CIMA Salary surveys

We are pleased to confirm the results of the most recent Robert Half Finance & Accounting salary benefits survey. The survey will not only allow you to benchmark your own financial remuneration but the overview below also provides some revealing insights into the current market.

• Part qualified (PDF 28KB)
• Qualified - commerce & industry (PDF 84KB)
• Newly qualifieds (PDF 28KB)
• Overview of benefits & bonuses (PDF 41KB)

Robert Half Finance & Accounting salary and benefits survey - 2006/2007

Robert Half Finance & Accounting is the world’s first and largest specialised financial recruitment firm and has been conducting the Salary and Benefits Survey for the last 18 years.

The survey not only tracks salary trends, but provides insight into issues affecting business through the eyes of the finance professional, as well as characteristics of the job market. This recent survey is particularly topical as it looks specifically at staff retention, company loyalty, the challenges of promotion and social habits within financial practices in the UK.

Career loyal, not company loyal

Over half of all finance professionals surveyed are looking for a new job, the main reason being better career development potential.

53% are seeking a new job and of these one in five are actively looking to move. The main reasons for people looking to change companies are better career development potential (55%) and pay increases (46%).

76% of those aged under 25 are seeking better career development opportunities.

Finance professionals are working to minimise their personal risk by advancing their careers and looking for jobs with better promotion prospects, while saving for a rainy day.

Promotion challenges

The survey revealed that finance professionals remain loyal to their career rather than their employer. On average, respondents had worked for five organisations in their career to date.

37% of finance professionals have worked for five or more organisations over their careers.

The most challenging part when promoted is maintaining work/life balance.

More respondents believe that ‘balancing a work and home life’ was the most challenging part of gaining a promotion whilst ‘relationships with colleagues’ (15%) was also a factor. Over 80 respondents said that overcoming prejudice was a factor and over 200 thought that their age was holding them back from promotion.

Lifestyle

The majority of finance professionals surveyed had no overwhelming desire to work abroad with 58% electing against emigrating.

Those who did want to work abroad preferred English speaking countries such as the USA and Australia (50%) with one quarter (23%) electing to emigrate closer to home in Europe. China and the Far East did not appeal to most, with only 9% wanting to emigrate there.

The opportunity to travel was the biggest factor encouraging people to look for work overseas - the deciding factor for 60% of people. Career progression was important for 27% but ‘more money’ only important to 11% of respondents. However, 55% would not take a pay cut or demotion in order to work overseas.

The survey also built a picture of the working day of finance professionals. Although balancing work and home life continues to be stressful and one of the hardest parts of the job, it appears that the pressure is self-imposed. 48% worked between 39 and 45 hours per week and 31% worked 46-55 hours per week. 44% feel guilty if they do not work longer hours yet only 9% of people had experienced a colleague or boss complaining that they had not put in extra hours.

The survey found that the majority of accountants eat breakfast at home but only have time to eat lunch at their desk.

73% of finance directors, 61% of financial controllers and 88% of partners have no aspirations to work abroad.