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04 Commerce & Industry04 Newly Qualified Accountants06 Senior Qualified

08 City Appointments

10 Public Practice10 Newly Qualified Accountants12 Qualified Accountants with PQE14 Corporate Recovery and Forensics16 Senior Appointments

18 Taxation18 Commerce & Industry20 Public Practice

22 Internal Audit22 Commerce & Industry24 Public Practice26 Financial Services

28 Treasury

30 Leading from the front30 An interview with Paul Venables,

Hays’ Group Finance Director

32 FTSE’s Finance Leaders32 Accountancy Magazine – October 2007

34 About us

35 Office contact numbers

Welcome to the 2008/09 edition of the Hays Senior Finance Salary Guide.This salary guide is dedicated to qualifiedaccountancy roles and the informationwas gathered from placing over 3000qualified accountants into new roles last year. Salary benchmarking is an essential resourcing tool for hiring managers seeking to attract and retain high qualitycandidates. The Salary Guide reveals figures based on thoseplacements made in the market over the last twelve months.Figures relate to base salaries and do not include additionalbenefits. Telephone interviews, research and analysis ofcandidates registered also support the findings.

We hope you find this Salary Guide informative and useful.

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Salary Guide 2008/9

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Salary Guide 2008/9

Having spent several years studying foraccountancy exams, most newly qualifiedcandidates naturally want to assess the marketand see what opportunities are available inorder to further their careers.

The demand for newly qualified candidates is as strong as ever and seems to bebuoyant at all times of year within both blue chip and the SME market. Candidatesseeking their first move from practice into commerce, particularly ACA qualifiedaccountants from top 10 firms are very sought after. CIMA and ACCA trainedcandidates that have already gained specific commercial experience are also very muchin demand. Practice trained candidates also have the option of remaining in practice,perhaps either moving into corporate finance or business advisory.

Organisations with existing employees about to qualify are wising up to the need toreview packages and manage career aspirations of newly qualified candidates in orderto retain them within the business.

In a very fast moving and competitive market, clients are beginning to recognise theneed to sell their opportunity well, highlighting scope for progression and development.The very best newly qualified candidates will often have the pick of the plum jobs andseveral offers from which to choose their next career move. Benefits packages areincreasingly including bonus structures and sometimes company cars or car allowancesto tempt the best candidates to join their team.

First time passes and a good degree from a well-respected university are always goodselling points, as are strong A level and GCSE results. Specialist skills such as IFRS,US GAAP, staff management, ERP systems experience and advanced Excel skills arealso very much in demand.

An increasing number of larger organisations are choosing to conduct various interviewstages, which can include skills testing and competency based questions as well as atraditional question and answer session based around the CV. Small and medium sizedorganisations often see the benefit of candidates that have trained within smaller firmsand can sometimes offer a more varied role with scope for strategic input within a shortspace of time.

The vast number of opportunities available to newly qualified accountants can be quite daunting. The first move upon qualifying is important to get right as this candetermine future career moves for many years to come. For recruiters and candidates,personality and culture fit at this level is crucial. Passing the exams is sometimes onlyhalf the battle. Enthusiasm and initiative are the key ingredients that often result in anoffer being secured.

If you are newly qualified and want to find out about the range of career optionsavailable, visit hays.com/seniorfinance and download our Guide for Newly QualifiedAccountants.

For more information on the services of Hays Senior Finance, please contact us at your local office, using the phone numbers detailed on page 35.

New

ly Q

ualif

ied

Acc

ount

ants

Com

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Indu

stry

Region

Central LondonThe CityOuter LondonKentSouth CoastThames Valley & SurreyHerts, Beds & Bucks

Norfolk & SuffolkEssexCambridgeshireWest MidlandsEast Midlands

Bristol, Wilts & GlosCornwall, Devon & SomersetSouth WalesNorth Wales

Manchester & CheshireMerseyside & LancsYorkshireNorth East

Scotland

Northern Ireland

Range

45,000-50,00045,000-57,00038,000-46,00028,000-38,00028,000-40,00036,000-46,00036,000-41,000

30,000-35,00035,000-42,00028,000-37,00027,000-37,00028,000-35,000

28,000-38,00026,000-33,00030,000-36,00026,000-32,000

28,000-38,00028,000-38,00028,000-38,00026,000-38,000

29,000-36,000

25,000-32,000

Leaving the profession – ACA’s only

National average

Region

Central LondonThe CityOuter LondonKentSouth CoastThames Valley & SurreyHerts, Beds & Bucks

Norfolk & SuffolkEssexCambridgeshireWest MidlandsEast Midlands

Bristol, Wilts & GlosCornwall, Devon & SomersetSouth WalesNorth Wales

Manchester & CheshireMerseyside & LancsYorkshireNorth East

Scotland

Northern Ireland

National average

34,000

Typical

48,00050,00041,00034,00034,00041,00040,000

32,00038,00033,00033,00032,000

32,00031,00034,00031,000

32,00032,00032,00032,000

32,000

28,000

Range

42,000-48,00045,000-57,00038,000-45,00032,000-40,00033,000-42,00035,000-45,00038,000-42,000

27,000-35,00035,000-43,00028,000-37,00028,000-38,00028,000-32,000

29,000-36,00026,000-35,00029,000-36,00028,000-34,000

30,000-37,00028,000-35,00027,000-36,00027,000-34,000

29,000-36,000

25,000-32,000

Qualifying in industry – CIMA

34,659

Typical

45,00050,00042,00037,00037,00040,00040,000

32,00040,00034,00033,00030,000

34,00030,00033,00031,000

33,00031,00032,00030,000

32,000

29,000

Range

40,000-45,00045,000-52,00038,000-43,00032,000-40,00033,000-42,00034,000-42,00039,000-42,000

27,000-35,00035,000-42,00028,000-36,00028,000-38,00028,000-32,000

27,000-36,00026,000-34,00029,000-36,00027,000-33,000

29,000-35,00028,000-35,00028,000-36,00026,000-33,000

28,000-36,000

26,000-32,000

Qualifying in industry – ACCA

34,045

Typical

42,00045,00039,00036,00037,00037,00040,000

31,00038,00033,00033,00030,000

34,00031,00033,00030,000

31,00031,00031,00030,000

31,000

28,000

Range

38,000-45,00042,000-52,00035,000-42,00029,000-36,00028,000-38,00032,000-40,00035,000-40,000

25,000-30,00028,000-38,00025,000-32,00025,000-35,00025,000-33,000

27,000-38,00028,000-34,00029,000-36,00027,000-36,000

28,000-34,00028,000-34,00028,000-34,00025,000-31,000

28,000-32,000

26,000-35,000

Leaving the profession – ACCA

33,000

Typical

40,00045,00038,00033,00034,00035,00035,000

28,00034,00032,00033,00031,000

32,00030,00032,00030,000

30,00030,00030,00027,000

30,000

28,000

3332

Salary Guide 2008/9

Acc

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Mag

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Oct

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200

7FT

SE

’s F

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eade

rsThere are now 41 FTSE 100 FD millionaires,our latest annual survey reveals. Liz Fisherfinds that large salaries and substantialperformance-related bonuses are par for the course.

An astonishing 41 of the 96 FTSE 100 finance directors in this year’s survey receivedmore than £1m in remuneration.This compares with 34 (from a total sample of 97)in last year’s survey.

Much of the increase is once again due to large performance-related bonuses. The basesalaries of the FDs have risen to an average of £419,000 over the year, representing arise of 9%.Total remuneration, though, increased by 20% to an average of £1,031,000.

Some of the increase in total remuneration can be explained by gains from stock options due to the rising FTSE 100 share index. The base salary of the FDs in the survey represents only 40% of their total remuneration, with almost all receivingsubstantial performance-related bonuses in various forms.

According to the latest survey of annual and long-term incentives carried out byPricewaterhouseCoopers Monks, more companies are offering annual bonus plans totheir executives that are based on non-financial measures. The number of FTSE 100companies offering bonus plans based on purely financial measures fell in the year toJuly 2007 from 33% to 17%. Over the same period, the number of companies basingtheir incentive schemes on non-financial measures such as customer satisfaction andemployee engagement rose from 13% to 31%.

Finance Director Institute Age Salary(£000s)

Bonus(£000s)

Totalremuneration(£000s)

Remunerationlast year(£000s)

Years in post

Yearend

3i Group Simon Ball ICAEW 47 455 450 1,252 1,134 2 31.03.07Alliance & Leicester David Bennett 44 374 424 799 684 7 31.12.06Anglo American Rene Medori 49 485 370 955 480 2 31.12.06Antofagasta NoneAssociated British Foods John Bason ICAEW 49 472 251 747 670 8 16.09.06Astra Zeneca* Jonathan Symonds ICAEW 47 598 378 1,176 1,269 10 31.12.06Aviva Andrew Moss ICAEW 48 533 744 1,588 1,079 3 31.12.06BAE Systems George Rose CIMA 54 530 519 1,076 1,022 9 31.12.06BG Group Ashley Almanza CA (SA) 44 545 540 1,087 966 5 31.12.06BHP Billiton* Alex Vanselow 43 93 72 370 n/a 1 30.06.06BP* Byron Grote 58 483 260 743 1,085 5 31.12.06BT Group Hanif Lalani CIMA 45 450 444 1,068 759 2 31.03.07Barclays Naguib Kheraj 43 650 1,750 2,565 1,451 3 31.12.06Barratt Developments Mark Pain 45 100 132 261 n/a <1 30.06.06British Airways Keith Williams ICAEW 51 382 396 261 1 31.03.07British American Tobacco Paul Rayner ICAEW 53 609 897 1,738 1,444 5 31.12.06British Energy Group Stephen Billingham 49 384 400 921 3 31.03.07British Land Co Graham Roberts ICAEW 49 362 250 641 590 5 31.03.07British Sky Broadcasting Jeremy Darroch ICAEW 45 500 760 1,285 1,325 3 30.06.06Cable & Wireless Tony Rice CIPFA 54 600 600 1,377 96 1 31.03.07Cadbury Schweppes Ken Hanna ICAEW 54 560 592 1,344 1,378 3 31.12.06Capita Group Gordon Hurst ICAEW 45 207 340 563 535 11 31.12.06Carnival Gerry Cahill CPA 54 n/a n/a n/a n/a 3 30.11.06Centrica Phil Bentley CIMA 48 533 566 1,136 932 7 31.12.06Compass Group Andrew Martin ICAEW 47 461 606 1,229 472 3 30.09.06DSG International Kevin O'Byrne ICAEW 42 539 554 558 3 28.04.07Daily Mail & General Trust Peter Williams ICAEW 54 538 144 785 553 16 01.10.06Diageo Nick Rose 49 559 798 1,392 1,341 8 30.06.06Drax Group Gordon Boyd CIMA 47 213 141 418 351 2 31.12.06Enterprise Inns David George CIMA 56 315 142 477 438 16 30.09.06Experian Group Paul Brooks ICAEW 53 296 264 679 530 6 31.03.07Friends Provident Philip Moore 47 398 229 636 538 4 31.12.06GlaxoSmithKline Julian Heslop ICAEW 53 380 437 848 529 2 31.12.06HBOS Phil Hodkinson 49 802 428 1,307 1,006 2 31.12.06HSBC Holdings Douglas Flint ICAS, CIMA 52 563 500 1,355 1,190 12 31.12.06Hammerson Simon Melliss ICAEW 54 330 199 555 454 12 31.12.06Hanson Jonathan Nicholls ICAEW 49 354 402 763 9 31.12.06Home Retail Group Richard Ashton ICAEW 40 336 363 793 453 1 03.03.07ICAP Matthew Lester ICAEW 43 142 550 694 n/a 1 31.03.07ITV John Cresswell ICAEW 46 448 238 706 n/a 1 31.12.06ICI Alan Brown CIMA 49 415 278 830 77 2 31.12.06Imperial Tobacco Group Bob Dyrbus ICAEW 54 495 287 1,797 1,712 10 31.12.06InterContinental Hotels Richard Solomons ICAEW 45 440 351 806 423 5 31.12.06International Power Mark Williamson CA (SA) 49 360 360 820 801 3 31.12.06Invesco Loren Starr 45 n/a n/a n/a n/a 2 31.12.06Johnson Matthey John Sheldrick CIMA 57 392 206 612 544 12 31.03.07Kazakhmys Oleg Novachuk 36 600 480 1,106 335 2 31.12.06Kelda Group Martin Towers ICAEW 54 196 133 341 283 4 31.03.07Kingfisher Duncan Tatton-Brown CIMA 42 420 221 696 446 3 03.02.07Land Securities Group Martin Greenslade ICAEW 42 326 282 702 387 2 31.03.07Legal & General Group Andrew Palmer ICAEW 53 415 373 823 760 6 31.12.06Liberty International Aidan Smith CA (SA) 47 246 75 383 269 9 31.12.06Lloyds TSB Group Helen Weir CIMA 45 500 715 1,310 963 3 31.12.06Lonmin John Robinson ICAEW 52 319 227 633 462 8 30.09.06Man Group Peter Clarke 47 385 4,752 5,159 3,978 6 31.03.07Marks & Spencer Group Ian Dyson ICAEW 45 486 525 1,151 685 2 31.03.07Mitchells & Butlers Karim Naffah 44 376 288 677 595 4 30.09.06Morrison (Wm) Supermarkets Richard Pennycook ICAEW 43 480 475 1,483 141 2 04.02.07National Grid Steve Lucas ICAEW 53 472 426 928 848 5 31.03.07Next David Keens ACCA 54 397 309 732 535 16 27.01.07Northern Rock Bob Bennett ICAEW, CIMA 59 455 435 909 738 13 31.12.06Old Mutual Jonathan Nicholls ICAEW 49 79 300 419 n/a 1 31.12.06Pearson Robin Freestone ICAEW 48 209 243 460 n/a 1 31.12.06Persimmon Mike Killoran ICAEW 45 310 443 1,161 1,137 8 31.12.06Prudential Philip Broadley ICAEW 46 530 477 1,174 1,000 7 31.12.06Punch Taverns Robert McDonald CIMA 51 240 130 386 330 5 19.08.06Reckitt Benckiser Colin Day ACCA 52 384 907 1,436 1,285 7 31.12.06Reed Elsevier Mark Armour ICAEW 52 562 489 1,072 1,029 11 31.12.06Resolution Mike Biggs ICAEW 54 375 364 825 317 2 31.12.06Reuters Group David Grigson ICAEW 51 469 534 1,087 839 7 31.12.06Rexam David Robbie ICAEW 44 361 50 424 158 2 31.12.06Rio Tinto Guy Elliott 51 504 501 1,456 1,004 5 31.12.06Rolls-Royce Group Andrew Shilston ICAEW 51 455 233 832 803 4 31.12.06Royal & SunAlliance Insurance George Culmer ICAEW 44 437 381 915 849 3 31.12.06Royal Bank of Scotland Guy Whittaker 50 663 1,190 4,475 n/a 1 31.12.06Royal Dutch Shell Peter Voser 49 597 751 1,396 1,369 2 31.12.06SABMiller Malcolm Wyman CA (SA) 60 575 565 1,292 1,181 6 31.03.07Sage Group Paul Harrison ICAEW 42 300 308 653 568 7 30.09.06Sainsbury (J) Darren Shapland 40 433 405 919 619 2 24.03.07Schroders Jonathan Asquith 50 200 1,042 1,268 762 5 31.12.06Scottish & Newcastle Ian McHoul ICAEW 46 420 299 861 647 6 31.12.06Scottish & Southern Energy Gregor Alexander ICAS 44 360 282 656 531 5 31.03.07Segro David Sleath ICAEW 45 315 146 479 n/a 1 31.12.06Severn Trent Mike McKeon ICAS 50 370 244 705 265 2 31.03.07Shire Angus Russell ICAEW 51 348 482 845 591 8 31.12.06Smith & Nephew Adrian Hennah ICAEW 48 321 169 502 n/a 1 15.03.07Smiths Group Alan Thomson ICAS 60 436 352 827 950 12 05.08.06Standard Chartered Richard Meddings ICAEW 49 417 417 1,096 n/a <1 31.12.06Standard Life David Nish ICAS 47 78 70 175 n/a <1 31.12.06Tate & Lyle John Nicholas ACCA 50 269 270 616 n/a 1 31.03.07Tesco Andrew Higginson CIMA 49 686 1,416 2,661 2,300 10 24.02.07Unilever Rudy Markham CIMA 61 653 326 1,016 968 7 31.12.06United Utilities Tim Weller ICAEW 44 267 185 492 n/a 1 31.03.07Vedanta Resources DD Jalan ICAI (India) 50 n/a n/a n/a n/a 2 31.03.07Vodafone Group Andy Halford ICAEW 48 592 897 1,690 754 2 31.03.07WPP Group Paul Richardson ICAEW 49 447 501 1,612 1,490 11 31.12.06Whitbread Christopher Rogers ICAEW 44 410 683 1,178 494 2 01.03.07Wolseley Stephen Webster ICAEW 54 475 481 1,077 1,084 13 31.07.06Xstrata Trevor Reid 46 430 458 1,914 1,496 5 31.12.06Yell Group John Davis ICAEW 47 463 855 1,581 905 7 31.03.07

Note: this table reflects current FDs.Prior year survey results in brackets.

FDs and their institutes

Source: Accountancy annual survey. Year is year of survey.

Average remuneration of FTSE 100 FDs