Banking accountants earn (only) 23% more
ACAs working in investment banking earn on average 93.8k, with typical bonuses coming in at 64.6k, according to the latest salary survey from recruitment firm Robert Half. By comparison, ACAs in commerce earn on average 76.2k, with 21.7k in bonuses.
Accountants in banking earn more, but not massively more, which might be why banks are trying to improve their image in the accounting community.
The days of a cut-throat, aggressive City workplace culture are gone, says Neil Owen, director at Robert Half: "There's a more diverse, corporate, socially responsible way of working."
Simon Humphrey, manager at recruiters Joslin Rowe, believes banks are trying to be seen as good places to work: Goldman Sachs and Morgan Stanley are offering the chance to move into different areas of their accounting functions after 12-18 months in one area, he says. "Internal mobility is an important factor," he explains.
Example ACA salaries in investment banking:
Newly qualified: 45k-50k + 20% bonus.
Product controller, 2 years' pqe: 60k-70k + 30% bonus.
Product controller, 4 years' pqe: 90k + 40% (minimum) bonus.
Management accountant, 2 years' pqe: 60k + 24% bonus.
Management accountant, 4 years' pqe: 80k + 35% bonus.
Source: Robert Half Financial Services
