Big pay cheque, no experience required

The salaries paid to new graduates in accountancy are leaping ahead of inflation. Paul Gosling reports

The pay of new graduates in accountancy is rising ahead of inflation for the first time in 10 years, according to a survey of salaries in the profession published today. The booming economy is encouraging companies to recruit young graduates without previous experience, who are ripe for training.

"The increased demand for bright graduates and other trainees is perhaps one of the most significant trends," says Denis Waxman, managing director of Hays Accountancy Personnel, which conducted the survey. "For the first time since the 1980s we are seeing employers prepared to spend money and time on developing their own skilled work-force instead of relying on hiring people trained by someone else."

Pay for trainee accountants has risen by 8.2 per cent in the six months since the last Hays survey. New graduates moving into accountancy can expect salaries of pounds 15,000 in London, or of pounds 11,000 elsewhere in the country.

While graduate salaries have risen, corporations have also turned increasingly to head-hunters to poach staff from competitors, while older unemployed finance specialists have found themselves in demand again. The focus in recent years on employing young staff has led some companies to recognise that their work-forces need to be balanced by recruiting some more experienced workers.

"Employers who are not keen to pay a premium for younger staff, often without sound commercial experience, have begun to realise the value of the older worker," explains Mr Waxman. "While ageism has not disappeared from the work-place entirely, the survey shows how valuable a contribution the older worker can make."

The Hays survey found that finance directors in central London can command salaries of up to pounds 130,000 in large corporations; of pounds 50,000 to pounds 85,000 in medium-sized firms; and of pounds 40,000 to pounds 65,000 in small companies.

Karen Lewis, the regional service manager of Reed Accountancy Personnel, says that the state of the market particularly suits newly qualified accountants. "International and merchant banks as well as stockbroking firms are offering premium salaries to newly qualified accountants who are either from a big six or financial services background.

"Even with no specific sector experience, offers of pounds 30,000 to pounds 35,000 are being made, rising to pounds 45,000 in some instances for newly qualified chartered and certified accountants with sector knowledge." Ms Lewis says that there is a strong demand, too, for specialist systems accountants.

Hays says graduates who combine information technology and finance skills are likely to be seen as the most attractive to many employers. It adds that many companies in the financial services sector are offering increasingly specialist products, placing more emphasis on the need for in-house training for new staff, and reducing the potential for good staff to be poached.

The findings of Hays' study is in line with the latest quarterly survey of the finance sector conducted by the CBI and Coopers & Lybrand, published earlier this month. This found that growing profitability was leading to an increase in recruitment, particularly by security traders and fund managersn

News
Monkey business: Serkis is the king of the non-human character performance
peopleFirst Gollum, then King Kong - now the actor is swinging through trees in Dawn of the Planet of the Apes
Arts and Entertainment
Blackman: Landscape of children’s literature does not reflect the cultural diversity of young people
booksMalorie Blackman appeals for a better ethnic mix of authors and characters and the illustrator Quentin Blake comes to the rescue
Sport
Thiago Silva pulls Arjen Robben back to concede a penalty
world cup 2014Brazil 0 Netherlands 3: More misery for hosts as Dutch take third place
Sport
Robin van Persie hands his third-place medal to a supporter
Van Persie gives bronze medal to eccentric fan moments after being handed it by Blatter
PROMOTED VIDEO
Have you tried new the Independent Digital Edition apps?
News
Ian Thorpe had Rio 2016 in his sights
people
Life and Style
Swimsuit, £245, by Agent Provocateur
fashion

Diving in at the deep end is no excuse for shirking the style stakes

News
scienceScientists have developed a material so dark you can't see it...
Voices
Mrs Brown's Boy: D'Movie has been a huge commercial success
voicesWhen it comes to national stereotyping, the Irish know it can pay to play up to outsiders' expectations, says DJ Taylor
Arts and Entertainment
Curtain calls: Madani Younis
theatreMadani Younis wants the neighbourhood to follow his work as closely as his audiences do
Life and Style
Douglas McMaster says the food industry is ‘traumatised’
food + drinkSilo in Brighton will have just six staple dishes on the menu every day, including one meat option, one fish, one vegan, and one 'wild card'
Life and Style
Once a month, waistline watcher Suran steps into a 3D body scanner that maps his body shape and records measurements with pinpoint accuracy
techFrom heart rates to happiness, there is little this fast-growing, self-tracking community won't monitor
Sport
Mario Balotelli, Divock Origi, Loic Remy, Wilfried Bony and Karim Benzema
transfersBony, Benzema and the other transfer targets
News
Soft power: Matthew Barzun
peopleThe US Ambassador to London, Matthew Barzun, holds 'jeans and beer' gigs at his official residence. He says it's all part of the job
Sport
Joe Root and James Anderson celebrate their record-beaking partnership
cricketEngland's last-wicket stand against India rewrites the history books
News
Gavin Maxwell in Sandaig with one of his pet otters
peopleWas the otter man the wildlife champion he appeared to be?
News
Rowsell says: 'Wearing wigs is a way of looking normal. I pick a style and colour and stick to it because I don't want to keep wearing different styles'
peopleThe World Champion cyclist Joanna Rowsell on breaking her collarbone, shattering her teeth - and dealing with alopecia
iJobs Job Widget
iJobs Student

C# Developer (HTML5, JavaScript, ASP.NET, Mathematics, Entity)

£30000 - £45000 per annum + Benefits + Bonus: Harrington Starr: C# Developer (...

Trade Desk Specialist (FIX, Linux, Windows, Network Security)

£60000 per annum: Harrington Starr: Trade Desk Specialist (FIX, Linux, Windows...

First Class Graduate (Computer Science, Economics, Finance)

£23000 per annum: Harrington Starr: First Class Graduate (Computer Science, Ec...

Drama Teacher

Negotiable: Randstad Education Liverpool: We are looking for someone who can t...

Day In a Page

Iraq crisis: How Saudi Arabia helped Isis take over the north of the country

How Saudi Arabia helped Isis take over northern Iraq

A speech by an ex-MI6 boss hints at a plan going back over a decade. In some areas, being Shia is akin to being a Jew in Nazi Germany, says Patrick Cockburn
The evolution of Andy Serkis: First Gollum, then King Kong - now the actor is swinging through the trees in Dawn of the Planet of the Apes

The evolution of Andy Serkis

First Gollum, then King Kong - now the actor is swinging through the trees in Dawn of the Planet of the Apes
You thought 'Benefits Street' was controversial: Follow-up documentary 'Immigrant Street' has got locals worried

You thought 'Benefits Street' was controversial...

Follow-up documentary 'Immigrant Street' has got locals worried
Refugee children from Central America let down by Washington's high ideals

Refugee children let down by Washington's high ideals

Democrats and Republicans refuse to set aside their differences to cope with the influx of desperate Central Americas, says Rupert Cornwell
Children's books are too white, says Laureate

Children's books are too white, says Laureate

Malorie Blackman appeals for a better ethnic mix of authors and characters and the illustrator Quentin Blake comes to the rescue
Blackest is the new black: Scientists have developed a material so dark that you can't see it...

Blackest is the new black

Scientists have developed a material so dark that you can't see it...
Matthew Barzun: America's diplomatic dude

Matthew Barzun: America's diplomatic dude

The US Ambassador to London holds 'jeans and beer' gigs at his official residence – it's all part of the job, he tells Chris Green
Meet the Quantified Selfers: From heart rates to happiness, there is little this fast-growing, self-tracking community won't monitor

Meet the 'Quantified Selfers'

From heart rates to happiness, there is little this fast-growing, self-tracking community won't monitor
Madani Younis: Five-star reviews are just the opening act for British theatre's first non-white artistic director

Five-star reviews are just the opening act for British theatre's first non-white artistic director

Madani Younis wants the neighbourhood to follow his work as closely as his audiences do
Mrs Brown and her boys: are they having a laugh?

Mrs Brown and her boys: are they having a laugh?

When it comes to national stereotyping, the Irish – among others – know it can pay to play up to outsiders' expectations, says DJ Taylor
Gavin Maxwell's bitter legacy: Was the otter man the wildlife champion he appeared to be?

Otter man Gavin Maxwell's bitter legacy

The aristocrat's eccentric devotion to his pets inspired a generation. But our greatest living nature writer believes his legacy has been quite toxic
Joanna Rowsell: The World Champion cyclist on breaking her collarbone, shattering her teeth - and dealing with alopecia

Joanna Rowsell: 'I wear my wig to look normal'

The World Champion cyclist on breaking her collarbone, shattering her teeth - and dealing with alopecia
Bill Granger recipes: Our chef gives raw ingredients a lift with his quick marinades

Bill Granger's quick and delicious marinades

Our chef's marinades are great for weekend barbecuing, but are also a delicious way of injecting flavour into, and breaking the monotony of, weekday meals
Germany vs Argentina World Cup 2014 preview: Why Brazilians don't love their neighbours Argentina any more

Anyone but Argentina – why Brazilians don’t love their neighbours any more

The hosts will be supporting Germany in today's World Cup final, reports Alex Bellos
The Open 2014: Time again to ask that major question - can Lee Westwood win at last?

The Open 2014

Time again to ask that major question - can Lee Westwood win at last?