The average salary for finance directors has hit £105,000 with the majority receiving a mixture of salary and performance related bonuses, rising to £130,000 for the top jobs.
The salary survey showed that almost all remuneration packages last year were made up of between 75% and 85% base salary with the rest made up of performance-related bonuses, conducted by FD Recruit.
The average bonus paid out to finance directors in 2013 was 20% of basic salary and represented 15% of total earnings. The majority of answers given on the survey fall between zero and 45% of basic salary, although some reported up to 100% of basic salary.
The average employer pension contribution for a finance director in 2013 was 10% of basic salary with the majority falling between the 5% to 13% range.
On average, just 24% of finance directors in Greater London received a car or car allowance, with a majority reporting that travel costs had been rolled into their basic salary.
By contrast, 64% of respondents outside of London received a car or a car allowance, with an average value of £8,000.
The survey found that the average base salary across industries and regions was between £80,000 and £130,000, climbing to between £110,000 and £150,000 once additional benefits and bonuses had been included.
Nearly half the respondents said their package was ‘about the same’ as last year while the other half reported a 5% increase in the total package over the previous 12 months. A small number had seen gains of between 10% and 20%.
FD Recruit director Phil Scott said: ‘This wide-ranging survey has shown that in a post-recession era, finance directors are still very much focused on the monetary aspect of their take-home rewards.
‘There has been a small increase in salary levels over the last year, which is positive, but individuals may be too focused on honouring their pre-existing mortgages and other financial commitments to find much value in alternative forms of remuneration.’
2013 UK average breakdown of an FD package:
- Basic + car allowance 75% of total earnings
- Bonus 15% of total earnings (20% of basic)
- Pension 7.5% of total earnings (10% of basic)
- Other benefits: 2.5% of total earnings
For the regional breakdown click here 2014 Finance Director Salary Survey >>