Morgan McKinley UK Commerce & Industry Salary Guide 2010

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CONTENTS.

LETTER FROM THE CEO 3

COMMERCE & INDUSTRY: ACCOUNTANCY & FINANCE 4

HIRING MARKET UPDATE 5

REGIONAL UPDATE 6

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SALARY TABLES 7

CIMA & ACCA PERMANENT RATES 7QUALIFIED PERMANENT RATES 8QUALIFIED TEMPORARY RATES 9NON/ PART QUALIFIED PERMANENT RATES 10NON/ PART QUALIFIED TEMPORARY RATES 11

METHODOLOGY 12

CONTACT US 13

Welcome to the Morgan McKinley UK Salary Guide 2010: Commerce & Industry. This report provides a general guide to current compensation and hiring trends for accountancy and finance roles across commerce and industry.

The Salary Guide has been compiled by our dedicated team of researchers across Morgan McKinley’s UK office network. Our researchers are in continual contact with both employers and finance candidates within the commerce & industry sector.

There is no doubt that the finance jobs market was extremely tough in 2009 with most businesses taking a ‘cost savings’ approach to their hiring and remuneration strategy.

However, as we move further into 2010, the prospects for the next twelve months look much more positive with a slow but steady return to growth. Some areas of hiring are already seeing signs of improvement and employers will need to turn their focus to talent retention once the market does recover. Organisations that are able to offer competitive salaries will be best placed to attract and retain key talent within the market.

We hope you find this salary guide informative and we welcome any feedback you may have. For more specific salary or hiring information, please contact us directly.

Gerald FitzgeraldCEO | United KingdomT: +44 (0)20 7269 5850 E: [email protected]

LETTER FROM THE CEO.

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UNITED KINGDOM.C&I: ACCOUNTANCY & FINANCE

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UNITED KINGDOM. COMMERCE & INDUSTRY: HIRING MARKET UPDATE

Market Summary - While general levels of demand for quality accounting and finance staff fell across every industry sector in 2009, there were still pockets of growth amongst companies who continued to pursue their expansion plans despite the downturn.

Towards the end of 2009, there were signs that hiring activity within the sector was starting to pick up again and this positive trend has continued to build in to 2010.

Hiring Trends - The hiring market in 2009 possessed all the characteristics that are typically seen during a recession as businesses adjust to market conditions.

For example, the demand for Fixed Term Contractors (FTC) increased as organisations

ensured that ‘business critical’ positions were always covered without having to take on permanent headcount.

In addition, many companies placed a greater emphasis on the relationships between costs and profits, which saw a significant rise in the number of financial and commercial analysis positions being created in order to improve the flow of communication between finance and operational teams.

2010 has already seen a significant number of FTSE 100 companies lifting hiring freezes with particular emphasis being placed on the newly qualified market. This is a positive indication that the rest of the employment market may follow suit as economic conditions improve.


Talent Supply – The supply of talent in 2009 was under pressure as companies sought to retain and reassure their key staff and in turn, finance professionals were cautious about entering such an unpredictable jobs market. Ironically, the volume of people looking for job opportunities dropped in many key disciplines.

2010 has brought a renewed sense of confidence amongst accountants, which has led to a sharp increase in the number of individuals looking to make a job move this year. In particular, many part-qualified accountants are looking to a new employer to provide them with support and development opportunities while they complete their studies.

Also, as the outlook for the UK jobs market has started to improve, there has been a rise

in the number of international technically qualified accountantslooking for temporary or contract work in the UK.

Salaries & Compensation Trends – Implementing cost efficiencies was paramount for many organisations in 2009 and this included achieving reductions in personnel costs. As a consequence, pay freezes alongside hiring freezes were a common feature last year.

However, the average salary across all levels remained steady and in line with previous years. In a number of cases, organisations did offer improvements to their flexible benefits packages as compensation for the loss of traditional increases in basic salary.

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UNITED KINGDOM. COMMERCE & INDUSTRY: REGIONAL UPDATE

London & Home Counties – The hiring market for accountancy and finance professionals across all regions in the UK was severely impacted by the economic downturn in 2009. The London & Home Counties market was no exception. However, from Q4 onwards, recruitment levels started to rise again and this has continued into 2010.

While most sectors within the region were in survival mode last year, a number of businesses took this time to re- structure, consolidate and look for new talent in the market. For example, some retail, FMCG and consumer focused businesses did increase their recruitment activity. Additionally, there were a number of high calibre finance professionals from FTSE companies, who entered the jobs market.

Bristol, Cheltenham & South West - 2010 has seen renewed confidence in the finance hiring market in the region with increased recruitment activity at all levels. Also, there has been a rise in the number of part- qualified and qualified accountants actively job hunting, having previously preferred to stay put rather than enter such an uncertain jobs market.

That said, employers who have hired in the last 12-18 months at reduced or pro-rated salaries, now need to be prepared for potential attrition, as talented finance professionals will start to be presented with some excellent opportunities.

In general, salaries remained stagnant and even pushed down in some areas over the last year but if recruitment activity continues to rise, salaries are likely to follow suit.


Leamington Spa & Midlands – Hiring was particularly badly hit in the Midlands in 2009 given the types of industries that dominate the area. The start of 2010 continued in the same vein as employers were cautious to commit to new hires until there was further clarity on the health of the economy. In that climate, finance professionals were willing to accept lower salaries to secure that lucrative permanent position.

Further into 2010, the finance jobs market has begun to recover at a steady pace in terms of both the amount of recruitment taking place as well as the availability of finance talent. In particular, demand for part qualified and qualified accountants for interim and permanent roles is on the rise.

Also, salary levels have started to increase again, becoming more aligned to expectations from early 2008-09.

Manchester & North West - Moving into 2010, the North West finance jobs market has seen an increase in hiring activity for permanent and temporary roles across all levels. Companies are re- investing in growth and lifting pay freezes.

Also, the make up of available finance talent has shifted with more individuals who are in employment, now voluntarily entering the jobs market. In 2009, there was an influx of immediately available candidates due to cutbacks across many organisations.

In 2010, there has been a particular focus on hiring newly qualified accountants for permanent roles as well as an increase in temporary hiring, particularly within transactional finance. Despite these rises in demand, competition amongst individuals to secure roles is still fierce.

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COMMERCE & INDUSTRY. ACCOUNTANCY & FINANCECIMA & ACCA - PERMANENT RATES (£000’s per annum)

*All salary ranges are basic salaries only, shown in £’000s per annum

London Home Counties

Bristol, Cheltenham & South West

Leamington Spa & Midlands

Manchester & North West

Certificate 19 - 25 18 - 22 18 - 22 18 - 22 18 - 22

Managerial 24 - 35 22 - 28 22 - 25 22 - 25 22 - 28

Strategic 24 - 42 28 - 30 25 - 28 25 - 28 26 - 30

Top CIMA 36 - 45 28 - 30 30+ 30+ 28 - 30

Qualified 1 yr PQE <44 35 - 40 30 - 35 30 - 35 35 - 45

Qualified 2 yrs PQE+ 44+ 35 - 45 30 - 35 32 - 38 35 - 45

London Home Counties

Bristol, Cheltenham & South West



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+

“Renewed market confidence has led to a sharp rise in accountants looking to make a job move”

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COMMERCE & INDUSTRY. ACCOUNTANCY & FINANCE QUALIFIED – PERMANENT RATES (£’000s per annum):

London Home Counties Bristol, Cheltenham & South 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+


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COMMERCE & INDUSTRY. ACCOUNTANCY & FINANCE QUALIFIED – TEMPORARY RATES (£’s per hour)




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




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


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

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COMMERCE & INDUSTRY. ACCOUNTANCY & FINANCE NON/PART QUALIFIED – PERMANENT RATES (£’000s per annum)




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/ Manager

25 – 50 24 - 30 25 - 35 25 - 30 19 - 25

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





Systems Accountant 25 - 45 25 - 35 25 - 35 25 - 35 25 - 35


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COMMERCE & INDUSTRY. ACCOUNTANCY & FINANCE NON/PART QUALIFIED – TEMPORARY RATES (£’s per hour)




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/ Manager

14 - 25 14 - 24 10 - 12 10 - 1210 - 15

Purchase Ledger Supervisor/ Manager

14 - 20 14 - 20 12 - 15 12 - 1510 - 15

Assistant Management Accountant

13 - 18 12 - 16 10 - 12 10 - 1213 - 15

Sales Ledger Supervisor/ Manager

14 - 20 14 - 16 12 - 15 12 - 1510 - 15

Project Accountant 15 - 25 15 - 20 15 - 20 15 - 25 15 - 20




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

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The salary information provided in this guide has been compiled by dedicated researchers across all of Morgan McKinley's UK divisions. Our researchers are in continual contact with both employers and finance candidates across the commerce & industry sector. Salary data from placements made, permanent and temporary job vacancies taken on and candidates registering with Morgan McKinley between March 2009 and March 2010 have been taken into account during the compilation of this report as well as the specialist knowledge of Morgan McKinley's consultants.

For more specific salary or hiring information, please visitwww.morganmckinley.co.uk or contact your Morgan McKinley consultant directly.

SALARY GUIDE 2010 METHODOLOGY

Salary rates listed cover basic salaries only and do not include bonus payments or benefits, unless specifically stated otherwise. This is due to the enormous variety in which employers across the commerce & industry sector manage employee reward.

Please note, the information presented in this document should be used as a general guide only. Where number of years’ experience is mentioned, it is only to give an approximate framework in which to gauge what a typical candidate is likely to earn with the level of experience shown. Morgan McKinley does not base decisions on the suitability of candidates for roles on the number of years’ experience he/she may have 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.

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Transcript of Morgan McKinley UK Commerce & Industry Salary Guide 2010