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Tuesday, 23rd April 2024
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Salaries are higher for accountants in financial services than in industry Back  
Chartered accountants working in the financial services sector tend to be better paid than their counterparts in industry and commerce, according to the 2005 annual survey of the Leinster Society of Chartered Accountants/The Accountants Panel. And chartered accountants employed by practices earn less than those employed by financial service and commercial companies.
The average remuneration package for a chartered accountant who qualified in 2000 and is employed in the industrial and commercial sector, is €72,400 a year. The average head of finance in the financial services sector has a package worth €140,500 per annum, while the average head of finance in industry and commerce receives a package of €120,400 per annum.

In comparison, in the top four accountancy firms, tax/audit managers and directors earn on average €82,800.
Outside of the top four, managers are paid on average €71,000, while seniors receive €47,100 on average.

The survey also found that chartered accountants working in the non-profit sector (including hospitals, colleges and the public sector) earn less than their colleagues in commerce, financial services and practice and their fringe benefits are also smaller. However, they have better pension schemes and significantly better holidays.
According to the survey, the lowest package paid to a Chartered Accountant was €34,000, which was paid to a senior in a non-top four practice. Conversely, the highest salary was paid to an accountant from the financial services area who is paid €560,000 (plus car).

The number of people who receive company cars as part of their remuneration packages continues to decline. In 1999, 40 per cent of respondents had company cars, in 2005 this had fallen to 17 per cent.

This is probably due to the change in the tax regime. There is also evidence that cars have been replaced to some extent by car allowances. No discernible difference was noted with regard to other fringe benefits.

A total of 693 full-time and part-time chartered accountants responded to the survey.

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