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Financial manager: Salary and conditions

• Range of typical starting salaries: £18,000 - £29,000. Average starting salaries in the banking and finance sector are as high as £27,500 rising to £38,000 in the investment banking sector (salary data collected Jan 09).
• Range of typical salaries for newly qualified accountants in commerce and industry: £28,500 - £48,500 upwards (salary data collected Jan 09).
• Range of typical salaries for experienced financial managers in commerce and industry: £58,000 - £90,000 upwards with sometimes very generous annual bonuses. A recent Institute of Chartered Accountants in England and Wales (ICAEW) survey revealed that the average bonus for experienced chartered accountants was £21,700 (salary data collected Jan 09).
• Salaries vary widely according to the type, sector, size and location of the employing organisation. The highest salaries tend to be paid in London and the surrounding areas. Typically, the private sector, most notably the banking and capital markets sector, particularly organisations based in the City, pays more than the public sector.
• It is common for employers to provide financial support for professional study, as well as study leave.
• Working hours are generally from nine to five, five days a week, with some flexibility possible. However, longer hours may be required, depending on current deadlines and workload. During the early years of your career, whilst undertaking professional study, you will need to factor extra working hours into your official working day.
• Jobs are available in most areas of the country, the majority being in or near large towns and cities.
• Self-employment is possible, and sometimes finance professionals work as consultants, usually after significant experience has been gained within an organisation.
• Career breaks are possible but, as with any profession, if you are considering re-entry you must keep up to date with developments.
• Travel for work is likely to be needed, particularly if the company operates from a number of different sites, with overnight stays or periods away from home sometimes required.
• Opportunities to travel and work abroad will be determined by the size and nature of the organisation, its clients or customers, and whether it has overseas sites or international links.

AGCAS

Written by Andrew Leacy, AGCAS

Last updated:

February 2009

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