There has been no change in basic salaries for chartered accountants in industry over the past year but the pay gap is narrowing for younger women, according to the latest salary survey from ICAEW and specialist recruitment firm Stott and May.
Their research shows the current average basic salary as £92,600 compared to £92,100 in 2012. Bonuses were also unchanged, with the average hitting £21,300, compared to £21,200 the year before.
The pay gap between men and women has narrowed among younger members - the average basic salary for female accountants under 30 is now 97% of their male counterparts, compared to 92% the year before.
The only ICAEW accountants whose pay went up were those with 20+ years post qualification, who saw average pay increase to £105,000 in 2012 from £103,000 previously.
Sharron Gunn, director of ICAEW commercial department, said: 'The closure of the gender pay gap is a positive step. ICAEW programmes such as Women in Leadership and the Financial Talent Executive Network (F-TEN) recognise the need for more females to drive successive planning, career development and ultimately, business growth and performance. An equalling of pay is just one part of this change.'
The research also showed that average salaries in the financial services sector were down, dropping from £98,000 in 2012 to £92,000. London saw the highest basic salary (£103,900), followed by the South East (£80,300) and East of England (£79,100).
The survey found that the largest remuneration packages, typically around £200,000, applied at the level of chairman, chief executive, managing director and chief operating officer. Those who were finance managers, analysts or management accountants had the smallest package at £66,000.
Nina Carpanini, head of finance practice at Stott and May, said: 'Within the last 12 months, we have seen a shift with companies looking towards their future, realising that a strong commercial finance function is crucial to drive business growth and identify opportunities. Accountancy has moved from the basement to the boardroom and the results of our latest survey show qualified accountants with the skills to act as business partners are in increasingly high demand.'
