Leinster Society Salary Survey

Smithy12

Curious as to what people think of the recent Leinster Society Salary Survey results.

The survey concluded that:
1) Average Salary Package (base salary + car or car allowance + bonus) for a Chartered Accountant in Leinster is €109,756.
2) The Average Salary Package for a Chartered Accountant in their first year post-qualification taking a position in industry stands at €56,800. The Average Salary Package for a Chartered Accountant in their first year post-qualification taking a position in financial services is €58,100.

I find this hard to believe.

I qualified last year, having trained in one of the big 4. I know a large number of people who cleared out after the training contract. Salary is something that has been discussed quite openly when people find new jobs. €56k is not the average I would have estimated.

Also, I recently underwent a job search process, I went to a few recruitment agents and applied for a few jobs that I found on websites such as Irishjobs.ie. None of the jobs that were presented to me by the recruitment agents/that I applied to myself were offering €56k. In fact, the recruitment agent offered roles that required no qualification (such as Revenue Analyst/Process Team roles) that paid more than the Financial Accountant/Financial Analyst positions that I was looking for.

Does anyone else find the average salary for a newly qualified accountant high (I won't comment on the average overall salary)?

ZeroThreat

Smithy12 wrote: »

Curious as to what people think of the recent Leinster Society Salary Survey results.

The survey concluded that:
1) Average Salary Package (base salary + car or car allowance + bonus) for a Chartered Accountant in Leinster is €109,756.
2) The Average Salary Package for a Chartered Accountant in their first year post-qualification taking a position in industry stands at €56,800. The Average Salary Package for a Chartered Accountant in their first year post-qualification taking a position in financial services is €58,100.

I find this hard to believe.

I qualified last year, having trained in one of the big 4. I know a large number of people who cleared out after the training contract. Salary is something that has been discussed quite openly when people find new jobs. €56k is not the average I would have estimated.

Also, I recently underwent a job search process, I went to a few recruitment agents and applied for a few jobs that I found on websites such as Irishjobs.ie. None of the jobs that were presented to me by the recruitment agents/that I applied to myself were offering €56k. In fact, the recruitment agent offered roles that required no qualification (such as Revenue Analyst/Process Team roles) that paid more than the Financial Accountant/Financial Analyst positions that I was looking for.

Does anyone else find the average salary for a newly qualified accountant high (I won't comment on the average overall salary)?

I'd imagine the starting salaries for the other less prestigious (in Ireland at least) accountancy bodies is significantly lower.

The full report breaks it out in full detail, including highest and lowest in different sectors, number of respondents and the like.

Salaries here in the west are a lot lower.

There is someone on 700k in there.

Audit4Lyf

From what I've seen and from looking at LinkedIn recruiters reaction, the survey was pure fantasy stuff.

Also who is the senior earning €100k in a non-big 4 practice (page 20)? Who do I have to blow for that salary?

Sunny Dayz

Audit4Lyf wrote: »

From what I've seen and from looking at LinkedIn recruiters reaction, the survey was pure fantasy stuff.

Also who is the senior earning €100k in a non-big 4 practice (page 20)? Who do I have to blow for that salary?

I'd say the people filling out the survey were taking the Michael when completing it! Or I'm seriously underpaid! Summary page says there are 24,500 members but just over 1,000 people actually completed the survey, that's hardly enough of a sample size? Surprised that only 24% of responses said they work in practice - is it that those in practice were too busy to respond?!


€100k for a senior/asst manager in non big 4?! WTF!

Craicho5

Sunny Dayz wrote: »

I'd say the people filling out the survey were taking the Michael when completing it! Or I'm seriously underpaid! Summary page says there are 24,500 members but just over 1,000 people actually completed the survey, that's hardly enough of a sample size? Surprised that only 24% of responses said they work in practice - is it that those in practice were too busy to respond?!


€100k for a senior/asst manager in non big 4?! WTF!

WTF indeed!!!

myshirt

100% true that those who passed the 2014 paper earned more than those who passed the 2013 or 2015 paper. Audit elective was the killer, and with limited accountants being supplied to the market, the price went up 10%.

In terms of the survey, I am surprised they didn't normalise the results or use medians etc. The methodology could do with an update.

Saying that, it is directionally correct. I don't know anyone on less than €45k newly qualified, and anyone in financial services on under €52k newly qualified. Ballpark, that's where we are at.

TitianGerm

myshirt wrote: »

100% true that those who passed the 2014 paper earned more than those who passed the 2013 or 2015 paper. Audit elective was the killer, and with limited accountants being supplied to the market, the price went up 10%.

In terms of the survey, I am surprised they didn't normalise the results or use medians etc. The methodology could do with an update.

Saying that, it is directionally correct. I don't know anyone on less than €45k newly qualified, and anyone in financial services on under €52k newly qualified. Ballpark, that's where we are at.

Maybe this is a good spot to ask but what would someone with three years experience and waiting on two CAP 2 results be expected to earn on average if both exams are passed and move onto FAE?

myshirt

emmetkenny wrote: »

Maybe this is a good spot to ask but what would someone with three years experience and waiting on two CAP 2 results be expected to earn on average if both exams are passed and move onto FAE?

€30k tops would be my sense of things (Dublin); less outside Dublin; even further less with fails on your record.
Feel out the market though, recruiters will give you an idea. JohnnyFontane on here will let you know if you pm him.

TitianGerm

myshirt wrote: »

€30k tops would be my sense of things (Dublin); less outside Dublin; even further less with fails on your record.
Feel out the market though, recruiters will give you an idea. JohnnyFontane on here will let you know if you pm him.

Thank you for that. I really appreciate it.

superb choice of username

emmetkenny wrote: »

Maybe this is a good spot to ask but what would someone with three years experience and waiting on two CAP 2 results be expected to earn on average if both exams are passed and move onto FAE?

It depends highly upon

1) are you presumably out of contract?
2) if so, are you expecting the 4/5k fae paid
3) will you be looking for the 7 weeks study leave being built into contact or will you take it unpaid/out of annual leave

TitianGerm

superb choice of username wrote: »

It depends highly upon

1) are you presumably out of contract?
2) if so, are you expecting the 4/5k fae paid
3) will you be looking for the 7 weeks study leave being built into contact or will you take it unpaid/out of annual leave

I'm working in an expanding firm. We've 8 working in the office at the minute and we can't keep up with work. My manager has indicated that more staff will be hired in the coming months.

I paid for my own exams so far and the firm have said they will pay for FAE and provide study leave. I've 6 months left on my contract but i have been told I've a place here for as long as I want.

I don't want to ask for an unreasonable amount going forward but I am still on the same salary as I started on in 2013, bar a small increase last year at the annual review.

jcon1913

Smithy12 wrote: »

Curious as to what people think of the recent Leinster Society Salary Survey results.

The survey concluded that:
1) Average Salary Package (base salary + car or car allowance + bonus) for a Chartered Accountant in Leinster is €109,756.
2) The Average Salary Package for a Chartered Accountant in their first year post-qualification taking a position in industry stands at €56,800. The Average Salary Package for a Chartered Accountant in their first year post-qualification taking a position in financial services is €58,100.

I find this hard to believe.

I qualified last year, having trained in one of the big 4. I know a large number of people who cleared out after the training contract. Salary is something that has been discussed quite openly when people find new jobs. €56k is not the average I would have estimated.

Also, I recently underwent a job search process, I went to a few recruitment agents and applied for a few jobs that I found on websites such as Irishjobs.ie. None of the jobs that were presented to me by the recruitment agents/that I applied to myself were offering €56k. In fact, the recruitment agent offered roles that required no qualification (such as Revenue Analyst/Process Team roles) that paid more than the Financial Accountant/Financial Analyst positions that I was looking for.

Does anyone else find the average salary for a newly qualified accountant high (I won't comment on the average overall salary)?

Its a self selected group of people not a survey. A survey selects a balanced group from the population. Thats why the results are BS. It plays to the Chartered Institutes ambition to be the biggest by attracting graduates. Graduates are the target market for this piece of fiction.

Johnny_Fontane

As a director of an Accountancy Recruiter (of nearly 16 years) and someone who was involved in compiling this survey 10 years ago (its been going since early 2000's), its by far the best salary survey out there.

There are always numbers that skew the results and even though they look wrong, you have to put them in!

The overall trend of the survey is right on though. Newly Quals from the Big 4 are getting 50-55k base, they drive the market and the market for these candidates is really good. But the market for non big 4/CIMA/ACCA/CPA newly quals is equally good and salaries are in around the 50k mark.

The growth areas in the market are insurance, aircraft leasing and pharma with Irish Corporates still mopping up the top candidates. Trustee companies (i.e. those facilitating billion dollar US Hedge funds to pay $125 tax) are also all the rage!

Good time to be an accountant, tons of options out there for you guys!

jcon1913

Johnny_Fontane wrote: »

As a director of an Accountancy Recruiter (of nearly 16 years) and someone who was involved in compiling this survey 10 years ago (its been going since early 2000's), its by far the best salary survey out there.

There are always numbers that skew the results and even though they look wrong, you have to put them in!

The overall trend of the survey is right on though. Newly Quals from the Big 4 are getting 50-55k base, they drive the market and the market for these candidates is really good. But the market for non big 4/CIMA/ACCA/CPA newly quals is equally good and salaries are in around the 50k mark.

The growth areas in the market are insurance, aircraft leasing and pharma with Irish Corporates still mopping up the top candidates. Trustee companies (i.e. those facilitating billion dollar US Hedge funds to pay $125 tax) are also all the rage!

Good time to be an accountant, tons of options out there for you guys!

Thanks for that Johnny, good to know the survey is more or less accurate. Perhaps I am looking at people that have a less than perfect career path, e.g. qualified in small practice / in industry, maybe failed a few exams, had a non-business degree, maybe had a 2.2. degree instead of a 2.1 or first.

Anyway the indications are that €40K is a good enough starting salary for someone with ACCA and 3-5 year experience. I thought that €55k straight out of a Big 4 was unrealistic, and furthermore bolstered that opinion with the fact that the ''survey'' sample is self-selecting. But from what you say I am wrong to hold that opinion.

shawki

Is there any survey that would include results for Cork/Munster?

Johnny_Fontane

jcon1913 wrote: »

Thanks for that Johnny, good to know the survey is more or less accurate. Perhaps I am looking at people that have a less than perfect career path, e.g. qualified in small practice / in industry, maybe failed a few exams, had a non-business degree, maybe had a 2.2. degree instead of a 2.1 or first.

Anyway the indications are that €40K is a good enough starting salary for someone with ACCA and 3-5 year experience. I thought that €55k straight out of a Big 4 was unrealistic, and furthermore bolstered that opinion with the fact that the ''survey'' sample is self-selecting. But from what you say I am wrong to hold that opinion.

interesting about the 'less than perfect career path'. Only a select few companies (some large irish corporates, some of the investment houses etc.) seem to really care about this. I think once you have the qualification, thats what matters. Remember, this is just the first step of probably a 40 year career, what matters, is your ability to work hard, add value and get on with people that will ultimately decide where you go.

For a recently qualified ACCA with say 3-5 years experience, I would say 40k is a little underpaid (in Dublin, it certainly is). But I see lots of people in funds companies/retail banks who went in as part qualified and are still seen as part qualified (and paid as such) even though they have their qualifications.

The market is certainly buoyant no matter whether you failed an exam or not. Its tightened particularly at the 45-55k level, probably the most competitive market (from an employer perspective - not from the candidates!). Get in touch if you want to know more.

Johnny_Fontane

shawki wrote: »

Is there any survey that would include results for Cork/Munster?

I dont have a salary survey for Munster, but having worked on a number of roles over the last few months, people are paid less than in Dublin, but not by much. So a newly qualified ACCA would be on €40k instead of maybe €45k.

jcon1913

Johnny_Fontane wrote: »

interesting about the 'less than perfect career path'. Only a select few companies (some large irish corporates, some of the investment houses etc.) seem to really care about this. I think once you have the qualification, thats what matters. Remember, this is just the first step of probably a 40 year career, what matters, is your ability to work hard, add value and get on with people that will ultimately decide where you go.

For a recently qualified ACCA with say 3-5 years experience, I would say 40k is a little underpaid (in Dublin, it certainly is). But I see lots of people in funds companies/retail banks who went in as part qualified and are still seen as part qualified (and paid as such) even though they have their qualifications.

The market is certainly buoyant no matter whether you failed an exam or not. Its tightened particularly at the 45-55k level, probably the most competitive market (from an employer perspective - not from the candidates!). Get in touch if you want to know more.

Yeah you say that but in about 1/3rd of the adverts I had a look at there the advert looks for Big 4 experience straight out.

The Big 4 look for a 2.1 degree coming in the door, and you'll get a severe dressing down ( if not fired ) for failing an ACA exam.

So by definition you have a 'perfect career path' coming from Big 4.

I take your point about it being the start of a 40 career, and you have far more experience in the recruitment market than most on here. Clearly 40K is light for an ACCA with 3-5 PQE.