Accountants’ salaries rise despite economic conditions

MEMBERS of the Chartered Institute of Management Accountants (CIMA) last year received a 6% rise in salaries to just under €80,000 despite tougher economic conditions.

According to the latest salary survey released by CIMA and Premier, the finance recruitment people, CIMA qualified accountants continue to enjoy strong growth in salaries with the average remuneration package in 2002 being €77,861.

This represents a 6% increase over 2001 when the average was €73,258. Dublin remains the highest paying location with average remuneration package of €81,972 compared with a low of €65,991 in the West of Ireland.

The survey showed 78% of respondents felt recent revelations about corporate accounting irregularities have affected the reputation of the accountancy profession with comments varying from “accountants need to make it clear to the public they have a code of ethics to which they adhere” to “the reputation of all accountants has been tarnished, casting their integrity and objectivity into doubt”.

CIMA president Paul Mullaly said : “Its main finding, showing a significant 6% rise in the average accountant’s salary, highlights the continual strong demand for accountants at all levels. This growth defies the norm at present as many other sectors face pay freezes or pay cuts hence we are delighted that the remuneration package of CIMA members shows such positive growth in a much tougher economic climate.

Premier director Gerald FitzGerald said the survey’s findings which would be of interest to employers and candidates alike: “Our annual salary survey has now become a benchmark for the finance recruitment industry and we look forward to working with CIMA again next year to continue this valued research.”