January 2025
We will see another inflation busting 5.8% rise in salaries for PQs in 2024-25, according to the latest Hays UK Salary and Recruiting Trends guide.
Strong demand and a shortage of talent have combined again to push up salaries, following on from pay rises of 6.2% in 2023-24.
This boils down to a current salary for an ACCA finalist in London hitting £58,000. ACCA trainees just starting out in the capital can expect to earn around £32,000. CIMA finalists and trainees can expect a similar pay packet.
What is interesting is the widening gap between ACCA and CIMA finalists and those studying for the ACA qualification. While ACCA/CIMA PQs in London can expect a pay packet of £45,000 a year, that falls to £37,500 for the average ACA PQ/ semi senior.
And, while the salary for a CIPFA finalist is £44,000 in London, just below the £45,000 paid to an ACA finalist, CIPFA PQs are earning more than their ACA counterpart – £38,000 to £37,500 respectively.
And this pattern repeats itself across the UK, albeit the differences aren’t quite as big as the £13,000 pay differential seen in London.
The Hays trends guide also acknowledges the rise and rise of AI.
There is a problem here, however, as only 12% of PQs surveyed have received training or support from their employers to help them adopt AI tech.
Karen Young, a director at Hays, told PQ magazine that employers are missing a trick because the survey shows eight in 10 PQs are ready and waiting to be upskilled in AI.
The study also found nearly half (47%) of finance employers admit they don’t have access to the right skills to make the best use of AI, compared with less than a quarter (24%) who say they do currently have access to the right skills to take advantage of AI tools, leaving 29% who are unsure. Young said: “It’s worthwhile finding out which specific AI tools your employer recommends and asking if they can put any training in place; if not, you can find the relevant guidance and education externally to stand you in good stead to tap into AI’s full potential.”
And with the shortage of talent, Young felt it is crucial PQ take any opportunity to grow their professional skillset (often called the soft skills). She explained: “As our research shows, the top five soft skills that are most in-demand across the finance space today are communication (51%), an ability to adopt change (41%), an ability to learn and upskill (33%), flexibility and adaptability (31%) and being able to coordinate well with others (29%).
“Whether it’s through internal training programmes within your organisation or external learning opportunities such as online courses, webinars or industry events, engaging with these initiatives illustrates you’re keen to develop your skills and network, which are certainly green flags for employers today.”
