2. Welcometothe 04 Commerce & Industry
04 Newly Qualified Accountants
06 Senior Qualified
08 City Appointments
10 Public Practice
10 Newly Qualified Accountants
12 Qualified Accountants with PQE
14 Corporate Recovery and Forensics
16 Senior Appointments
18 Taxation
18 Commerce & Industry
20 Public Practice
22 Internal Audit
22 Commerce & Industry
24 Public Practice
26 Financial Services
28 Treasury
30 Leading from the front
30 An interview with Paul Venables,
Hays’ Group Finance Director
32 FTSE’s Finance Leaders
32 Accountancy Magazine – October 2007
34 About us
35 Office contact numbers
Welcome to the 2008/09 edition of
the Hays Senior Finance Salary Guide.
This salary guide is dedicated to qualified
accountancy roles and the information
was gathered from placing over 3000
qualified accountants into new roles
last year.
Salary benchmarking is an essential resourcing tool for
hiring managers seeking to attract and retain high quality
candidates. The Salary Guide reveals figures based on those
placements made in the market over the last twelve months.
Figures relate to base salaries and do not include additional
benefits. Telephone interviews, research and analysis of
candidates registered also support the findings.
We hope you find this Salary Guide informative and useful.
SalaryGuide2008/9
SeniorFinanceSalaryGuide2008/9
Contents
3. 5
Salary Guide 2008/9
4
Salary Guide 2008/9
Having spent several years studying for
accountancy exams, most newly qualified
candidates naturally want to assess the market
and see what opportunities are available in
order to further their careers.
The demand for newly qualified candidates is as strong as ever and seems to be
buoyant at all times of year within both blue chip and the SME market. Candidates
seeking their first move from practice into commerce, particularly ACA qualified
accountants from top 10 firms are very sought after. CIMA and ACCA trained
candidates that have already gained specific commercial experience are also very much
in demand. Practice trained candidates also have the option of remaining in practice,
perhaps either moving into corporate finance or business advisory.
Organisations with existing employees about to qualify are wising up to the need to
review packages and manage career aspirations of newly qualified candidates in order
to retain them within the business.
In a very fast moving and competitive market, clients are beginning to recognise the
need to sell their opportunity well, highlighting scope for progression and development.
The very best newly qualified candidates will often have the pick of the plum jobs and
several offers from which to choose their next career move. Benefits packages are
increasingly including bonus structures and sometimes company cars or car allowances
to tempt the best candidates to join their team.
First time passes and a good degree from a well-respected university are always good
selling points, as are strong A level and GCSE results. Specialist skills such as IFRS,
US GAAP, staff management, ERP systems experience and advanced Excel skills are
also very much in demand.
An increasing number of larger organisations are choosing to conduct various interview
stages, which can include skills testing and competency based questions as well as a
traditional question and answer session based around the CV. Small and medium sized
organisations often see the benefit of candidates that have trained within smaller firms
and can sometimes offer a more varied role with scope for strategic input within a short
space of time.
The vast number of opportunities available to newly qualified accountants can be
quite daunting. The first move upon qualifying is important to get right as this can
determine future career moves for many years to come. For recruiters and candidates,
personality and culture fit at this level is crucial. Passing the exams is sometimes only
half the battle. Enthusiasm and initiative are the key ingredients that often result in an
offer being secured.
If you are newly qualified and want to find out about the range of career options
available, visit hays.com/seniorfinance and download our Guide for Newly Qualified
Accountants.
For more information on the services of Hays Senior Finance, please contact
us at your local office, using the phone numbers detailed on page 35.
NewlyQualifiedAccountants
Commerce&Industry
Region
Central London
The City
Outer London
Kent
South Coast
Thames Valley & Surrey
Herts, Beds & Bucks
Norfolk & Suffolk
Essex
Cambridgeshire
West Midlands
East Midlands
Bristol, Wilts & Glos
Cornwall, Devon & Somerset
South Wales
North Wales
Manchester & Cheshire
Merseyside & Lancs
Yorkshire
North East
Scotland
Northern Ireland
Range
45,000-50,000
45,000-57,000
38,000-46,000
28,000-38,000
28,000-40,000
36,000-46,000
36,000-41,000
30,000-35,000
35,000-42,000
28,000-37,000
27,000-37,000
28,000-35,000
28,000-38,000
26,000-33,000
30,000-36,000
26,000-32,000
28,000-38,000
28,000-38,000
28,000-38,000
26,000-38,000
29,000-36,000
25,000-32,000
Leaving the profession
– ACA’s only
National average
Region
Central London
The City
Outer London
Kent
South Coast
Thames Valley & Surrey
Herts, Beds & Bucks
Norfolk & Suffolk
Essex
Cambridgeshire
West Midlands
East Midlands
Bristol, Wilts & Glos
Cornwall, Devon & Somerset
South Wales
North Wales
Manchester & Cheshire
Merseyside & Lancs
Yorkshire
North East
Scotland
Northern Ireland
National average
34,000
Typical
48,000
50,000
41,000
34,000
34,000
41,000
40,000
32,000
38,000
33,000
33,000
32,000
32,000
31,000
34,000
31,000
32,000
32,000
32,000
32,000
32,000
28,000
Range
42,000-48,000
45,000-57,000
38,000-45,000
32,000-40,000
33,000-42,000
35,000-45,000
38,000-42,000
27,000-35,000
35,000-43,000
28,000-37,000
28,000-38,000
28,000-32,000
29,000-36,000
26,000-35,000
29,000-36,000
28,000-34,000
30,000-37,000
28,000-35,000
27,000-36,000
27,000-34,000
29,000-36,000
25,000-32,000
Qualifying in industry
– CIMA
34,659
Typical
45,000
50,000
42,000
37,000
37,000
40,000
40,000
32,000
40,000
34,000
33,000
30,000
34,000
30,000
33,000
31,000
33,000
31,000
32,000
30,000
32,000
29,000
Range
40,000-45,000
45,000-52,000
38,000-43,000
32,000-40,000
33,000-42,000
34,000-42,000
39,000-42,000
27,000-35,000
35,000-42,000
28,000-36,000
28,000-38,000
28,000-32,000
27,000-36,000
26,000-34,000
29,000-36,000
27,000-33,000
29,000-35,000
28,000-35,000
28,000-36,000
26,000-33,000
28,000-36,000
26,000-32,000
Qualifying in industry
– ACCA
34,045
Typical
42,000
45,000
39,000
36,000
37,000
37,000
40,000
31,000
38,000
33,000
33,000
30,000
34,000
31,000
33,000
30,000
31,000
31,000
31,000
30,000
31,000
28,000
Range
38,000-45,000
42,000-52,000
35,000-42,000
29,000-36,000
28,000-38,000
32,000-40,000
35,000-40,000
25,000-30,000
28,000-38,000
25,000-32,000
25,000-35,000
25,000-33,000
27,000-38,000
28,000-34,000
29,000-36,000
27,000-36,000
28,000-34,000
28,000-34,000
28,000-34,000
25,000-31,000
28,000-32,000
26,000-35,000
Leaving the profession
– ACCA
33,000
Typical
40,000
45,000
38,000
33,000
34,000
35,000
35,000
28,000
34,000
32,000
33,000
31,000
32,000
30,000
32,000
30,000
30,000
30,000
30,000
27,000
30,000
28,000
4. 3332
Salary Guide 2008/9
AccountancyMagazine–October2007
FTSE’sFinanceLeaders
There are now 41 FTSE 100 FD millionaires,
our latest annual survey reveals. Liz Fisher
finds that large salaries and substantial
performance-related bonuses are par for
the course.
An astonishing 41 of the 96 FTSE 100 finance directors in this year’s survey received
more than £1m in remuneration.This compares with 34 (from a total sample of 97)
in last year’s survey.
Much of the increase is once again due to large performance-related bonuses. The base
salaries of the FDs have risen to an average of £419,000 over the year, representing a
rise of 9%.Total remuneration, though, increased by 20% to an average of £1,031,000.
Some of the increase in total remuneration can be explained by gains from stock
options due to the rising FTSE 100 share index. The base salary of the FDs in the
survey represents only 40% of their total remuneration, with almost all receiving
substantial performance-related bonuses in various forms.
According to the latest survey of annual and long-term incentives carried out by
PricewaterhouseCoopers Monks, more companies are offering annual bonus plans to
their executives that are based on non-financial measures. The number of FTSE 100
companies offering bonus plans based on purely financial measures fell in the year to
July 2007 from 33% to 17%. Over the same period, the number of companies basing
their incentive schemes on non-financial measures such as customer satisfaction and
employee engagement rose from 13% to 31%.
Finance Director Institute Age
Salary
(£000s)
Bonus
(£000s)
Total
remuneration
(£000s)
Remuneration
last year
(£000s)
Years
in post
Year
end
3i Group Simon Ball ICAEW 47 455 450 1,252 1,134 2 31.03.07
Alliance & Leicester David Bennett 44 374 424 799 684 7 31.12.06
Anglo American Rene Medori 49 485 370 955 480 2 31.12.06
Antofagasta None
Associated British Foods John Bason ICAEW 49 472 251 747 670 8 16.09.06
Astra Zeneca* Jonathan Symonds ICAEW 47 598 378 1,176 1,269 10 31.12.06
Aviva Andrew Moss ICAEW 48 533 744 1,588 1,079 3 31.12.06
BAE Systems George Rose CIMA 54 530 519 1,076 1,022 9 31.12.06
BG Group Ashley Almanza CA (SA) 44 545 540 1,087 966 5 31.12.06
BHP Billiton* Alex Vanselow 43 93 72 370 n/a 1 30.06.06
BP* Byron Grote 58 483 260 743 1,085 5 31.12.06
BT Group Hanif Lalani CIMA 45 450 444 1,068 759 2 31.03.07
Barclays Naguib Kheraj 43 650 1,750 2,565 1,451 3 31.12.06
Barratt Developments Mark Pain 45 100 132 261 n/a <1 30.06.06
British Airways Keith Williams ICAEW 51 382 396 261 1 31.03.07
British American Tobacco Paul Rayner ICAEW 53 609 897 1,738 1,444 5 31.12.06
British Energy Group Stephen Billingham 49 384 400 921 3 31.03.07
British Land Co Graham Roberts ICAEW 49 362 250 641 590 5 31.03.07
British Sky Broadcasting Jeremy Darroch ICAEW 45 500 760 1,285 1,325 3 30.06.06
Cable & Wireless Tony Rice CIPFA 54 600 600 1,377 96 1 31.03.07
Cadbury Schweppes Ken Hanna ICAEW 54 560 592 1,344 1,378 3 31.12.06
Capita Group Gordon Hurst ICAEW 45 207 340 563 535 11 31.12.06
Carnival Gerry Cahill CPA 54 n/a n/a n/a n/a 3 30.11.06
Centrica Phil Bentley CIMA 48 533 566 1,136 932 7 31.12.06
Compass Group Andrew Martin ICAEW 47 461 606 1,229 472 3 30.09.06
DSG International Kevin O'Byrne ICAEW 42 539 554 558 3 28.04.07
Daily Mail & General Trust Peter Williams ICAEW 54 538 144 785 553 16 01.10.06
Diageo Nick Rose 49 559 798 1,392 1,341 8 30.06.06
Drax Group Gordon Boyd CIMA 47 213 141 418 351 2 31.12.06
Enterprise Inns David George CIMA 56 315 142 477 438 16 30.09.06
Experian Group Paul Brooks ICAEW 53 296 264 679 530 6 31.03.07
Friends Provident Philip Moore 47 398 229 636 538 4 31.12.06
GlaxoSmithKline Julian Heslop ICAEW 53 380 437 848 529 2 31.12.06
HBOS Phil Hodkinson 49 802 428 1,307 1,006 2 31.12.06
HSBC Holdings Douglas Flint ICAS, CIMA 52 563 500 1,355 1,190 12 31.12.06
Hammerson Simon Melliss ICAEW 54 330 199 555 454 12 31.12.06
Hanson Jonathan Nicholls ICAEW 49 354 402 763 9 31.12.06
Home Retail Group Richard Ashton ICAEW 40 336 363 793 453 1 03.03.07
ICAP Matthew Lester ICAEW 43 142 550 694 n/a 1 31.03.07
ITV John Cresswell ICAEW 46 448 238 706 n/a 1 31.12.06
ICI Alan Brown CIMA 49 415 278 830 77 2 31.12.06
Imperial Tobacco Group Bob Dyrbus ICAEW 54 495 287 1,797 1,712 10 31.12.06
InterContinental Hotels Richard Solomons ICAEW 45 440 351 806 423 5 31.12.06
International Power Mark Williamson CA (SA) 49 360 360 820 801 3 31.12.06
Invesco Loren Starr 45 n/a n/a n/a n/a 2 31.12.06
Johnson Matthey John Sheldrick CIMA 57 392 206 612 544 12 31.03.07
Kazakhmys Oleg Novachuk 36 600 480 1,106 335 2 31.12.06
Kelda Group Martin Towers ICAEW 54 196 133 341 283 4 31.03.07
Kingfisher Duncan Tatton-Brown CIMA 42 420 221 696 446 3 03.02.07
Land Securities Group Martin Greenslade ICAEW 42 326 282 702 387 2 31.03.07
Legal & General Group Andrew Palmer ICAEW 53 415 373 823 760 6 31.12.06
Liberty International Aidan Smith CA (SA) 47 246 75 383 269 9 31.12.06
Lloyds TSB Group Helen Weir CIMA 45 500 715 1,310 963 3 31.12.06
Lonmin John Robinson ICAEW 52 319 227 633 462 8 30.09.06
Man Group Peter Clarke 47 385 4,752 5,159 3,978 6 31.03.07
Marks & Spencer Group Ian Dyson ICAEW 45 486 525 1,151 685 2 31.03.07
Mitchells & Butlers Karim Naffah 44 376 288 677 595 4 30.09.06
Morrison (Wm) Supermarkets Richard Pennycook ICAEW 43 480 475 1,483 141 2 04.02.07
National Grid Steve Lucas ICAEW 53 472 426 928 848 5 31.03.07
Next David Keens ACCA 54 397 309 732 535 16 27.01.07
Northern Rock Bob Bennett ICAEW, CIMA 59 455 435 909 738 13 31.12.06
Old Mutual Jonathan Nicholls ICAEW 49 79 300 419 n/a 1 31.12.06
Pearson Robin Freestone ICAEW 48 209 243 460 n/a 1 31.12.06
Persimmon Mike Killoran ICAEW 45 310 443 1,161 1,137 8 31.12.06
Prudential Philip Broadley ICAEW 46 530 477 1,174 1,000 7 31.12.06
Punch Taverns Robert McDonald CIMA 51 240 130 386 330 5 19.08.06
Reckitt Benckiser Colin Day ACCA 52 384 907 1,436 1,285 7 31.12.06
Reed Elsevier Mark Armour ICAEW 52 562 489 1,072 1,029 11 31.12.06
Resolution Mike Biggs ICAEW 54 375 364 825 317 2 31.12.06
Reuters Group David Grigson ICAEW 51 469 534 1,087 839 7 31.12.06
Rexam David Robbie ICAEW 44 361 50 424 158 2 31.12.06
Rio Tinto Guy Elliott 51 504 501 1,456 1,004 5 31.12.06
Rolls-Royce Group Andrew Shilston ICAEW 51 455 233 832 803 4 31.12.06
Royal & SunAlliance Insurance George Culmer ICAEW 44 437 381 915 849 3 31.12.06
Royal Bank of Scotland Guy Whittaker 50 663 1,190 4,475 n/a 1 31.12.06
Royal Dutch Shell Peter Voser 49 597 751 1,396 1,369 2 31.12.06
SABMiller Malcolm Wyman CA (SA) 60 575 565 1,292 1,181 6 31.03.07
Sage Group Paul Harrison ICAEW 42 300 308 653 568 7 30.09.06
Sainsbury (J) Darren Shapland 40 433 405 919 619 2 24.03.07
Schroders Jonathan Asquith 50 200 1,042 1,268 762 5 31.12.06
Scottish & Newcastle Ian McHoul ICAEW 46 420 299 861 647 6 31.12.06
Scottish & Southern Energy Gregor Alexander ICAS 44 360 282 656 531 5 31.03.07
Segro David Sleath ICAEW 45 315 146 479 n/a 1 31.12.06
Severn Trent Mike McKeon ICAS 50 370 244 705 265 2 31.03.07
Shire Angus Russell ICAEW 51 348 482 845 591 8 31.12.06
Smith & Nephew Adrian Hennah ICAEW 48 321 169 502 n/a 1 15.03.07
Smiths Group Alan Thomson ICAS 60 436 352 827 950 12 05.08.06
Standard Chartered Richard Meddings ICAEW 49 417 417 1,096 n/a <1 31.12.06
Standard Life David Nish ICAS 47 78 70 175 n/a <1 31.12.06
Tate & Lyle John Nicholas ACCA 50 269 270 616 n/a 1 31.03.07
Tesco Andrew Higginson CIMA 49 686 1,416 2,661 2,300 10 24.02.07
Unilever Rudy Markham CIMA 61 653 326 1,016 968 7 31.12.06
United Utilities Tim Weller ICAEW 44 267 185 492 n/a 1 31.03.07
Vedanta Resources DD Jalan ICAI (India) 50 n/a n/a n/a n/a 2 31.03.07
Vodafone Group Andy Halford ICAEW 48 592 897 1,690 754 2 31.03.07
WPP Group Paul Richardson ICAEW 49 447 501 1,612 1,490 11 31.12.06
Whitbread Christopher Rogers ICAEW 44 410 683 1,178 494 2 01.03.07
Wolseley Stephen Webster ICAEW 54 475 481 1,077 1,084 13 31.07.06
Xstrata Trevor Reid 46 430 458 1,914 1,496 5 31.12.06
Yell Group John Davis ICAEW 47 463 855 1,581 905 7 31.03.07
Note: this table reflects current FDs.
Prior year survey results in brackets.
FDs and their institutes
Source: Accountancy annual survey. Year is year of survey.
Average remuneration of FTSE 100 FDs
