Over $200k average salaries for ACAs in the Gulf, and bonuses are rising
Any ACA-qualified accountants considering relocating to the Middle East may be further persuaded by the fact that they're able to earn more in the region than anywhere else in the world.
The average annual salary for ACAs working in the Middle East is 137.9k (US$227k, AED833.6k), according to the 2011 Career Benchmarking survey by the Institute of Chartered Accountants in England and Wales (ICAEW).
Even more encouragingly, this is a 7% uplift on last year, while the average bonus - 37.4k (US$61.5k, AED226.1k) - has swelled by 64% on 2010.
There are just 800 ACAs in the Middle East, so theses figures suggest that firms are willing to pay for what is still a comparatively rare commodity. In reality, though, the explanation could be a little simpler - ACAs move to the region later in their career.
Across the world, the average salary for an ACA in the first two years of their post-qualification career is just 45.2k (US$74.4k, AED273.3k) and it's unlikely the Middle East average would be far off this.
Recruiters suggest that there's no shortage of candidates for junior accountancy roles, thanks to a steady flow of potential recruits coming to the region from the Indian subcontinent. It's only for the more senior roles that firms are willing to put their hands in their pockets for a seasoned ACA with a wealth of experience in Western markets under their belt.
"CFO roles are not particularly difficult to source, but it's the level immediately below that - finance manager or financial controller - that prove harder to recruit for in the Middle East," says Richard Lett, regional director of Hudson Middle East. "Most firms are willing to pay well for the right people."
Generally, though, salaries for accountants in the Middle East are less generous than those in the ICAEW survey.
An internal auditor working for a large company with 3-5 years' experience can expect $50-60k, rising to $68-100k at the senior end, according to the Robert Half 2011 salary survey. CFO roles pay an average of $250-400k, but most firms expect a minimum of 15 years' experience.
Treasury accountants earn the most, with a salary of $120-200k on offer after 10 years.
Still, ACAs can command a premium in the region, suggests James Sayer, associate director - Middle East at Robert Half.
"There's a definite shortage of ACA-qualified candidates in the Middle East, with demand particularly high for financial controllers and treasury specialists," he says.
