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The state we’re in GAAPweb’s
The state of accountancy
GAAPweb has released its 2022 Audience Insight Report
The latest GAAP insight report reveals the gender pay gap closed by 3% this year; however, the average salary of a male accountant (£74,830) is still 20% more than their female colleagues.
Despite this, women’s salaries have seen a larger year-on-year increase, with women in the survey earning 10% more on average (£59,844) compared with 2021. Comparatively, the average salary for women was up 6% in the last year.
While some pay disparity was noticed among some lower paying roles, such as credit controllers, for the most part the gap was more prominent among the more senior roles. The average salary for men in Head of Finance roles was £11,760 more than their female counterparts. In addition, disparities reached £11,530 for FP&A Managers and £6,085 for Financial Controllers.
However, the largest pay disparity was found in FP&A analysts – a job title equally represented by men and women – with men receiving £15,000 more on average.
Gender differences in the profession are amplified when looking at remuneration and rewards.
Male finance professionals were significantly more likely to have received a bonus, with 59% of respondents receiving additional compensation for their hard work.
This was an increase of 4% on 2021, yet only 39% of female professionals received a bonus this year compared with 44% the year before.
Average salary Pay for the two most senior finance roles has once again reached six figures, with CFOs reporting an average salary of £123,008. Finance Directors have made a comeback following a significant cut to salaries during the pandemic, earning £104,422 on average, up 10% year-onyear. The more junior finance roles experienced the largest fluctuation in terms of average salary, with tax (45%) and accounts payable (40%) reportedly earning a significant amount more post-pandemic.
Conversely, those working in audit (-24%), payroll (-5%) and bookkeeper (-2%) roles noticed a salary decrease. Two out of three of the sectors that saw the largest salary drop in 2021 have recovered, with significant increases this year for corporate finance (62%) and PQ accountant (47%). The average salary for a PQ rose from £28,333 in 2021 to £41,667 in 2022.
By location Showing no sign of moving from the top of the UK pay table, London saw salaries grow to £76,224 on average, up 4%. In close second, professionals working in the South East have reported a 13% increase in average salary, with £74,274.
All other locations across the UK have reported average salary increases, possibly due to the rise of hybrid working, which is affording previously London-based professionals with higher pay packets the option to work outside of the capital.
Wales has experienced the largest increase in average salary within the UK, with 56%. The only exception is the South West, which saw average salaries drop by 3%.
Elsewhere, pay in overseas locations have also reported year-on-year increases, indicating that global economies are bouncing back. Salaries for finance professionals in Australasia now exceed salaries in London.
Check out the full report at https://tinyurl. com/55ft998t
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