Research by Marks Sattin shows that, in the last 12 months, accountants have received salary increases in excess of seven times the national average.
The financial recruitment company questioned 1,300 accountants around the UK and found that their basic salary has risen from £54,300 to £59,900 – an increase of 10.3%. Despite this, a third of accountants had hoped to see their salary increase by 13.5%.
Figures from the ONS show that average salaries across all industries nationwide have only risen by 1.4% over the comparable period.
Marks Sattin MD, Dave Way, said most workers would be popping the champagne corks if they received salary increases of 10%. Accountants must believe prospects are good if a 10% rise still turns out to be less than they envisaged when they were surveyed last year.
Turnover in all of the Big Four increased last year, although profits per partner did decrease at Deloitte and KPMG. KPMG saw sales increase by 13% in 2010-11, whilst Ernst & Young and Deloitte saw turnover grow by 7.7% and 7% respectively.
Way went on to explain that in addition to increased turnover, accounting professionals are also benefiting from firms redistributing wealth. During the recession, companies reduced salaries and headcounts but that situation has now reversed. Large organisations are now finding that they have to compete for top talent and this is pushing up salaries considerably.