You can expect a big increase in salary once you qualify as an accountant. According to the Association of Graduate Recruiters, the average starting salary for a graduate in the accounting industry is £25,750.
This figure is likely to rise as each year goes on, plus with each year of accountancy experience, your salary will also most likely rise.
Salary isn’t everything, but it’s certainly a high contender on the list. A generous salary can ease a lot of worries for many, providing a greater level of security and a more comfortable lifestyle. For those with a family to support, the benefit of a higher salary is of greater importance.
Other benefits in addition to a good salary can include…
- Holiday allowance – this often creeps up year after year dependent on your time spent within a company. On average, most graduate accountancy roles will provide 20-25 days of holiday per year
- Maternity and paternity leave
- Pension scheme with company contribution
- Health checks
- Lunch allowance
- Interest-free season ticket loan
- Staff discounts (gym memberships, travel, computer software)
- Personal Accident Insurance
- Private Healthcare
Once qualified, you’re likely to be earning a lot more than you were previously as a trainee. Qualifying with a professional body can take anywhere from three to five years dependent on the route you choose to take. No matter which qualification you opt for, you’ll find you need to pass several exams and practical work experience.
Your salary is likely to be boosted as you move towards completing your qualification, as you will have gained more valuable experience with each section of study. If choosing to study on the job, you’ll find many companies will fund or part-fund your studies, providing a great basis for boosting your knowledge. They may also give you time off work to study, as it will benefit them in the long run.
Dependent on your qualification, may also depend on how far you climb the accountancy career ladder and therefore have a direct impact on your potential salary too. For instance, CIMA reports that it’s part-qualified students in the UK are earning over £31,000 in basic salary, but with a bonus on top, it totals almost £33,000. Then once you qualify, the salary will jump significantly to around £45,000, with a further earning potential of £85,000+ once you have six to nine years of experience from qualifying. That’s a fairly hefty sum of money and there a huge benefit of becoming a qualified accountant. Wouldn’t you agree?