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2018 Public Practice Salary Guide

2018 Public Practice Salary Guide

04-01-2018
Submitted by global_admin on Thu, 01/04/2018 - 10:54
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The 2018 salary guide for public practice, looking back at a tough previous year with a significantly candidate short market.

Click here to view the 2019 Public Practice Salary Guide.

Contents:

 

London Permanent Market

  Part Qualified NQ Manager Senior Manager Director/Partner
  Big 4 Top 20 Top 100 Independent Big 4 Top 20 Top 100 Inde Big 4 Top 20 Top 100 Inde Big 4 Top 20 Top 100 Inde Big 4 Top 20 Top 100 Inde
  £ £ £ £ £ £ £ £ £ £ £ £ £ £ £ £ £ £ £ £
Audit 30k - 38k 30k - 35k 25k - 32k 24k - 30k 45k - 48k 43k - 48k 40k - 45k 40k - 42k 55k - 68k 54k - 67k 50k - 60k 50k - 55k 60k - 80k 60k - 78k 60k -72k 60k - 70k 130k - 150k 115k - 145k 90k - 120k 80k - 110k
Accounting 28k - 35k 27k - 32k 25k - 30k 22k - 27k 40k - 45k 38k - 45k 35k - 43k 35k - 43k 54k - 66k 54k - 62k 48k - 55k 48k - 52k 60k - 75k 60k - 75k 57k - 63k 55k - 60k 80k - 120k 75k - 110k 70k - 95k 70k - 90k
Corporate Recovery                 53k - 68k 50k - 65k 48k - 60k 45k - 58k 65k - 85k 60k - 75k 55k - 68k 50k - 65k 85k - 125k 80k - 110k 70k - 90k 60k - 85k
Corporate Finance         45k - 50k 45k - 50k 43k - 46k 40k - 45k 55k - 70kk 55k - 68k 53k - 62k 50k - 60k 70k - 95k 65k - 85k 58k - 80k 55k - 73k 90k - 150k 90k - 145k 85k - 100k 75k - 95k

*Scroll across to view more

 

South East Permanent Market

  Part Qualified NQ Manager Senior Manager Director/Partner
  Big 4 Top 20 Top 100 Inde Big 4 Top 20 Top 100 Inde Big 4 Top 20 Top 100 Inde Big 4 Top 20 Top 100 Inde Big 4 Top 20 Top 100 Inde
  £ £ £ £ £ £ £ £ £ £ £ £ £ £ £ £ £ £ £ £
Audit 28k - 32k 25k - 32k 23k - 28k 20k - 25k 35k - 45k 34k - 42k 33k - 40k 33k - 40k 48k - 58k 46k - 55k 42k - 52k 40k - 50k 55k - 71k 55k - 70k 65k - 70k 60k - 68k 75k - 100k 70k - 95k 70k - 90k 70k - 85k
Accounting 26k - 30k 24k - 28k 20k - 25k 20k - 24k 34k - 40k 34k - 40k 33k - 40k 33k - 40k 45k - 60k 45k - 55k 43k - 53k 40k - 50k 55k - 65k 53k - 63k 50k - 60k 50k - 60k 75k - 95k 65k - 90k 65k - 85k 60k - 82k
Insolvency                 43k - 50k 44k - 48k 40k - 50k 38k - 50k 50k - 70k 50k - 65k 50k - 65k 50k - 60k 60k - 90k 60k - 90k 50k - 80k 50k - 80k
Corporate Finance         35k - 45k 35k - 42k 35k - 42k 30k - 40k 50k - 60k 50k - 60k 45k - 55k 42k - 52k 65k - 95k 65k - 85k 58k - 72k 60k - 70k 80k - 120k 80k - 120k 80k - 120k 80k - 100k

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South West Permanent Market

  Part Qualified NQ Manager Senior Manager Director/Partner
  Big 4 Top 20 Top 100 Inde Big 4 Top 20 Top 100 Inde Big 4 Top 20 Top 100 Inde Big 4 Top 20 Top 100 Inde Big 4 Top 20 Top 100 Inde
  £ £ £ £ £ £ £ £ £ £ £ £ £ £ £ £ £ £ £ £
Audit 28k - 30k 25k - 30k 23k - 28k 20k - 25k 32k - 42k 38k - 41k 35k - 40k 34k - 39k 40k - 55k 40k - 50k 40k - 48k 40k - 45k 50k - 75k 50k - 65k 50k - 60k 50k - 55k 75k - 90k 70k - 90k 70k - 85k 70k - 85k
Accounting 24k - 30k 24k - 28k 20k - 25k 20k - 24k 27k - 36k 34k - 40k 33k - 38k 30k - 36k 35k - 47k 33k - 45k 35k - 40k 33k - 38k 48k - 58k 45k - 55k 45k- 50k 40k- 50k 60k - 85k 60k - 70k 60k - 68k 60k - 65k
Insolvency                 45k - 60k 45k - 55k 40k - 45k 40k - 43k 50k - 80k 50k - 65k 50k - 60k 50k - 55k 70k - 90k 65k - 85k 60k - 75k 60k - 75k
Corporate Finance         32k - 42k 32k - 40k 30k - 38k 30k - 35k 45k - 60k 45k - 55k 45k - 50k 45k - 48k 50k - 80k 50k - 70k 50k - 65k 50k - 60k 70k - 100k 70k - 95k 70k - 90k 70k - 90k

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Midlands Permanent Market

  Part Qualified NQ Manager Senior Manager Director/Partner
  Big 4 Top 20 Top 100 Inde Big 4 Top 20 Top 100 Inde Big 4 Top 20 Top 100 Inde Big 4 Top 20 Top 100 Inde Big 4 Top 20 Top 100 Inde
  £ £ £ £ £ £ £ £ £ £ £ £ £ £ £ £ £ £ £ £
Audit 26k - 30k 25k - 32k 23k - 28k 20k - 25k 38k - 40k 31k - 43k 30k - 40k 30k - 35k 42k - 56k 40k - 50k 40k - 48k 40k - 45k 55k - 72k 50k - 65k 50k - 60k 50k - 55k 70k - 95k 70k - 90k 70k - 85k 70k - 80k
Accounting 22k - 28k 22k - 27k 20k - 25k 20k - 24k 28k - 34k 27k - 33k 25k - 30k 25k - 30k 35k - 47k 33k - 45k 35k - 45k 33k - 38k 45k - 60k 45k - 55k 45k - 50k 40k - 50k 60k - 75k 60k - 70k 60k - 68k 60k - 65k
Insolvency                 34k - 44k 34k - 44k 32k - 40k 30k - 40k 40k - 50k 40k - 53k 40k - 50k 40k - 50k 50k - 80k 50k - 75k 50k - 60k 50k - 60k
Corporate Finance         36k - 45k 36k - 43k 35k - 42k 30k - 40k 45k - 57k 45k - 55k 45k - 50k 45k - 48k 60k - 78k 60k - 70k 60k - 65k 50k - 60k 75k - 110k 75k - 90k 70k - 85k 60k - 80k

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North Permanent Market

  Part Qualified NQ Manager Senior Manager Director/Partner
  Big 4 Top 20 Top 100 Inde Big 4 Top 20 Top 100 Inde Big 4 Top 20 Top 100 Inde Big 4 Top 20 Top 100 Inde Big 4 Top 20 Top 100 Inde
  £ £ £ £ £ £ £ £ £ £ £ £ £ £ £ £ £ £ £ £
Audit 24k - 27k 20k - 25k 20k - 23k 19k - 23k 32k - 38k 31k - 35k 30k - 36k 30k - 35k 42k - 50k 40k - 50k 40k - 45k 40k - 45k 55k - 70k 50k - 65k 50k - 60k 55k - 55k 70k - 95k 70k - 100k 65k - 90k 65k - 85k
Accounting 23k - 30k 20k - 22k 20k - 23k 19k - 22k 28k - 34k 27k - 33k 25k - 30k 34k - 30k 35k - 55k 33k - 45k 33k - 43k 32k - 41k 45k - 60k 45k - 55k 45k - 50k 40k - 50k 70k - 90k 65k - 90k 65k - 85k 60k - 82k
Insolvency                 34k - 44k 34k - 42k 32k - 40k 30k - 38k 38k - 50k 40k - 53k 40k - 50k 40k - 50k 50k - 80k 50k - 80k 50k - 75k 50k - 75k
Corporate Finance         36k - 45k 36k - 43k 30k - 35k 30k - 35k 45k - 57k 45k - 55k 45k - 50k 45k - 48k 60k - 78k 60k - 70k 60k - 65k 50k - 60k 75k - 120k 70k - 110k 70k - 110k 70k - 90k

*Scroll across to view more

 

Scotland Permanent Market

  Part Qualified NQ Manager Senior Manager Director/Partner
  Big 4 Top 20 Top 100 Inde Big 4 Top 20 Top 100 Inde Big 4 Top 20 Top 100 Inde Big 4 Top 20 Top 100 Inde Big 4 Top 20 Top 100 Inde
  £ £ £ £ £ £ £ £ £ £ £ £ £ £ £ £ £ £ £ £
Audit 27k - 30k 25k - 30k 23k - 27k 20k - 25k 32k - 40k 31k - 39k 31k - 37k 30k - 35k 40k - 50k 40k - 48k 38k - 45k 38k - 43k 50k - 68k 48k - 60k 45k - 55k 43k - 52k 70k - 90k 65k - 85k 60k - 80k 60k - 75k
Accounting 23k - 28k 22k - 26k 20k - 25k 19k - 22k 31k - 35k 30k - 34k 29k - 33k 28k - 32k 37k - 45k 35k - 43k 34k - 41k 35k - 40k 50k - 55k 45k - 52k 43k - 50k 40k - 45k 60k - 78k 60k - 75k 58k - 70k 55k - 70k
Insolvency                 40k - 45k 40k - 43k 35k - 40k 35k - 40k 50k - 55k 48k - 53k 45k - 50k 45k - 50k 55k - 65k 53k - 65k 53k - 63k 53k - 63k
Corporate Finance         32k - 38k 32k - 35k 32k - 34k 30k - 34k 40k - 55k 40k - 53k 40k - 48k 40k - 45k 60k - 80k 60k - 80k 50k - 60k 50k - 55k 70k - 90k 70k - 90k 68k - 88k 68k - 88k

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Commentary On Public Practice Roles and Remuneration in UK for 2018 

Overview

The last 18 months have been an uncertain time for the practice market. The Big 4 firms recruited heavily across service lines in 2015 and Q1 of 2016 but slowed significantly reducing numbers from Q2 onwards, opting instead to cover any additional needs internally where possible. The market further contracted following the referendum and the subsequent general election, although these significant events are no longer impacting the need to hire as much. However, throughout this time and certainly in Q4 2017,  the market was buoyant at manager and senior manager across all service lines from compliance through to advisory. The trend for increasing headcount at all levels across regional offices across the UK also continued as the profession continues to invest in growing regional centres.

The outlook for the job market is cautiously optimistic for the coming year across the UK with firms investing in key hires as well as replacing leavers.

Positive and negative news

Brexit uncertainty within the financial services sector has created uncertainty, and talk of head office moves to the continent continues to unsettle candidates which is likely to disrupt the market across all sectors. This could lead to further candidate shortages as job seekers become inevitably more cautious. 

The vacancy profile in the profession has changed throughout 2017, with a rise in the number of corporate finance roles registered across both London and regional centres to levels not seen since 2015. This includes requirements on both the M&A and TS side which bodes well for the year ahead. Formal insolvency remains very quiet, but there has been an increase in demand for restructuring and turnaround professionals, particularly at the senior level. 

Qualities and skills in demand

The profession broadly remains a candidate short market. Due to the technical nature of the work, most firms continue to favour a strong academic background although a definite trend, from larger firms especially, has been to remove academic barriers and operate a much more inclusive recruitment policy. 

In line with this, firms are broadening out their requirements beyond the parameters of the job. Candidates are being questioned about their hard skills on their CV (i.e. project work, systems work) as well as their softer skills such as mentoring, training and commercialism. Firms are looking much more towards what their employees could become in the future in the longer term.

Organisations are searching for individuals with necessary skills that are needed to achieve strategic long term goals and not just what they can do now. Candidates at all levels are required to convincingly articulate and demonstrate commercial awareness and how they are adding value to clients’ businesses.

Outside of work

One of the most common reasons cited by job seekers as to why they are looking for a new job is that they have not been set clear objectives about what they need to do in order to be promoted. People who feel as if they are on track and that their employer is aware of what their career goals are, the they would be much more likely to stay. Hand in hand with this goes the provision of training and support to help them achieve their objectives. 

Job seekers are encouraged to volunteer to get involved in whatever they can outside of their day to day; be that ad hoc training sessions or putting their hand up for project work. It's essential to make themselves as valuable as possible to their current firm, whether it's seeking a pay rise in their current firm or outside - these extra strings to their bow will enhance their worth and increase their earning potential. 

It's not enough to simply expect a salary increase based purely on market rate. It's important to show why you are worth it. Millennials are perceived to be changing the expectation of the workforce with a definite increase in the number of candidates asking questions around  their employer having a defined CSR policy, and recognising that they have a life outside of work. They value an employer with a more fluid approach to their working hours and values contribution in terms of output.

Notable trends

Diversity and inclusion remains high on all firms’ agendas. 

Both ethically and commercially, firms are actively utilising return to work initiatives, candidates from different ethnic and social backgrounds, and varying work patterns (including part time and job shares) , as well as increasing the number of contractors. Some firms are already adapting well to their future workforce, and the changes in technology that allow it, with one working on the philosophy that 'work is not a building' giving employees as much flexibility as possible to complete their work within an agreed set of parameters. 

As the cost of both living and of having a large workforce based in London rises, the larger firms may find that attracting candidates to regional offices will become easier. London and the South East has traditionally been the 'go to' destination for careers, however this is changing and will continue to do so over time. As the cost of renting shows no sign of a slowdown, over time the other large centres such as Birmingham and Manchester will close that gap and be able to attract higher numbers of employees seeking a better and less expensive quality of life with no sacrifice on the quality of work or career progression. 

General Data Protection Regulation (GDPR) will certainly have an impact. It’s big news for the accountancy profession, and planning is well underway in firms for the legislative change which will take place in May 2018.

2020 Salary Guides

View the latest salary guide for recruitment insights, expected salaries and contract rates for professional roles in your region.

View salary guides
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