Last updated: 19 Aug 2024 12:00 Posted in:
The average salary for an accountant in the UK last year was £35,500, according to Totaljobs’ Salary and Benefit Guide 2024.
Researchers found accountancy salaries grew by 5% in 2023 after stagnating in 2022.
With remuneration finally going up, some 76% of accountants said they felt ‘satisfied’ with their salary – a significant jump from the 65% in the previous year.
The average salary for accountants across UK cities varied considerably. In London the average was £44,500; in Edinburgh it was £36,000; and in Cardiff it was £35,500. In Belfast accountants received on average £33,800. However, the lowest salary on offer was in Sheffield, where the average pay was £31,000.
The two most attractive benefits accountants said they want to see in job specifications are flexible working and pension contributions above what is legally required.
Across all industries, the survey found that 44% of workers would be willing to go without a pay rise to get their most desired benefit. Almost two-fifths (38%) of workers say flexible working is their most desired benefit, followed by generous pension contributions, bonuses and extra paid leave.
Over half would not apply to a job if it didn’t offer hybrid working (52%) or career progression (51%).
The report accompanying the survey said; “In 2023, the economic landscape and ongoing skills shortages challenged employers and workers alike. Businesses needed to remain competitive to attract the talent they need, which meant that the UK wage growth reached record levels.
“However, this growth didn’t reflect on real pay – which only increased 1.3% – while inflation remained twice as high as the Bank of England’s target. Consequently, our research found that 57% of workers are still worried about their earnings. The Office for National Statistics (ONS) also reported that four in 10 adults (41%) struggle to pay their energy bills and over a third (37%) struggle to pay their rent or mortgage.
“With rising costs squeezing workers’ incomes, Totaljobs’ research shows bigger salary increases in industries with lower pay such as retail (15%), customer Service (6%) and travel (6%). Another factor for wage growth was the demand and competition for talent, in industries like legal (12%), accountancy (5%), finance (5%), healthcare (5%), HR (5%), technology (5%) and manufacturing (5%).
Totaljobs researched 23 million job adverts across 30 industries for the study.
"...our research found that 57% of workers are still worried about their earnings. The Office for National Statistics (ONS) also reported that four in 10 adults (41%) struggle to pay their energy bills and over a third (37%) struggle to pay their rent or mortgage."
Totaljobs Salary & Benefit Report 2024