Salary Guide 2017: Audit

Tuesday, January 31, 2017

“Business growth constrained by skills shortage for accountancy practices”

As the economy in general continues to grow, accountancy practices are focused on capturing and capitalising on that growth as much as possible. Their clients require increasing support to assess, structure and fund new business opportunities both locally and internationally.

Audit Salary Guide

RoleYears' ExperienceDublin
Cork
Limerick
Waterford
Audit Director   80k - 100k 75k - 85k 70k - 80k 70k - 80k
Audit Manager( Manager/Senior
Manager/Associate Director)
5+ 80k - 85k 70k - 80k 68k - 75k 68k - 75k
3 - 5 70k - 80k 65k - 70k 58k - 68k 58k - 68k
0 - 3 55k - 70k 55k - 65k 50k - 58k 50k - 58k
Audit Assistant Manager 0 - 3 46k - 55k 42k - 50k 40k - 45k 40k - 45k
Audit Senior 5+ 43k - 46k 35k - 42k 35k - 40k 35k - 40k
Audit Semi Senior 3 - 5 25k - 43k 22k - 35k 21k - 35k 21k - 35k
Audit Trainee 0 - 3 22k - 25k 16.5k - 22k 16.5k - 21k 16.5k - 21k

Big Four Salary Guide

RoleYears' ExperienceDublin
Cork
Limerick
Waterford
Audit Director   100k - 120k+ 90k - 110k+ 85k - 110k+ 80k - 100k
Audit Manager( Manager/Senior
Manager/Associate Director)
5+ 80k - 90k 80k - 90k 75k - 85k 75k - 85k
3 - 5 70k - 80k 65k - 80k 65k - 75k 65k - 75k
0 - 3 60k - 70k 55k - 65k 50k - 65k 50k - 65k
Audit Assistant Manager 0 - 3 50k - 55k 45k - 52k 45k - 50k 45k - 50k
Audit Senior 5+ 38k - 46k 36k - 42k 35k - 42k 35k - 42k
Audit Semi Senior 3 - 5 32k - 38k 32k - 36k 30k - 35k 30k - 35k
Audit Trainee 0 - 3 23k - 32k 22k - 32k 21k - 30k 21k - 30k

Corporate Recovery/Insolvency Big 4 /Top Ten Salary Guide

RoleYears' ExperienceDublin
Cork
Limerick
Waterford
Corporate Recovery Director 5+ 100k - 120k+ 95k - 120k 90k - 110k 90k - 110k
Corporate Recovery Manager 5+ 85k - 95k 85k - 95k 70k - 80k 70k - 80k
3 - 5 75k - 85k 73k - 85k 65k - 70k 65k - 70k
0 - 3 60k - 75k 60k - 73k 60k - 65k 60k - 65k
Corporate Recovery Senior 3 - 5 38k - 46k 35k - 45k 35k - 42k 35k - 42k
  0 - 3 24k - 38k 22k - 35k 22k - 35k 22k - 35k

Commentary on Audit Roles and Remuneration in Ireland for 2017

Accountants in practice are working hard behind the scenes to inform decision- making and see transactions through. This has lead to increased demand for commercially minded accountants that are comfortable working closely with clients in an advisory capacity. 

In addition, the increasing complexity of reporting standards and changes to audit requirements have put additional administrative and technical pressures on small and medium practices that are ultimately affecting margin. As a result, there is intense competition to secure technically strong, well-trained accountants in a market where there is very little flexibility around salary. 

Traditionally, practice has lost talent to industry and this trend continues. Good training in practice will be of benefit to accountants for the duration of their career, but the training can be attritional, with the majority of new qualified accountants looking to move to industry. Given the speed of change in legislation and reporting standards, candidates that move to industry find it difficult to get back into practice at a similar level if they are away for more than a year.

For those that stay, career paths in practice tend to be well defined and reasonably transparent. If a firm cannot offer the progression that staff are pushing for, there is no shortage of alternative firms in the market that will  bring in ambitious talent. However, this tends to be the second fall-off phase, where we see a significant drop in the numbers of accountants from a given intake year being available to the practice market. 

As the role of the practice accountant becomes more and more advisory focused, those at manager, director and partner levels report rewarding careers adding real value to clients and driving the growth of their practice.  However, remuneration and benefits packages in practice remain less competitive than in industry and so there is always a draw on accountants in practice to move to industry.

In order to retain and attract talent, progressive practices are introducing other benefits to their packages and also focusing more on delivering effective CPD, giving their staff more exposure to clients and ensuring a spread of the more interesting work. 

Top 3 roles in demand: Audit Senior, Audit Manager, Tax Manager

In terms of international opportunities, we see candidates joining accountancy firms in the UK, Australia, USA and Canada as well as leaving practice for a huge variety of international roles in industry. At the moment though the trend is more so people returning than leaving.

We saw a significant increase in salaries at the start of 2016, but the expectation is that salaries will be stable going into 2017.  The market in general continues to recover, with a natural knock on effect for accountancy practices. We do expect to see some of this revenue growth passed on to existing employees over the course of 2017 as salary reviews take place.

This originally appeared on morganmckinley.ie