Advertised finance salaries grow above UK average
Average advertised salaries for finance professionals have increased for the third year in a row, despite uncertainty in the industry, according to new data from the 2019 Reed Finance Salary Guides.
Analysis of more than 10 million jobs posted across sectors since 2015 found that the average salary advertised within the finance profession increased by 2.0 since the start of 2018, one of the highest rates across the sectors analysed. However, this is a decline from the growth rate during 2017 (3%).
The continued growth of salaries for finance professionals in the past 12 months is led by senior roles such as finance director, which has increased by an average of 3.2% to £91,000 per annum, and group financial controller (3.7%). Financial analysts have also seen advertised salaries increase 3.6%. This highlights the demand for finance professionals who can lead from the front, as well as those who can analyse big data and apply the findings in a useful way.
Rob Russell, director of Reed Finance, says: “Uncertainty is the big theme across all sectors, and finance isn’t an exception. A survey we conducted earlier in the year revealed that nearly a third of finance professionals believe their business is ‘not prepared at all’ for Brexit. We’re seeing requests for financial professionals who can offer clarity amid the uncertainty – in other words, a safe pair of hands. Financial directors, chief financial officers and people who can direct finance will be key.
“This uncertainty will also likely impact the recruitment of permanent staff, so the interim and contract market will be busier for a while. We don’t have a crystal ball, but what we’re hearing from clients is that they plan to rely on shorter-term contracts before committing to recruiting on a permanent basis.”
Regionally, the largest average increases happened in the West Midlands, where advertised salaries rose by 3.2%. Finance directors and financial analysts in the region have experienced the biggest change, with an 8.3 and 9.2% increase in advertised salaries respectively.
Rob Russell continues: “Overall, people need clarity, particularly in times of economic and political uncertainty. Finance and accountancy can help businesses prepare for the future — despite the challenges ahead, we predict a lot of activity in the market.”