Compliance demands and expansion of businesses will increase the need for skilled workers in the accounting and finance fields and make recruitment even more difficult in the coming year, according to the 2007 Salary Guide released by Robert Half International.
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"Business growth and compliance-related issues are fueling demand for individuals with expertise in areas such as compliance, financial analysis and general accounting," said chairman and CEO of Robert Half International, Max Messmer. "Because of the limited supply of skilled accounting and finance professionals, employers today are offering premium compensation to attract and retain top talent."
Companies, especially public companies, are searching for hires with knowledge of the Securities and Exchange Commission's (SECs) requirements for reporting to remain in compliance with the Sarbanes-Oxley Act (SOX), as well as other regulatory requirements.
Companies with more than $250 million in sales can look forward to paying a chief compliance officer the biggest percentage jump in base compensation of any position in the coming year, 14.4 percent,. This would result in starting salaries to average between $132,500 to $181,250. Large companies will also be paying internal audit managers a base pay increase of 5.8 percent, to between $77,500 to $101,500 for 2007.
It is not just large businesses, but all public accounting firms will experience a competitive, all year hiring challenge in corporate governance, audit, tax and risk management. Midsize companies with $25 million to $250,000 in sales, looking for senior manager and directors can expect to pay between $82,000 and $120,000, a 7.6 percent jump. Even entry-level hires at the small firms, with up to $25 million in sales, can see salaries jump 5.1 percent, making starting salaries fall in the $38,000 to $44,000 range.
Bonuses to top talent, both existing staff, as well as the new employees, may be joined with other benefits, such as part-time work or flexible hour schedules, along with the now common telecommute practice.
Financial services and banking, looking for analysts, will pay a 6.5 percent increase in beginning salaries, to $46,750 to $60,500 and base compensation for private banker's base pay to be in the $43,500 to the $62,250 range, adding 6.3 to the 2006 numbers. A jump of 3.4 percent will bring trust accountant salaries to between $39,750 and $52,000.
Salaries included are national averages, hiring actions and compensation vary by industry and geographic markets, significantly, but across the nation, demand for accounting and financial professionals will be strong in the sectors of commercial real estate, manufacturing and the financial services.
Other findings in the study include:
- Bookkeepers - $30,250 to $37,000 annually - 6.7 percent increase
- Information technology audit managers at large corporations - $85,500 to $114,599 - 5 percent increase
- Entry level cost accountants at small companies - $33,250 to $39,250 - 5.8 percent increase
- Risk managers - $$54,500 to $72,250 - 6.7 percent increase
- Corporate finance analysts - $48,000 to $63,250 - 7 percent increase
Robert Half International is the world's first and largest specialized consulting and staffing service firm and the Salary Guide is based on the many job searches, negotiations and placements managed each year by the firm's staffing and recruiting managers.