Morgan McKinley UK Commerce & Industry Salary Guide 2010

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Morgan McKinley UK - Commerce & Industry Salary Guide 2010

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Morgan McKinley UK Commerce & Industry Salary Guide 2010

  1. 1. Morgan McKinley |UK Commerce & Industry Salary Guide - 2010 morganmckinley.com
  2. 2. CONTENTS. LETTER FROM THE CEO 3 SALARY TABLES 7 CIMA & ACCA PERMANENT RATES 7 COMMERCE & INDUSTRY: ACCOUNTANCY & FINANCE 4 QUALIFIED PERMANENT RATES 8 QUALIFIED TEMPORARY RATES 9 HIRING MARKET UPDATE 5 NON/ PART QUALIFIED PERMANENT RATES 10 REGIONAL UPDATE 6 NON/ PART QUALIFIED TEMPORARY RATES 11 METHODOLOGY 12 CONTACT US 13 Visit morganmckinley.com for more information
  3. 3. LETTER FROM THE CEO. Welcome to the Morgan McKinley However, as we move further into UK Salary Guide 2010: Commerce 2010, the prospects for the next & Industry. This report provides a twelve months look much more general guide to current positive with a slow but steady return compensation and hiring trends for to growth. Some areas of hiring are accountancy and finance roles already seeing signs of improvement across commerce and industry. and employers will need to turn their focus to talent retention once the The Salary Guide has been market does recover. Organisations compiled by our dedicated team of that are able to offer competitive researchers across Morgan salaries will be best placed to attract McKinley’s UK office network. Our and retain key talent within the market. researchers are in continual contact with both employers and finance candidates within the commerce & We hope you find this salary guide industry sector. informative and we welcome any feedback you may have. For more There is no doubt that the finance specific salary or hiring information, jobs market was extremely tough in please contact us directly. 2009 with most businesses taking a ‘cost savings’ approach to their Gerald Fitzgerald hiring and remuneration strategy. CEO | United Kingdom T: +44 (0)20 7269 5850 E: gfitzgerald@morganmckinley.com 3
  4. 4. UNITED KINGDOM. C&I: ACCOUNTANCY & FINANCE Visit morganmckinley.com for more information 4
  5. 5. UNITED KINGDOM. COMMERCE & INDUSTRY: HIRING MARKET UPDATE Market Summary - While ensured that ‘business critical’ Talent Supply – The supply of in the number of international general levels of demand for positions were always covered talent in 2009 was under technically qualified accountants quality accounting and finance without having to take on pressure as companies sought looking for temporary or contract staff fell across every industry permanent headcount. to retain and reassure their key work in the UK. sector in 2009, there were still staff and in turn, finance pockets of growth amongst In addition, many companies professionals were cautious Salaries & Compensation companies who continued to placed a greater emphasis on about entering such an Trends – Implementing cost pursue their expansion plans the relationships between costs unpredictable jobs market. efficiencies was paramount for despite the downturn. and profits, which saw a Ironically, the volume of people many organisations in 2009 and significant rise in the number of looking for job opportunities this included achieving Towards the end of 2009, there financial and commercial dropped in many key disciplines. reductions in personnel costs. were signs that hiring activity analysis positions being created As a consequence, pay freezes within the sector was starting to in order to improve the flow of 2010 has brought a renewed alongside hiring freezes were a pick up again and this positive communication between finance sense of confidence amongst common feature last year. trend has continued to build in to and operational teams. accountants, which has led to a 2010. sharp increase in the number of However, the average salary 2010 has already seen a individuals looking to make a job across all levels remained Hiring Trends - The hiring significant number of FTSE 100 move this year. In particular, steady and in line with previous market in 2009 possessed all the companies lifting hiring freezes many part-qualified accountants years. In a number of cases, characteristics that are typically with particular emphasis being are looking to a new employer to organisations did offer seen during a recession as placed on the newly qualified provide them with support and improvements to their flexible businesses adjust to market market. This is a positive development opportunities while benefits packages as conditions. indication that the rest of the they complete their studies. compensation for the loss of employment market may follow traditional increases in basic For example, the demand for suit as economic conditions Also, as the outlook for the UK salary. Fixed Term Contractors (FTC) improve. jobs market has started to increased as organisations improve, there has been a rise 5 Visit morganmckinley.com for more information
  6. 6. UNITED KINGDOM. COMMERCE & INDUSTRY: REGIONAL UPDATE London & Home Counties – Bristol, Cheltenham & South Leamington Spa & Midlands – Manchester & North West - The hiring market for West - 2010 has seen renewed Hiring was particularly badly hit Moving into 2010, the North accountancy and finance confidence in the finance hiring in the Midlands in 2009 given West finance jobs market has professionals across all regions market in the region with the types of industries that seen an increase in hiring in the UK was severely impacted increased recruitment activity at dominate the area. The start of activity for permanent and by the economic downturn in all levels. Also, there has been 2010 continued in the same vein temporary roles across all 2009. The London & Home a rise in the number of part- as employers were cautious to levels. Companies are re- Counties market was no qualified and qualified commit to new hires until there investing in growth and lifting exception. However, from Q4 accountants actively job hunting, was further clarity on the health pay freezes. onwards, recruitment levels having previously preferred to of the economy. In that climate, started to rise again and this has stay put rather than enter such finance professionals were Also, the make up of available continued into 2010. an uncertain jobs market. willing to accept lower salaries finance talent has shifted with to secure that lucrative more individuals who are in While most sectors within the That said, employers who have permanent position. employment, now voluntarily region were in survival mode hired in the last 12-18 months at entering the jobs market. In last year, a number of reduced or pro-rated salaries, Further into 2010, the finance 2009, there was an influx of businesses took this time to re- now need to be prepared for jobs market has begun to immediately available structure, consolidate and look potential attrition, as talented recover at a steady pace in candidates due to cutbacks for new talent in the market. For finance professionals will start to terms of both the amount of across many organisations. example, some retail, FMCG be presented with some recruitment taking place as well and consumer focused excellent opportunities. as the availability of finance In 2010, there has been a businesses did increase their talent. In particular, demand for particular focus on hiring newly recruitment activity. Additionally, In general, salaries remained part qualified and qualified qualified accountants for there were a number of high stagnant and even pushed down accountants for interim and permanent roles as well as an calibre finance professionals in some areas over the last year permanent roles is on the rise. increase in temporary hiring, from FTSE companies, who but if recruitment activity particularly within transactional entered the jobs market. continues to rise, salaries are Also, salary levels have started finance. Despite these rises in likely to follow suit. to increase again, becoming demand, competition amongst more aligned to expectations individuals to secure roles is still from early 2008-09. fierce. Visit morganmckinley.com for more information 6
  7. 7. COMMERCE & INDUSTRY. ACCOUNTANCY & FINANCE CIMA & ACCA - PERMANENT RATES (£000’s per annum) London Home Bristol, Leamington Manchester & North Counties Cheltenham & Spa & West South West Midlands “Renewed market Certificate 19 - 25 18 - 22 18 - 22 18 - 22 18 - 22 confidence has led Managerial 24 - 35 22 - 28 22 - 25 22 - 25 22 - 28 to a sharp rise in Strategic 24 - 42 28 - 30 25 - 28 25 - 28 26 - 30 accountants Top CIMA 36 - 45 28 - 30 30+ 30+ 28 - 30 looking to make a Qualified 1 yr PQE <44 35 - 40 30 - 35 30 - 35 35 - 45 job move” Qualified 2 yrs PQE+ 44+ 35 - 45 30 - 35 32 - 38 35 - 45 London Home Bristol, Leamington Manchester & North Counties Cheltenham & Spa & West South West Midlands Part Qualified 19 - 45 18 - 30 18 - 25 18 - 28 18 - 30 Qualified <46 30 - 40 25 - 30 30 - 35 30 - 40 Qualified + PQE 46+ 40+ 30 - 35 30 - 35 35+ *All salary ranges are basic salaries only, shown in £’000s per annum 7
  8. 8. COMMERCE & INDUSTRY. ACCOUNTANCY & FINANCE QUALIFIED – PERMANENT RATES (£’000s per annum) : London Home Counties Bristol, Cheltenham & Leamington Spa & Manchester & South West Midlands North West ACCA Newly Qualified 45 - 50 38 - 45 30 - 35 30 - 35 33 - 38 ACMA Newly Qualified 46 - 50 38 - 45 30 - 35 30 - 35 33 - 38 CA Newly Qualified 45 - 50 40 - 45 30 - 35 30 - 35 35 - 40 CA Big 4 Newly Qualified 45 - 50 40 - 45 30 - 35 30 - 35 35 - 40 Management Accountant 45 - 50 42 - 48 35 - 40 35 - 40 32 - 40 Business Analyst 45 - 50 42 - 48 35 - 45 35 - 45 33 - 36 Financial Analyst 45 - 50 42 - 48 35 - 45 35 - 45 33 - 36 Systems Specialist 50 - 70 45 - 60 40 - 50 40 - 50 45 - 60 Finance Manager 45 - 65 42 - 55 35 - 45 35 - 45 30 – 40 Finance Controller (Small Co.) 48 - 65 50 - 60 40 - 50 40 - 50 35 - 45 Finance Controller (Medium Co.) 60 - 80 52 - 65 45 - 55 45 - 55 40 - 50 Finance Controller (Multinational) 65 - 90 55 - 70 55 - 70 55 - 70 50 - 60 Fin. Planning & Analysis Manager 60 - 85 55 - 72 55 - 65 55 - 65 55 - 65 Financial Accountant 40 - 60 38 - 55 40 - 45 40 - 45 32 - 40 Group Accountant 55 - 70 40 - 60 40 - 50 40 - 60 40 - 50 Finance Director (Small Co.) 60 - 80 55 - 70 50 - 60 50 - 60 50 - 55 Finance Director (Medium Co.) 80 - 130 60 - 90 60 - 70 60 - 70 55 - 60 Finance Director (Multinational) 100 - 300 65 - 100 70 - 100 70 - 100 60+ Chief Financial Officer 90 - 150 90 + 90+ 90+ 80+ *All salary ranges are basic salaries only, shown in £’000s per annum 8
  9. 9. COMMERCE & INDUSTRY. ACCOUNTANCY & FINANCE QUALIFIED – TEMPORARY RATES (£’s per hour) London Home Counties Bristol, Cheltenham & Leamington Spa & Manchester & South West Midlands North West ACCA Newly Qualified 25 - 30 20 - 24 18 - 22 18 - 22 18 - 24 ACMA Newly Qualified 25 - 30 20 - 24 18 - 22 18 - 22 18 - 24 CA Newly Qualified 25 - 30 20 - 25 18 - 22 18 - 22 20 - 25 CA Big 4 Newly Qualified 30 - 35 20 - 25 18 - 22 18 - 22 20 - 25 Management Accountant 25 - 35 22 - 27 20 - 25 20 - 25 20 - 25 Business Analyst 25 - 40 22 - 27 18 - 25 18 - 25 22 - 27 Financial Analyst 25 - 40 22 - 30 18 - 25 18 - 25 22 - 27 Systems Specialist 25 - 50 25 - 30 20 - 30 20 - 30 22 - 30 Finance Manager 30 - 40 20 - 35 20 - 30 20 - 30 18 - 24 Finance Controller (Small Co.) 25 - 35 25 - 30 24 - 28 24 - 28 20 - 25 Finance Controller (Medium Co.) 30 - 40 30 - 35 26 - 35 26 - 35 22 - 27 Finance Controller (Multinational) 35 - 45 30 - 40 30 - 40 30 - 40 24 - 30 Fin. Planning & Analysis Manager 30 - 50 30 - 40 30 - 50 30 - 50 25 - 35 Financial Accountant 20 - 30 20 - 30 20 - 30 20 - 30 20 - 25 Group Accountant 30 - 40 25 - 35 25 - 35 25 - 35 22 - 30 Finance Director (Small Co.) 35 - 60 30 - 40 35 - 45 35 - 45 25 - 35 Finance Director (Medium Co.) 40 - 65 35 - 50 45 - 50 45 - 50 30 - 40 Finance Director (Multinational) 45 - 100 35 - 70 60 - 80 60 – 80 40+ Chief Financial Officer 50 - 80 50 - 70 60 - 80 60 - 80 50+ *All salary ranges are basic salaries only, shown in £’s per hour 9
  10. 10. COMMERCE & INDUSTRY. ACCOUNTANCY & FINANCE NON/PART QUALIFIED – PERMANENT RATES (£’000s per annum) London Home Counties Bristol, Cheltenham & Leamington Spa & Manchester & South West Midlands North West Accounts Assistant 18 - 26 18 - 24 16 - 20 16 - 20 16 - 20 Sales Ledger Assistant 16 - 24 17 - 22 16 - 20 16 - 20 15 - 18 Purchase Ledger Assistant 17 - 26 17 - 22 16 - 20 16 - 20 15 - 18 Credit Control 18 - 28 18 - 24 16 - 20 17 - 22 17 - 22 Assistant Accountant 22 - 30 20 - 28 16 - 25 18 - 27 18 - 25 Credit Control Supervisor/ Manager 28 - 60 28 - 40 20 - 25 22 - 30 21 - 27 Purchase Ledger Supervisor/ 25 – 50 24 - 30 25 - 35 25 - 30 19 - 25 Manager Assistant Management Accountant 22 - 28 20 - 26 20 - 25 20 - 25 22 - 30 Sales Ledger Supervisor/ Manager 25 - 45 24 - 30 25 - 35 25 - 30 18 - 25 Project Accountant 28 - 45 25 - 35 30 - 40 30 - 40 25 - 30 Financial Analyst 25 - 45 25 - 35 30 - 40 30 - 40 25 - 30 Financial Accountant 25 - 40 25 - 35 35 - 40 30 - 35 25 - 30 Business Analyst 25 - 45 25 - 35 25 - 35 25 - 35 25 - 30 Management Accountant 25 - 40 25 - 30 25 - 35 25 - 35 25 - 30 Systems Accountant 25 - 45 25 - 35 25 - 35 25 - 35 25 - 35 *All salary ranges are basic salaries only, shown in £’000s per annum 10
  11. 11. COMMERCE & INDUSTRY. ACCOUNTANCY & FINANCE NON/PART QUALIFIED – TEMPORARY RATES (£’s per hour) London Home Counties Bristol, Cheltenham & Leamington Spa & Manchester & North South West Midlands West Accounts Assistant 9 - 14 8 - 13 8 - 10 8 - 10 8 - 12 Sales Ledger Assistant 9 - 14 8 - 13 8 - 10 8 - 10 8 - 10 Purchase Ledger Assistant 9 - 14 8 - 13 8 - 10 8 - 10 8 - 10 Credit Control 9 - 15 8 - 14 8 - 10 8 - 10 8 - 12 Assistant Accountant 13 - 18 12 - 16 10 - 12 10 - 12 9 - 11 Credit Control Supervisor/ 14 - 25 14 - 24 10 - 12 10 - 12 Manager 10 - 15 Purchase Ledger Supervisor/ 14 - 20 14 - 20 12 - 15 12 - 15 Manager 10 - 15 Assistant Management 13 - 18 12 - 16 10 - 12 10 - 12 Accountant 13 - 15 Sales Ledger Supervisor/ 14 - 20 14 - 16 12 - 15 12 - 15 Manager 10 - 15 Project Accountant 15 - 25 15 - 20 15 - 20 15 - 25 15 - 20 Financial Analyst 15 - 25 15 - 20 15 - 20 15 - 20 16 - 25 Financial Accountant 14 - 22 15 - 18 15 - 20 15 - 20 15 - 18 Business Analyst 15 - 25 15 - 20 15 - 22 15 - 25 18 - 25 Management Accountant 15 - 25 15 - 18 15 - -22 15 - 22 18 - 24 Systems Accountant 18 - 25 15 - 20 15 - 22 15 - 25 18 - 25 *All salary ranges are basic salaries only, shown in £’s per hour 11
  12. 12. SALARY GUIDE 2010 METHODOLOGY The salary information provided in Salary rates listed cover basic this guide has been compiled by salaries only and do not include dedicated researchers across all of bonus payments or benefits, unless Morgan McKinley's UK divisions. specifically stated otherwise. This is Our researchers are in continual due to the enormous variety in contact with both employers and which employers across the finance candidates across the commerce & industry sector commerce & industry sector. Salary manage employee reward. data from placements made, permanent and temporary job Please note, the information vacancies taken on and candidates presented in this document should registering with Morgan McKinley be used as a general guide only. between March 2009 and March Where number of years’ experience 2010 have been taken into account is mentioned, it is only to give an during the compilation of this report approximate framework in which to as well as the specialist knowledge gauge what a typical candidate is of Morgan McKinley's consultants. likely to earn with the level of experience shown. Morgan For more specific salary or hiring McKinley does not base decisions information, please visit on the suitability of candidates for www.morganmckinley.co.uk or roles on the number of years’ contact your Morgan McKinley experience he/she may have consultant directly. acquired but on the person’s full range of skills and abilities. © 2010 Morgan McKinley Group Ltd all rights reserved. Copy or reproduction of this material is strictly prohibited. 12
  13. 13. WE ARE MORGAN McKINLEY. TALK TO US. The world’s leading employers UNITED KINGDOM OFFICES and successful local businesses must be doing something right. London (Commerce & Industry, Guildford We believe we know what that is. Public Practice, Public Sector & guildford@morganmckinley.co.uk To find out how Morgan McKinley Not for Profit) +44 (0)1483 453555 can help you create your future, londonjobs@morganmckinley.co.uk visit us at morganmckinley.com +44 (0)20 7269 5850 Hertford or contact us today. hertford@morganmckinley.co.uk London (Financial Services) +44 (0)1992 500733 london@morganmckinley.co.uk +44 (0)20 7557 7222 Leamington leamington@morganmckinley.co.uk Bristol +44 (0)1926 335644 bristol@morganmckinley.co.uk +44 (0)117 944 0600 
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