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Tuesday, 23rd April 2024
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Salary growth slows to single digit annual increase Back  
Fee income rises to over ?400 million in Annual Finance Accountancy Survey.
There is a marked slowdown in the rate of growth of salaries in the accountancy industry according to the latest Finance Accountancy survey.

In this year’s survey 80 per cent of respondents said they expected the industry salary to increase by 6 - 10 per cent in the coming year, while a more bullish 13 per cent suggested the rise would be in the region of 11 - 15 per cent. No one predicted higher rises than this and show that the predictions are significantly more bearish than seen in last year’s survey.

In last year’s survey the expected industry salary change was higher with 65 per cent expecting a 6 - 10 per cent increase, 24 per cent expecting an 11 - 15 per cent increase and a further 6 per cent, at the top end of the scale, expecting an industry salary rise of 16 - 20 per cent.

Looking at the past year the majority of respondents, 53 per cent, said in general salaries had increased by 11 - 15 per cent at the last general review, while a further 43 per cent of respondents said salaries had increased by
0 - 10 per cent.

The survey results also indicate that bonus levels are increasing. This year 7 per cent of accountancy firms expect to pay bonuses worth more than 20 per cent of their employees’ salaries. This is higher than last year when no firm calculated that the bonuses would be at this level.

Last year’s results expected that 38 per cent of bonuses would be in the region of 0 - 5 per cent of non partner salary. A further 19 percent would be paid in 6 - 10 per cent of salaries, while another 19 per cent expected to pay bonuses in the region of 11 - 15 per cent of employee salary.

This year 29 per cent will be paid at the 0 - 5 per cent of salary level, a further 21 per cent will be paid at the 6 - 11 per cent of salary level, another 29 per cent will be paid at the 11 - 15 per cent of salary, 14 per cent at 16 - 20 per cent of salary and 7 per cent will be paid bonuses at a level of greater than 20 per cent of their salary.
Meanwhile fee income of Ireland’s top accountancy practices continued to boast sharp increases.

Total fees earned by the accountancy, tax and consulting practices of chartered accountancy firms included in the Republic of Ireland 2001 survey was in the region of ?400 million, up from last year’s ?350 million figure, an increase of 16 per cent.

PricewaterhouseCoopers again topped the Fee Income table with its preliminary estimate of fees for its financial year ending 30 June 2001 of ?144 million, an impressive increase of 21 per cent. This boosts PWC’s market share somewhat to 28 per cent, compared with last year’s 27 per cent.

KPMG remains in second place in the accountancy stakes and recorded a fee income of ?77 million - almost on a par with last year. But far from indicating a lack of growth within the group the stable figure is thanks to the exclusion of KPMG Consulting following its sale to KCI. (Survey begins on page 5.)

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