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Saturday, 13th April 2024
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Top finance management earn most in banking sector Back  
Senior financial managers working in banking and insurance receive the best average wages, according to the latest executive salaries survey published by the Irish Management Institute (IMI) in December, which shows that average salaries for finance directors in the sector are in the region of €109,000.
Salaries of top financial staff averaged €109,000 in the year to April 1st, 2004. Although the average salary in 2003 was €137,430, some of the fall can be attributed to the size of some of the respondents and their respective weightings.

At the higher end of the scale, salaries paid to senior financial managers rose by 5.2 per cent on the year to €145,000.

The lowest paid to senior managers was €80,500. Middle management earned an average €65,100, almost unchanged on the year, while first line management salaries fell 17.8 per cent to €43,200

Food & beverages
Senior financial staff in the food and beverages sector earned an average of €106,015 in the 12 months to April 2004, up nearly 12 per cent on the year. Middle management salaries averaged €62,300, down 5.6 per cent. Lower management earned €49,000 on average, down 7.5 per cent.

In the healthcare and pharmaceuticals sector, senior financial managers had an average salary of €97,430, down 1.05 per cent on the year. Middle managers earned an average of €71,930, up 13.6 per cent.

Lower grade managers averaged €51,751, up 20.3 per cent. The substantial increases at lower and mid level management indicate that staff were being paid more rather than promoted to higher positions.

Information technology
Top level financial managers in the information technology (IT) sector earned an average of €101,320, an increase of 11.2 per cent on the previous year. Middle management salaries averaged €72,700, down 8.12 per cent. Front line management earnings fell 10.7 per cent to €57,000.

Overall though, heads of finance in Ireland based companies with over 1,000 employees had the highest average wage within their peer group, earning a mean of of €175,000 per annum. This represents an increase of 26.3 per cent on the previous year, when the average salary was €138,465.

Financial staff at middle management level in firms with over 1,000 employees earned an average of €97,220 in 2004, an increase of just over 20 per cent on the year. First line management financial staff had an average salary of €68,200, up almost 28 per cent from 2003.

The survey also showed that Ireland’s largest firms, with turnover greater than €250 million, paid their heads of finance average salaries of €133,000 in the 12 months under review, down 3.2 per cent. However, the fall was due to a drop in the lowest salary paid to top staff in this category to €104,145 from €112,000, while high end salaries rose to €223,153 from €167,140.

The disparity between 2003 and 2004 is due to a combination of a change in the number of firms who responded to the survey and also indicates that higher paying firms were more willing to reward top-line staff than companies with more conservative salary policies.

Middle ranking financial staff in firms with turnover in excess of €250 million earned an average of €101,000, an increase of 12.2 per cent on the year, while first line management salaries averaged €68,200, up 55 per cent on the year.

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