Accountants’ salaries lag behind planners
Accountants are less well paid than their peers in financial planning, the Money Management Salary Survey reveals.
Data from the annual survey found that almost 60 per cent of accountants earned less than $70,000 a year, with no accountant claiming a salary above $110,000.
However, planners working for accountancy firms reported salaries of up to $170,000 a year, with none claiming to earn less than $90,000.
While accountants may take home less than their planning colleagues based in accounting firms, the survey found they were more likely to hold higher academic qualifications.
The survey revealed that almost two thirds of accountants held a Bachelor's degree in finance, economics or accounting, with a further 25 per cent holding a Masters, while 43 per cent of planners who reported working for accounting firms said their highest academic achievement was obtaining an Advanced Diploma in Financial Planning.
Accountants were also more likely to feel unsure about whether their employer valued them (50 per cent, with 37 per cent reported that they felt valued, while 13 per cent did not) than their planning peers, for whom the assessment was a black and white issue, with 71 per cent saying they felt valued, and 29 per cent reporting they were not.
While a higher proportion of accountancy firm-based planners reported not feeling valued by their bosses, than accountants, none said they were actively looking for another job, while a quarter of accountants said they were looking for a new employer.
AUTHOR
Nicholas O'Donoghue
Recommended for you
A Victorian accounting firm – in which Count holds a 40 per cent equity stake – has announced the acquisition of an accounting client book through a $1.4 million transaction.
Australian Ethical has reported its net profit after tax (NPAT) fell 15% to $9.6 million for the year ended 30 June, while its underlying profit after tax (UPAT) declined 7% compared with the year prior, to $10.3 million.
Insignia Financial has announced a 59% increase in its underlying net profit after tax (UNPAT) to $234.5 million in FY22.
Having completed their educational qualifications, those advisers who remain in the industry are reporting being “run off their feet” with new clients.
