2017 Audit Salary Guide

2017 Audit Salary Guide

David Tuohy 01.01.2017

“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 - 100k75k - 85k70k - 80k70k - 80k
Audit Manager( Manager/Senior
Manager/Associate Director)
5+80k - 85k70k - 80k68k - 75k68k - 75k
3 - 570k - 80k65k - 70k58k - 68k58k - 68k
0 - 355k - 70k55k - 65k50k - 58k50k - 58k
Audit Assistant Manager0 - 346k - 55k42k - 50k40k - 45k40k - 45k
Audit Senior5+43k - 46k35k - 42k35k - 40k35k - 40k
Audit Semi Senior3 - 525k - 43k22k - 35k21k - 35k21k - 35k
Audit Trainee0 - 322k - 25k16.5k - 22k16.5k - 21k16.5k - 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 - 90k80k - 90k75k - 85k75k - 85k
3 - 570k - 80k65k - 80k65k - 75k65k - 75k
0 - 360k - 70k55k - 65k50k - 65k50k - 65k
Audit Assistant Manager0 - 350k - 55k45k - 52k45k - 50k45k - 50k
Audit Senior5+38k - 46k36k - 42k35k - 42k35k - 42k
Audit Semi Senior3 - 532k - 38k32k - 36k30k - 35k30k - 35k
Audit Trainee0 - 323k - 32k22k - 32k21k - 30k21k - 30k
 

Corporate Recovery/Insolvency Big 4 /Top Ten Salary Guide

RoleYears' ExperienceDublin
Cork
Limerick
Waterford
Corporate Recovery Director5+100k - 120k+95k - 120k90k - 110k90k - 110k
Corporate Recovery Manager5+85k - 95k85k - 95k70k - 80k70k - 80k
3 - 575k - 85k73k - 85k65k - 70k65k - 70k
0 - 360k - 75k60k - 73k60k - 65k60k - 65k
Corporate Recovery Senior3 - 538k - 46k35k - 45k35k - 42k35k - 42k
 0 - 324k - 38k22k - 35k22k - 35k22k - 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.

David Tuohy's picture
Consultant | Accounting & Finance Recruitment
dtuohy@morganmckinley.ie