UK accountants shared a combined bonus pot of £1.2bn in 2015, according to research by recruiter Marks Sattin.
The Marks Sattin 2015 Salary and Market Trend Report found that accountants’ combined bonus pot was £100m greater than last year, with the average bonus now standing at £10,733 – 16% of the average annual salary for accountants.
A larger number of accountants received a bonus this year compared with 2014, with the proportion awarded jumping from 53% to 61%.
An average accountant’s basic salary has increased by 0.4% over the past 12 months to £67,083. Meanwhile, more than three-quarters of accountants (76%) expect their salaries to rise further over the next 12 months.
Marks Sattin’s research shows that accountants’ bonus pots have been nurtured by an improving economy, which means that employers need to offer their finance professionals strong packages if they want to attract and retain top talent.
Just 27% of accountants said they were expecting their organisations to make budget cuts over the year ahead, while 21% thought their companies would freeze salaries.
Accountants are also feeling secure in their jobs, with 88% describing themselves as feeling ‘very secure’ or ‘generally secure’ in their current role. Nearly a third (32%) said they would be looking to find a new role this year.
In order to move jobs, a typical accountant would look for a salary premium equivalent to 15% of their basic package – or £10,062. Money is not the be-all and end-all, however. When asked why they left their previous roles, 32% identified career development as their primary motivation, compared with 30% who were pursuing a bigger package.