Market Insight 2013

North West

Accountancy, Finance & Advisory

METHODOLOGY In Q4 of 2012 Marks Sattin conducted a survey with clients and candidates, focused on the demographics, length of tenure, working week, job security, career motivations, department changes, reward and bonus trends of nance professionals. Over 2,000 accountancy, nance and advisory professionals from 20 industry sectors across the UK were surveyed. The report is based on ndings received from respondents completing the survey as well as sector specic market insight and salary ranges (annual and day rates) from our experienced consultants based at Marks Sattins UK offices. Market insight and salary range data tables are provided across the following sectors and regions: Banking and Capital Markets, Change Management, Front Office, Insurance, Investment Management, Senior Finance, Commerce and Industry, Executive, Part Qualied and Transactional, Qualied, Advisory, Audit, Management Consultancy, Taxation, North West, Thames Valley and Yorkshire. It is important to note that this report is a useful guide, but if you need any tailored or specic advice please do contact us directly.

Marks Sattin is a leading multi-divisional specialist accountancy, nance and advisory recruitment consultancy. Since our formation in 1988, Marks Sattin has established an excellent reputation for providing the full range of permanent, temporary, contract and interim professionals within the public and not-for-prot sector, commerce and industry, banking and nance and public practice. Marks Sattin is a well-established specialist recruitment rm with over 100 recruitment consultants based in the UK and Ireland, and a further 60 consultants across our global offices. To give an outline on the scope and size of our operations: In 2012 we helped our clients ll more than 650 temporary placements and 850 permanent positions We currently work with 75 of the FTSE 100 companies At any one time we represent over 65,000 nance, accounting and advisory professionals throughout the UK and Ireland We currently average over 24,000 visits to the Marks Sattin website every month Marks Sattin are proud to work with a number of The Sunday Times Fast Track 100 and Best Companies to Work For.

CONTACT US
LONDON 322 High Holborn, London, WC1V 7PB +44 20 7321 5000 london.uk@markssattin.com NORTH WEST 3rd Floor, Centurion House, 129 Deansgate, Manchester, M2 3WR +44 161 638 8630 manchester.uk@markssattin.com

THAMES VALLEY Davidson House, Forbury Square, Reading, Berkshire RG1 3EU +44 118 900 1800 thamesvalley.uk@markssattin.com

YORKSHIRE Park Row House, 19-20 Park Row, Leeds, LS1 5JF +44 113 242 8177 yorkshire.uk@markssattin.com

markssattin.co.uk

Marks Sattin

@MarksSattin

INTRODUCTION Dave Way

In Marks Sattins 25th year of trading, were delighted to have received a record number of responses to our Market Insight 2013 survey. Over 2,000 accountancy and advisory professionals provided their feedback on key areas such as salaries, bonuses and overall business condence as both they and their employers see it coming into 2013.
2012 proved to be a year of continued upheaval for the business community, with the eurozone crisis dragging on and the double dip recession increasing uncertainty across the markets. Despite this, the accounting and advisory community didnt suffer in the way wed seen in the previous downturns, with job cuts and redundancies far less frequent. However, cost management was still the order of the day, with capital expenditure, new investment and increased headcount being something of a rarity. Some businesses, industries and geographies will always buck the trend, and there was a resurgence seen throughout the qualied commerce and industry sector in later 2012. Areas such as natural resources, digital media, advertising, online retail and property were all more bullish thanks to improved trading. Conversely, high street retailers and areas such as manufacturing suffered signicantly. Recruitment within consultancy and public practice quietened after a busy 2011, as our clients took a cautious approach to recessionary markets. Financial services and in particular, the banking community, once more came under re. But despite this, recruitment conditions for accountants in nancial services improved as the year went on, with departments increasingly nding themselves under-resourced amid heavy regulation and change. We hope you nd the results of our survey as interesting as we have. Please feel free to contact me or any of the Marks Sattin team directly to nd out further details. From all the team we wish you a successful year!

DAVE WAY
Managing Director
Dave Way, Managing Director of Marks Sattin, believes in leading by example and is committed to making Marks Sattin the best nancial recruitment company in the market. Having joined Marks Sattin as a graduate in 1999, Dave has worked at every level and division within the business, which gives him a deep understanding of the workings of nancial recruitment. As such, he has considerable expertise in providing a bespoke service for clients and candidates alike.

dave.way@markssattin.com +44 20 7747 9670

INTRODUCTION

KEY TRENDS
SALARIES & BENEFITS
Employers began to be slightly more forthcoming with pay rises for accountancy and advisory staff last year, with 68% of employees receiving a positive review and only 1% asked to take a pay cut. Only 30% of permanent staff and 20% of contract staff were unhappy with their current salaries, once again showing that remuneration isnt a key driver for leaving. This is further highlighted by the fact that a 5 to 10% uplift in basic salary would be acceptable should a move come about. 56% of respondents were happy with their benets packages, with the most important benets being 25 days holiday, pensions and private healthcare all of which were deemed more important than annual bonuses. The sensitive subject of bonuses was covered in depth in our survey. 47% of respondents received a bonus, 38% were not entitled to one and 15% not awarded one. These gures arent necessarily surprising, as bonuses are becoming increasingly tied to company performance and a high proportion of companies have failed to deliver on targets over the course of the year.

Only 30% of permanent staff and 20% of contract staff were unhappy with their current salaries

Of those receiving bonuses, only 44% were satised with what they received. 1 to 9% of salary was the most consistent amount paid out across the board (received by 41%) while 32% received 10 to 19% and a lucky 27% received over 20% of their basic salaries. The fact that 1 to 9% of basic salary was the most common bonus payout is perhaps a sign of the increasing scrutiny of bonuses by the wider business community, although the biggest bonuses were still paid within the nancial services sector. Our survey showed that across the board, accountants were far better looked after than other professionals. The average salary for accountancy and advisory professionals rose in 2013, a strong indicator of the value of nance professionals during uncertain and changing times.

68%

spondents ceived a

st year

ncrease

pay increase
of respondents received a last year

of respondents received a last year

68%

68%

pay increase
of respondents were happy with their

56%

benets

of respondents were happy with their

56%

of respondents were happy with their

56%

benets

benets

of respondents were satised with their

44%

bonus

of respondents were satised with their

44%

of respondents were satised with their

44%

bonus

Our survey showed that across the board, accountants were far better looked after than other professionals

bonus

INTRODUCTION Dave Way

JOB SECURITY
Similarly to our other surveys over the past ve years, the crystal ball for 2013 does not show a picture of renewed optimism, with only 20% of respondents feeling more condent about the economic prospects facing their companies compared to the last 12 months. 36% of our respondents anticipated changing roles over the next year, compared to 52% the previous year. Despite this, only 44% stated that they are currently happy within their role, perhaps showing a greater tolerance due to the current climate. Aligned with this is the clear fact that accountants nd themselves far more secure in their positions than in previous years, with an overwhelming 78% feeling secure compared to 70% last year. This is clearly an encouraging statistic compared to previous surveys, where respondents expected headcount cuts as a result of the economic downturn and uncertainty. Business process/policy changes (41%) salary freezes (36%) and budget cuts (35%) are predicted for this year, showing that belt tightening and cost control are still the order of the day. Businesses are striving to ensure they maximise prots, but not to the extent of losing nance staff.
2013 2013

33% of respondents

actually saw an increase in the size of their teams over the past 12 months

of respondents feel secure in their current role % of respondents feel secure in their current role

78%

78

Few businesses are perceived to be taking a long term view on headcount, which is hardly surprising considering the yo-yo economy and false dawns seen over the past few years. Only 18% of respondents believed their management were planning one to two years ahead, whilst the majority (31%) thought that hiring was short term and only looking six months ahead. This lack of succession planning, which ties in with the reactive hiring weve experienced throughout 2012, will surely be to the detriment of some departments if not rectied in 2013. 33% of respondents actually saw an increase in the size of their teams over the past 12 months. Many businesses have clearly been as lean as possible in terms of headcount over the past few years, and whether this will come back to bite them is yet to be seen. 34% of our participants said their working hours increased over the past 12 months, with over half putting this down to an increase in responsibilities. This might suggest that a greater degree of variety and progression is coming into working life, as bosses are reluctant to add new heads or contractors to cover gaps in their departments.

2012 2012

of respondents felt secure in their current role % of respondents felt secure in their current role

70%

70

KEY TRENDS
MOVEMENT
Overall, we saw a consistent movement of accounting professionals throughout 2012, with many now feeling its an opportune time to re-enter the job market after staying put during the worst of the global nancial crisis. This is shown by the fact that 41% of our respondents were only in their rst year of employment in early 2013. In line with this, the majority of hires in 2012 were replacement hires. As a result, the volume of counter-offers increased signicantly across the board, as employers reacted to valued team members being offered higher salaries and rates elsewhere in the market. In 2013, this reactive element has subsided somewhat. Salaries are increasing organically, acknowledging the opportunity cost of losing the best staff to competition. The motivations for moving on to greener pastures continue to be an interesting topic for our business. Throughout the downturn, weve seen that accountants seldom move for cash, although money does remain part of the decision to move (and very rarely do candidates ever move for less!) The greatest drivers for moving continue to be career development, which top scored with 33%, with new challenge/ interesting work in second. Higher salary was cited by just 26%, showing that our respondents on the whole put their careers before cold cash. Recruiters continued to be the top source of nding roles (46%) with 13% coming from personal contacts. This shows the ever increasing importance of expanding your business network and keeping in good favour with previous employers. Where networking is concerned, 66% of respondents are now on LinkedIn and 59% on Facebook. Whilst neither will cover all of the bases in any given job search, this shows how much social media plays a prominent part in our respondents lives. 88% of respondents state that working with a recruitment agency is still a vital part of any new job search. Also of note is that 38% of candidates took only three months to nd their last role, primarily as a result of the volume of roles available and being able to dedicate enough time to the job search.

of respondents were only in their rst year of employment

41%

of respondents would relocate to the USA

42%

RELOCATION
Never more so has relocation been a hot topic within the nance community. As a result, our non-London businesses have continued to offer great opportunities to their local markets, beneting from a sizable relocation of resources and highly talented candidates from the South East to the West, North East, North West and Ireland. International opportunities are also becoming more appealing, with candidates top motivation being a better quality of life and the second being a desire to experience a new culture. Interestingly, and despite the lucrative options being advertised overseas, only 48% said that money would be the main reason for moving, which was the fourth most important reason. The USA was the most popular destination for a new working life (chosen by 42%) maybe as a result of its resurgent markets coming into 2013. The golden beaches of Australia appealed to 33% of our respondents, followed by the well-documented and high prole allure of Asia, with Singapore at 33% and Hong Kong at 32%. But with talk of bonuses being capped, corporate and personal taxes being too high and our climate being as unpredictable as our economy, is now the time to spread our wings? Not according to the 29% of our respondents who wouldnt relocate, primarily because of having settled where they are.

88% of respondents state

that working with a recruitment agency is still a vital part of any new job search.

KEY FINDINGS Demographics

RESPONDENT PROFILE
Gender

2,016
Age

Social networks actively used by respondents

67%

respondents took part in this years survey 67%

33%

of respondents were male and 33% female

LinkedIn 66% Facebook 59% Twitter 17%

Less than 25 years 7% 26 to 30 years 23% 31 to 35 years 21% 36 to 40 years 15% 41 to 50 years 22%
<25 26-30 31-35 36-40 41-49 >50 years

Other 7% None 15%

Respondents could choose more than one answer

More than 50 years 12%

Work location

Greater London 64%

59% 12% 3%

11% South East 7% 4% North West

Midlands 3% Yorkshire & Humberside 5%

11% 12% 9% Other

KEY
Permanent Contract

2-5

years

UK
years
Which of the following best describes your qualication status?

CURRENT EMPLOYMENT
How are you currently employed?

10+
2-5
years

years

6-10

years

10+

years

10+

10+ years PQE 36%

2-5
years

6-10

5 to 10 years PQE 18% 2 to 5 years PQE 21%

2-5
years

years

10+

years

10+ 2-5

years

6-10

years

10+

years

10+

Newly qualied 9%
6-10

2-5

years

years

6-10

10+

years

Permanent or xed term contract 78% Interim or contractor 20%

Unemployed 2%

years

Part qualied 11%

10+

10+

years

Qualied by experience or not qualied 5%

10+ 2-5
years

6-10

years

Satisfaction with current role

10+
years

10+

73%

Only 2%
of respondents are unemployed

Pe r

Pe r

73% of respondents would recommend their employer

ent an m

Satised 44% Neither satised nor dissatised 26% Dissatised 30%

ent an m
Pe r

ent an m

44% of respondents

are satised in their current role

Capital Markets Change Management Insurance Investment Banking Investment Management Retail Banking Other

KEY FINDINGS Demographics

SECTOR REPRESENTATION

Which of the following best describes the area/sector you currently work in?

Banking & Financial Services

Advertising, PR, Media and Publishing Business Services Energy and Natural Resources Engineering and Manufacturing FMCG and Pharmaceuticals Property and Construction Retail and Clothing Telecoms and Technology Other

28%
Commerce & Industry

43%

UK

Audit and Assurance

Corporate Finance

Taxation Other

Management Consultancy

Public Practice

Other

Unemployed

11%

10%

6%

2%

KEY FINDINGS Market Perspective

ECONOMIC PROSPECTS
Compared with the last 12 months, how condent do you feel about the economic prospects facing your company? Top 5 expectations for your business in the next 12 months

Business process/policy change 41% Salary freeze 36% Budget cuts 35% Recruitment freeze 34%

More condent 20% As condent 52%

Protability of business 33%

Respondents could choose more than one answer from a choice of 14

Less condent 28%

JOB SECURITY

of respondents feel more condent about the economic prospects facing their company compared with the last 12 months

Only 20%

How would you rate your current job security?

Expectations for personal salary and job security in the next 12 months

64%
64%

Secure 78% Insecure 22%

64%

64%

Salary freeze 20% Salary reduction 3% Shorter working week 2% Redundancy 1%

64%

64%

Other 14%
Respondents could choose more than one answer

UK

HEADCOUNT
What is the size of your department? How has the number of staff in your team changed in the past 12 months?

61%

34%

of respondents selected business growth or expansion as the main reason for an increase in staff

Remained the 34% same

the same 33% Increased Remained 34%

1 to 5 employees 23% 6 to 10 employees 21% 11 to 15 employees 12% 16 to 20 employees 8% More than 20 employees 36%

the same Decreased 28%

Remained

Not sure 5%

of respondents selected headcount reductions as the main reason for a decrease in staff

20 employees in their department

Short term (0-6 months ahead) 31% Medium term (6-12 months ahead) 18% Long term (1-2 years) 18% Non-existent 10% Not sure 23%

36% of respondents have more than 33%

What is your employers recruitment strategy?

of respondents have seen an increase in the size of their team in the last 12 months

KEY FINDINGS Career Insight

EXPERIENCE
Length of time in the accountancy, nance or advisory profession 0 to 3 years 9% 4 to 6 years 19% 7 to 10 years 21%
More than 20 years

Length in current role Less than 1 year 41% 1 to 2 years 24% 2 to 3 years 15% 3 to 5 years 12% 5 to 10 years 6%
<1 1-2 2-3 3-5 5-10 >10 years

11 to 15 years 18% 16 to 20 years 9% More than 20 years 21% Not applicable 3%

7-10 years

More than 10 years 2%

41% of respondents have been in their

current role for less than a year

respondents chose taking on more responsibility as the main reason for an increase in working hours

55%of

HOURS WORKED
Average hours worked per week How has the number of hours changed in the last 12 months? Increased 34% Remained the same 53% Decreased 13%

UK
RELOCATION
Places respondents would consider relocating to in the next 2 years

% 2 4
USA 42% USA 42% Australia 33% Australia 33% Mainland Europe 28% Mainland Europe 28% Within the UK 28% Within the UK 28% Canada 24% Canada 24% Singapore 23% Singapore 23% Hong Kong 22% Hong Kong 22% UAE 19% UAE 19% New Zealand 18% New Zealand 18% Ireland 12% Ireland 12% South Africa 10% South Africa 10% Malaysia 9% Malaysia 9% China 8% China 8% India 7% India 7% Other 3% Other 3%

Respondents could choose more than one country from choice 14 Respondents could choose more than one country from aa choice ofof 14

29% of respondents
would not relocate
Top 5 reasons for respondents wanting to relocate Improved quality of life 61% Different culture 54% New career opportunity 52% Better employment opportunities 49% Improved salary 48%
Respondents could choose more than one reason from a choice of nine

Improved quality of life

is the main reason for respondents wanting to relocate

MOVING ON
How do you rate the importance of the following sources when seeking a new role?

57

50

39

38 34
%

33 33
%

29

20

19

15

anticipate changing roles in the next 12 months

36% of respondents

11

7%

3%

Top 5 reasons for leaving last role

Career development 33% New challenge/more interesting work 29% Higher salary 26% End of contract 18% Redundancy 16%
Respondents could choose up to three reasons

38% of respondents
took up to 3 months to nd their current role

KEY
Importance

Vital

50

Very important

43
38
%

Quite important

%
% 36

39
% 30

Not important
57
%

33

50

43
39
%

38 34
%

33 33
%

36

39
30
%

57

Source
11
%

29

20

19

18
% 10

22
%

50 % 15

19

18
10
%

22

57

% 39

7%
%

43

9%
3% 30
%

3%

38

34

33 33
%

36 2%
%

39

29

50
20
%

National press
19
%

43

39

15

18

22

34

11

29

33 33
%

% %

38

10

36
2%

39
3
%

9%

9%
57
29
%

20
11
3
%
%

19
15
%

7%

50

Online job boards/ advertising

18
% 22
%

% 30

10

9%

43
39
%

2%
39

3
%

38 34
%

33 33
%

36

2%

Social networking
30
%

3%
29
%

57

20

19
% 15

18
10
%

22
%

11
3% 39
%

7%

50

3 24 % %

3%

38 34
%

33 33
%

36

39
30
%

57

20

19
15 % 50
%

18
10
%

22

Recruitment consultancies/ headhunters

9%

9%

11
3 % 39
%

7%

4 2%3%

38 34
%

% % 33 33

36

39
30
%

29

Trade press
22
%

20

19
15
%

18
10
%

11
3%

7%

9%

2%

3%

Word of mouth/ personal referrals/ internal contact

How did you nd your current position? Recruitment consultancy or headhunter 47% Online advertising 13% Professional network or personal contact 13% Direct approach 9% Internal promotion 5% Print advertising 2% Other 2% Not currently employed 9%

KEY FINDINGS Salaries & Benets

REMUNERATION
When was your last pay review?

Less than 6 months ago 33% 6 to 12 months ago 35% More than 12 months ago 12% Not applicable 20%

have had a pay review in the last 12 months

68% of respondents
33%

What was the outcome of your last pay review? Pay increase 68% Pay remained the same 31% Asked to take a pay cut 1% of respondents perceive a 5 to 10% salary increase as acceptable if they were to move roles

Satisfaction with current remuneration

respondents are satised with their current remuneration compared with

53% of contract 44% of permanent

respondents

Pe r

Co
t rac nt

ent an m
Pe r

Pe r

ent an m

ent an m
Pe r

Pe r

ent an m

Satised 44% Neither satised nor dissatised 26% Dissatised 30%

ent an m
Pe r

Pe r

ent an m

ent an m

Satised 53% Neither satised nor dissatised 27% Dissatised 20%

UK
BENEFITS

25 days holiday or more

is the most desired benet
Top 5 benets currently received
1-9% of salary

56%
56% of respondents were satised with their benets 25 days holiday or more 78% Company pension scheme 64% Private healthcare 54% Annual bonus scheme 48% Insurance (PMI/death in service/life insurance) 48%
Respondents could select all benets that applied

Benets considered most and least important when considering a new role 25 days holiday or more Annual bonus scheme Good company pension Private healthcare Insurance* Sabbatical Mortgage relief Season ticket loan Daily subsidised meals Childcare vouchers
*PMI/death in service/life insurance

Respondents rated a selection of 20 benets in order of importance

BONUS
Did you receive a bonus in 2012?

44%
44% of respondents were satised with their bonus As a percentage of your basic salary, what was your bonus in 2012?

34%
10 to 19% of salary 32% 20 to 29% of salary 15% 30 to 49% of salary 5% 40 to 90% of salary 4% More than 90% of salary 3%

of respondents received the same bonus in 2012 as 2011

1 to 9% of salary 41%

Yes 47% No, not entitled to receive one 38% No, not awarded one 15%

1-9% of salary

KEY FINDINGS Salaries & Benets

BONUS
A comparison of bonuses received across sectors*
100

80

60

40

20

0 Banking and Financial Services Commerce and Industry Management Consultancy Public Practice

KEY
1 to 9% of salary 10 to 19% of salary 20 to 29% of salary 30 to 39% of salary 40 to 49% of salary
*Bonuses received as a percentage of salary

50 to 79% of salary More than 80% of salary

NORTH WEST

Key Findings

+44 161 638 8630 manchester.uk@markssattin.com

Paul Collier Regional Director

KEY FINDINGS Market Perspective

ECONOMIC PROSPECTS
Compared with the last 12 months, how condent do you feel about the economic prospects facing your company? Top 5 expectations for your business in the next 12 months

Salary freeze 35% Protability of business 35% Recruitment freeze 33% Budget cuts 30% Greater focus on regulatory issues 30%
Respondents could choose more than one answer from a choice of 14

More condent 25% As condent 48% Less condent 27%

NORTH WEST

JOB SECURITY
of respondents feel more condent about the economic prospects facing their company compared with the last 12 months
Secure 70% Insecure 30%
58%

Only 25%

How would you rate your current job security?

Expectations for personal salary and job security in the next 12 months

58%
58%

58%

58%

Salary freeze 30% Redundancy 5% Shorter working week 4% Salary reduction 1%

58%

Other 16%
Respondents could choose more than one answer

NORTH WEST

HEADCOUNT
How has the number of staff in your team changed in the past 12 months?

33%

33%

of respondents selected business growth or expansion as the main reason for an increase in staff

33%

Remained the same 28%

33%

33%

Decreased 26% Not sure 13% of respondents selected headcount reductions as the main reason for a decrease in staff Short term (0-6 months ahead) 32% Medium term (6-12 months ahead) 24% Long term (1-2 years) 14% Non-existent 3% Not sure 27%

of respondents have more than 20 employees in their team

NORTH WEST

What is your employers recruitment strategy?

of respondents have seen an increase in the size of their team in the last 12 months

33%

KEY FINDINGS Career Insight

EXPERIENCE
Length of time in the accountancy, nance or advisory profession 0 to 3 years 4% 4 to 6 years 15% 7 to 10 years 19% 11 to 15 years 26%
11-15 years

Length in current role Less than 1 year 54% 1 to 2 years 18% 2 to 3 years 10% 3 to 5 years 10% 5 to 10 years 4%
<1 1-2 2-3 3-5 5-10 >10 years

70%
30%

16 to 20 years 5% 21 to 25 years 10% More than 25 years 21%

More than 10 years 4%

NORTH WEST

current role for less than a year

54% of respondents have been in their

HOURS WORKED
Average hours worked per week How has the number of hours changed in the last 12 months?

of respondents chose taking on more responsibility as the main reason for an increase in working hours

67%

Increased 33% Remained the same 48% Decreased 19%

NORTH WEST
RELOCATION

Improved quality of life

Top 5 reasons for respondents wanting to relocate

Improved quality of life 82% Different culture 54% New career opportunity 51% Improved salary 51% Better employment opportunities 36%
Respondents could choose more than one reason from a choice of nine

is the main reason for respondents wanting to relocate

Top 5 places respondents would consider relocating to in the next two years USA 40% Canada 30% New Zealand 28% Mainland Europe 24%
ralia Respondents could choose more st A 51% than one country from a choice of 14
u

ralia st A 51%

ralia st A 51%

ralia st A 51%

ralia st A 51%

40% of respondents
would not relocate
NORTH WEST

MOVING ON
Top 5 reasons for leaving last role Career development 51% New challenge/more interesting work 39% Higher salary 21% Better work-life balance 16% Redundancy 14%
Respondents could choose up to three reasons

respondents anticipate changing roles in the next 12 months

38% of

KEY FINDINGS Salaries & Benets

REMUNERATION
When was your last pay review?

Less than 6 months ago 35% 6 to 12 months ago 34% More than 12 months ago 12% Not applicable 19%

have had a pay review in the last 12 months

69% of respondents

37%
NORTH WEST

of respondents perceive a 5 to 10% salary increase as acceptable if they were to move roles

of respondents received a pay increase in their last pay review

70%

Satisfaction with current remuneration

respondents are satised with their current remuneration

Satised 53% Neither satised nor dissatised 26% Dissatised 21%

53% of

NORTH WEST
BENEFITS
Top 5 benets currently received 25 days holiday or more 79% Company pension scheme 70% Insurance (PMI/ death in service/life insurance) 58% Private healthcare 51% Mobile phone/ Blackberry/PDA 51%
Respondents could select all benets that applied

Benets considered most and least important when considering a new role 25 days holiday or more Company pension scheme Annual bonus scheme Flexible working Mobile phone/ Blackberry/PDA Season ticket loan

25 days holiday or more is the most

desired benet

56%
56% of respondents were satised with their benets

Less than 25 days holiday Sabbatical Daily subsidised meals

NORTH WEST

Mortgage relief

Respondents rated a selection of 20 benets in order of importance

BONUS
Did you receive a bonus in 2012?

56%
56% of respondents were satised with their bonus

41%
10 to 19% of salary 30% 20 to 29% of salary 23% 30 to 39% of salary 7% More than 40% of salary 0%

of respondents received the same bonus in 2012 and 2011

1 to 9% of salary 40%

As a percentage of your basic salary, what was your bonus in 2012?

Yes 40% No, not entitled to receive one 46% No, not awarded one 14%

1-9% of salary

NORTH WEST

Commerce & Industry

+44 161 638 8634 manchester.uk@markssattin.com

Paul Hey Consultant

11

COMMERCE & INDUSTRY Market Insight

The big trends of 2012
For the rst time in several years, we saw more commercial nance roles emerging within commerce and industry. Although the economy has by no means completely recovered, businesses have been showing positive signs that better days are ahead by recruiting for these roles, highlighting that they wont be left behind their competition.

Outlook for 2013

Whilst many businesses have taken on part qualied personnel to train and move into more senior commercial nance positions over time, those who have not may be forced to recruit at a qualied level. Increased demand in this specialism is likely to drive the salaries of specialist business partners higher than we have seen in previous years. Within commerce and industry, there has so far been limited movement of business from London to the North West. We expect this movement to increase as businesses notice the nancial benets their competitors are gaining from the move. This will lead to a migration of talent to the North West as well as a larger selection of opportunities. This will by no means be a rapid process but we would expect this to increase year on year for the foreseeable future.

NORTH WEST

Within commerce and industry, there has so far been limited movement of business from London to the North West. We expect this movement to increase as businesses notice the nancial benets their competitors are gaining from the move

Reactions to uncertain market conditions

Employers have been reacting similarly to previous years, with caution. They want to be made aware of exceptional individuals who can add value to their existing nance functions, but human resources and other constraints are unfortunately hindering these preliminary signs of expansion. Encouragingly though, one of our larger clients has now nally reopened their doors after an 18 month recruitment freeze, and qualied recruitment is once more at the desired level due to decrease in graduate intake.

One of our larger clients has now nally reopened their doors after an 18 month recruitment freeze, and qualied recruitment is once more at the desired level

NORTH WEST Market growth

With high street retailers contracting, online retailers have signicantly increased in market size. Do not be surprised to see businesses that have recently ceased operation on the high street emerging in the e-commerce market in the coming years, as online domains are snapped up by competitors. Logistics operators continued to struggle in gaining a protable output over a full year, as opposed to peaking during the Christmas rush. As consumers we have almost come to expect either low delivery charges or free delivery on online orders, which has forced down margins year on year and caused most online retailers to look at acquiring or setting up their own logistics functions.

Do not be surprised to see businesses that have recently ceased operation on the high street emerging in the online market in the coming years, as online domains are snapped up by competitors

Supply and demand

Business analyst roles are in demand within both commerce and industry and nancial services, and as the market in the North West grows, there will be more demand for these value-add roles from businesses attempting to gain competitive advantage. There has been an increase in the number of candidates looking to move from professional services into industry due to the lack of progression. As there arent enough opportunities available in industry to meet the number of candidates, professional services rms have been left with a surplus and have therefore been forced to make redundancies.

Taking the next step in your career

QUESTION THE VALUE OF EACH OPPORTUNITY When considering a prospective role, always ask yourself where this opportunity will take you next. There may be certain boxes that you dont want to tick as you try to reach your desired goals but getting these out of the way is vital in gaining senior nance positions in a very competitive market. BE PATIENT AND WAIT IF NECESSARY Dont jump at the rst opportunity presented to you just because you want to leave your current role. Make an informed decision because moving for the wrong reasons can be detrimental to your own personal development.

NORTH WEST

There has been an increase in the number of candidates looking to move from professional services into industry due to the lack of progression

COMMERCE & INDUSTRY Market Insight

Why candidates are making a move
There will always be candidates looking for opportunities, but more candidates have been looking in recent years due to their roles ceasing to exist. Diverse skill sets are vital in a rapidly developing market, and if employees are averse to change, there may be limited opportunities for them within a growing organisation. Candidates need to keep their skills up-to-date, and potentially look into taking on an extra-curricular course in their own time.

Attracting top talent

Candidates need to keep their skills up-to-date, and potentially look into taking on an extra-curricular course in their own time
HAVE A PLAN AND SHARE IT Provide a clear structure for candidates to progress internally when their development reaches certain criteria. BE TRANSPARENT Have a clear strategy and forecast in place that allows individuals to see how the business will progress and continue to grow over the course of their employment. Security is key for candidates. PROVIDE OPPORTUNITIES FOR DEVELOPMENT Offer employees exposure to ad hoc assignments where they can acquire new skills and develop on a professional and personal level.

NORTH WEST

Spotlight on salaries and bonuses

Despite salary levels remaining static, the percentage of bonuses being paid in full has decreased. Retailers in particular have shifted towards bonuses based more on individual performance rather than company performance. This reward for personal success seems to be working well, with many retailers now making positive moves for 2013. The past three years have seen the demise of many wellknown high street brands, but individuals from here have not struggled to nd employment as new retailers, particularly online businesses, have shown strong signs of growth.

Retailers in particular have shifted towards bonuses based more on individual performance rather than company performance

NORTH WEST
Qualified Job title
Newly Qualied ACMA Management Accountant Newly Qualied CA Business Analyst Financial Analyst Finance Manager FP&A Manager Financial Controller Head of Finance Finance Director Chief Financial Officer

Salary range 2012

31,000-35,000 32,000-35,000 33,000-36,000 33,000-37,000 33,000-37,000 38,000-42,000 48,000-55,000 55,000-65,000 65,000-75,000 80,000-90,000 95,000-105,000

Hourly rate 2013 2012

15-18 16-18 16-18 17-19 17-19 19-21 24-26 28-32 33-36 44-46 48-52

2013
15-18 16-18 16-18 17-19 17-19 19-21 24-26 28-32 33-36 44-46 48-52

32,000-36,000 33,000-36,000 34,000-36,000 33,000-37,000 33,000-37,000 38,000-42,000 48,000-55,000 55,000-65,000 65,000-75,000 80,000-90,000 95,000-105,000

NORTH WEST

Part Qualified Job title

Purchase Ledger Accounts Assistant Credit Controller Finance Analyst Bookkeeper Management Accountant Financial Planning Analyst Project Accountant Business Analyst

Salary range 2012

15,000-17,000 19,000-21,000 19,000-21,000 24,000-26,000 24,000-26,000 25,000-27,000 25,000-27,000 25,000-27,000 29,000-31,000

Hourly rate 2013 2012

8-10 9-11 9-11 11-13 12-14 12-14 13-15 14-16 14-16

2013
8-10 9-11 9-11 11-13 12-14 12-14 13-15 14-16 14-16

15,000-17,000 19,000-21,000 19,000-21,000 24,000-26,000 24,000-26,000 25,000-27,000 25,000-27,000 25,000-27,000 29,000-31,000

NORTH WEST

Executive

+44 161 638 8633 manchester.uk@markssattin.com

Phil Bainbridge Manager

EXECUTIVE Market Insight

The big trends of 2012
In 2012 there was an increase in the amount of project based roles, not just senior interim appointments but also permanent opportunities, due to a shift in challenges for nance leadership roles. In a year full of continued uncertainty for many businesses, companies needed specic skills to match the challenges they were facing. Whether this was in the form of a nance director or a head of a technical reporting team, the need for project based working skills to meet constantly developing challenges was the same.

Outlook for 2013

It is expected there will be a continued need for nance directors having broader skills that include strong capitalraising activity. In addition to this, senior nancial services candidates will continue to develop more specialised skills around investment and banking regulation. The key expression in this market is adaptability, and as such we expect an ongoing rise in contracting as both businesses and candidates look for more exibility. Candidates will want to exploit and develop new skills and employers will need exibility during uncertain times. The challenging outlook will continue to favour those who have proven experience in restructuring and cost reduction.

The North Wests technology sector has faired well over the past 12 months
NORTH WEST

Reactions to uncertain market conditions

Uncertain market conditions have been affecting different sectors in a variety of ways. Traditional North West sectors such as manufacturing have reacted with cost cutting measures. For many the crisis of the past four years has led to a permanent shift in their business models. Businesses have had to create growth by looking beyond their usual markets, whether that has been through new products, services or markets. The North Wests technology sector has faired well over the past 12 months through exactly this type of expansion. Overall uncertainty has meant that investment in nance teams has remained cautious as it is governed by results rather than vice versa.

In 2012 there was an increase in the amount of project based roles, not just senior interim appointments but also permanent opportunities

NORTH WEST

Market growth
The growth in the North West has been across a number of sectors, including online retail, online gambling, technology, middle and back office nancial services, as well as media businesses. It is anticipated that these areas will grow further throughout the year.

The growth in the North West has been across a number of sectors, including online retail, online gambling, technology, middle and back office nancial services, as well as media businesses

Supply and demand

There has been an increased demand for nancial leadership roles within shared services this is a long term trend that is accelerating as more businesses base themselves in the North for a lower cost model. The demand for more commercially oriented candidates has been increasing over the past three years but this has begun to ease slightly as supply has picked up.

NORTH WEST

Taking the next step in your career

LOOK AT THE BUSINESS STRATEGY Find out what your prospective employers business strategy is for the next three to ve years, and consider whether it is viable in all economic conditions. EVALUATE YOUR JOB PROSPECTS Consider whether prospective roles will help you meet your overall career objectives. For example, consider which roles will provide you with the leadership experience you require to become a CFO.

There has been an increased demand for nancial leadership roles within shared services this is a long term trend that is accelerating as more businesses base themselves in the North for a lower cost model

EXECUTIVE Market Insight

Why candidates are making a move
Candidates are looking for a role that allows them to develop as an individual and helps them to reach their career goals. Moreover, they want a benets package and salary that reects their work performance. Therefore if their current role is not providing them with these things, they will look elsewhere. Redundancies are also still commonplace in the North West and are forcing professionals to nd a new role.

NORTH WEST

Candidates are looking for a role that allows them to develop as an individual and helps them to reach their career goals
Attracting top talent
DEVELOPMENT IS ESSENTIAL Make sure you have a clear career development plan for all your employees and outline them to candidates during the interview. IMPRESS In the interview process make sure you engage with the top talent, promoting all the benets of working for the business its not just interviewees that need to make a lasting impression.

In the interview process make sure you engage with the top talent, promoting all the benets of working for the business its not just interviewees that need to make a lasting impression

NORTH WEST
Executive Job title
Financial Controller Head of Finance Finance Director Chief Financial Officer

Salary range 2012

55,000-65,000 65,000-75,000 80,000-90,000 95,000-105,000

Hourly rate 2013 2012

28-32 33-36 44-46 48-52

2013
28-32 33-36 44-46 48-52

55,000-65,000 65,000-75,000 80,000-90,000 95,000-105,000

Spotlight on salaries and bonuses

Salaries have not increased signicantly, although there have been more bonus and long term incentive heavy packages, reecting the increased need to reward value creation within a business. This shift is becoming increasingly present within a rising number of distressed businesses that have bonus structures based almost entirely on success. Professionals with international experience have attracted premium compensation packages due to businesses expanding and exploring overseas markets. The growing nancial and shared services sectors in Manchester have seen some increase in salary levels. So far this has been modest but it is expected to accelerate in 2013.

NORTH WEST

Professionals with international experience have attracted premium compensation packages due to businesses expanding and exploring overseas markets

NORTH WEST

Financial Services

+44 161 638 8635 manchester.uk@markssattin.com

Shola Kolawole Consultant

FINANCIAL SERVICES Market Insight

The big trends of 2012
The biggest trend was the continued decentralisation of back and middle office functions from London to the North West. In times of austerity, line managers became acutely aware that it was possible to attract the best talent in the North West without having to offer an inated rate.

Outlook for 2013

As banks become increasingly regulated, we are likely to see an increase in the need for candidates with core technical expertise such as Solvency II. We would expect banks to address these challenges to ensure the nancial states of their organisations remain stable.

The biggest trend of 2012 was the continued decentralisation of back and middle office functions from London to the North West

NORTH WEST

As banks become increasingly regulated, we are likely to see an increase in the need for candidates with core technical expertise such as Solvency II

Reactions to uncertain market conditions

Employers have been recruiting technically experienced candidates who can adequately manage the reporting and preparation of accounts. This approach has enabled them to secure the stability of their nance teams. A number of key players in the market have been subject to legislation changes and as a result, many North West banks have recruited PMO managers to supplement this change. As banks continue to be acquired by competitors, we expect there to be a signicant increase in demand for change managers who can guide business through a state of ux.

Employers have been recruiting technically experienced candidates who can adequately manage the reporting and preparation of accounts

NORTH WEST Skills in demand

There was an increase in demand for back and middle office roles in the North West nancial services industry. A number of the regions major banks have recruited systems analysts to strengthen their IT functions. Technical back office staff are key to offering vital support to colleagues in front office roles. Whilst these back office positions do not directly generate revenue for the business, they are fundamental to the success of the organisation which is why hiring managers have been keen to secure the best talent in the market. Businesses have also used the skills of contractors from the South.

Most organisations attempted to steady the ship by recruiting technical specialists who could streamline the accounts process

NORTH WEST

Supply and demand

There has been an increased demand for systems and market intelligence analysts in back offices as a number of nancial services businesses have been subject to change projects. In addition to this, there has been an increase in nance business partners with specic knowledge to handle proposed acquisitions. Throughout the year we expect more nancial services rms to be acquired by other organisations, benetting the employment market for back/middle office staff who will be needed to handle increased client bases as a result of acquisitions.

Taking the next step in your career

RESEARCH THE DUTIES ASSOCIATED WITH A ROLE For each role you apply for, nd out what the day to day responsibilities are to ensure they match your skill set and ambitions. Responsibilities of a nance job can differ depending on the structure of an organisation. CLEARLY DEMONSTRATE YOUR WORTH TO A BUSINESS Most employers are happy to offer you the progression you are looking for but in this current economic climate they need to be sure you will add value in return. BE REALISTIC WITH YOUR SALARY DEMANDS Over the past three years salary brackets have changed, so if you want to secure that dream role be careful not to price yourself out of an offer. Establish the right balance of what you are worth, and focus on the job opportunity itself, as well as the long term incentive plans.

There has been an increased demand for systems and market intelligence analysts in back offices as a number of nancial services businesses have been subject to change projects

FINANCIAL SERVICES Market Insight

Why candidates are making a move
Personal and professional progression are key motivators for candidates wanting to move. In any role, professionals want to be adequately remunerated for what they do and progress through the ranks. Therefore it is essential employers provide a clear structure of how individuals can progress within their company, and set out clear contractual provisions to assure candidates are making the right move. This will ultimately benet both parties as the employee will be more content about their career and feel integrated into the business, and it will also give the employer assurance that the new hire will add value.

Attracting top talent

DEFINE A CLEAR PATH FOR PROGRESSION Most candidates cite personal and professional progression as a key motivator for moving elsewhere, so ensure you have career paths for each role clearly planned out. PROVIDE AN INSIGHT INTO THE CULTURE OF YOUR BUSINESS To attract the best talent you need to make sure your business model is appealing to potential employees. Candidates need to be made aware of future plans for the business at the interview stage, as many professionals are looking for long term moves as opposed to stop gaps. CLEARLY DEFINE THE STRUCTURE OF YOUR TEAM This will give a potential employee a rm awareness of where they could potentially t in within your business.

Bonuses within nancial services are of course a sensitive social topic and as such, businesses have taken a pragmatic approach as far as remuneration increases are concerned

NORTH WEST

Spotlight on salaries and bonuses

Salaries have remained relatively constant, but we have recently seen a slight increase in bonuses as businesses seek to incentivise their staff. Bonuses within nancial services are of course a sensitive social topic and as such, companies have taken a pragmatic approach as far as remuneration increases are concerned. Businesses often insert an attractive long term incentive plan into a contract as a way of offering nancial gains to a candidate in the current marketplace.

NORTH WEST
Qualified Job title ACA
Newly Qualied | Not Big 4 trained Newly Qualied | Big 4 trained 1-3 years PQE 3-5 years PQE 32,000-34,000 33,000-36,000 44,000-46,000 54,000-56,000 32,000-34,000 33,000-36,000 44,000-46,000 54,000-56,000 15-17 16-18 22-24 25-27 15-17 16-18 22-24 25-27

Salary range 2012 2013 2012

Hourly rate 2013

ACCA/CIMA
Newly Qualied 1-3 years PQE 3-5 years PQE Financial Controller | 5-6 years PQE Finance Director | 8-10 years PQE 32,000-34,000 39,000-41,000 44,000-46,000 58,000-62,000 88,000-92,000 32,000-34,000 39,000-41,000 44,000-46,000 58,000-62,000 88,000-92,000 16-18 19-21 21-23 29-31 48-52 16-18 19-21 21-23 29-31 48-52

NORTH WEST

Part Qualified Job title Graduate

Up to 12 months

Salary range 2012 2013 2012

Hourly rate 2013

17,000-19,000

17,000-19,000

8-10

8-10

ACCA
Foundation Stage | 0-2 years Intermediate Stage | 2-3 years Finalist Stage ACCA | 3-4 years 20,000-22,000 25,000-27,000 29,000-31,000 20,000-22,000 25,000-27,000 29,000-31,000 9-11 10-14 14-16 9-11 10-14 14-16

ACMA
Certicate Stage | 0-2 years Managerial Stage | 2-3 years Strategic/TOP CIMA | 3-4 years 22,000-24,000 24,000-26,000 26,000-31,000 22,000-24,000 24,000-26,000 26,000-31,000 10-12 10-12 12-14 10-12 10-12 12-14

ACKNOWLEDGEMENTS
We would like to extend our appreciation to all those who completed this survey and made this market report possible. If you didnt participate, please do so next year so we can continue to develop the depth and quality of this report and provide you with a fair and balanced picture. This report is only ever intended to give a very general overview on the changing nature and complexity of the employment market for accountancy, nance and advisory professionals and can serve as a useful guide. However, if you require a more tailored and condential discussion on how this will affect your business, nance department or indeed your own career, please do not hesitate to get in touch.

Editor and Marketing: Kirsty Assistant Editor:

Alex Voskou Alicja Skrakowski

gaapweb.com

Kelly

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DISCLAIMER
This research was carried out by means of an electronic questionnaire and supplemented with data and market information that Marks Sattin has access to. The results are provided as generic market information only. Marks Sattin does not make any warranties regarding the use, validity, accuracy or reliability of the results and information obtained. Marks Sattin will not be liable for any damages of any kind arising out of or relating to use of this information. Commercial use and distribution of the contents of this document is not allowed without express and prior written consent of the author.

markssattin.co.uk

Marks Sattin

@MarksSattin