Bonuses are a crucial part of accounting and finance professionals’ packages. The size of bonuses are often a bellwether for the performance of different sectors as a whole, with professionals usually taking home a greater share of the spoils during good times.
According to specialist finance recruiter Marks Sattin’s latest salary survey, this year accountants are feeling the benefits of a record £2.4 billion bonus pot, with the average accountant receiving a bonus worth 20% of their basic salary – or £13,000. This takes the average total earnings to £78,010. The average bonus is now 21% higher than a year ago, when it stood at £10,730. In the longer term, there has also been an upward trend in bonuses. The overall bonus pot shared by accounting professionals has increased by £800 million from 2009/10, when it stood at £1.6 billion. While the global economy still faces potential pitfalls like the fallout from a potential Brexit, this increase suggests that pay and benefits are better than during the depths of the recession.
The research also reveals that 69% of accountants are entitled to a bonus through a company bonus scheme, and that 55% received one. In terms of the sectors with the highest levels of bonuses, banking & finance has the most eye-catching figures. 13% of accountants practicing in this sector received a bonus greater than 50% of their salary, compared to 6% in both private practice and commerce & industry. Marks Sattin’s Market Insight report delves into the key motivations and career drivers of the finance community including a detailed look into the salaries, bonuses and employer benefits across the market.
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