market insights 2013 - northwest region by marks sattin
DESCRIPTION
A specialist financial recruitment agency focussing on financial services, banking, proffessional services (PWC, Ernest & Young, KPMG, Doillett and other big players) Internal audit team, taxation and treassury.TRANSCRIPT
Market Insight 2013North West
Accountancy, Finance & Advisory
Marks Sattin is a leading multi-divisional specialist accountancy, finance and advisory recruitment consultancy. Since our formation in 1988, Marks Sattin has established an excellent reputation for providing the full range of permanent, temporary, contract and interim professionals within the public and not-for-profit sector, commerce and industry, banking and finance and public practice.
Marks Sattin is a well-established specialist recruitment firm with over 100 recruitment consultants based in the UK and Ireland, and a further 60 consultants across our global offices.
To give an outline on the scope and size of our operations:• In 2012 we helped our clients fill more than 650 temporary placements and 850 permanent
positions • We currently work with 75 of the FTSE 100 companies• At any one time we represent over 65,000 finance, accounting and advisory professionals
throughout the UK and Ireland• We currently average over 24,000 visits to the Marks Sattin website every month• Marks Sattin are proud to work with a number of The Sunday Times Fast Track 100 and
Best Companies to Work For.
In Q4 of 2012 Marks Sattin conducted a survey with clients and candidates, focused on the demographics, length of tenure, working week, job security, career motivations, department changes, reward and bonus trends of finance professionals.
Over 2,000 accountancy, finance and advisory professionals from 20 industry sectors across the UK were surveyed.
The report is based on findings received from respondents completing the survey as well as sector specific market insight and salary ranges (annual and day rates) from our experienced consultants based at Marks Sattin’s UK offices.
Market insight and salary range data tables are provided across the following sectors and regions:
Banking and Capital Markets, Change Management, Front Office, Insurance, Investment Management, Senior Finance, Commerce and Industry, Executive, Part Qualified and Transactional, Qualified, Advisory, Audit, Management Consultancy, Taxation, North West, Thames Valley and Yorkshire.
It is important to note that this report is a useful guide, but if you need any tailored or specific advice please do contact us directly.
METHODOLOGY
CONTACT US
LONDON322 High Holborn, London, WC1V 7PB +44 20 7321 [email protected]
THAMES VALLEYDavidson House, Forbury Square, Reading, Berkshire RG1 3EU+44 118 900 [email protected]
NORTH WEST3rd Floor, Centurion House,129 Deansgate, Manchester, M2 3WR+44 161 638 [email protected]
YORKSHIREPark Row House, 19-20 Park Row, Leeds, LS1 5JF+44 113 242 [email protected]
markssattin.co.uk Marks Sattin @MarksSattin
INTRODUCTION
INTRODUCTION
Dave Way
Dave Way, Managing Director of Marks Sattin, believes in leading by example and is committed to making Marks Sattin the best financial recruitment company in the market. Having joined Marks Sattin as a graduate in 1999, Dave has worked at every level and division within the business, which gives him a deep understanding of the workings of financial recruitment. As such, he has considerable expertise in providing a bespoke service for clients and candidates alike.
[email protected] +44 20 7747 9670
DAVE WAYManaging Director
2012 proved to be a year of continued upheaval for the business community, with the eurozone crisis dragging on and the double dip recession increasing uncertainty across the markets. Despite this, the accounting and advisory community didn’t su§er in the way we’d seen in the previous downturns, with job cuts and redundancies far less frequent. However, cost management was still the order of the day, with capital expenditure, new investment and increased headcount being something of a rarity.
Some businesses, industries and geographies will always buck the trend, and there was a resurgence seen throughout the qualified commerce and industry sector in later 2012. Areas such as natural resources, digital media, advertising, online retail and property were all more bullish thanks to improved trading. Conversely, high street retailers and areas such as manufacturing su§ered significantly.
Recruitment within consultancy and public practice quietened after a busy 2011, as our clients took a cautious approach to recessionary markets. Financial services and in particular, the banking community, once more came under fire. But despite this, recruitment conditions for accountants in financial services improved as the year went on, with departments increasingly finding themselves under-resourced amid heavy regulation and change. We hope you find the results of our survey as interesting as we have. Please feel free to contact me or any of the Marks Sattin team directly to find out further details. From all the team we wish you a successful year!
In Marks Sattin’s 25th year of trading, we’re delighted to have received a record number of responses to our Market Insight 2013 survey. Over 2,000 accountancy and advisory professionals provided their feedback on key areas such as salaries, bonuses and overall business confidence – as both they and their employers see it – coming into 2013.
KEY TRENDS
Employers began to be slightly more forthcoming with pay rises for accountancy and advisory sta§ last year, with 68% of employees receiving a positive review and only 1% asked to take a pay cut.
Only 30% of permanent sta§ and 20% of contract sta§ were unhappy with their current salaries, once again showing that remuneration isn’t a key driver for leaving. This is further highlighted by the fact that a 5 to 10% uplift in basic salary would be acceptable should a move come about. 56% of respondents were happy with their benefits packages, with the most important benefits being 25 days holiday, pensions and private healthcare – all of which were deemed more important than annual bonuses. The sensitive subject of bonuses was covered in depth in our survey. 47% of respondents received a bonus, 38% were not entitled to one and 15% not awarded one. These figures aren’t necessarily surprising, as bonuses are becoming increasingly tied to company performance and a high proportion of companies have failed to deliver on targets over the course of the year.
SALARIES & BENEFITS
Of those receiving bonuses, only 44% were satisfied with what they received. 1 to 9% of salary was the most consistent amount paid out across the board (received by 41%) while 32% received 10 to 19% and a lucky 27% received over 20% of their basic salaries.
The fact that 1 to 9% of basic salary was the most common bonus payout is perhaps a sign of the increasing scrutiny of bonuses by the wider business community, although the biggest bonuses were still paid within the financial services sector. Our survey showed that across the board, accountants were far better looked after than other professionals. The average salary for accountancy and advisory professionals rose in 2013, a strong indicator of the value of finance professionals during uncertain and changing times.
Only 30% of permanent sta§ and 20%
of contract sta§ were unhappy with their current salaries
56%of respondents were happy with their
benefits
68%of respondents
received a pay increase
last year
44%of respondents were satisfied with their
bonus
56%of respondents were happy with their
benefits
68%of respondents
received a pay increase
last year
44%of respondents were satisfied with their
bonus
56%of respondents were happy with their
benefits
68%of respondents
received a pay increase
last year
44%of respondents were satisfied with their
bonus
Our survey showed that across the board, accountants were far
better looked after than other professionals
JOB SECURITY
INTRODUCTION Dave Way
Similarly to our other surveys over the past five years, the crystal ball for 2013 does not show a picture of renewed optimism, with only 20% of respondents feeling more confident about the economic prospects facing their companies compared to the last 12 months. 36% of our respondents anticipated changing roles over the next year, compared to 52% the previous year. Despite this, only 44% stated that they are currently happy within their role, perhaps showing a greater tolerance due to the current climate. Aligned with this is the clear fact that accountants find themselves far more secure in their positions than in previous years, with an overwhelming 78% feeling secure compared to 70% last year. This is clearly an encouraging statistic compared to previous surveys, where respondents expected headcount cuts as a result of the economic downturn and uncertainty. Business process/policy changes (41%) salary freezes (36%) and budget cuts (35%) are predicted for this year, showing that belt tightening and cost control are still the order of the day. Businesses are striving to ensure they maximise profits, but not to the extent of losing finance staff.
Few businesses are perceived to be taking a long term view on headcount, which is hardly surprising considering the yo-yo economy and false dawns seen over the past few years. Only 18% of respondents believed their management were planning one to two years ahead, whilst the majority (31%) thought that hiring was short term and only looking six months ahead. This lack of succession planning, which ties in with the reactive hiring we’ve experienced throughout 2012, will surely be to the detriment of some departments if not rectified in 2013. 33% of respondents actually saw an increase in the size of their teams over the past 12 months. Many businesses have clearly been as lean as possible in terms of headcount over the past few years, and whether this will come back to bite them is yet to be seen. 34% of our participants said their working hours increased over the past 12 months, with over half putting this down to an increase in responsibilities. This might suggest that a greater degree of variety and progression is coming into working life, as bosses are reluctant to add new heads or contractors to cover gaps in their departments.
78%of respondents feel secure in their
current role
70%of respondents felt secure in their
current role
2013
2012
78%of respondents feel secure in their
current role
70%of respondents felt secure in their
current role
2013
2012
33% of respondents actually saw an increase in the size of their teams over the past 12 months
KEY TRENDS
MOVEMENT
Overall, we saw a consistent movement of accounting professionals throughout 2012, with many now feeling it’s an opportune time to re-enter the job market after staying put during the worst of the global financial crisis. This is shown by the fact that 41% of our respondents were only in their first year of employment in early 2013. In line with this, the majority of hires in 2012 were replacement hires. As a result, the volume of counter-o§ers increased significantly across the board, as employers reacted to valued team members being o§ered higher salaries and rates elsewhere in the market. In 2013, this reactive element has subsided somewhat. Salaries are increasing organically, acknowledging the opportunity cost of losing the best sta§ to competition.
The motivations for moving on to greener pastures continue to be an interesting topic for our business. Throughout the downturn, we’ve seen that accountants seldom move for cash, although money does remain part of the decision to move (and very rarely do candidates ever move for less!)
The greatest drivers for moving continue to be career development, which top scored with 33%, with new challenge/interesting work in second. Higher salary was cited by just 26%, showing that our respondents on the whole put their careers before cold cash.
Recruiters continued to be the top source of finding roles (46%) with 13% coming from personal contacts. This shows the ever increasing importance of expanding your business network and keeping in good favour with previous employers. Where networking is concerned, 66% of respondents are now on LinkedIn and 59% on Facebook. Whilst neither will cover all of the bases in any given job search, this shows how much social media plays a prominent part in our respondents’ lives. 88% of respondents state that working with a recruitment agency is still a vital part of any new job search. Also of note is that 38% of candidates took only three months to find their last role, primarily as a result of the volume of roles available and being able to dedicate enough time to the job search.
RELOCATION
Never more so has relocation been a hot topic within the finance community. As a result, our non-London businesses have continued to o§er great opportunities to their local markets, benefiting from a sizable relocation of resources and highly talented candidates from the South East to the West, North East, North West and Ireland. International opportunities are also becoming more appealing, with candidates’ top motivation being a better quality of life and the second being a desire to experience a new culture. Interestingly, and despite the lucrative options being advertised overseas, only 48% said that money would be the main reason for moving, which was the fourth most important reason.
The USA was the most popular destination for a new working life (chosen by 42%) maybe as a result of its resurgent markets coming into 2013. The golden beaches of Australia appealed to 33% of our respondents, followed by the well-documented and high profile allure of Asia, with Singapore at 33% and Hong Kong at 32%.
But with talk of bonuses being capped, corporate and personal taxes being too high and our climate being as unpredictable as our economy, is now the time to spread our wings? Not according to the 29% of our respondents who wouldn’t relocate, primarily because of having settled where they are.
42%of respondents
would relocate to the USA
41%of respondents
were only in their first year of employment
88% of respondents state that working with a recruitment agency is still a vital part of any new job search.
DemographicsKEY FINDINGS
67%
33%
67% of respondents were male and 33% female
Less than 25 years 7%
26 to 30 years 23%
31 to 35 years 21%
36 to 40 years 15%
41 to 50 years 22%
More than 50 years 12%
Age
<25years
26-30 31-35 36-40 41-49 >50
RESPONDENT PROFILE
2,016
respondents took part in this year’s survey
Greater London
64%
59%South East12%
11%
North West
7%
4%
Yorkshire & Humberside
5%12% Other9%
11%
Midlands3%
3%
KEYPermanent
Contract
Work location
Gender
LinkedIn 66%
Facebook 59%
Twitter 17%
Other 7%
None 15%
Respondents could choose more than one answer
Social networks actively used by respondents
UK
CURRENT EMPLOYMENT
2-5years
6-10years
10+years
10+ 10+ years’ PQE 36%
2-5years
6-10years
10+years
10+
5 to 10 years’ PQE 18%
2-5years
6-10years
10+years
10+
2 to 5 years’ PQE 21%2-5
years
6-10years
10+years
10+
Newly qualified 9% 2-5years
6-10years
10+years
10+
Part qualified 11%
2-5years
6-10years
10+years
10+
Qualified by experience or not qualified 5%
Permanent or fixed term contract 78%
Interim or contractor 20%
Unemployed 2%
Which of the following best describes your qualification status?
How are you currently employed?
2-5years
6-10years
10+years
10+
Only 2%of respondents are unemployed
44% of respondents are satisfied in their current role
Satisfaction with current role
Permanent
Satisfied 44%
Permanent
Neither satisfied nor dissatisfied 26%
Permanent
Dissatisfied 30%
73%
73% of respondents would recommend their employer
Other
6%Public
Practice
10%
Aud
it an
d A
ssur
ance
Cor
pora
te F
inan
ce
Taxa
tion
Oth
er
Management Consultancy
11%
Unemployed
2%
Cap
ital M
arke
ts
Cha
nge
Man
agem
ent
Insu
ranc
e
Inve
stm
ent B
anki
ng
Inve
stm
ent M
anag
emen
t
Ret
ail B
anki
ng
Oth
er
Banking & Financial
Services
28%
Adv
ertis
ing,
PR
, Med
ia a
nd P
ublis
hing
Bus
ines
s S
ervi
ces
Ene
rgy
and
Nat
ural
Res
ourc
es
Eng
inee
ring
and
Man
ufac
turin
g
FMC
G a
nd P
harm
aceu
tical
s
Pro
pert
y an
d C
onst
ruct
ion
Ret
ail a
nd C
loth
ing
Tele
com
s an
d Te
chno
logy
Oth
er
Commerce & Industry
43%
Which of the following best describes the area/sector you currently work in?
SECTOR REPRESENTATION
DemographicsKEY FINDINGS
UK
Other
6%Public
Practice
10%
Aud
it an
d A
ssur
ance
Cor
pora
te F
inan
ce
Taxa
tion
Oth
er
Management Consultancy
11%
Unemployed
2%
Cap
ital M
arke
ts
Cha
nge
Man
agem
ent
Insu
ranc
e
Inve
stm
ent B
anki
ng
Inve
stm
ent M
anag
emen
t
Ret
ail B
anki
ng
Oth
er
Banking & Financial
Services
28%
Adv
ertis
ing,
PR
, Med
ia a
nd P
ublis
hing
Bus
ines
s S
ervi
ces
Ene
rgy
and
Nat
ural
Res
ourc
es
Eng
inee
ring
and
Man
ufac
turin
g
FMC
G a
nd P
harm
aceu
tical
s
Pro
pert
y an
d C
onst
ruct
ion
Ret
ail a
nd C
loth
ing
Tele
com
s an
d Te
chno
logy
Oth
er
Commerce & Industry
43%
Market Perspective
Recruitment freeze 34%
Budget cuts 35%
Profitability of business 33%
Business process/policy change 41%
Salary freeze 36%
Respondents could choose more than one answer from a choice of 14
Top 5 expectations for your business in the next 12 monthsCompared with the last 12 months, how confident do you feel about the economic prospects facing your company?
More confident 20%
As confident 52%
Less confident 28%
ECONOMIC PROSPECTS
KEY FINDINGS
64%64%
Salary freeze 20%64%
Salary reduction 3%
64%
Shorter working week 2%
64%
Redundancy 1% 64%
Other 14%
Respondents could choose more than one answer
Expectations for personal salary and job security in the next 12 months
How would you rate your current job security?
Secure 78%
Insecure 22%
JOB SECURITY
Only 20%of respondents feel
more confident about the economic prospects facing
their company compared with the last 12 months
Short term (0-6 months ahead) 31%
Medium term (6-12 months ahead) 18%
Long term (1-2 years) 18%
Non-existent 10%
Not sure 23%
What is your employer’s recruitment strategy?
Remained the same
34%
How has the number of sta� in your team changed in the past 12 months?
What is the size of your department?
Remained the same
34%
Increased 33%
Remained the same
34%
Decreased 28% Remained the same
34%
Not sure 5%
1 to 5 employees 23%
6 to 10 employees 21%
11 to 15 employees 12%
16 to 20 employees 8%
More than 20 employees 36%
61%of respondents selected business growth or expansion as the main reason for an increase in sta§
of respondents selected
headcount reductions as the main reason for a decrease in sta§
HEADCOUNT
UK
33%of respondents have seen an increase in the size of their team in the last 12 months
36% of respondents have more than 20 employees in their department
EXPERIENCE
<1years
1-2 2-3 3-5 5-10 >10
Length in current roleLength of time in the accountancy, finance or advisory profession
Less than 1 year 41%
1 to 2 years 24%
2 to 3 years 15%
3 to 5 years 12%
5 to 10 years 6%
More than 10 years 2%
0 to 3 years 9%
4 to 6 years 19%
7 to 10 years 21%
11 to 15 years 18%
16 to 20 years 9%
More than 20 years 21%
Not applicable 3%
7-10years
More than 20 years
HOURS WORKEDAverage hours worked per week
How has the number of hours changed in the last 12 months?
Increased 34%
Remained the same 53%
Decreased 13%
55%of respondents chose taking on more responsibility as the main reason for an increase in working hours
41% of respondents have been in their current role for less than a year
Career InsightKEY FINDINGS
RELOCATION
42%
USA 42% Singapore 23% South Africa 10%
Australia 33% Hong Kong 22% Malaysia 9%
Mainland Europe 28% UAE 19% China 8%
Within the UK 28% New Zealand 18% India 7%
Canada 24% Ireland 12% Other 3%
Respondents could choose more than one country from a choice of 14
USA 42% Singapore 23% South Africa 10%
Australia 33% Hong Kong 22% Malaysia 9%
Mainland Europe 28% UAE 19% China 8%
Within the UK 28% New Zealand 18% India 7%
Canada 24% Ireland 12% Other 3%
Respondents could choose more than one country from a choice of 14
Improved quality of life61%
Di§erent culture 54%
New career opportunity 52%
Better employment opportunities 49%
Improved salary48%
Respondents could choose more than one reason from a choice of nine
Top 5 reasons for respondents wanting to relocate
29% of respondents would not relocate
UK
Improved quality of life is the main reason for respondents wanting to relocate
Places respondents would consider relocating to in the next 2 years
MOVING ON
Top 5 reasons for leaving last role
How do you rate the importance of the following sources when seeking a new role?
Career development33%
New challenge/more interesting work 29%
Higher salary 26%
End of contract18%
Redundancy 16%
Respondents could choose up to three reasons
36% of respondents anticipate changing roles in the next 12 months
57%
43%
19%
9%
2%
7%
29%
20%
33%
10%
36%
22%
11%
34%
33%
18%
39%
38%39%
15%
50%
3% 3%
30%
38% of respondents took up to 3 months to find their current role
57%
43%
19%
9%
2%
7%
29%
20%
33%
10%
36%
22%
11%
34%
33%
18%
39%
38%39%
15%
50%
3% 3%
30%
KEYImportance
Vital
Very important
Quite important
Not important
Source
57%
43%
19%
9%
2%
7%
29%
20%
33%
10%
36%
22%
11%
34%
33%
18%
39%
38%39%
15%
50%
3% 3%
30%
National press
57%
43%
19%
9%
2%
7%
29%
20%
33%
10%
36%
22%
11%
34%
33%
18%
39%
38%39%
15%
50%
3% 3%
30%
Online job boards/advertising
57%
43%
19%
9%
2%
7%
29%
20%
33%
10%
36%
22%
11%
34%
33%
18%
39%
38%39%
15%
50%
3% 3%
30%
Social networking
57%
43%
19%
9%
2%
7%
29%
20%
33%
10%
36%
22%
11%
34%
33%
18%
39%
38%39%
15%
50%
3% 3%
30%
Recruitment consultancies/headhunters
57%
43%
19%
9%
2%
7%
29%
20%
33%
10%
36%
22%
11%
34%
33%
18%
39%
38%39%
15%
50%
3% 3%
30%
Trade press
57%
43%
19%
9%
2%
7%
29%
20%
33%
10%
36%
22%
11%
34%
33%
18%
39%
38%39%
15%
50%
3% 3%
30%
Word of mouth/personal referrals/internal contact
How did you find your current position?
Recruitment consultancy or headhunter 47%
Online advertising 13%
Professional network or personal contact 13%
Direct approach9%
Internal promotion5%
Print advertising 2%
Other 2%
Not currently employed9%
REMUNERATION
What was the outcome of your last pay review?
Less than 6 months ago 33%
6 to 12 months ago 35%
More than 12 months ago 12%
Not applicable 20%
Pay increase 68%
Pay remained the same 31%
Asked to take a pay cut 1%
33% of respondents perceive a 5 to 10% salary increase as acceptable if they were to move roles
Salaries & BenefitsKEY FINDINGS
68% of respondents have had a pay review in the last 12 months
Permanent
Contract
Satisfaction with current remuneration
Permanent
Satisfied 44%
Permanent
Neither satisfied nor dissatisfied 26%
Permanent
Dissatisfied 30%
Permanent
Satisfied 53%
Permanent
Neither satisfied nor dissatisfied 27%
Permanent
Dissatisfied 20%
53% of contract respondents are satisfied with their current remuneration compared with 44%
of permanent respondents
When was your last pay review?
44%
Did you receive a bonus in 2012?
Yes 47%
No, not entitled to receive one 38%
No, not awarded one 15%
44% of respondents were satisfied with their bonus
BENEFITS
BONUS
Respondents rated a selection of 20 benefits in order of importance
Benefits considered most and least important when considering a new role
25 days holiday or more
Annual bonus scheme
Good company pension
Private healthcare
Sabbatical
Mortgage relief
Season ticket loan
Daily subsidised meals
Childcare vouchers
Insurance*
56%
56% of respondents were satisfied with their benefits
34%
of respondents received the same bonus in 2012 as 2011
As a percentage of your basic salary, what was your bonus in 2012?
1 to 9% of salary 41%
10 to 19% of salary 32%
20 to 29% of salary 15%
30 to 49% of salary 5%
40 to 90% of salary 4%
More than 90% of salary 3%
1-9% of salary
UK
25 days holiday or more is the most desired benefit
*PMI/death in service/life insurance
Top 5 benefits currently received
25 days holiday or more 78%
Company pension scheme 64%
Private healthcare 54%
Annual bonus scheme 48%
Insurance (PMI/death in service/life insurance) 48%
Respondents could select all benefits that applied
1-9% of salary
0
20
40
60
80
100
Banking and Financial Services Commerce and Industry Management Consultancy Public Practice
Salaries & BenefitsKEY FINDINGS
A comparison of bonuses received across sectors*
50 to 79% of salary
More than 80% of salary
30 to 39% of salary
40 to 49% of salary
KEY1 to 9% of salary
10 to 19% of salary
20 to 29% of salary
BONUS
*Bonuses received as a percentage of salary
NO
RTH
WE
ST
Market Perspective
Greater focus on regulatory issues 30%
Recruitment freeze 33%
Budget cuts 30%
Profitability of business 35%
Salary freeze 35%
Respondents could choose more than one answer from a choice of 14
Top 5 expectations for your business in the next 12 monthsCompared with the last 12 months, how confident do you feel about the economic prospects facing your company?
More confident 25%
As confident 48%
Less confident 27%
ECONOMIC PROSPECTS
KEY FINDINGS
58%58%
Salary freeze 30%
58%
Redundancy 5%
58%
Shorter working week 4%
58%
Salary reduction 1% 58%
Other 16%
Respondents could choose more than one answer
Expectations for personal salary and job security in the next 12 months
How would you rate your current job security?
Secure 70%
Insecure 30%
JOB SECURITY
Only 25%of respondents feel
more confident about the economic prospects facing
their company compared with the last 12 months
NO
RTH
WE
ST
Short term (0-6 months ahead) 32%
Medium term (6-12 months ahead) 24%
Long term (1-2 years) 14%
Non-existent 3%
Not sure 27%
What is your employer’s recruitment strategy?
33%
How has the number of sta� in your team changed in the past 12 months?
33%
Remained the same 28%
33%
Decreased 26%
33%
Not sure 13%
33%of respondents selected business growth or expansion as the main reason for an increase in sta§
of respondents selected
headcount reductions as the main reason for a decrease in sta§
of respondents have more than
20 employees in their team
HEADCOUNT
NORTH WEST
33%of respondents have seen an increase in the size of their team in the last 12 months
NO
RTH
WE
ST
EXPERIENCE
70%
30%
<1years
1-2 2-3 3-5 5-10 >10
Length in current roleLength of time in the accountancy, finance or advisory profession
Less than 1 year 54%
1 to 2 years 18%
2 to 3 years 10%
3 to 5 years 10%
5 to 10 years 4%
More than 10 years 4%
0 to 3 years 4%
4 to 6 years 15%
7 to 10 years 19%
11 to 15 years 26%
16 to 20 years 5%
21 to 25 years 10%
More than 25 years 21%
11-15years
HOURS WORKEDAverage hours worked per week
How has the number of hours changed in the last 12 months?
Increased 33%
Remained the same 48%
Decreased 19%
67%of respondents chose taking on more responsibility as the main reason for an increase in working hours
54% of respondents have been in their current role for less than a year
Career InsightKEY FINDINGS
NO
RTH
WE
ST
MOVING ONTop 5 reasons for leaving last role
Career development 51%
New challenge/more interesting work 39%
Higher salary 21%
Better work-life balance 16%
Redundancy 14%
Respondents could choose up to three reasons
RELOCATION
Australia
51%
Australia
51%
USA 40%
Australia
51%
Canada 30%
Australia
51%New Zealand 28%
Australia
51%
Mainland Europe 24%
Respondents could choose more than one country from a choice of 14
Improved quality of life82%
Di§erent culture 54%
New career opportunity 51%
Improved salary 51%
Better employment opportunities 36%
Respondents could choose more than one reason from a choice of nine
Top 5 places respondents would consider relocating to in the next two years
Top 5 reasons for respondents wanting to relocate
40% of respondents would not relocate
Improved quality of life is the main reason for respondents wanting to relocate
38% of respondents anticipate changing roles in the next 12 months
NORTH WEST
NO
RTH
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REMUNERATIONWhen was your last pay review?
Less than 6 months ago 35%
6 to 12 months ago 34%
More than 12 months ago 12%
Not applicable 19%
70% of respondents received a pay increase in their last pay review
Satisfaction with current remuneration
Satisfied 53%
Neither satisfied nor dissatisfied 26%
Dissatisfied 21%
37% of respondents perceive a 5 to 10% salary increase as acceptable if they were to move roles
Salaries & BenefitsKEY FINDINGS
69% of respondents have had a pay review in the last 12 months
53% of respondents are
satisfied with their current remuneration
NO
RTH
WE
ST
56%
Did you receive a bonus in 2012?
Yes 40%
No, not entitled to receive one 46%
No, not awarded one 14%
56% of respondents were satisfied with their bonus
BENEFITS
BONUS
Top 5 benefits currently received
25 days holiday or more 79%
Company pension scheme 70%
Insurance (PMI/death in service/life insurance) 58%
Private healthcare 51%
Mobile phone/Blackberry/PDA 51%
Respondents could select all benefits that applied
Respondents rated a selection of 20 benefits in order of importance
Benefits considered most and least important when considering a new role
25 days holiday or more
Company pension scheme
Annual bonus scheme
Flexible working
Season ticket loan
Less than 25 days holiday
Sabbatical
Daily subsidised meals
Mortgage relief
Mobile phone/Blackberry/PDA
56%
56% of respondents were satisfied with their benefits
41%
of respondents received the same bonus in 2012 and 2011
As a percentage of your basic salary, what was your bonus in 2012?
1 to 9% of salary 40%
10 to 19% of salary 30%
20 to 29% of salary 23%
30 to 39% of salary 7%
More than 40% of salary 0%
1-9% of salary
NORTH WEST
25 days holiday or more is the most desired benefit
NO
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COMMERCE & INDUSTRY
The big trends of 2012For the first time in several years, we saw more commercial finance roles emerging within commerce and industry. Although the economy has by no means completely recovered, businesses have been showing positive signs that better days are ahead by recruiting for these roles, highlighting that they wont be left behind their competition.
Within commerce and industry, there has so far been limited movement of business from London to the North West. We expect this movement to increase as businesses notice the financial benefits their competitors are gaining from the move
One of our larger clients has now finally reopened their doors after an 18 month recruitment freeze, and qualified
recruitment is once more at the desired level
Outlook for 2013Whilst many businesses have taken on part qualified personnel to train and move into more senior commercial finance positions over time, those who have not may be forced to recruit at a qualified level. Increased demand in this specialism is likely to drive the salaries of specialist business partners higher than we have seen in previous years.
Within commerce and industry, there has so far been limited movement of business from London to the North West. We expect this movement to increase as businesses notice the financial benefits their competitors are gaining from the move. This will lead to a migration of talent to the North West as well as a larger selection of opportunities. This will by no means be a rapid process but we would expect this to increase year on year for the foreseeable future.
Reactions to uncertain market conditions Employers have been reacting similarly to previous years, with caution. They want to be made aware of exceptional individuals who can add value to their existing finance functions, but human resources and other constraints are unfortunately hindering these preliminary signs of expansion.
Encouragingly though, one of our larger clients has now finally reopened their doors after an 18 month recruitment freeze, and qualified recruitment is once more at the desired level due to decrease in graduate intake.
Market Insight
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Market growthWith high street retailers contracting, online retailers have significantly increased in market size. Do not be surprised to see businesses that have recently ceased operation on the high street emerging in the e-commerce market in the coming years, as online domains are snapped up by competitors.
Logistics operators continued to struggle in gaining a profitable output over a full year, as opposed to peaking during the Christmas rush. As consumers we have almost come to expect either low delivery charges or free delivery on online orders, which has forced down margins year on year and caused most online retailers to look at acquiring or setting up their own logistics functions.
Supply and demandBusiness analyst roles are in demand within both commerce and industry and financial services, and as the market in the North West grows, there will be more demand for these value-add roles from businesses attempting to gain competitive advantage.
There has been an increase in the number of candidates looking to move from professional services into industry due to the lack of progression. As there aren’t enough opportunities available in industry to meet the number of candidates, professional services firms have been left with a surplus and have therefore been forced to make redundancies.
Taking the next step in your careerQUESTION THE VALUE OF EACH OPPORTUNITYWhen considering a prospective role, always ask yourself where this opportunity will take you next. There may be certain boxes that you don’t want to tick as you try to reach your desired goals – but getting these out of the way is vital in gaining senior finance positions in a very competitive market.
BE PATIENT AND WAIT IF NECESSARYDon’t jump at the first opportunity presented to you just because you want to leave your current role. Make an informed decision because moving for the wrong reasons can be detrimental to your own personal development.
Do not be surprised to see businesses that have recently ceased operation
on the high street emerging in the online market in the
coming years, as online domains are snapped up
by competitors
There has been an increase in the number of candidates looking to move from professional services into industry due to the lack of progression
NORTH WEST
NO
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Spotlight on salaries and bonuses Despite salary levels remaining static, the percentage of bonuses being paid in full has decreased. Retailers in particular have shifted towards bonuses based more on individual performance rather than company performance. This reward for personal success seems to be working well, with many retailers now making positive moves for 2013.
The past three years have seen the demise of many well-known high street brands, but individuals from here have not struggled to find employment as new retailers, particularly online businesses, have shown strong signs of growth.
Attracting top talentHAVE A PLAN AND SHARE ITProvide a clear structure for candidates to progress internally when their development reaches certain criteria.
BE TRANSPARENTHave a clear strategy and forecast in place that allows individuals to see how the business will progress and continue to grow over the course of their employment. Security is key for candidates.
PROVIDE OPPORTUNITIES FOR DEVELOPMENTOffer employees exposure to ad hoc assignments where they can acquire new skills and develop on a professional and personal level.
Why candidates are making a moveThere will always be candidates looking for opportunities, but more candidates have been looking in recent years due to their roles ceasing to exist.
Diverse skill sets are vital in a rapidly developing market, and if employees are averse to change, there may be limited opportunities for them within a growing organisation. Candidates need to keep their skills up-to-date, and potentially look into taking on an extra-curricular course in their own time.
Candidates need to keep their skills up-to-date, and potentially look into taking
on an extra-curricular course in their own time
Retailers in particular have shifted towards bonuses based more on individual performance rather than company performance
COMMERCE & INDUSTRY Market Insight
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Qualified Salary range Hourly rate
Job title 2012 2013 2012 2013
Newly Qualified ACMA £31,000-£35,000 £32,000-£36,000 £15-£18 £15-£18
Management Accountant £32,000-£35,000 £33,000-£36,000 £16-£18 £16-£18
Newly Qualified CA £33,000-£36,000 £34,000-£36,000 £16-£18 £16-£18
Business Analyst £33,000-£37,000 £33,000-£37,000 £17-£19 £17-£19
Financial Analyst £33,000-£37,000 £33,000-£37,000 £17-£19 £17-£19
Finance Manager £38,000-£42,000 £38,000-£42,000 £19-£21 £19-£21
FP&A Manager £48,000-£55,000 £48,000-£55,000 £24-£26 £24-£26
Financial Controller £55,000-£65,000 £55,000-£65,000 £28-£32 £28-£32
Head of Finance £65,000-£75,000 £65,000-£75,000 £33-£36 £33-£36
Finance Director £80,000-£90,000 £80,000-£90,000 £44-£46 £44-£46
Chief Financial O«cer £95,000-£105,000 £95,000-£105,000 £48-£52 £48-£52
Part Qualified Salary range Hourly rate
Job title 2012 2013 2012 2013
Purchase Ledger £15,000-£17,000 £15,000-£17,000 £8-£10 £8-£10
Accounts Assistant £19,000-£21,000 £19,000-£21,000 £9-£11 £9-£11
Credit Controller £19,000-£21,000 £19,000-£21,000 £9-£11 £9-£11
Finance Analyst £24,000-£26,000 £24,000-£26,000 £11-£13 £11-£13
Bookkeeper £24,000-£26,000 £24,000-£26,000 £12-£14 £12-£14
Management Accountant £25,000-£27,000 £25,000-£27,000 £12-£14 £12-£14
Financial Planning Analyst £25,000-£27,000 £25,000-£27,000 £13-£15 £13-£15
Project Accountant £25,000-£27,000 £25,000-£27,000 £14-£16 £14-£16
Business Analyst £29,000-£31,000 £29,000-£31,000 £14-£16 £14-£16
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The big trends of 2012In 2012 there was an increase in the amount of project based roles, not just senior interim appointments but also permanent opportunities, due to a shift in challenges for finance leadership roles. In a year full of continued uncertainty for many businesses, companies needed specific skills to match the challenges they were facing. Whether this was in the form of a finance director or a head of a technical reporting team, the need for project based working skills to meet constantly developing challenges was the same.
The North West’s technology sector has faired well over the past 12 months
In 2012 there was an increase in the amount of project based roles, not just senior interim appointments but also permanent opportunities
Outlook for 2013It is expected there will be a continued need for finance directors having broader skills that include strong capital-raising activity. In addition to this, senior financial services candidates will continue to develop more specialised skills around investment and banking regulation.
The key expression in this market is adaptability, and as such we expect an ongoing rise in contracting as both businesses and candidates look for more flexibility. Candidates will want to exploit and develop new skills and employers will need flexibility during uncertain times.
The challenging outlook will continue to favour those who have proven experience in restructuring and cost reduction.
Reactions to uncertain market conditions Uncertain market conditions have been affecting different sectors in a variety of ways. Traditional North West sectors such as manufacturing have reacted with cost cutting measures. For many the crisis of the past four years has led to a permanent shift in their business models. Businesses have had to create growth by looking beyond their usual markets, whether that has been through new products, services or markets. The North West’s technology sector has faired well over the past 12 months through exactly this type of expansion. Overall uncertainty has meant that investment in finance teams has remained cautious as it is governed by results rather than vice versa.
EXECUTIVE Market Insight
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Market growthThe growth in the North West has been across a number of sectors, including online retail, online gambling, technology, middle and back oce financial services, as well as media businesses. It is anticipated that these areas will grow further throughout the year.
Supply and demandThere has been an increased demand for financial leadership roles within shared services – this is a long term trend that is accelerating as more businesses base themselves in the North for a lower cost model.
The demand for more commercially oriented candidates has been increasing over the past three years but this has begun to ease slightly as supply has picked up.
Taking the next step in your careerLOOK AT THE BUSINESS STRATEGYFind out what your prospective employer’s business strategy is for the next three to five years, and consider whether it is viable in all economic conditions.
EVALUATE YOUR JOB PROSPECTSConsider whether prospective roles will help you meet your overall career objectives. For example, consider which roles will provide you with the leadership experience you require to become a CFO.
The growth in the North West has been across a
number of sectors, including online retail, online gambling, technology, middle and back
oce financial services, as well as media businesses
There has been an increased demand for financial leadership roles within shared services – this is a long term trend that is accelerating as more businesses base themselves in the North for a lower cost model
NORTH WEST
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Attracting top talentDEVELOPMENT IS ESSENTIALMake sure you have a clear career development plan for all your employees and outline them to candidates during the interview.
IMPRESSIn the interview process make sure you engage with the top talent, promoting all the benefits of working for the business – it’s not just interviewees that need to make a lasting impression.
Why candidates are making a moveCandidates are looking for a role that allows them to develop as an individual and helps them to reach their career goals. Moreover, they want a benefits package and salary that reflects their work performance. Therefore if their current role is not providing them with these things, they will look elsewhere.
Redundancies are also still commonplace in the North West and are forcing professionals to find a new role.
In the interview process make sure you engage with the top talent, promoting all the benefits of
working for the business – it’s not just interviewees that need to make a lasting impression
Candidates are looking for a role that allows them to develop as an individual and helps them to reach
their career goals
EXECUTIVE Market Insight
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Executive Salary range Hourly rate
Job title 2012 2013 2012 2013
Financial Controller £55,000-£65,000 £55,000-£65,000 £28-£32 £28-£32
Head of Finance £65,000-£75,000 £65,000-£75,000 £33-£36 £33-£36
Finance Director £80,000-£90,000 £80,000-£90,000 £44-£46 £44-£46
Chief Financial O«cer £95,000-£105,000 £95,000-£105,000 £48-£52 £48-£52
Spotlight on salaries and bonuses Salaries have not increased significantly, although there have been more bonus and long term incentive heavy packages, reflecting the increased need to reward value creation within a business. This shift is becoming increasingly present within a rising number of distressed businesses that have bonus structures based almost entirely on success.
Professionals with international experience have attracted premium compensation packages due to businesses expanding and exploring overseas markets.
The growing financial and shared services sectors in Manchester have seen some increase in salary levels. So far this has been modest but it is expected to accelerate in 2013. Professionals with
international experience have attracted premium
compensation packages due to businesses
expanding and exploring overseas markets
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FINANCIAL SERVICES
The big trends of 2012The biggest trend was the continued decentralisation of back and middle office functions from London to the North West. In times of austerity, line managers became acutely aware that it was possible to attract the best talent in the North West without having to offer an inflated rate.
As banks become increasingly regulated, we are likely to see an increase in the need for candidates with core technical expertise such as Solvency II
Employers have been recruiting technically experienced candidates who can adequately manage
the reporting and preparation of accounts
The biggest trend of 2012 was the continued decentralisation of back and middle office functions from London to the North West
Outlook for 2013As banks become increasingly regulated, we are likely to see an increase in the need for candidates with core technical expertise such as Solvency II. We would expect banks to address these challenges to ensure the financial states of their organisations remain stable.
Reactions to uncertain market conditions Employers have been recruiting technically experienced candidates who can adequately manage the reporting and preparation of accounts. This approach has enabled them to secure the stability of their finance teams.
A number of key players in the market have been subject to legislation changes and as a result, many North West banks have recruited PMO managers to supplement this change.
As banks continue to be acquired by competitors, we expect there to be a significant increase in demand for change managers who can guide business through a state of flux.
Market Insight
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Skills in demandThere was an increase in demand for back and middle oce roles in the North West financial services industry. A number of the region’s major banks have recruited systems analysts to strengthen their IT functions. Technical back oce sta§ are key to o§ering vital support to colleagues in front oce roles. Whilst these back oce positions do not directly generate revenue for the business, they are fundamental to the success of the organisation – which is why hiring managers have been keen to secure the best talent in the market. Businesses have also used the skills of contractors from the South.
Supply and demandThere has been an increased demand for systems and market intelligence analysts in back oces as a number of financial services businesses have been subject to change projects. In addition to this, there has been an increase in finance business partners with specific knowledge to handle proposed acquisitions. Throughout the year we expect more financial services firms to be acquired by other organisations, benefitting the employment market for back/middle oce sta§ who will be needed to handle increased client bases as a result of acquisitions.
Taking the next step in your careerRESEARCH THE DUTIES ASSOCIATED WITH A ROLEFor each role you apply for, find out what the day to day responsibilities are to ensure they match your skill set and ambitions. Responsibilities of a finance job can di§er depending on the structure of an organisation.
CLEARLY DEMONSTRATE YOUR WORTH TO A BUSINESSMost employers are happy to o§er you the progression you are looking for but in this current economic climate they need to be sure you will add value in return.
BE REALISTIC WITH YOUR SALARY DEMANDSOver the past three years salary brackets have changed, so if you want to secure that dream role be careful not to price yourself out of an o§er. Establish the right balance of what you are worth, and focus on the job opportunity itself, as well as the long term incentive plans.
Most organisations attempted to steady the
ship by recruiting technical specialists who could
streamline the accounts process
There has been an increased demand for systems and market
intelligence analysts in back oces as a number of financial services businesses have been
subject to change projects
NORTH WEST
NO
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Spotlight on salaries and bonuses Salaries have remained relatively constant, but we have recently seen a slight increase in bonuses as businesses seek to incentivise their staff. Bonuses within financial services are of course a sensitive social topic and as such, companies have taken a pragmatic approach as far as remuneration increases are concerned. Businesses often insert an attractive long term incentive plan into a contract as a way of offering financial gains to a candidate in the current marketplace.
Attracting top talentDEFINE A CLEAR PATH FOR PROGRESSION Most candidates cite personal and professional progression as a key motivator for moving elsewhere, so ensure you have career paths for each role clearly planned out.
PROVIDE AN INSIGHT INTO THE CULTURE OF YOUR BUSINESSTo attract the best talent you need to make sure your business model is appealing to potential employees. Candidates need to be made aware of future plans for the business at the interview stage, as many professionals are looking for long term moves as opposed to stop gaps.
CLEARLY DEFINE THE STRUCTURE OF YOUR TEAMThis will give a potential employee a firm awareness of where they could potentially fit in within your business.
Why candidates are making a movePersonal and professional progression are key motivators for candidates wanting to move. In any role, professionals want to be adequately remunerated for what they do and progress through the ranks. Therefore it is essential employers provide a clear structure of how individuals can progress within their company, and set out clear contractual provisions to assure candidates are making the right move. This will ultimately benefit both parties as the employee will be more content about their career and feel integrated into the business, and it will also give the employer assurance that the new hire will add value.
Bonuses within financial services are of course a sensitive social topic and as such, businesses have taken a pragmatic approach as far as remuneration increases are concerned
FINANCIAL SERVICES Market Insight
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Qualified Salary range Hourly rate
Job title 2012 2013 2012 2013
ACA
Newly Qualified | Not Big 4 trained £32,000-£34,000 £32,000-£34,000 £15-£17 £15-£17
Newly Qualified | Big 4 trained £33,000-£36,000 £33,000-£36,000 £16-£18 £16-£18
1-3 years’ PQE £44,000-£46,000 £44,000-£46,000 £22-£24 £22-£24
3-5 years’ PQE £54,000-£56,000 £54,000-£56,000 £25-£27 £25-£27
ACCA/CIMA
Newly Qualified £32,000-£34,000 £32,000-£34,000 £16-£18 £16-£18
1-3 years’ PQE £39,000-£41,000 £39,000-£41,000 £19-£21 £19-£21
3-5 years’ PQE £44,000-£46,000 £44,000-£46,000 £21-£23 £21-£23
Financial Controller | 5-6 years’ PQE
£58,000-£62,000 £58,000-£62,000 £29-£31 £29-£31
Finance Director | 8-10 years’ PQE
£88,000-£92,000 £88,000-£92,000 £48-£52 £48-£52
Part Qualified Salary range Hourly rate
Job title 2012 2013 2012 2013
Graduate
Up to 12 months £17,000-£19,000 £17,000-£19,000 £8-£10 £8-£10
ACCA
Foundation Stage | 0-2 years’ £20,000-£22,000 £20,000-£22,000 £9-£11 £9-£11
Intermediate Stage | 2-3 years’ £25,000-£27,000 £25,000-£27,000 £10-£14 £10-£14
Finalist Stage ACCA | 3-4 years’ £29,000-£31,000 £29,000-£31,000 £14-£16 £14-£16
ACMA
Certificate Stage | 0-2 years’ £22,000-£24,000 £22,000-£24,000 £10-£12 £10-£12
Managerial Stage | 2-3 years’ £24,000-£26,000 £24,000-£26,000 £10-£12 £10-£12
Strategic/TOP CIMA | 3-4 years’ £26,000-£31,000 £26,000-£31,000 £12-£14 £12-£14
We would like to extend our appreciation to all those who completed this survey and made this market report possible. If you didn’t participate, please do so next year so we can continue to develop the depth and quality of this report and provide you with a fair and balanced picture.
This report is only ever intended to give a very general overview on the changing nature and complexity of the employment market for accountancy, finance and advisory professionals and can serve as a useful guide. However, if you require a more tailored and confidential discussion on how this will affect your business, finance department or indeed your own career, please do not hesitate to get in touch.
This research was carried out by means of an electronic questionnaire and supplemented with data and market information that Marks Sattin has access to. The results are provided as generic market information only. Marks Sattin does not make any warranties regarding the use, validity, accuracy or reliability of the results and information obtained. Marks Sattin will not be liable for any damages of any kind arising out of or relating to use of this information. Commercial use and distribution of the contents of this document is not allowed without express and prior written consent of the author.
ACKNOWLEDGEMENTS
DISCLAIMER
Editor and Marketing: Kirsty KellyAssistant Editor: Alex Voskou Alicja Skrakowski
Promotion: Your future in finance and accountancy
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