-Pay declines by up to 20 per cent-
Survey findings just released by the Leinster Society of Chartered Accountants (LSCA) in association with The Accountants Panel indicate that Chartered Accountants have reported a decline of between 10 and 20 per cent in remuneration between January 2008 and January 2009. The average package (including bonus and benefits) for a chartered accountant working as Head of Finance in the industrial and commercial sector has seen the value of their overall package fall from EUR143,600 in 2008 to EUR126,200 in 2009.
A total of 1,134 chartered accountants responded to the survey, which was carried out by Brendan Burgess of The Accountants Panel on behalf of the LSCA.
The survey found that chartered accountants working in the financial services sector continue to be paid more than their counterparts in professional practice, excluding practice partners.
The survey notes that the main factors influencing remuneration is the size of the company, the position held within the company and also the year of qualification. More experienced chartered accountants are invariably in more senior positions and as a consequence, earn higher salaries and bonuses.
The survey also found that the number of people receiving fringe benefits has declined gradually over the past 6 years, but particularly so over the past twelve months. For example, less than half the respondents now receive health insurance from their employer, compared to 60 per cent in 2004. The number of chartered accountants who have company cars now stands at 11 per cent compared to 17 per cent in 2004.
In relation to other benefits, 82 per cent of respondents have their Institute membership paid by their company. Sixty nine per cent enjoy a company pension scheme (down from 88 per cent in 2004) and only 18 per cent have been given share options (down from 31 per cent in 2004).
Commenting on the results of the survey, The Chairman of the Leinster Society of Chartered Accountants, David Connolly, said: “The annual salary survey clearly illustrates that the Accountancy profession is not immune from the current economic problems the country is facing. Despite falls in salary levels and fringe benefits (and to a greater degree, bonuses) which are in line with many other sectors, the accountancy profession remains a highly prized qualification that offers rewarding career opportunities. In recessionary times, the need for prudent financial management and business acumen is ever greater and the role of the chartered accountant is as valued as ever.”
The Annual Salary Survey of the Leinster Society of Chartered Accountants in association with The Accountants Panel can be viewed here survey 2009
-ends-
2 July, 2009
* Average Salary is the total of the basic salary plus overtime, plus expected annual bonuses. For the purposes of the survey, package equals salary plus EUR10,000 for those with cars.