The accountancy and finance industry has seen modest salary growth this year, with sales ledger clerks, payroll managers and assistant accountant salaries seeing the highest increases (8.8%, 7% and 6.2% respectively).
However, despite some larger increases in advertised salaries, when combined, the overall average salary increase across the sector sits at just 5%, falling short of the UK’s 6% average.
The data, from recruitment company Reed, also revealed that some roles have seen slight decreases in advertised salaries, including chief financial officers and finance directors (0.2% and 0.5% respectively).
Regionally, however, the findings showed that Scotland’s accountancy sector saw advertised salaries increase by 7.7%, with the South West and North East following closely behind on 7%. East Midlands saw a salary increase of 5.9%, followed closely by the South East at 5.2%. As a region, East Anglia saw the lowest overall increase of just 4.5%.
Nathan Quail, accountancy and finance recruiter for Reed across Northampton and Milton Keynes, said: “UK workers are experiencing tricky times. Even with some salaries increasing, largely, they still fall short of inflation and the increasing cost of living. However, those working in accountancy and finance are in one of the better paid sectors – as often skills are in high demand.”
Despite regional variances in accountancy and finance remuneration, salaries in the sector are still substantially more than the UK average, with accountancy and finance roles paying an average of £54,300 compared to the UK equivalent of £38,900.
However, a fifth (20%) of the industry’s workers are still unhappy with their salaries, according to Reed’s research, with 64% of those who are unhappy saying this is because their salary hasn’t risen in line with the cost of living.
As part of Reed’s annual salary guides, it analysed more than 21 million job adverts and asked 5,000 UK workers a range of questions on their salary and benefits – both current and expected.
Nathan added: “With 86% of accountancy and finance professionals open to new job opportunities, the sector needs to look at how best to incentivise and reward its workers. Our survey showed that alongside salary increases, staff would feel more valued if employers offered additional benefits (30%), more recognition for their achievements (30%) and more thanks from leadership (23%).
“With a lot of uncertainty and financial concerns in the air, offering additional, non-financial benefits could help businesses ensure they’re still rewarding their best people, while the nation rides out these challenging economic times. Making your teams feel appreciated and valued can go along way to retain employees.”
The rise of remote and hybrid working models has had a profound impact on the finance sector. While senior professionals can be willing to relocate for the right opportunities, flexibility in working arrangements remains a top priority for most candidates looking to work in the practice.
“Employers in Northamptonshire and Buckinghamshire that offer remote or hybrid options are better positioned to attract and retain talent, particularly in a competitive job market,” said Nathan. “If they can’t offer this, on top of a competitive salary, they are likely to lose talented people who will look to roles outside the area.”
Technological advancements are also reshaping profession. Tools like Power BI and data analytics platforms are becoming indispensable, even for senior roles. Automation and outsourcing are increasingly used to handle routine tasks, pushing finance professionals to focus on areas where they can deliver strategic value. This shift requires a greater emphasis on technical skills, as well as the ability to interpret and apply data-driven insights.
One of the most notable trends is the growing importance of roles that bridge the gap between finance and strategy. Positions like finance business partners and commercially focused finance directors are increasingly in demand. These roles require professionals who can engage with senior leadership, such as managing directors, to provide insights that drive business growth.
Nathan added: “Local employers looking for finance professionals are seeking those who can multitask and adapt to various responsibilities. This flexibility is particularly valuable in a dynamic economic environment, where organisations are looking for finance professionals who can contribute across multiple areas.
“The emphasis is on finding talent who combine technical expertise with the ability to think strategically and communicate effectively- which Reed can help you do.”
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