09 Jan Accountancy & Finance Salaries Overview 2023
An excellent start to the year for accounting and finance professionals! 2023 might increase your salary as several studies have demonstrated recently. There are several reasons for this increase:
- Many of the transactional tasks undertaken within finance can now be done by advancing technology which makes the accounting process much quicker and more efficient, however this does mean that companies are looking for highly skilled finance professionals in different areas. In the new accounting world businesses are looking for experts in areas such as financial modelling, ability to produce accurate commercial data to support better business decisions, FP&A Accountants who have a more technical bias and very popular is the finance business partnering role. Slowly departing is the traditional management accountant job title which has been over taken by a need for Commercial Finance acumen, an accountant who can not only produce the month-end process but work with complex data, be a super user on Excel, whilst also being able to build relationships with key stakeholders at all levels across a business. In the old world as you can see this would normally have been three separate roles management accountant + financial analyst + commercial accountant = Finance Business Partner so there lies the question on salary?
- There is currently a skills shortage and finding talent has become harder and harder. Consequently, the salaries of highly qualified finance professionals are significantly rising. The skills that are most in-demand this year are interpersonal, the ability to adapt to change, and the willingness to keep learning.
- Due to the workload that accountants are dealing with, company employee turnover has been quite high in 2022. In order to switch the trend and give an incentive to their employees to stay, companies have been pressured to increase salaries and offer competitive company benefit schemes such as hybrid or flexible working. In fact, a study showed that 56% of professionals in this sector are thinking of applying for a new job, and 32% of them feel like they are not paid enough.
Ten roles where salaries are expected to increase in 2023 due to demand:
- Financial Director
- Financial Controller
- Commercial Finance Manager
- Financial Planning and Analysis Manager
- Newly Qualified Accountants
- Finance Business Partner
- Credit Manager
- Accounts Payable Assistant
- Treasury Analyst
- Senior Credit Controller
If you are looking for a new job in accountancy or finance we’d be delighted to hear from you, please contact us. We specialise in recruiting Senior Finance Appointments, Interim Markets, Part-Qualified Finance & Transactional Finance sectors. We also recruit in several specialist disciplines within our Group, including Office Support, HR, Leadership Profiling & Assessment.