AAT Salary survey: how are you doing?

Steven Drew, Brand Strategy Manager, AAT 

Steven Drew is Brand Strategy Manager at AAT. He is responsible for managing a programme of continuous insight and supporting research to understand AAT’s market and provide strategic direction to the organisation. 

During 2011 few people will have avoided the effects of the global downturn - whether as an individual keeping a closer eye on their personal expenditure, or as an organisation wishing to maintain its position in a contracting economy. With that in mind, AAT wanted to examine if its members had been affected by the recession and to what extent – asking about their salaries, job satisfaction, working hours and job security. Members were surveyed across all levels – from students at the beginning of the qualification to fellow members with many years’ experience in the accountancy profession. Some of the results were as expected but others provided greater food for thought. 

There are many reasons why people choose to study for a professional qualification – and a greater earning potential is certainly high on the list. Three-quarters of students and 78% of full and fellow members feel obtaining the AAT Accounting Qualification has increased their potential earnings. This is reflected in the findings as the survey shows the average salary for level 2 students is £17,673 and almost doubles (£35,997) for fellow members. 

More than half of respondents (53%) said they had benefitted from a salary increase during 2011. The average increase was 8%, which was very favourable considering many organisations have implemented salary freezes. Unsurprisingly, salary increases varied in each sector with those in the private sector more likely to receive a pay rise than those working in public service. 

Members were asked if their working hours had increased during the recession. Almost a third of members said they now worked longer than their contracted hours. Those in larger companies had been hardest hit – 33% in companies with 250+ employees compared with 22% of those with 1-10 employees. 

An uncertain employment market generally means less job security but AAT members are bucking this trend. 74% said they felt very or quite secure in their current position. This reinforces the idea that accountancy is a recession-proof career and actually well-trained finance staff are needed more than ever at a time where companies need to keep a greater eye on their budgets. 

Despite difficult economic conditions, AAT members are very upbeat about their levels of job satisfaction and job security. 70% said they were satisfied with their current job role. Human resources expertise tells us that job satisfaction is more important to employees than a higher salary and so this is very encouraging to hear. 

With unemployment at its highest since 1994, it would have been little surprise to have heard AAT members were struggling. But, the fact that our membership is feeling motivated and rewarded is a real testament to the value a professional body can bring. 

A longer version of this article is available at http://www.aatcomment.org.uk/aat-view/salary-survey-how-are-you-doing and you can download a full copy of the salary survey here http://www.aat.org.uk/salarysurvey/ 

Feel like you're worth more? Search and apply for a new accountancy opportunity in your desired salary bracket and location on GAAPweb

New payment technology – a legacy of great change in finance

By Katy May

Katy May joined Marks Sattin as part of the Change Management team in July 2011 with a specific focus in Operations Change. Prior to this she has worked within the Financial Services industry for 4+ years building extensive relationships with Front, Middle and Back Offices across financial institutions within London, Spain and Portugal. Her background and experience lies primarily within the Fixed Income and Derivatives space, although she has built a good knowledge base across all asset classes, trade flows and operational processes. 

It’s not only British athletes who are looking to leave a lifelong legacy at London’s 2012 Olympic and Paralympic games – games sponsors Visa and Samsung are striving to use their mobile payments technology for the sporting event to leave a lasting legacy in the market for banks, retailers, mobile operators and consumers. But what impact will their efforts for long-term change in the way we use mobile payments and the efforts of suppliers of other new payment methods alike, have on banking and payments?

Tips for newly qualified ACA’s

By Daniel Handley

Daniel Handley is a consultant within Handle Recruitment's finance division recruiting into the Music, Media, Entertainment and Lifestyle Brands sectors. He has 8 years Financial Recruitment experience, 5 spent managing a qualified & interim desk and now recruiting permanent positions to CFO level.

When it comes to making the daunting move out of practice into industry, your post-qualified accountancy career can take any number of paths. However getting the right first step is immensely important.  

The initial step into the industry can shape your post-qualified career, therefore I would always advise on keeping breadth in your role until you work out where your career is heading.  ACA’s are, on the whole technically competent but still require on-the-job experience in management accounting, budgeting, forecasting and planning. Obtaining this exposure whilst keeping the technical aspects until you know exactly where you are heading will ensure you don’t miss out on opportunities due to a lack of experience in a specific area.  

An accountant's role in a dynamic environment

By Martin Finch 

Martin is an experienced accountant with expertise in reporting in  UK GAAP and IFRS. Martin also has significant systems experience having implemented SAP at his current employer.   Prior to his current role he worked in public practice on a varied portfolio of clients ranging from PLCs to not for profit and charitable organisations.

In the current economic climate many companies and indeed the Government itself are more focussed than ever on operational costs. Accountants tend to be very comfortable recording, controlling and accounting for costs within the business but the value of the work completed by accountants and the potential for accountants to add value to a business often goes un-noticed. A focus removal of non value adding steps (and costs) from business processes will inevitably mean that unless accountants successfully adapt to be seen as value adding, at some point the accountant themselves will be the target for cost reductions.

Planning your accountancy job move in 2012

By Nik Pratap

Nik Pratap leads the professional services recruitment team and the National Lead Director for Hays Senior Finance. Nik has over twelve years’ experience of working in the qualified finance recruitment sector in Yorkshire and the North West.

Recent research from Hays found that two-thirds of the working population is likely to move on if they were offered a better job. If your resolution is to move jobs this year, then understanding the needs of employers will help you tailor your job search and stand out from the crowd.

The past year has seen a steady increase in demand for senior management in finance, especially in the blue chip and private equity backed sectors. There has also been an increased demand for Corporate Governance professionals, as organisations look for people who can manage the demands of increased regulation and to identify efficiency savings in internal systems and processes

Demand for both permanent and temporary Practice, Management and Commercial accountants has remained consistently high throughout the past year and demand for professionals with 0-3 years Post Qualified Experience (PQE) looks set to continue this year.

For employers who are able to take on new staff or replace empty posts, the most sought after quality is the ability to add value to a business as quickly and efficiently as possible. Demonstrating - through your CV and interview technique - how hiring you will benefit their business will boost your chances of securing a new role; and as any finance professional knows, using facts and figures to demonstrate your successes is crucial. 

Business partnering has been a popular buzzword in finance in recent years and this year finance professionals who can demonstrate an in depth understanding of business partnering will be in even greater demand. Employers are looking for professionals who can use their expertise in finance to drive change, show commercial acumen and have a creative approach to leveraging finance in a way that has a positive impact on the business. 

In addition to soft skills, technical ability remains important; demonstrating advanced Excel skills in particular – if you can use these skills to enhance systems and reporting at little cost you will be popular with employers.

Some regions are looking for specialists with expertise in a particualr are. For example, in the Midlands we have seen increased demand for specialists in FMCG and manufacturing. This is where working with a local specialist recruiter can give you the competitive advantage in your job search, and provide you with access to jobs and sectors you may not have previously considered.

Proving to a new employer that you can add value and help grow their business should help you on your way to crossing at least one resolution off your list this year.

 

Not sure what your next move should be or where the opportunities in your field are at their best? Feel free to leave your questions and comments below. 

Accountancy Market Update from Robert Half

By Russell Brown, Associate Director, Robert Half UK

Now may not seem like the ideal time to be job hunting but - despite the headlines - there are some bright spots for accounting and finance professionals. The economic uncertainty of the past few years has actually raised the profile of accountants, from back room bean counters to key players at the decision-making table.

Companies are focusing on central needs

The job market for accountants is outperforming other areas of the general job market, with companies hiring professionals to address growth initiatives and manage increasing workloads, often the result of understaffed departments. Hiring managers are looking for candidates who have not only solid technical accounting expertise but also the necessary commercial skills to improve efficiencies throughout the organisation, address budget concerns and drive new business opportunities. Companies need staff to manage and support these initiatives. 

Managing the costs of sickness absence in 2012

By John Richardson

John Richardson joined Alexander Lloyd in 2003. As a Senior Manager leading the Accountancy & Finance divisions he personally maintains a client database recruiting senior finance professionals within the Accountancy & Finance sector. He specialises in the recruitment of qualified level Financial Directors and Controllers for both blue chip and SME clients, and  niche roles such as tax/treasury and corporate finance and audit.

Sickness absence is a very well recognised issue within the work place today, with new reports coming out seemingly every week on the severity of the issue and the costs to the economy; £13bn at the last count.  However, less well known and documented, particularly in the UK, is the problem of sickness presenteeism.  Defined as the loss of productivity when employees come to work when they are unfit to do so and perform below par as a result of their illness, it is estimated that the cost of presenteeism to the economy is a staggering £19.5bn.  The biggest cause of sickness absence has been cited recently by the Chartered Institute of Personnel Development as stress, a complaint that accountants are no stranger to, particularly during the fast approaching year-end period.

How not to hit a ‘Glass Ceiling’

By Billy Bradley

Billy joined Marks Sattin in September 2011 via the Graduate Scheme. He focuses specifically on placing Part Qualified accountants within Commerce & Industry, in areas such as Media, Publishing, Advertising, PR and FMCG. He is currently working with clients such as Expedia, Estee Lauder and M & C Saatchi, along with a number of SME clients.

A ‘Glass Ceiling’ can be described as an unofficial barrier to workplace advancement. The glass ceiling metaphor has often been used to describe invisible barriers through which candidates can see senior positions but cannot reach them. Employees studying towards their CIMA or ACCA can get to the point where they believe they have achieved all that they can within a current position despite knowing that they have much more potential. At this point they can clearly see the next level of progression or promotion, yet despite their best efforts, an invisible barrier seems to be stopping them from proceeding. 

Tips for Accountancy Graduates

By David Carter

Dave joined Marks Sattin via the graduate scheme in September 2011, after achieving a 2:1 in Geography and Economics at Loughborough University. He works specifically within Commerce & Industry, focusing particularly on the Retail, Fashion, FMCG, and Consumer Product Industries. 

Since joining the company he has already worked with Random House Publishing, Guoman and Thistle Hotels, amongst numerous other smaller clients.

With an invaluable range of opportunities on offer, a career in accountancy is an attractive career prospect to high numbers of graduates. But in order to pursue that career what do you need to do? And what are the options available?

Getting your foot in the accountancy door as a graduate means you get to start out in an exciting environment perfect for graduates! But the option to work internationally, gain professional qualifications and last but not least earn a good salary is only achievable with hard work and determination.

There are two distinct routes to take when entering into accountancy – Practice or Industry.

PQ Magazine ‘Personality of the Year’ 2012

Nominations are open for the PQ Magazine Awards, the the top networking event for part qualified accountants. This is their ninth year running, and this year GAAPweb are supporting our 'Personality of the Year' category.

There are 13 award categories and all shortlisted nominees will receive an invitation to the awards night on 21 February 2012, at Quaglino's in London.

To nominate a PQ Accountant (this may be yourself, a colleague or a lecturer), please send in a 250 word entry on why you believe they deserve to win.

Email: awards@pqmagazine.com or

OR

Post to: PQ Magazine Awards, 4th Floor, Central House, 142 Central Street, London EC1V 8AR.

Deadline for nominations is Friday 13 January 2012.