Chartered accountants are in big demand as Irish economy soars

SOME employers are offering higher salaries, perks and more flexible work arrangements to attract and retain top talent, say the hosts of a new survey of 1,000 chartered accountants.

The survey was conducted by Chartered Accountants Leinster Society in association with Coyne Research and in partnership with the Accounting and Tax Recruitment firm Barden. It found that the average salary package for a chartered accountant in Leinster now stands at €112,582, up 3.1% from last year’s average salary package of €109,146.

The package includes base salary, car or car allowance, plus bonus. The salary survey points to increased competition and demand among firms looking to attract and retain professionals with the chartered qualification.

Some 85% of chartered accountants have received a significant salary increase within the last three years, with 58% of members obtaining an increase of 10% or more. Some 50% of respondents have been promoted in the last three years, while 22% have moved to a new job in the last 12 months.

Bernie Coyne, managing director at Coyne Research, said: “This salary survey reflects a buoyant demand for Chartered Accountants as evident by the increase in the average salary package, particularly for the more experienced segments. However, with an average working week of 43 hours not surprisingly almost nine-in-10 place a strong value on work life balance and flexible working arrangements.”

The average basic salary for a newly qualified chartered accountant (first year post-qualification) in all sectors is €56,477. This is up 5.5% on last year’s figure of €53,513. For those who are five years qualified the average salary package is €74,340, on a par with last year.

The survey’s findings were launched at a recent breakfast briefing event for HR professionals and representatives from member firms. Guest speaker at the event was Russell Beck, head of consulting and collaboration at Impellam, a provider of managed services and specialist staffing. He spoke on flexibility in the workplace.

Mr Beck said: “Bill Gates once said that as competition for talent gets tougher, companies that give extra flexibility to their employees will have the edge, and he is right. Human capital is the most important resource companies have, and it is getting increasingly more difficult to attract and retain it.

With Irish unemployment at a 10-year low of 5.4%, we know that talent is in demand and workers have a choice in who they work for. By extension, anything employers can offer that meets workers’ needs will help them attract and retain the talent they need to thrive.

The survey also highlighted the wide range of industries and sectors that employ chartered accountants. Almost all (95%) of those surveyed are working in full-time permanent roles, similar to last year (94%).

Just 16% of members surveyed are employed in practice, with more than eight in 10 not working in practice. Among those who work in practice, almost half (46%) work in a “Big Four” firm.

In terms of employment sectors, the survey shows that most members in Leinster who are not employed in practice work in financial services (27%). Members also work in the government/public sector (12%), IT and telco (12%), pharma (8%) and elsewhere including the charities, manufacturing and construction sectors etc (41%).

Among those who are not employed in practice, over one-third (35%) work for companies that are a subsidiary of a foreign-owned multinational compared to a private Irish company (27%) or the business unit of an Irish plc (12%).

Brian Murphy, chairman of Chartered Accountants Leinster Society, said: “The salary survey shows strong demand for chartered accountants, with growing earnings potential and considerable career opportunities. Aside from benchmarking salaries, the survey reflects the many non-monetary benefits enjoyed by our members, with work-life balance and flexible working a priority for most.

It also gives employer firms, recruiters and those considering a career in chartered accountancy a reliable insight into all the components that make the profession a rewarding career choice.

The survey also found that 61% of respondents believe automation will have a positive impact on their career, and 47% believe artificial intelligence will have a positive impact.

Cyber security was cited as the biggest cause for concern among new technology developments. Some 86% place a strong value on work life balance and flexible working arrangements.

“Chartered accountancy remains the largest single employer of new graduates in Ireland, and Chartered Accountants Ireland offers a range of flexible entry-routes into the profession, so students can work and learn in a way that best meets their individual needs,” said Brian Murphy.