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Annual survey from Chartered Accountants Leinster Society shows 1 in 10 have had salary reduced due to COVID-19.
The average salary package (including such elements as base salary, pension scheme, health insurance) for a Chartered Accountant in Leinster remains steady at €109,989, a marginal decrease from €112,582 last year.
The survey of more than 1,000 Chartered Accountants, published today by Chartered Accountants Leinster Society in partnership with Barden, Ireland’s leading partner led expert 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.
While overall salary packages have remained steady for the majority, the survey, conducted during August, reveals some evidence of pay cuts among employees – just over 1 in 10 members claim to have had their salary reduced as a result of COVID-19, over half of whom had their salary reduced by more than 10%.
Almost 4 in 5 say they their employers have been “good” or “very good” in adapting to working from home arrangements. At the same time, many employees working from home have felt an increase in workload, with almost 1 in 2 report working longer hours than when they were office-based.
Overall, the resilience of the profession comes across reasonably strongly among respondents, demonstrating the importance of a strong accountancy function in organisations at a time of such uncertainty. Only 18% of members are “quite” or “very” concerned about job security at the moment.
The annual survey also highlights the importance of other types of remuneration to members. Over half of respondents (51%) say they had the ability to work from home before COVID-19, while 49% say they could avail of flexible working arrangements (including flexitime and time in lieu). 85% of members report having a pension scheme and, of those, employers contribute to 91% of them. Just over half of members receive health insurance as an employment benefit.
Key findings include:
- 84% of respondents place value on work / life balance or flexible working arrangements, and would sacrifice between 5% and 10% of their wages for a better work life balance or to have flexible working arrangements. (86% in 2019.)
- 56% of respondents say they are satisfied or very satisfied with their work / life balance. (62% in 2019.)
- 82% of Chartered Accountants have received a salary increase within the last three years (85% in 2019), with 3 in 10 of members obtaining an increase of over 25%.
- 51% of respondents have been promoted in the last three years. (51% in 2019.)
- 22% have moved to a new job in the last 12 months, on par with last year.
- 25% of members believe the market for Chartered Accountants is buoyant (85% in 2019). 36% believe the market is contracting (5% in 2019).
Commenting on the findings, Áine Crotty, Chairman of Chartered Accountants Leinster Society, said: “The 2020 Leinster Society salary survey shows that pay remains consistent for Chartered Accountants in this unprecedented and challenging time. It is reassuring to see that many members are satisfied in how their employers shifted to remote working and flexible working arrangements, which is key as we head into the future and deal with the realities of COVID-19.
“This survey gives employer firms, recruiters and those who may be considering a career in Chartered Accountancy a reliable insight into the profession. Chartered Accountants Ireland offers a range of flexible entry-routes into the profession so that students can work and learn in a way that best meets their individual needs, which is increasingly important in the current environment.”
Elaine Brady, Managing Partner, Barden, said: “We are delighted to partner once again with the Chartered Accountants Ireland Leinster Society annual salary survey. For us in Barden it’s absolutely critical for us to be able to provide our clients with cutting edge insights on reward so that they in turn can make informed strategic decisions on talent attraction and retention and managing their teams.
“The insights gained from this survey, especially at this challenging and uncertain time for Irish business, will help to drive key decisions especially when it comes to businesses and their teams. It is very positive to see that in the main remuneration remains consistent, however at this stage it is difficult to see the true impact of this pandemic on Irish business. Another positive outcome of the survey is the excellent flexibility amongst employers, who in the main have been quick to adapt and facilitate their teams working remotely, which no doubt will shape the future of how we work.”
Bernadette Coyne, Managing Director at Coyne Research, said: “This survey highlights the fact that the average pay has remained similar to last year’s survey, however we see some members having their pay cut since the onset of COVID-19. While most members say their company transitioned well to working from home arrangements, this has to be taken in the context of many having to work more hours at home than they would have in the office.”
Where Chartered Accountants Work
The survey highlights the wide range of industries and sectors that Chartered Accountants work in. Of the 15% of members employed in practice, 47% work in a Big 4 practice and 53% in a Non-Big 4 practice. 83% of those working in practice are in a Manager or Director role.
The majority of those who do not work in practice are currently working in financial services at 25%. Members also work in IT & Telco (14%), Government and Public Sector / Education (9%), Construction and Property (7%), and many other sectors including manufacturing, not-for-profit / charities, food industry and more.
Of those not employed in practice, 37% work for companies that are a subsidiary of a foreign-owned multinational compared to a private Irish company (28%) or the business unit of an Irish plc (12%).
Most members surveyed work in Dublin (82%).
ENDS
For more information
Jill Farrelly
Chartered Accountants Ireland
087 738 6608
Jill.farrelly@charteredaccountants.ie
Fiachradh McDermott
Gibney Communications
087 655 7070
Notes to editors
This survey of more than 1,000 Chartered Accountants was conducted by Coyne Research on behalf of Chartered Accountants Leinster Society and Barden between 12 August – 27 August 2020.
Chartered Accountants Leinster Society is a district society of Chartered Accountants Ireland, representing over 13,300 Chartered Accountants throughout Leinster.
Chartered Accountants Ireland is Ireland’s leading professional accountancy body, representing 28,500 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. The Institute engages with governments, policy makers and regulators on key issues affecting the profession and the wider economy.
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 specialist areas, and our approach is consultative not transactional.
Barden has proudly partnered with the Chartered Accountants Ireland Leinster Society, for the last 3 years, to bring you the annual salary survey.
Over the next 3 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.