Financial professionals will continue to
be in high demand — and reap higher
salaries — in 2008, according the recently released 2008 Salary Guide from
Robert Half International, a specialized
consulting and staffing services firm,
which has published its yearly salary data
based on an analysis of the thousands of
job placements managed by the company’s
U.S. offices.
According to the survey, base salaries for
financial professionals are projected to
increase, on average, by 4.3 percent in 2008
over the previous year, with the biggest
gains going to public accountants, financial
analysts and internal auditors.
“This high-demand, high-salary trend for
financial professionals, which we have
been witnessing for several years now, will
continue into 2008 and perhaps beyond,”
says Lisa Morgan, branch manager for
Robert Half International’s Accountemps
Division in Akron, Ohio.
Smart Business spoke with Morgan
about the details of the salary increases for
accounting and finance employees, along
with the outlook for businesses that hire
these professionals.
What is different in your projections for 2008
over the previous year?
Salaries are continuing to rise for finance
and accounting professionals. In 2007, they
were up 3.7 percent, on average, over 2006;
this year they are up 4.3 percent, on average, over the previous year. We are also
seeing new titles entering our radar screen
that are being considered high-demand
specialties, such as business analysis and
forensic accounting positions.
What are the top three specialties that will
see the biggest increases in pay in 2008?
Public accountants, financial analysts
and internal auditors are the top three specialties that figure to see the biggest salary
gains in 2008.
Public accountants at the senior manager
or director level can expect a 7.7 percent
increase in their salaries in the year ahead,
to between $88,250 and $129,250. Those with one to three years experience will
also see the same rise in average salary to
a range of $44,750 to $53,250. The demand
for these professionals will continue to rise
because of corporate governance rules,
which have caused the rising workloads.
Entry-level financial, budget, treasury
and cost analysts at large companies —
companies with more than $250 million in
sales — will see a salary increase of 6.9 percent to between $38,250 and $47,500 annually. Again, corporate governance initiatives — plus business expansion — are
fueling this demand.
Internal audit managers at large companies can expect to receive starting compensation between $81,500 and $109,500
per year, which is an increase of 6.7 percent over last year’s projections.
Are there any particular industries that are
seeing a faster growth rate in these financial
professions than others?
The demand for financial and accounting
professionals is strong across the board,
regardless of the industry, but we are seeing a spike in the demand among the manufacturing, public accounting and health-care industries.
However, I want to point out that a financial or accounting professional’s narrow
skill sets are not all that is demanded from
employees; in order to get top pay, these
professionals must also be technologically
savvy and demonstrate superior communication skills.
What will be the biggest recruitment challenges in the new year?
We did a recent survey of finance and
human resources managers and found that
55 percent of these hiring managers were
having trouble finding skilled job candidates. Companies need to understand that
there is a talent shortage at the moment
and they must stay competitive. That
means knowing what other organizations
are paying entry-level and skilled financial
and accounting professionals. It also
means understanding that in this competitive environment what could make or
break a decision to work for a firm is not
only salary, but also a positive corporate
culture, work-life balance and other perks.
Could you give more details about this salary
guide and if it is available to the public?
The data for the guide is gathered
through our permanent and temporary
placement in the U.S. throughout the year.
The company has been putting this information into a yearly free guide since 1948,
and it is invaluable when companies are
looking to determine salary ranges in the
accounting and financial services industry.
The U.S. Department of Labor’s Bureau
of Labor Statistics references this guide
when it prepares its Occupational Outlook
Handbook. Anyone can get a free copy of
the 2008 Salary Guide from Robert Half
International at www.roberthalf.com or
(800) 474-4253.
LISA MORGAN is the branch manager at Robert Half
International’s Accountemps Division based in Akron, Ohio.
Reach her at (330) 253-8367 or [email protected]. Robert
Half International has more than 350 locations throughout North
America, Europe, Asia, Australia and New Zealand, and offers
online job search services at www.rhi.com.