Female chartered accountants earn as much as male colleagues, but find it more difficult to get promoted, according to a new survey. As a result, female accountants are often paid less than men who qualified at the same time.
The Leinster Society of Chartered Accountants (LSCA) annual salary survey reveals that the average remuneration package of chartered accountants who qualified in 1997, and are working in general industry and commerce, is €73,000. However, those who hold similar positions in the financial services sector are paid more and also tend to have significantly better fringe benefits.
For example, the remuneration package of the head of finance in a financial services firm employing up to 500 people is worth almost €156,000, while someone who holds an equivalent position in industry and commerce would earn a package worth only €127,000.
The LSCA survey notes that the main factors influencing earnings are the size of the company, the position held within that company and also the year of qualification. At the bottom of the scale was a senior in a small accountancy firm who earned €32,000 per year. At the top end of the scale, the head of finance in a large company, employing over 1,000 people, earned a package worth €691,000 a year.
In the top four accountancy firms, audit managers are paid an average of €81,700 a year while tax managers are paid an average of just over €83,000 a year.
In regard to fringe benefits, the survey also reveals the number of respondents who had company cars had decreased to 26 per cent from 36 per cent in 2002. This was attributed to a change in the tax system.
The majority of respondents (86 per cent) had their membership of the Institute of Chartered Accountants paid by their company - four out of five had a company pension scheme and 58 per cent had their VHI/BUPA subscriptions paid for them.
Commenting on the survey, LSCA's chairman, Mr Tom Higgins, said the findings revealed that chartered accountancy was a well-paid profession that attracted the brightest graduates.
