Accountants now earning an average of €100,000
Published 07/08/2015 | 02:30
The average salary package for chartered accountants in Leinster has shot up to over €100,000 and is set to increase even more in the coming years, according to a new study.
The survey from the Chartered Accountants Leinster Society shows that the average total salary package increased by 13pc, jumping from €89,042 in 2014 to €100,780 in 2015. Average annual earnings for Irish workers last year were about €35,600.
The average salary package comprises the total of the basic salary plus any bonuses and car allowance or a car which was valued at €10,000 for the purpose of the survey.
The Institute, which represents almost 24,000 chartered accountants, polled just over 1,000 of its members.
Paul McArdle, the managing partner of recruitment firm The Panel which compiled most of the results of the survey, said that he expects pay to increase even more in the coming years.
He said that there are several factors driving the strong increase, including a bounce- back in prices from a depressed market due to the recession, increased market confidence and demand for chartered accountants from new companies establishing operations.
"I think there is a bit of a correction in the market. It's similar to the housing market where prices were depressed and are now increasing quickly," he said. "I don't think that the rate of increase will be the same next year but do I think that an increase will continue."
Figures were not provided for outside Leinster, while 85pc of respondents were from Dublin. Mr McArdle said that, although exact figures are not available, chartered accountants working outside of the capital were likely to earn significantly less than their counterparts in Dublin.
"I would say that there is about a 20pc differential. A lot of rural salaries would be far less as chartered accountants would have far fewer jobs to pick from."
He added: "In urban areas such as Cork, Limerick or Galway, you would probably be looking at a salary package of about €70,000-€80,000. Also, a lot of very senior roles are based in Dublin which raises the average and makes it very hard to do a like-for-like comparison."
The average total salary package for a newly-qualified chartered accountant is €58,655.
Senior positions such as managing directors and heads of finance can average salary packages of up to nearly €200,000.
And 72pc of respondents received a salary increase in excess of 10pc in the last three years while 92pc said they feel confident or very confident about their current job security.
The pay increases seen by chartered accountants compare favourably with other sectors. Earlier this year employment agency Brightwater forecast earnings in sales to jump by between 5pc and 10pc in 2015, while solicitors and those in electronics and telecoms would see bumps in their pay packet of 2pc-5pc. Wages in other sectors, such as retail, are expected to stay broadly flat.