eFinancialCareers

ACAs working in investment banking earn on average £93.8k, with typical bonuses coming in at £64.6k, according to the latest salary survey from recruitment firm Robert Half. By comparison, ACAs in commerce earn on average £76.2k, with £21.7k in bonuses.

Accountants in banking earn more, but not massively more, which might be why banks are trying to improve their image in the accounting community.

The days of a cut-throat, aggressive City workplace culture are gone, says Neil Owen, director at Robert Half: “There’s a more diverse, corporate, socially responsible way of working.”

Simon Humphrey, manager at recruiters Joslin Rowe, believes banks are trying to be seen as good places to work: Goldman Sachs and Morgan Stanley are offering the chance to move into different areas of their accounting functions after 12-18 months in one area, he says. “Internal mobility is an important factor,” he explains.

Example ACA salaries in investment banking:

Newly qualified: £45k-£50k + 20% bonus.
Product controller, 2 years' pqe: £60k-£70k + 30% bonus.
Product controller, 4 years' pqe: £90k + 40% (minimum) bonus.
Management accountant, 2 years' pqe: £60k + 24% bonus.
Management accountant, 4 years' pqe: £80k + 35% bonus.

Source: Robert Half Financial Services