The Scottish institute’s annual survey, based on responses from more than 1,100 ICAS members, found that 25.4% had seen their pay rise in line with inflation, while for 37.9% pay rates were above this level.

Further evidence of the easing of austerity measures comes from a fall in the number reporting a pay freeze in their organisation (down to 20% from 26% last year), together with a drop in those saying bonuses had been reduced, down from 33% to 24% of those polled. 

While over two thirds (67.9%) said they were ‘happy’ with their current remuneration and 15.1% ‘very happy’, the survey shows over one in five (21.9%) plan to change jobs in the next 12 months.

A desire to improve pay and benefit is cited as the second most common reason for a move, after more career opportunities.

In the UK, the highest salaries were to be found in London and the south east of England (averaging £140,718), while Lothian, Borders, Central & Tayside (Scotland) averaged £72,294 and the west of Scotland averaged £68,746.

Salaries for chartered accountants in the EU (other than the UK) kept pace with London (£140,979) and North America (£205,904) while the highest average salaries were to be found in Asia (with the majority of accountants being based in Hong Kong).

Separate research from the Morgan McKinley London Employment Monitor shows a slight dip, attributed to election uncertainties, in the average salary increase for those securing new jobs in May. This stood at 18%, compared to 19% in April. However, its survey also confirms the jobs market is continuing to improve, with year-on-year figures showing available jobs increasing by 13%.