Accountancy & Finance Salary Guide

Transcription

1 Accountancy & Finance Salary Guide 2015

2 Sigmar Recruitment Sigmar Recruitment, established 2002, is a leading Irish recruitment services company with 15 specialist divisions across the entire recruitment process and managed service spectrum. We employ over 100 industry specialists in five offices in Dublin, Cork, Galway, and Poland. Sigmar has been recognised as Recruitment Agency of the Year (2014 & 2013) by the National Recruitment Federation due to our client delivery success, candidate experience and our innovative recruitment excellence methodologies. Sigmar was also named Best in Practice, Sales & Marketing Recruitment team in Our experience extends across Accountancy, Banking & Financial Services, Construction & Property, Engineering, HR, IT, Insurance, Legal, Marketing, Pharmaceutical, Office Administration, Multilingual, Sales and Supply Chain. View our current jobs on or contact our team on or

3 Accountancy & Finance Financial Services Judging from the market pick-up in the second half of 2014, 2015 is going to be a good year for accountants employed within the financial services sector. The banking and wider financial services sector has undoubtedly gone through some tough years, however with the dust now settled, hiring across all functions has fully commenced and not solely in the regulatory and compliance space which had been the main focus of recent years. Transition and in some cases expansion is now creating new opportunities. This is also boosted by a higher level of turnover with candidates deciding to change jobs more frequently. Salaries are therefore climbing off the back of these movements in the job market. Whilst the aforementioned focus on regulatory positions in banking was a growth area during the recessionary and fallout years, the majority of accounting departments within banks shrunk considerably. Re-growing the teams has typically been stifled unless a clear business requirement existed. This situation did nothing to increase the remunerations in the sector. From mid-2014 onwards, we have seen increased recruitment activity in the banking sector to replace staff that had been made redundant in previous years. Increased business activity has led to additional hiring as growth in some areas kicks back in. In addition to an increase in salaries within the banking sector, we are also seeing a greater number of permanent jobs being created. The insurance sector saw modest growth in Many insurance companies have their Solvency II teams in place at this stage, however these specialist skills will still continue be required in the market. Salaries will likely increase due to increased churn in the market as accountants grow more confident in the market. The funds sector has seen significant growth in 2014 with many established companies growing their Irish operations considerably. This is set to continue in 2015 with multiple contract and permanent job opportunities available for accountants with funds backgrounds. With more permanent jobs available now in 2015 than there has been over the past 5 years, sourcing financial reporting accountants for shorter term assignments will be considerably harder and will also incur higher costs for the hiring company due to market competition. For 2015, there is one candidate profile that stands out as the most desired by financial services companies, and that is a recently qualified ACA accountant from a Big 4 accounting firm who has gained financial services audit experience. This demand is set to continue. The average salary for a recently qualified Big 4 accountant in early 2015 is around 50,000. This can fluctuate depending on the sub sector of financial services or the role type as some come with greater reward. Typically, internal audit and specialist roles will pay more than regular financial or management accountant positions. Overall for 2015 experienced and highly skilled accountants within the financial services sector can expect greater choice when searching for a new job. As with other sectors, counter offers are reappearing in the market as current employers decide to offer financial incentives in order to retain their talent. All of this has provoked rising salaries which is set to continue throughout the year. 3

4 DUBLIN REST OF IRELAND 1-2 Years Exp 3-5 Years Exp 5 Years+ Exp 1-2 Years Exp 3-5 Years Exp 5 Years+ Exp Finance Director 80-95k k 115k k 85-95k 95k + Financial Controller 65-75k 75-85k 85k k 70-75k 75k + Head of Financial Reporting 75-85k 85-95k 95k k 75-85k 85k + Financial Reporting Manager 50-70k 70-80k 80k k 60-65k 65k + Finance Manager 55-65k 65-85k 85k k 65-70k 70k + Internal Audit Manager 55-65k 65-75k 75k k 55-65k 65k + Treasury Manager 55-65k 65-75k 75k k 55-65k 65k + Compliance Manager 55-65k 65-75k 75k k 55-65k 65k + Qualified Financial Accountant 50-55k 55-65k 65k k 45-55k 55k + Qualified Management Accountant 50-55k 55-65k 65k k 45-55k 55k + Finance Analyst (Qualified) 50-55k 55-65k 65k k 45-55k 55k + Financial Reporting Accountant (Qualified) 50-55k 55-65k 65k k 45-55k 55k + Regulatory Reporting Accountant (Qualified) 50-55k 55-65k 65k k 45-55k 55k + Internal Auditor 50-55k 55-65k 65k k 45-55k 55k + Treasury Accountant 50-55k 55-65k 65k k 45-55k 55k + Compliance Accountant 50-55k 55-65k 65k k 45-55k 55k + Sox Accountant 50-55k 55-65k 65k k 45-55k 55k + SPV Accountant 45-50k 50-55k 55k k 45-50k 50k + Part Qualified Accountant (Reg Reporting, Fin Reporting, Global markets, Group finance ) 25-38k 38-40k 40k k 30-40k 40k + Solvency II Accountant 50-60k 60-70k 70k k 45-55k 55k + Revenue Recognition Accountant 55-65k 65-75k 75k k 50-60k 60k + Risk Analyst 45-55k 55-65k 65k k 45-50k 50k + Pensions Accountant 45-55k 55-65k 65k k 45-50k 50k + Business Analyst 45-55k 55-65k 65k k 45-50k 50k + MI Analyst 45-55k 55-65k 65k k 40-50k 50k + Financial Planning and Analysis 50-55k 55-65k 65k k 45-55k 55k + Statutory Accountant 45-50k 50-55k 55k k 45-55k 55k + Group Accountant 45-55k 55-65k 65k k 45-55k 55k + Transfer Pricing 55-65k 65-75k 75k k 45-55k 55k + Accounts Payable 28-32k 32-38k 38k k 28-32k 32k + Accounts Receivable 28-32k 32-38k 38k k 28-32k 32k + Credit Control 28-32k 32-38k 38k k 28-32k 32k + Accounts Assistant 28-32k 32-38k 38k k 28-32k 32k + 4

5 Industry & Commerce In 2015 we predict a strong upward curve in accountancy job opportunities within industry saw steady growth in the accountancy and finance market which was notable compared to previous years with salaries increasing slightly. The majority of roles were supplied to the market by large international companies, with IT software and pharmaceutical companies hiring significantly. Another welcome trend has seen Munster and Connaught record notable growth in the manufacturing, energy and pharmaceutical industries. The returning confidence to the industry will stimulate churn in the market with more candidates encouraged to move jobs where they had previously not considered moving, thus adding to the amount of opportunities in the market place. With Ireland being the European hub for many major international companies, the large shared service centres and multinationals will continue to recruit in The IDA continue to do excellent work in attracting new Foreign Direct Investment companies to Ireland and it is a safe prediction that job creation from these companies will continue in Whilst some multinational companies here may make strategic decisions to outsource some junior processing roles outside of Ireland to Eastern Europe or Asia, the net figure will be offset by the creation of new jobs. Specialist skills for the industry sector were in very high demand in 2014 and this will continue in Tax, compliance, internal audit, regulatory and risk are some of the niche sub sectors within the accountancy profession whereby demand far outnumbers the supply of suitable candidates. Corporate finance, lean process improvement specialists, project and systems accountants will also be in significant demand in industry sectors. Candidates that specialise in these areas will have extensive opportunities in 2015 and can expect to be earning between 5% - 10% more than they were getting paid in early Encouragingly we have seen modest growth in job vacancies in the SME sector in H2 of The majority of this growth is due to turnover in the sector as candidates move jobs, with very limited organic growth being recorded. There does however seem to be a more positive sentiment across the board with SME companies planning to grow in Salaries as things stand however are remaining somewhat stagnant. We expect flexible workforce trends to continue in 2015 as temporary staffing solutions and contract assignments remain prominent forms of employment in the market. Most multinational companies tend to hire accountants on a contract basis initially due to sign off restrictions from their US headquarters. We have noticed a change of attitude towards contract and temporary work amongst accountancy candidates as many are more are open to undertaking long term contract roles. They view them as an opportunity to gain valuable project experience and acknowledge that many employers cannot commit to permanent hires straightway. It also becomes common knowledge that in many cases with specific employers, temporary or contract roles can lead to permanent appointments. In addition to the slightly higher salaries that temporary or contract workers expect to receive as standard, the uplift in the job market has pushed salaries up for these types of workers. The main factor being that there is more temptation now for workers from the permanent side of the job market. This has influenced the rates of pay as companies look to secure their selected candidates for the duration of their contracts. Completion bonuses are also being used more frequently to incentivise the candidate to see out their contracts. Overall, our outlook for accountants at all levels in industry in 2015 is a positive one. Job opportunities are on the rise, new specialised and niche roles are coming up and employers are actively looking to invest in top level talent. One job type that we expect to see in high demand during 2015 is business and financial analysts. The second half of 2014 saw a significant increase in demand for these skills with salaries gradually climbing. Candidates with financial planning and analysis experience will have a significant amount of options to move to new jobs in Accountants with additional European language skills will continue to be sought after throughout With so many international companies basing their EMEA shared service centres in Ireland, there are a huge amount of jobs in Ireland that require accountants with linguistic skills. Salaries for positions that require a second language will often come with a financial premium, however as operations grow and turnover in the market increases, multilingual candidates can expect to earn a higher basic salary. 5

6 DUBLIN REST OF IRELAND 1-2 Years Exp 3-5 Years Exp 5 Years+ Exp 1-2 Years Exp 3-5 Years Exp 5 Years+ Exp CFO k k 150k k k 120k + Head of Finance/Financial Director 75-90k k 110k k 85-95k 100k + Financial Controller 60-70k 70-80k 80k k 70-75k 75k + Finance Manager 55-65k 65-70k 70k k 60-65k 65k + Head of Audit & Compliance 80-90k k 100k k 75-80k 80-85k Internal Audit Manager 65-75k 75-85k 85k k 70-75k 75k + Internal Auditor 45-55k 55-65k 65k k 45-50k 50k + Tax Manager 60-70k 70-75k 75k k 65-70k 70k + Tax Accountant 45-55k 55-60k 60k k 45-50k 50k + VAT Manager 60-65k 65-75k 75k k 60-65k 65k + VAT Accountant 40-50k 50-60k 65k k 45-50k 50k + FP&A Manager 60-70k 70-80k 80k k 60-65k 65k + Financial Analyst 45-55k 55-65k 65k k 45-50k 55k + Process Improvement Manager (LEAN, SOX, SIX Sigma, etc.) Process Improvement Senior (LEAN, SOX, SIX Sigma, etc.) k k 120k k 85-95k 100k k 70-75k 75k k 60-65k 65k + Systems Accountant 45-55k 55-65k 65k k 45-50k 50k + Fixed Assets Accountant 40-45k 45-55k 55k k 40-45k 45k + Management Accountant 40-50k 50-55k 60k k 40-45k 45k + Cost Accountant 45-50k 50-60k 60k k 40-45k 45k + Statutory Accountant 45-50k 50-60k + 60k k 45-50k 50k + Regulatory Manager 65-70k 70-80k 80k k 60-65k 65k + Regulatory Accountant 45-50k 50-60k 60k k 45-50k 50k + Revenue Manager 65-70k 70-75k 75k k 60-65k 65k + Revenue Accountant 35-45k 45-55k 55k k 40-45k 45k + Treasury Manager 55-60k 60-70k 70k k 55-60k 65k + Treasury Accountant 45-50k 50-55k 55k k 45-50k 50k + Financial/GL/R2R Accountant 45-50k 50-60k 60k k 42-50k 50k + Finalist 35-42k 42-45k 45k k 40-45k 45k + Part Qualified/Assistant GL Accountant 28-32k 33-40k 40k k 30-35k 35k + Accounts Assistant/Technician 23-28k 28-33k 33k k 25-30k 30k + 6

7 DUBLIN REST OF IRELAND 1-2 Years Exp 3-5 Years Exp 5 Years+ Exp 1-2 Years Exp 3-5 Years Exp 5 Years+ Exp Credit Manager/AR Manager 45-48k 48-60k 60k k 45-50k 50k + Credit Control/AR Team Leader 30-36k 36-40k 40k k 35-38k 38k + Credit Control 22-27k 28-35k 35k k 28-30k 30k + Accounts Payable Manager 40-45k 45-55k 55k k 45-48k 48k + Accounts Payable Team Leader 32-36k 36-40k 40k k 35-40k 40k + Accounts Payable/P2P 24-28k 28-32k 32k k 26-30k 30k + Accounts Receivable/OTC 24-28k 28-32k 32k k 26-30k 30k + Payroll Manager 35-40k 40-45k 45k k 35-40k 40k + Payroll Administrator 25-30k 30-35k 35k k 27-30k 30k + 7

8 Professional Services EXTERNAL AUDIT As the economy in Ireland continues to grow at a significant pace, we anticipate continued demand for qualified external auditors in The demand will primarily come from the larger professional services firms; however, 2015 will also witness the resurgence of small to medium sized practices seeking to increase their staff numbers significantly for the first time in the last five years. With multiple opportunities being created in industry, we anticipate that qualified auditors will be attracted outside of practice creating more audit vacancies among practices of all sizes. We also expect that there will be a shortage of accountants looking to stay in audit this year so it is crucial employers are proactive in order to attract and retain the best talent on the market. Due to the short supply of accountants looking to stay in audit, we predict that salaries will improve by 5-10% in 2015 as employers will need to offer competitive salaries in order to prevent employees leaving once qualified. We anticipate that 2015 will see higher base salaries and increased bonus structures that will be used as a tool to retain audit staff. DUBLIN REPUBLIC OF IRELAND Audit Director k k Audit Senior Manager 65-80k 60-75k Audit Manager 55-65k 45-60k Assistant Audit Manager 45-55k 40-50k Audit Senior (Part Qualified / Qualified) 30-45k 28-45k Audit Semi Senior (Part Qualified) 20-30K 18-28K TAXATION The demand for tax accountants grew significantly in Tax specialists at senior, manager and director level are being sought after in practice, financial services and industry. There has been a significant demand among top 20 practices looking to hire tax specialists with strong VAT, corporation tax, international tax and R&D tax experience. We predict that 2015 will see the taxation sector continue to prosper as more employers will seek to hire AITI qualified tax accountants. With an increased demand for both newly qualified and experienced tax professionals we expect to see salary increases of 5-10%. Similar to external auditors there is a short supply of top tax professionals in Ireland looking to remain in practice so this is the challenge we see employers face when trying to attract the best candidates will continue to see growth in the taxation sector in Ireland. With an increased amount of international organisations looking to expand operations in Ireland, we anticipate that there will be a huge demand for tax professionals in the next 12 months. 8

9 ADVISORY Job opportunities within advisory and consulting grew within 2014 as specialist firms were engaged to a greater degree by their clients for consulting services within process improvement, corporate finance, internal audit, risk and compliance. The continued demand placed on large companies to implement and adhere to a wide range of corporate governance measures will continue to add to job creation within professional services consulting in 2015, and ultimately the salaries being offered to candidates. We anticipate that 2015 will bring a slight increase in salaries for advisory consultants particularly at manager and senior manager levels due to the continued demand for their expertise. More and more organisations within industry and financial services are seeking the advice of top consultants from top 20 practices in order to find ways that will improve their current processes and procedures. This will result in a higher demand for advisory consultants among top 20 practices. DUBLIN REPUBLIC OF IRELAND Advisory Director k k Advisory Senior Manager 60-80k 55-75k Advisory Manager 55-60k 50-55k Advisory Senior (Qualified) 45-55k 45-50k 9

10 Contacts Dublin 13 Hume Street, Dublin 2 Tel: +353 (0) [email protected] Cork 33 South Bank, Crosses Green, Cork Tel: +353 (0) [email protected] Galway Dockgate, Dock Road, Galway Tel: +353 (0) [email protected] 10