Understanding the salary expectations for accountants in 2024 is crucial for both new graduates entering the profession and experienced accountants looking to advance their careers. As financial regulations evolve and businesses adapt to new economic realities, knowing what to expect in terms of compensation can provide valuable insights into the job market.
This blog will explore the average salary for accountant in the UK, the hourly and monthly pay rates, and the factors influencing these figures. Let’s dive into the details.
What is the Average Salary for an Accountant in the UK?
The average salary for an accountant in the UK varies depending on factors such as experience, qualifications, location, and the type of employer. According to recent data, the median annual salary for accountants in the UK is around £30,000 to £50,000. However, this range can fluctuate based on the specific circumstances surrounding each job role.
Accountant Salary UK: Per Hour and Per Month
When breaking down accountant salaries into hourly and monthly rates, the figures can provide a clearer picture of what accountants can expect to earn across different roles and experience levels.
| Experience Level | Hourly Rate (£) | Monthly Salary (£) | Annual Salary (£) |
| Entry-Level Accountant | 15 – 20 | 2,500 – 3,000 | 30,000 – 36,000 |
| Mid-Level Accountant | 20 – 25 | 3,200 – 3,800 | 38,400 – 45,600 |
| Senior Accountant | 25 – 30 | 4,000 – 5,000 | 48,000 – 60,000 |
| Chartered Accountant (CA) | 30 – 40 | 5,000 – 6,700 | 60,000 – 80,000 |
These figures highlight how the hourly rate and monthly salary for accountants increase with experience, qualifications, and the complexity of the role. Entry-level accountants typically earn between £15 to £20 per hour, while more experienced and chartered accountants can command rates of £30 to £40 per hour or more. On a monthly basis, this translates to earnings from £2,500 to £6,700, depending on the accountant’s level.
Accountant Starting Salary UK
For those just beginning their careers, the starting salary for an accountant in the UK is usually between £22,000 to £28,000 per annum. This figure can vary based on several factors, including the location of the job, the size and type of the employer (such as a Big Four accounting firm versus a small local business), and the candidate’s educational background. Graduates with relevant degrees or certifications, like ACCA (Association of Chartered Certified Accountants) or CIMA (Chartered Institute of Management Accountants), may start at the higher end of this range.
Factors Influencing Accountant Salaries in the UK
Several factors influence an accountant’s salary in the UK:
- Experience Level: Accountants with more years of experience or those in senior roles, such as Financial Managers or Controllers, tend to earn higher salaries.
- Qualifications and Certifications: Accountants who hold advanced qualifications, such as Chartered Accountant (CA) status or ACCA certification, generally command higher salaries.
- Location: Salaries can differ significantly based on location, with accountants in London and the South East typically earning more than those in other parts of the UK.
- Industry: The sector in which an accountant works also impacts their salary. For instance, finance, banking, and insurance accountants may earn more than those in non-profit organisations or the public sector.
- Company Size and Type: Larger or multinational corporations usually offer higher salaries than small or medium-sized enterprises (SMEs).
Chartered Accountant Salary in the UK
Chartered Accountants (CAs) are among the highest-paid professionals in the accounting field. The average salary for a Chartered Accountant in the UK ranges from £40,000 to £70,000 per annum, depending on their level of experience, location, and the industry in which they work. Newly qualified chartered accountants might start at around £35,000 to £45,000, while those with significant experience in leadership roles can earn upwards of £80,000 or more.
Regional Variations in Accountant Salaries
Salaries for accountants vary considerably across different regions in the UK. For example:
| Region | Average Salary (£ per annum) |
| London | 45,000 – 65,000 |
| South East | 40,000 – 55,000 |
| Midlands | 35,000 – 50,000 |
| North West | 32,000 – 45,000 |
| Scotland | 30,000 – 48,000 |
| Wales | 28,000 – 42,000 |
| Northern Ireland | 27,000 – 40,000 |
These differences are primarily due to the cost of living, demand for accountants, and the concentration of industries in each region.
Salary Trends and Projections for 2024
In 2024, accountant salaries in the UK are expected to rise slightly due to ongoing demand for skilled professionals, particularly those with expertise in digital finance, regulatory compliance, and data analysis. With the increasing emphasis on automation and technology, accountants who adapt to these changes by gaining additional skills in areas like data analytics and software proficiency are likely to see the greatest salary growth.
Tips for Negotiating Your Salary as an Accountant
If you are looking to negotiate a better salary as an accountant, consider the following tips:
- Research Market Rates: Understand the usual salary ranges for your position and locality. This information gives you a strong starting point for negotiations.
- Highlight Your Value: Be prepared to discuss your achievements, such as cost savings, efficiencies, or revenue growth you have contributed to.
- Leverage Certifications and Skills: Emphasise any specialised certifications or skills that make you stand out, such as ACCA or CIMA qualifications or expertise in accounting software.
- Be Open to Other Benefits: Sometimes, employers might not have flexibility in salary, but they may offer additional benefits like remote work options, bonuses, or additional holiday time.
Conclusion
Understanding the various factors that impact accountant salaries in the UK can help you make informed career decisions, whether you’re just starting out or looking to advance. With salaries ranging widely depending on experience, qualifications, and location, staying informed about market trends and proactively negotiating your pay can significantly impact your career trajectory.
FAQs
What is the average accountant salary in the UK?
The average salary for an accountant in the UK typically ranges from £30,000 to £50,000 per annum, depending on experience, qualifications, and location.
How much do accountants earn per hour in the UK?
Accountants in the UK generally earn between £15 and £30 per hour, depending on their level of experience and the region they work in.
What is the starting salary for an accountant in the UK?
The starting salary for an accountant in the UK usually falls between £22,000 and £28,000 per annum, varying by location, employer type, and qualifications.
How do salaries differ for chartered and non-chartered accountants?
Chartered Accountants (CAs) tend to earn more than non-chartered accountants, with salaries ranging from £40,000 to £70,000 or more, depending on experience and location.
What factors affect an accountant’s salary in the UK?
Key factors include experience, qualifications, location, industry, and the size and type of the employing organisation.
Is there a demand for accountants in the UK in 2024?
Yes, there is a consistent demand for accountants in the UK, particularly those with specialised skills in digital finance, data analysis, and regulatory compliance.
How can I negotiate a better salary as an accountant?
Research market rates, highlight your unique skills and credentials, and be open to negotiating other benefits like bonuses or flexible working schedules.
