A shortage of talented accountants is leading to higher salaries for the most sought after candidates, while the rest of the jobs market has become stagnant with pay rises for the average accountant below that of UK employees generally, according to recruiters in the finance industry.
Research carried out by Robert Half found that 78% of UK CFOs admitted to struggling to find sufficiently skilled individuals and are resorting to topping up remuneration offered, in an effort to tempt them away from their current employer.
In separate research by Randstad Financial & Professional, an analysis of Office for National Statistics (ONS) figures has revealed that the average accountant's salary has risen only 7.5% since 2006, compared to an increase of 11.4% for the average UK employee in the same period.
Taxation experts have been best off with a pay increase of 9%, while finance and accounting technicians have seen pay fall by 18.2% in the period - the largest fall of all jobs tracked by the ONS.
Tara Ricks, managing director of Randstad Financial and Professional, said: 'At an entry level, pay has remained relatively static as firms reduced their graduate intakes. The greater number of would-be accountancy trainees competing for positions has meant a relatively flat playing field both for those entering and exiting training contracts.
'But at the other end of the spectrum, the most qualified and experienced accountants are still in demand. While pay hasn't rocketed up, those professionals with the skills required to meet new regulatory rules in place since the credit crunch are enjoying stronger salary growth.
According to Robert Half, IFRS specialists with experience in converting from UK GAAP, as well as those skilled in systems implementation - for impending pension auto enrolment measures - can expect to command competitive salaries due to the current demand for such competencies.
Phil Sheridan, managing director, Robert Half UK said: 'While pay is not the only factor employees consider, an attractive remuneration package can often be the difference between welcoming employees to your team and watching them accept job offers from competing organisations.'