While national figures from the Office for National Statistics suggest the gender pay gap is at a historic low (9.4%), ICAEW says male chartered accountants in business earn an average salary of £100,900 compared to females who earn an average of £63,900, a gap which has increased by 5.4% since 2014.

Women over 45 saw their salaries drop by £6,500 from last year, despite men in the same age category increasing by £4,200. The pay gap is narrowest among chartered accountants under 30, who also enjoyed a slight pay rise from last year.

ICAEW’s analysis suggests the gender pay gap remains partly due to demographics and working situations of men and women, with men more likely to be in senior roles, the private sector and in regions where salaries are typically higher. Women are more likely to work part-time and in public or not-for-profit organisations where salaries are typically lower.

However, the institute’s research found the gender gap persists when comparing men and women who work part-time. Female chartered accountants earn an average of £44,000 (with a bonus of £2,100) with their male counterparts earning £75,800 (with a £8,800 bonus). Average earnings for part-time female chartered accountants fell by £4,000 from last year, while men also reported a £9,800 drop. 

Sharron Gunn, ICAEW commercial executive director, said: ‘We need to face the hard truth that there has been desperately slow progress to correct the gender pay gap, given the Equal Pay Act was introduced 45 years ago. While it’s a national trend across all professions, we have a gender pay gap problem in accountancy too. 

‘With men more likely to hold more senior posts and chartered accountancy being a route into leading businesses, we must look again at how businesses are developing their pipeline of female leaders.’ 
Stephen Stott, CEO of executive search firm Stott and May, believes that to combat gender pay differences amongst chartered accountants, businesses need to do more to facilitate women’s professional development. 

‘This means being more flexible to new ways of working. Companies must consider childcare responsibilities, which disproportionately affects women, and how they can support all employees with work-life balance.

'To attract the best talent, organisations need to offer equal pay from the outset and have a system in place where women can flourish and grow professionally,’ Stott said.

The survey also shows that overall average salaries for ICAEW chartered accountants in business have remained fairly static over the past four years, in keeping with sluggish global wage growth. The average basic salary is £90,200 and the average bonus £20,600. This year international salaries fell as a result of a turbulent global economy and exchange rates.