Minister for Public Expenditure and Reform, Michael McGrath T.D. was the guest speaker at the Leinster Society business lunch event in Dublin yesterday –the first business lunch of Chairperson Ann-Marie Costello’s term. The Minister spoke of his journey to qualification as a Chartered Accountant, pride in his membership, and how it continues to help him to this day, describing how he still scans everything he reads for numbers first. In his speech, the Minister discussed how the backdrop to Budget 2023 is complex and challenging: that we have yet to see the full impact of Brexit; the new scenario of war in Europe and the associated humanitarian crisis across the continent; the impact of rising inflation around the globe, and rising energy costs and energy supply concerns.  The Minister stressed the need for prudent management of public finances while creating a cost-of-living budget to address the needs of families and businesses. The economy has benefitted from previous targeted policy decisions and with proper financial management has the resilience to withstand the current challenges. He touched on the tax system and the need to move away from a system of “static” tax bands, and acknowledged the advice and advocacy provided by the Institute’s Advocacy and Voice team led by Dr Brian Keegan in the government’s work on COVID-19 supports, corporation tax and other tax reforms.  The Minister broadly described the plan for Budget 2023: "In the round we will have a really strong package – a set of one off measures which will amount to several billion euro, which will kick in within weeks of Budget day to support households and also to support businesses," he said. "And then we will have quite a strong package for 2023 where we focus on some of the longer-term challenges that we face as a country as well." In closing, the Minister acknowledged the huge challenges businesses will face with the continuing rise in energy prices, and the work these businesses are doing to stay viable in the face of such unpredictable and growing costs. He committed to the government’s support of these businesses and households to the best of their ability through Budget 2023. The Leinster Society thanks all the members who joined them for the event at Dublin's Fitzwilliam Hotel.

Minister Michael McGrath delivers pre-Budget commentary in Dublin    Talent the “engine of growth”, so employees must be front of mind in Budget 2023 22 September 2022 – Budget 2023 must meet the twin challenges of addressing both business and social imperatives next week. This was the message delivered to Minister for Public Expenditure & Reform Michael McGrath T.D. as he addressed a gathering of Chartered Accountants Ireland Leinster Society in Dublin today.  With five days to go until Budget 2023 is unveiled, members of Ireland’s largest professional accountancy body stressed the need to use the Budget as a tool to improve the wider business operating environment, specific business needs and, crucially, the lot of individual taxpayers. This holistic approach is critical to support individuals and ensure that Ireland is an attractive place to live and work.    The Society reiterated that with a variety of financial and administrative burdens on the horizon, from legislative developments on auto-enrolment, the right to request remote working, and statutory sick pay, government interventions need to happen in a considered and balanced way that doesn’t add extra pressures on business.   Commenting, Chair of Chartered Accountants Ireland Leinster Society Ann-Marie Costello said  “In its pre-Budget submission and commentary over the summer the Institute stressed that addressing business needs in isolation won’t help our economy to weather this turbulence and remain competitive. Talent is the engine of economic growth, so in tandem with targeted measures to assist business, this Budget needs to address infrastructural and personal finance issues so that people can survive and succeed in Ireland.” From Institute engagement with members, it is clear that in addition to the unprecedented challenges of inflation and rising energy costs, among the biggest challenges facing businesses are people-related, both attracting them and managing them. Over 60% of members cite competition for talented people as a significant challenge. Costello continued          “Ireland’s investment policy has traditionally been focused on taxation from the employer’s perspective, however in 2022, this focus needs to be widened. In recent weeks, a survey by this Society pointed to continued strong earnings prospects for Chartered Accountants working across Leinster, including for newly qualified members, however in spite of this, accounting has been listed on the Department of Enterprise, Trade and Employment’s Critical Skills Occupations List since 2016. This is all the more reason that employee needs must be placed at the very core of a successful business environment.” Chartered Accountants Ireland’s Pre-Budget submission, under the auspices of the Consultative Committee of Accountancy Bodies Ireland (CCAB-I) contains measures to address some of the most pressing societal issues facing Ireland. It proposes that consideration be given to reforming personal tax allowances so that allowances are ‘frontloaded’ at the outset of a person’s career. The submission suggests that such reform is in line with government policy on FDI and should form part of Ireland’s overall policy to attract and retain talent. In addition to reforming personal tax allowances, the CCAB-I supports the proposal to introduce a third rate of income tax to make the tax system more equitable provided that the entry levels to each band of tax are appropriate. Of equal importance is ensuring that Ireland has a functioning housing market to house its population and attract and retain talent to our shores. In its Pre-Budget submission, Chartered Accountants Ireland noted that the residential property market is in crisis, with not enough houses to buy or rent in the private sector and not enough houses being built by the State for those who need social housing. It proposed the extension of the 25% tax rate enjoyed by corporate landlords to individuals, so that the tax system could be effectively harnessed to encourage landlords to stay in the market and new entrants to meet the supply shortage. ENDS 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 over 31,000 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.        

Annual survey from Chartered Accountants Ireland Leinster Society and Barden shows flexible & hybrid working remains key focus for members Salary packages for newly qualified rise by 3% 7 September 2022 – A new survey published today puts the average salary package for a Chartered Accountant working in Leinster at €119,270, representing an increase on average of €7,000 – or more than 6% – on last year. The survey of more than 1,000 Chartered Accountants, launched today by Chartered Accountants Ireland Leinster Society in partnership with Barden, Ireland’s leading accounting and tax recruitment firm, provides the most up-to-date guide to Chartered Accountant salaries and employment prospects in the Leinster region.  Rising remuneration packages The research, conducted by Coyne Research between 14 July and 9 August, shows continued strong earning potential for those entering the profession, with newly qualified Chartered Accountants receiving an average salary package (including base salary, car or car allowance, plus bonus) of €58,967, an increase of more than 3% on last year (€57,164).  Almost 9 in 10 (86%) members say their total remuneration has increased in the past three years, compared to 82% in 2021. More than one third of respondents (37%) said their salary had increased by more than 25% this year. The vast majority (88%) of members have a pension, an increase on previous years (85% in 2021 and in 2020), with employers contributing an average 9% of their salary. After basic salary, pension contribution is the most valued part of their package for 51% of respondents.     Remuneration & bonus expectations  While fewer members expect to receive a bonus this year (60%) compared to last year (67%), the survey shows members’ outlook for the future is overall more positive than in previous years. Some 83% of members still expect their total remuneration to increase within the next 12 months, with almost one-fifth (18%) expecting it to increase by more than 10%.  Looking to the future, four-fifths (79%) of respondents believe the market is buoyant, a sizeable increase on 2021 (67%) and a significant jump on 2020 (25%) when the Covid-19 pandemic hit.   Flexible & hybrid working  The survey points to a lasting shift in flexible and hybrid working options for Chartered Accountants, with employers facilitating staff to work from home as part of promoting work/life balance: A hybrid arrangement is the most popular option with 73% of members saying their employer facilitates this, while 13% of members work from home full time. A hybrid arrangement is the most popular option with 73% of members saying their employer facilitates this, while 13% of members work from home full time. 4 in 5 members say the ability to work from home is a non-monetary way that their employer supports a healthy work/life balance. 74% say that the flexibility to work from home, or being able to work from any location in the future is valuable to them. 74% rate their employer as ‘very good’ or ‘good’ at adapting to remote/hybrid working. More than a third (36%) claim they are working more hours at home than when working in the office, down from 48% in 2021.  Enhanced skills  The survey also highlights some of the positive and lasting impacts felt by Chartered Accountants in their work following the pandemic: 3 in 4 believe the pandemic has not fundamentally changed their work as a Chartered Accountant in their organisation, but ways of working and their skills sets have improved. 3 in 5 believe the move to remote working enhanced the communication skills needed to work as a Chartered Accountant in their organisation. More than half (53%) say that moving to remote working enhanced their finance software & IT skills, while 50% say their presentation skills improved as a result.  Ann Marie Costello, Chairperson of Chartered Accountants Ireland Leinster Society, said:  “This year’s survey shows a number of very positive market trends. It points to continued strong earning prospects for Chartered Accountants working across Leinster, including for newly qualified members. While expectations around bonus payments have fallen back somewhat, overall remuneration packages are rising across the board, and the vast majority of those surveyed remain confident that salaries will increase again in the year ahead and that there is buoyancy in the market.    “The survey clearly shows that employers have adapted well to new ways of working, and the value members place on flexible and hybrid work arrangements cannot be overstated. It’s reassuring to see the balance being struck between remuneration that is both financially attractive and supportive of work-life balance.” Elaine Brady, Managing Partner at Barden, said  “The survey shows real confidence in the accountancy sector, both for those newly qualified and well established in their careers. One of the standout trends for the majority of members is that total remuneration has increased consistently over the past three years, notwithstanding the impact of the Covid-19 pandemic. At the same time, we are now seeing clear evidence of flexible and hybrid working becoming embedded norms in the workplace, with almost three quarters of respondents rating their employers as ‘good’ or ‘very good’ in adapting to new arrangements.”   ENDS Note to editors The survey was conducted by Coyne Research on behalf of Chartered Accountants Ireland Leinster Society, in partnership with Barden, between 14 July and 9 August 2022.  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 over 31,000 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 five years, to bring you the annual salary survey. Barden also works 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 and Communications Manager Chartered Accountants Ireland