UK insolvency and restructuring professionals have seen the most salary increases across the accounting profession in the past year following economic difficulties experienced by the country’s businesses, research has found.
Accountancy and finance recruiter Marks Sattin who conducted the research found about eight out of 10 accountants with insolvency experience have experienced an increase in their salary, which on average is about 17%.
The biggest rise has been across senior manager and director positions, with bonuses reaching an average of 15%, pushing the average insolvency and restructuring salary to more than £63,100 ($99,131).
Marks Sattin restructuring and insolvency division executive consultant Shaila Verma said many accounting firms are responding to the boom in insolvency work by moving people from audit work into insolvency.
“As the year goes on and economic uncertainty prevails, we would expect this trend to continue and expand,” Verma said.
Second best salary increase is within transaction services, with 73% of professionals receiving an increase, followed by 71% of fund management professionals. Among audit professionals, 68% saw their wage improve in 2011 while the at the bottom of the ranking are tax and consultancy professionals, with only 55% and 54% receiving an increase in salary in the past year.