Higher salary potential is one factor to consider as you plan your career trajectory, but there are other considerations too. Ask yourself: Beyond a competitive salary, what else do I want my employer to offer?
The answer to that question could be flexibility, a hybrid or remote working environment, bonuses, professional development opportunities, upward mobility, and many others. You value these considerations and crave a challenging and dynamic career. A career as a management accountant can afford you all these benefits.
As you take the next steps in your professional journey and further explore management accounting, analyse the profession’s trends in compensation packages, using GAAPweb’s 2024 Salary Survey, which surveyed over 2,200 respondents. GAAPweb is the United Kingdom’s leading specialist website for jobs in accounting and finance.
Compensation trends can indicate what’s in store for a profession. You can aspire for job security, align your goals, and identify professional growth opportunities — all which can help you achieve job satisfaction.
Benchmark your earnings
The labour market continues to be competitive, and employers are increasing wages as a result. More than 60% of GAAP survey respondents received a pay rise in 2024; and, of those, 49% were accountants.
Entry-level finance professionals report a variety of earnings — financial analysts report a median salary of £68,286 and assistant accountants earn an average of £52,898.
In this competitive job market, you may be able to use this data to negotiate salary expectations with an employer. And salaries are a factor in employee retention: Thanks to the 30% salary boost for financial analysts since 2023, these analysts now have an average tenure of five years.
When you feel ready to level up your career, the survey revealed that 51% of respondents with their Chartered Global Management Accountant (CGMA®) designation are in senior or director roles, and CGMA designation holders have an average salary of over £71,000.
Additionally, you can look at compensation trends in senior roles to better envision your future and what to expect.
Rising rewards: Can you expect a bonus?
Bonuses are a nice means of rewarding hard work and dedication; and, although it will be determined by the employer, knowing which corporate finance, non-profit organisations, and other enterprises are likely to offer bonuses may guide your career decisions.
In 2024, 78% of surveyed accountants received a bonus, and those who worked in corporate finance or mergers and acquisitions were mostly likely to receive the extra pay.
Ninety-five percent of early career professionals working in a small accountancy firm or within a FTSE 350 company received a bonus.
From advising on M&A to analysing investment opportunities, there will always be demand for management accountants.
Not only are there jobs for finance professionals with analytical mindsets and strong critical thinking skills, but jobs in the finance function provide stability, competitive wages, opportunities for advancement, and flexibility.
As a management accountant, you don’t have to choose between a dynamic career or competitive wages — you can have both.
To increase your competitive edge, learn how you can become a trusted business adviser with the Chartered Global Management Accountant® (CGMA®) designation through CIMA®. Earning your CGMA designation is a strong decision that can lead to a successful, meaningful career where you can leverage your expertise and compensation trends to boost your earning potential.
