Annual survey from Chartered Accountants Leinster Society shows changing work practices & values focused on health and work-life balance following Covid-19
2 September 2021 - A new survey published today places the average salary package (including base salary, car or car allowance, plus bonus) for a Chartered Accountant in Leinster at €112,033, consistent with recent years. But in contrast to previous surveys, a strong shift in work practices, values and priorities has emerged for many following the onset of the Covid-19 pandemic.
The survey of more than 1,000 Chartered Accountants, published today by Chartered Accountants Ireland Leinster Society in partnership with Barden, Ireland’s leading accounting and tax recruitment firm, and in association with Coyne Research, provides the most up-to-date guide to Chartered Accountant salaries and employment prospects in the Leinster region.
Strong Earning Potential
The survey, carried out between 22 July and 9 August, highlights strong earning potential for those entering the profession, with newly qualified (2020 and 2021) Chartered Accountants receiving an average salary package of €57,164. The majority of members surveyed said they hold full-time permanent roles (96%), up slightly on 2020 (95%). Over 4 in 5 (82%) said their total remuneration has increased within the past three years, with 1 in 3 claiming it has increased by more than 25%. The survey also showed a significant increase in those anticipating a bonus payment in 2021 (67%) versus 2020 (52%), with €20,000 the average bonus expected to be paid this year. At 85%, the majority also have a pension, unchanged from 2020, with employers contributing on average 9% of their salary.
New Ways of Working
As with many professions, the pandemic has changed how Chartered Accountants work with regards to place of work, the role of technology, and hours worked. Key findings include:
8 in 10 respondents considered location flexibility (a mix of home and office/client location, work from anywhere) the most valuable aspect of flexible/hybrid working for the future
More than 8 in 10 believed personal productivity tools such as MS Teams, Zoom, etc. have positively impacted their career
However, almost half (48%) of Chartered Accountants also claim they are working more hours at home than they were when working in the office
60% know what their future working arrangements will entail, while one-third (32%) do not yet know – but among this group, 7 in 10 would like to collaborate with their employer on a plan
Just 6% would be happy to return to a full-time, Monday to Friday office routine in the future.
Future Outlook
At this stage in the pandemic, respondents are more positive about the future, both in terms of their own personal career progression and the outlook for the profession in general. Key findings include:
More than two-thirds (67%) believe the employment market is buoyant, a significant change from 25% in 2020. Only 9% believe the market is contracting in 2021 compared to 36% in 2020
Over half (51%) said they have been promoted in the last three years, with one-fifth of members moving job in the last 12 months. This remains on par with recent years
90% of Leinster Society members are not concerned about job security, a significant improvement on last year when Ireland was in the early stages of the pandemic. At that time, almost one fifth (18%) of those surveyed expressed concern about their job security
Just 4% said their salary has reduced as a result of the pandemic, versus 13% in 2020
Only 3% were in receipt of the Employment Wage Subsidy Scheme, a fall of 6% on 2020.
Jilly Harvey, Chairperson of Chartered Accountants Ireland Leinster Society, said: “While our survey shows that 84% don’t believe the pandemic has changed their work as a Chartered Accountant, it is clear that ways of working have changed, and that the pandemic has been a catalyst for much of this change. Greater work-life balance with flexible arrangements are valued by members in greater numbers than in any previous Leinster Society survey. It is reassuring that employers are providing tangible ways to meet those needs as part of the overall remuneration package on offer to new and established professionals. The survey points to a profession that is adapting well for the post-pandemic world of work, while retaining the many benefits, such as strong starting salaries and flexible entry routes, that make Chartered Accountancy an attractive career path for so many.”
Elaine Brady, Managing Partner at Barden, said: “This survey gives employer firms, recruiters and anyone considering a career in Chartered Accountancy the big picture on what it means to work as a Chartered Accountant in Leinster today. The findings look far beyond the traditional remuneration packages to ask about the real life work arrangements and non-financial benefits increasingly valued by employees. Over half of those surveyed are satisfied with their work/life balance and the non-monetary aspects of their job. As Ireland emerges further from the pandemic, all the signs point to continued confidence in both the employment market and equally the career progression outlook for Chartered Accountants across Leinster.”
Where Chartered Accountants Work
The survey highlights the wide range of industries and sectors that Chartered Accountants work in. The majority of members surveyed work in Dublin (84%). Of the 19% of members employed in practice, 48% work in a Big 4 practice. 68% of those working in practice are in a Manager or Director role.
The majority of those not working in practice currently work in financial services (25%). Members also work in IT and Telecommunications (13%), Government/Public Sector/Education (10%), Construction (8%), Pharmaceutical (8%), and across a broad range of other sectors including manufacturing, not-for-profit / charities, food industry and more.
Among those not employed in practice, almost four in ten (39%) work for companies that are a subsidiary of a foreign-owned multinational compared to a private Irish company (29%) or the business unit of an Irish plc (11%).
ENDS
Note to editors
The survey was conducted by Coyne Research on behalf of Chartered Accountants Ireland Leinster Society, in partnership with Barden, between 22 July and 9 August 2021.
About Chartered Accountants Ireland Leinster Society
Chartered Accountants Ireland Leinster Society is a district society of Chartered Accountants Ireland, representing over 14,950 Chartered Accountants throughout Leinster.
Chartered Accountants Ireland is Ireland’s leading professional accountancy body, representing 29,500 influential members around the world and educating 7,000 students. The Institute aims to create opportunities for members and students, and ethical, sustainable prosperity for society. An all-island body, Chartered Accountants Ireland was established by Royal Charter in 1888 and now has members in more than 90 countries.
It is a founding member of Chartered Accountants Worldwide, the international network of over one million chartered accountants. It also plays key roles in the Global Accounting Alliance, Accountancy Europe and the International Federation of Accountants.
Chartered Accountants Ireland members provide leadership in business, the public sector and professional practice, bringing experience, expertise and strict standards to their work for, and with, businesses in every sector. Chartered Accountants Ireland engages with governments, policy makers and regulators on key issues affecting the profession and the wider economy.
About Barden
Barden is a partner led expert recruitment firm consumed with supporting companies that really know the value of their people. Barden’s expertise covers Accounting, Finance, Tax, Legal and Financial Services recruitment. Our people are trained/qualified in their expert areas, and our approach is consultative not transactional.
Barden has proudly partnered with the Chartered Accountants Ireland Leinster Society, for the last 4 years, to bring you the annual salary survey. Over the next 2 years Barden will also be working closely with Chartered Accountants Student Society of Ireland (CASSI) to make sure their members get access to the right information, at the right time so when they qualify they can make the right decisions about their professional future.
For more information:
Jill Farrelly
PR & Communications Manager
Chartered Accountants Ireland
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