Better work-life balance/ standard of living
47% of respondents would not relocate
North West
Top 5 reasons for leaving last role*
MOVING ON
SALARIES & BENEFITS
When was your last pay review? Satisfaction with current remuneration
REMUNERATION
Less than 6 months
6 - 12 months
More than 12 months
Not applicable
34%
23%
15%
28%
36% 33%
25%14% 13%
Higher salaryCareer development Better location/ easier commute
New challenge/more interesting work
Better work-life balance
25% of respondents anticipate changing roles in the next 12 months
*Respondents could choose more than one answer
Satisfied
Dissatisfied
64% 36%
56% of respondents received a salary increase in their last pay review
59% of respondents perceive a 5-15% salary increase as acceptable if they were to move roles 50% of respondents received a higher bonus in 2017 than in 2016
Benefits considered most and least important when considering a new role
BENEFITS
BONUS
25 days holiday or more
Company pension scheme
Flexible working (homeworking/flexitime)
Mortgage relief
Subsidised/free meals
Season ticket loan
Most important Least important
Did you receive a bonus in 2017?
As a percentage of your basic salary, what level was your bonus in 2017?
45% 26% 29%
Yes No No, not entitled to receive one
63% of respondents were satisfied with their bonus
1 - 9% of salary
10 - 19% of salary
20 - 29% of salary
30 - 39% of salary
40 - 49% of salary
56%
25%
13%
3%
3%
North West
N O R T H W E S T
Specialist knowledge is key
2017 was an extremely busy year in the executive and interim space in the North West. Specialist knowledge and experience were sought after and we noted an increase in demand for change, transformation and commercial roles across all sectors.
While there was healthy demand for turnaround roles, we saw a lot of non-critical roles coming to market which is a pleasing indicator of market conditions. Market rates have remained relatively stable year on year which is appropriate as supply and demand have been reasonably balanced.
This year market trends are following a similar pattern in that niche experience and knowledge are paramount. As our clients experience success and growth, or have received investment to develop further, they are now looking to implement the right infrastructure to support this growth and this includes new systems, processes and new subject matter experts.
EXECUTIVE & INTERIM EXECUTIVE & INTERIM
Head of Financial Planning & Analysis
Financial Controller
Head of Finance
Head of Change/Transformation
Finance Director
Chief Financial Officer
£50,000 - £80,000
£60,000 - £90,000
£70,000 - £110,000+
£90,000+
£90,000 - £150,000
£100,000 - £180,000
£350 - £450
£350 - £500
£500+
£500+
£500 - £800
£800 - £1,000
£6,000
£7,000
£8,000
£8,000
£10,000
£10,000
Job title Salary range Car allowanceDay rate
North West
N O R T H W E S T
The year of the candidate
Last year was a very positive year for job opportunities in the North West. We saw an increase in job flow and activity remained high throughout the year, with this year showing no sign of a slowdown. While this is extremely positive and bodes well for the economic prospects in the North West, it inevitably results in a candidate shortage and inflation in salaries and benefits.
The trend of hiring more commercial and business partnering professionals continues as organisations see increased value in data and performance analysis. This coupled with the increase in more traditional roles means that companies are under pressure to retain their talent. We are currently experiencing a fast paced market where
candidates have multiple opportunities at their fingertips and frequently more than one job offer to consider. A competitive base salary, as well as including the less tangible benefits such as flexible working, is so much more important to the next generation candidate.
With the actual implications of Brexit on the day to day running of business still relatively unknown, we are seeing business as usual across all sectors and expect this to continue for the coming months.
COMMERCE & INDUSTRY
COMMERCE & INDUSTRY
Finance Analyst
Financial Accountant
Management Accountant
Finance Business Partner
Finance Manager
Senior Finance Manager
Financial Controller
£35,000 - £50,000
£40,000 - £50,000
£35,000 - £50,000
£45,000 - £60,000
£45,000 - £55,000
£55,000 - £65,000
£60,000 - £85,000
£250 - £400
£300 - £400
£250 - £400
£350 - £450
£350 - £400
£400 - £450
£450+
Job title Salary range Day rate
QUALIFIED
Finance Assistant
Assistant Accountant
Finance Analyst
Financial Accountant
Management Accountant
Accounts Payable/Accounts Receivable
Credit Controller
Payroll
Payroll/Credit Control Manager
Business Analyst
Project Manager
Programme Manager
£18,000 - £22,000
£22,000 - £28,000
£28,000 - £35,000
£28,000 - £35,000
£28,000 - £35,000
£16,000 - £22,000
£18,000 - £25,000
£18,000 - £30,000
£30,000 - £45,000
£45,000 - £65,000
£65,000 - £80,000
£75,000 - £90,000
£100
£100 - £170
£150 - £200
£150 - £200
£150 - £200
£100
£100 - £150
£150 - £200
£150 - £250
£250 - £400
£300 - £500
£400 - £550
Job title
Job title
Job title
Salary range
Salary range
Salary range
Day rate
Day rate
Day rate
PART QUALIFIED
TRANSACTIONAL
CHANGE AND PROJECTS
North West
N O R T H W E S T
Market remains strong
The practice market in the North West remains strong this year with the majority of firms hiring across all levels. While salaries and benefits are consistently on the up, candidates are finding themselves with multiple options and are in the driving seat, particularly at qualified level and above. There is high demand for qualified audit and tax seniors and with this brings increases to salaries and bonus incentives to attract quality professionals. The competition is on between the top firms and boutiques to secure talent. With the Big 4, Top 10 and boutique practices competing with one another over remuneration packages and best offers, candidates are less likely to take the leap into industry.
Throughout all of last year, experienced tax candidates were highly sought after and in short supply because skilled, technical tax & VAT accountants were snapped up for in-house roles. Audit continues to be an area firms are struggling to keep at capacity, with larger firms offering transfers or at least secondments to another service line to retain them after they qualify. As always, corporate finance, in particular mergers and acquisitions, remains an attractive sector for candidates.
We anticipate an active market for the rest of the year with hiring at all levels. With many businesses in the North West looking for more services from their accounting firms, departments are set to grow with more focus on business development from their partners and key staff.
SPECIALIST MARKETS SPECIALIST MARKETS
Junior
Senior
Assistant Manager
Manager
Senior Manager
Director
Partner
Junior
Senior
Assistant Manager
Manager
Senior Manager
Director
Partner
Analyst
Executive
Manager
Senior Manager
Director
£18,000 - £25,000
£28,000 - £35,000
£35,000 - £45,000
£35,000 - £55,000
£55,000 - £65,000
£70,000 - £90,000
£100,000 - £200,000
£18,000 - £28,000
£28,000 - £36,000
£36,000 - £45,000
£46,000 - £55,000
£55,000 - £75,000
£75,000 - £90,000
£100,000 - £200,000
£25,000 - £35,000
£35,000 - £45,000
£45,000 - £55,000
£55,000 - £80,000
£80,000 - £120,000
Job title
Job title
Job title
Salary range
Salary range
Salary range
TAX
CORPORATE FINANCE
AUDIT
LONDONElm Yard
13-16 Elm Street
London, WC1X 0BJ
+44 (0)207 321 5000
NORTH WESTWeWork, No. 1 Spinningfields
Quay Street
Manchester, M3 3JE
+44 (0)161 507 3090
THAMES VALLEYThe White Building
33 Kings Road
Reading, RG1 3AR
+44 (0) 118 907 8240
YORKSHIREPark Row House
19-20 Park Row
Leeds, LS1 5JF
+44 (0)113 242 8177
MIDLANDSFloor 2
3 Brindley Place
Birmingham, B1 2HL
+44 (0)121 231 7150
IRELANDRegus House, Harcourt Centre
Harcourt Road
Dublin 2
+353 (0)1 477 3118
markssattin.com
@MarksSattin
Marks Sattin
@MarksSattinuk_Ire
