2013 ICAEW Salary Survey - Stott and May

Supported by
SALARY SURVEY REPORT 2013
BUSINESS
BUSINESS WITH CONFIDENCE icaewjobs.com

SALARY SURVEY REPORT 2013
FOREWORD FROM
STOTT AND MAY
The importance to industry and commerce of
experienced qualified accountants has never been more
fully illustrated than in the latest ICAEW Salary Survey.
At a time of significant retrenchment, which has
included further executive redundancies and
disbandment of commercial divisions, senior ICAEW
Chartered Accountants seem to have retained their
roles and their financial packages, with the average
basic salary remaining static. Equally encouraging is
the revelation that as many as 58% of respondents
earned a significant bonus. Corporate regulatory
requirements have continued to burden industry and
it is the chartered accountant who ensures appropriate
compliance for businesses – an area where the
professional is often worth their weight in gold! ICAEW
Chartered Accountants’ salaries in some of the hardest
hit industries in recent years has reflected the fortunes
of their enterprise’s profits, and those accountants
in public service sectors such as healthcare have
experienced pay cuts too.
This year’s survey has highlighted the encouraging trend
towards gender equality in pay among younger ICAEW
Chartered Accountants; the pay gap in 2012 between
males and females under 30 has narrowed. The average
basic salary for females is now 97% of their male
counterparts, compared to 92% the year before – a
substantial victory when compared with the late 1990s!
The geographic divide in basic salaries for chartered
accountants remains: London’s professionals earn more
than their counterparts anywhere else in the UK. We
shall be interested to observe any changes in the next
few years as the small but gradual business exodus from
the capital continues.
We live in troubled economic times which only serves to
increase the career worth and value of the accountancy
profession and ICAEW men and women in particular.
Stephen Stott
CEO, Stott and May
SUMMARY OF KEY FINDINGS
The average basic salary for ICAEW Chartered
Accountants working in business has remained static,
reflecting the current economic climate. The pay gap
is narrowing though between women and men under
30, according to the latest Salary Survey.
• According to this year’s survey results, salaries and
bonuses have broadly remained the same since 2012
– the average annual basic salary in 2013 is £92,600
(compared to £92,100 in 2012), while the average
bonus is £21,300. As in the previous year, this figure
is inflated by a small number of high earners – the
median salary, which reflects the majority of earnings,
is £79,300 (while the median bonus is £3,500).
• The proportion of those who received a bonus in the
last 12 months has also stayed the same since 2012
– 58% of all respondents (59% in 2012).
• Only ICAEW Chartered Accountants who qualified
over 20 years ago have seen their average basic salary
grow, to £105,000 in 2013 from £103,300 in 2012.
• Those in the top positions (chairman, chief executive,
managing director and chief operating officers)
continue to be the highest earners with average
earnings of £145,100.
• The pay gap between male and female ICAEW
Chartered Accountants under the age of 30 has
narrowed in 2013, with females earning £48,500 in
2013 compared to their male counterparts whose
average basic salary in 2013 is £50,200.
• Across different business sectors, the average basic
salary for those in financial services, insurance,
healthcare and pharmaceutical, as well as energy,
water, mining and utilities, has gone down since 2012.
• Average salary figures for those working outside the
UK remain substantially higher – with an average
basic salary of £130,300 (compared to £84,900 for
the UK), with those in Africa and Asia/Asia Pacific
having the highest increase in their average basic
salary since 2012.
• ICAEW Chartered Accountants working in London have
the highest average basic salaries – £103,900. They are
followed by those in the South East (£80,300), while
average earnings of those in East England have gone
down to £79,100 in 2013, from £87,600 in 2012.
£113,900
Fig 1 Average basic salary and bonus (£k)
120
100
80
60
40
20
0
17.4
82.4
2010
(3,169)
Average (£k)
(rounded to the nearest £00)
Base: All (as shown)
Fig 2 Median basic salary and bonus (£k)
120
100
80
60
40
20
0
2.1
70.7
2010
(3,169)
Median (£k)
(rounded to the nearest £00)
Base: All (as shown)
the average income of an ICAEW Chartered Accountant
(£92.6k salary + £21.3k bonus)
02 SAL A RY SU RV E Y REPORT 2013
SAL A RY SU RV E Y REPORT 2013 03
21.2
92.1
2012
(6,454)
4.0
78.0
2012
(6,454)
21.3
92.6
2013
(6,358)
3.5
79.3
2013
(6,358)
Bonus
Salary
Bonus
Salary

£172,200
Fig 3 Average basic salary and bonus by global region (£k) 2012 (£k)
Average (£k)
(rounded to the nearest £00)
Base: All (6,358)
UK (5,277) 84.9
Non-UK (1,081)
Middle East UK (5,277)
(51) 162.6 84.9
Asia/Asia Non-UK Pacific (1,081)
(323)
Middle Americas East (229)
(51)
Asia/Asia Australasia Pacific (184)
(323)
Europe Americas (ex. UK) (241)
(229)
Australasia Africa (184)
(52)
Europe (ex. UK) (241) 0 118.7
50 100 21.1 150 200
Africa (52)
Chairman/CEO/MD/COO (556) 145.1
CFO/FD (1,791)
Chairman/CEO/MD/COO Other non-financial role (439)
(556) 95.0 145.1
Other financial CFO/FD role (1,791)
(415)
Other non-financial Consultant role (156)
(439)
Internal audit Other head/mgr/auditor financial role (245)
(415)
Technical Consultant specialist (498)
(156)
Financial Internal controller/Head audit head/mgr/auditor of finance (1,043)
(245)
Finance manager/analyst/mgmt Technical specialist acct (1,186)
(498)
130.3
142.7 130.3
130.6 162.6
121.5 142.7
118.7 130.6
104.0 121.5
111.7
92.4 111.7
89.2 95.0
84.6 92.4
81.6 89.2
77.4 84.6
59.3 81.6
Financial controller/Head of finance (1,043) 0 77.4
50 11.8 100 150 200
Salary
7.0
Salary 7.0
17.1
Fig 4 Average basic salary and bonus by job role (£k)
Finance manager/analyst/mgmt acct (1,186)
Average (£k)
(rounded to the nearest £00)
Base: All (6358)
104.0
59.3
the average income of an ICAEW Chartered Accountant
working outside the UK (£130.3k salary + £41.9k bonus)
Salary
18.2
27.0
12.1 18.2
17.2
15.2 12.1
11.8 17.2
15.2
Bonus
24.8
27.0
Bonus
24.8
21.1
25.7
29.6
29.6
41.9
52.8
60.4
0 50 100 150 200
52.3
52.3
0 50 100 150 200
Salary
17.1
Bonus
Bonus
25.7
41.9
52.8
60.4
49.7
49.7
Salary Bonus
84.7 18.3
128.3 35.6
162.2 53.9
133.3 41.9
128.4 48.5
137.3 27.1
114.0 21.7
95.6 9.3
97%
Fig 5 Average basic salary and bonus by age and gender (£k)
Average (£k)
(rounded to the nearest £00)
Base: All (6,358)
average basic salary for female accountants under 30 is now
97% of their male counterparts (up from 92% in 2012)
Female total (1,766)
102.8 26.5
66.1 7.9
Male

£177,200
Banking and capital markets (844)
Insurance (330)
Entertainment and media (225)
All (6,358)
100.9
92.6
20.6
21.3
Energy, water, mining and utilities (362)
Banking and capital markets (844)
98.8
119.5
21.8
57.7
Technology, ICT and telecoms (536)
Insurance (330)
93.3
105.9
16.9
25.4
Financial services (285)
Entertainment and media (225)
92.1
100.9
19.3
20.6
Construction, property and real estate (401)
Energy, water, mining and utilities (362)
89.7
98.8
28.9
21.8
Retail and wholesale FMCG (425)
Technology, ICT and telecoms (536)
89.9
93.3
19.7
16.9
Healthcare and pharmaceutical (250)
Financial services (285)
88.9
92.1
15.3
19.3
Leisure, tourism and hospitality (197)
Construction, property and real estate (401)
88.9
89.7
11.5
28.9
Manufacturing and engineering (706)
Retail and wholesale FMCG (425)
87.4
89.9
15.6
19.7
Government and agencies (336)
Healthcare and pharmaceutical (250)
71.1
88.9
3.2
15.3
Charity, voluntary and not-for-profit (624)
Leisure, tourism and hospitality (197)
65.1
88.9
1.4
11.5
0
Manufacturing and engineering (706) 87.4
20 40 60 80 100
15.6
120 140 160 180
Government and agencies (336)
Charity, voluntary and not-for-profit (624)
Average (£k)
(rounded to the nearest £00)
Base: All (6,358)
Banking and capital markets (626)
All (6,358) 92.6 21.3
Fig 7 Average basic salary and bonus by sector (£k)
Insurance (261)
ICAEW Chartered Accountants in Banking and capital markets
are the highest earners (£119.5k average salary + £57.7k bonus)
119.5 57.7
105.9 25.4
71.1 Salary 3.2
65.1 1.4
0 20 40 60 80 100 120 140 160 180
Salary
Fig 8 Average basic salary and bonus by sector: UK only (£k)
All (5,277) 84.9 17.1
Bonus
Bonus
105.3 53.5
100.3 22.5
Entertainment and media (201)
All (5,277)
94.2
84.9
16.9
17.1
Energy, water, mining and utilities (274)
Banking and capital markets (626)
89.0
105.3
17.0
53.5
Financial services (236)
Insurance (261)
88.7
100.3
18.6
22.5
Technology, ICT and telecoms (453)
Entertainment and media (201)
87.9
94.2
14.5
16.9
Healthcare and pharmaceutical (211)
Energy, water, mining and utilities (274)
84.2
89.0
11.5
17.0
Construction, property and real estate (337)
Financial services (236)
82.5
88.7
15.3
18.6
Retail and wholesale FMCG (360)
Technology, ICT and telecoms (453)
81.6
87.9
14.3
14.5
Leisure, tourism and hospitality (168)
Healthcare and pharmaceutical (211)
81.4
84.2
11.9
11.5
Manufacturing and engineering (609)
Construction, property and real estate (337)
80.5
82.5
14.0
15.3
Government and agencies (265)
Retail and wholesale FMCG (360)
63.7
81.6
1.5
14.3
Charity, voluntary and not-for-profit (573)
Leisure, tourism and hospitality (168)
62.5
81.4
1.2
11.9
0
Average (£k) Manufacturing and engineering (609) 80.5
(rounded to the nearest £00)
20 40 60 80
14.0
100 120 140 160 180
Base: All (5,277) Government and agencies (265) 63.7 Salary 1.5
Bonus
06 Charity, voluntary and not-for-profit (573) 62.5 1.2
SAL A RY SU RV E Y REPORT 2013
SAL A RY SU RV E Y REPORT 2013 07
0 20 40 60 80 100 120 140 160 180
2012 (£k)
Salary Bonus
92.1 21.2
111.7 54.3
111.5 30.9
94.0 18.0
103.9 26.1
93.7 14.2
98.7 21.7
88.3 18.9
86.1 19.2
93.1 19.8
88.2 15.0
84.0 16.1
73.1 2.6
67.4 2.3
2012 (£k)
Salary Bonus
84.7 18.3
103.9 52.9
99.7 21.7
87.1 15.0
85.6 19.5
93.0 19.4
87.7 13.2
86.9 19.8
83.9 16.2
79.8 14.4
84.2 15.8
78.5 13.8
65.4 1.7
64.0 1.7
£132,000
Fig 9 Average basic salary and bonus by career stage (£k)
Years post qualification
All (6,358) 92.6
0–2 years (129)
44.8
2–4 years
All (6,358)
(303) 50.7
92.6
4–6
0–2
years
years (129)
(272) 59.0
44.8
6–9
2–4
years
years (303) 50.7
(385) 68.5
9–19
4–6
years
years (272)
(2,029) 91.4
59.0
20+
6–9
years
years (385)
(3,089) 105.0
68.5
2.2
9–19 years (2,029)
0 91.4 20 40 60 80 100 20.6 120 140
20+ years (3,089)
All (5,277) 84.9
0–2 years (117)
Years post qualification
43.9
2–4 years
All (5,277)
(267) 51.2
84.9
4–6
0–2
years
years (117)
(242) 58.0
43.9
6–9
2–4
years
years (267)
(340) 65.1
51.2
.5
9–19
4–6
years
years (242)
(1,697) 86.1
58.0
Salary
Salary
4.1
1.4
6.2
11.5
Bonus
Average (£k)
0
(rounded to the nearest £00)
Base: All (as shown)
20 40 60 80 100 120 140
Salary
Bonus
Fig 10 Average basic salary and bonus by career stage: UK only (£k)
20+
6–9
years
years (340)
(2,549)
65.1
94.5
.5
10.4
20.1
9–19 years (1,697)
0 86.1 20 40 60 80 100 12018.8
140
20+ years (2,549)
Average (£k)
(rounded to the nearest £00)
Base: All UK (5,277)
105.0
94.5
the average income of an ICAEW Chartered Accountant
qualified for over 20 years (£105k salary + £27.1k bonus)
Salary
2.2
4.1
1.4
6.2
4.0
11.5
6.1
4.0
Bonus
Bonus
10.4
21.3
21.3
20.6
17.1
27.1
27.1
18.8
0 20 40 60 80 100 120 140
6.1
17.1
20.1
Salary (£k)
2012 2010
92.1 82.4
46.7 45.2
51.1 50.2
60.4 60.1
71.6 66.1
92.4 87.5
103.3 87.6
2012 (£k)
Salary Bonus
84.7 18.3
47.6 2.6
50.7 4.5
58.5 7.6
69.3 13.6
86.6 20.2
93.4 21.0
Bonus (£k)
2012 2010
21.2 17.4
2.5 1.6
4.4 4.3
7.8 8.0
14.3 10.9
23.2 22.0
24.7 17.6

Up to 50 (1,034)
51–250 (1,245)
251–1,000 (760)
1,000+ (2,232)
the average salary of those in the largest companies in the UK,
with over 1,000 employees
Fig 11 Average basic salary and bonus by company size (£k)
Average (£k)
(rounded to the nearest £00)
Base: All (6,358)
Average (£k)
(rounded to the nearest £00)
Base: All UK (5,277)
East Midlands (248) 71.7 11.1
South West (305)
Wales (91)
Yorks & Humberside (327)
£88,700
Northern (127)
Employees
Up to 50 (1,241)
51–250 (1,471)
251–1,000 (920)
1,000+ (2,720)
Fig 12 Average basic salary and bonus by company size: UK only (£k) 2012 (£k)
Employees
71.5 9.3
70.4 6.1
70.1 7.5
66.1 8.7
0 20 40 60 80 100 120 140
Salary
75.8 9.8
83.6 18.2
88.7 16.1
88.7 20.3
0 20 40 60 80 100 120
Salary
Bonus
82.1 14.3
90.4 19.1
94.6 18.8
98.0 26.6
0 20 40 60 80 100 120 140
Salary
Bonus
Bonus
2012 (£k)
Salary Bonus
84.4 11.4
87.8 16.9
94.1 20.6
97.2 28.0
Salary Bonus
76.8 10.5
82.4 16.1
86.8 16.7
88.9 23.4
£134,600
Fig 13 Average basic salary and bonus by UK region (£k)
Yorks & Humberside (327)
Average (£k)
(rounded to the nearest £00)
Base: All UK (5,277)
the average income of an ICAEW Chartered Accountant
working in London (£103.9k salary + £30.7k bonus)
All UK (5,277) 84.9 17.1
2012 (£k)
Salary Bonus
08 SAL A RY SU RV E Y REPORT 2013
SAL A RY SU RV E Y REPORT 2013 09
London (1,757)
South East (929)
East England (628)
North West (449)
Scotland (84)
West Midlands (327)
East Midlands (248)
South West (305)
Wales (91)
Northern (127)
Up to 50 (1,241)
51–250 (1,471)
251–1,000 (920)
1,000+ (2,720)
103.9 30.7
80.3 11.4
79.1 11.6
74.7 10.4
74.1 12.7
73.4 9.1
71.7 11.1
71.5 9.3
70.4 6.1
70.1 7.5
66.1 8.7
0 20 40 60 80 100 120 140
Salary
Bonus
82.1 14.3
90.4 19.1
94.6 18.8
98.0 26.6
0 20 40 60 80 100 120 140
Salary
Bonus
84.7 18.3
101.4 31.9
80.3 11.5
87.6 15.8
74.2 11.7
75.8 12.5
69.8 10.7
67.3 10.8
71.9 8.6
65.9 5.2
67.6 7.3
64.8 7.9

COMMENTARY BY STOTT AND MAY
PROFESSIONAL SEARCH LTD
NINA CARPANINI
HEAD OF FINANCE PRACTICE
Following on from the success of the ICAEW 2012 Salary Survey, Stott and May have taken further steps in 2013 to provide
an even more comprehensive overview of the finance profession. Amongst the overriding positive reaction to last year’s
publication, we had several requests to make our interviews and results more industry specific and therefore more relevant to
the individual reader. So, Stott and May has made a concerted effort to cover what we feel are some of the most prevalent and
topical industry sectors for 2013: Retail, Property, Logistics, Insurance, Technology, and Media.
The 2013 Salary Survey is perhaps an accurate reflection of the current economic climate. Salaries and bonuses have broadly
remained the same since 2012. Interestingly, it is only ICAEW Chartered Accountants who qualified over 20 years ago that have
enjoyed an average basic salary increase since 2012. On a more positive note, the pay gap between male and female ICAEW
Chartered Accountants has reduced even further in 2013, making the average difference less than £2,000.
There is one thing that seems unanimous across finance professionals: growth is easiest achieved by ensuring their best ‘talent’
remain motivated and engaged, and attracting candidates of the highest calibre, should the situation call for it, is equally
important. With recruitment working its way onto the agenda of most businesses of 2014, the importance of retaining and
attracting new talent continues to be paramount.
Many ACA candidates Stott and May meet with on a daily basis are therefore continually asking how they can maximise their
future career opportunities and how they can set themselves apart from their ‘competitors’. For some, we have advised that
they proactively seek out additional roles and responsibilities within their present organisation to augment their current duties.
This goes a long way along the indispensability route, but for others this is not always possible! So to give a complete and fuller
understanding of how they can maximise their opportunities, Stott and May have decided to take the survey results one step
further. By partnering with leading Heads of Finance across a range of industry sectors, we have provided ACA professionals
with insights on the current market conditions and advice as to how to enhance one’s career prospects.
The following interviews were conducted by Nina Carpanini, at Stott and May Professional Search Ltd.
DISCLAIMER
Please note these interviews have been carried out as an independent project by Stott and May Professional Search Ltd.
The views expressed in these interviews are those of the contributors. ICAEW does not necessarily share their views.
RETAIL
JACK WILLS
EMILY TATE, CHIEF FINANCIAL OFFICER
Jack Wills was launched in 1999 in Salcombe, Devon, designing British heritage-inspired goods for the university crowd. Jack Wills is
a high quality premium lifestyle brand that sells womenswear, menswear and homewares and now has over 70 stores in the UK, US,
Middle East and Asia.
Snapshot of Career History:
From May 2013: CFO at Jack Wills, 2010-April 2013: Fat Face,
May 2011 to June 2013: Chief Financial Officer at Fat Face, Nov 2010-
May 2011: Interim Finance Director at Fat Face, 2008-2010: Head of
Finance at Fat Face, 2005-2008: FP&A manager at Polo Ralph Lauren,
2003-2005: career break, 2001-2003 Commercial finance and strategy
roles at B&Q, 1996-2001 PwC audit
1. How important has your ACA qualification been in your career to date?
It has been a very important enabler, particularly at the start of my
career. It is a well-respected qualification and the opportunity to
learn on the job as well as learning the theory has meant that it has
been more relevant and practical than my academic qualifications.
2. To what extent has your career progressed the way you planned it
to? Have there been many unexpected changes or developments?
I decided whilst at PWC that I wanted to work in retail so made
sure that I had almost exclusively retail audit clients by the time I
moved into industry which definitely helped me stand out from the
crowd of recently qualified ACAs. After that, whilst I decided
relatively early on that I wanted to be a CFO, I wouldn’t say I
mapped out the route to get there. I have never taken a role to tick
a box, but always because it was interesting and challenging,
although still with the end goal in mind. I do believe that you
create your own luck, but being in the right place at the right time
and seizing opportunities that come your way can help you climb
the ladder faster, so don’t plan too much!
3. What opportunities and significant challenges has your industry
faced in the last 12 months?
Retail has had a tough time over the last 12 months. The current
economic environment has resulted in low consumer confidence
which has depressed spending, making the high street a
challenging place to be. However, in these conditions the weak
players can drop out of the market which means consolidation
and opportunities for the stronger businesses to gain market share.
With the shift towards ecommerce, and increasing store costs,
retailers will need smaller store portfolios in the future. Those who
currently have a more appropriately balanced portfolio are at an
advantage as are those who can identify how their customers
shop across all their channels and communicate with them in a
personal way.
4. Increasing board diversity in an attempt to lift the glass ceiling for
woman in business - discuss?
Of course there should be a better representation of women
running businesses and I am pleased that the public debate seems
to be shifting from non-execs to the paucity of female exec
directors and the pipeline beneath, because this is where the real
issues are. I’m not in favour of quotas, but affordable quality
childcare, mentoring and flexible working, as well as role models
who have a good work/life balance will all help stem the talent
drain. I also think we need to address the long hours culture in this
country, because for many women (and men) the sacrifice
required to get to the top is far too great.
5. When recruiting for senior finance positions, how essential is
previous experience within your industry?
I think it depends on the role you are recruiting for. If I was hiring
a technical Financial Controller into a retail business, I would want
to make sure they could handle the pace of retail but as technical
skills are more easily transferrable it would be OK to take someone
from a different industry. If I was hiring for a Head of Commercial
Finance, retail experience would be much more important so they
were credible with the rest of the business. However, I would still
consider investing in developing someone outstanding from
another industry with a passion for retail. Ultimately though it
depends on the balance of skills you have in your team already.
6. What advice would you give to a newly qualified ACA about
choosing their first role in industry?
Decide where it is you are trying to get to and get some objective
advice as to what your CV is missing currently then try and get
that experience within your current role or elsewhere. Secondly,
start to build a useful network before you really need it. And
finally, find someone independent you can talk to, whether that is
a professional coach or a mentor within your company or outside,
preferably someone who is already doing the job you want to do
one day.
10 SAL A RY SU RV E Y REPORT 2013
SAL A RY SU RV E Y REPORT 2013 11

MULTI-SITE CONSUMER RETAIL
PRET A MANGER
JON TEMPLE, HEAD OF UK FINANCE
Pret A Manger has over 250 shops in the UK and nearly 70 more in the US, Hong Kong and France. We create handmade
natural food avoiding the obscure chemicals, additives and preservatives common to so much of the ‘prepared’ and ‘fast’ food
on the market today.
FTSE PROPERTY
Snapshot of Career History: Snapshot of Career History:
April 2010 to now: Head of UK Finance, Pret A Manger, September
1999 to April 2010: various finance roles at BT plc, including: Financial
Controller, Global Services UK, Financial Controller, Global Skills
and Delivery, Financial Controller, HP Alliance, Finance Manager,
Applications Hosting, Finance Analyst, Dial IP Internet, August 1998
to August 1999: Shareholder Value Services, PwC, September 1995 to
July 1998: Audit at Pricewaterhouse
1. How important has your ACA qualification been in your career to date?
It has been important as it is the fundamental underpinning of my
financial understanding of a business and the market it operates in.
It is a respected qualification because of its breadth, and also
because I am continually required to keep it relevant to my career.
2. From the interviews we conducted last year, it is clear that there is
an agreement amongst CFOs that the finance function has
become more commercially focused in driving the business
forward rather than being what was historically seen as a back
office function. What steps have you taken or changes have you
made to your team over the past 12 months to reflect this?
I think this has been a continuous trend over a number of years,
and Pret is no different. We have recruited a Commercial Business
Analyst in the last 12 months to focus specifically on moving our
product analysis forward. This sits alongside other dedicated
commercial analysts for our operations and property teams.
For me, the challenge is to be on top of the day to day running
of the Finance team as well as understanding the drivers of the
UK business and being able to provide insight to the
management team.
3. What opportunities and significant challenges has your industry
faced in the last 12 months?
The food retail sector has had an interesting year – against a
backdrop of a flat UK economy, challenges such as the “pasty tax”
have been distracting. Having said that there is a continued
vibrancy in the sector, particularly in London, with small start-ups
such as coffee houses, artisan bakeries and healthy food shops
challenging us to continue to be innovative and focus on the
things we believe keep our customers loyal – namely quick and
friendly service, high quality ingredients and enjoyable shop
atmosphere. The most relevant current challenge in food retailing
is food provenance – we focus on auditing our supply chain to
ensure standards are maintained and customers can trust the
products they buy from Pret.
4. How much has your company grown due to acquisition compared
to organic growth?
Pret only grows organically believing this is the best way of
delivering sustainable year on year growth without overstretching.
Also this approach allows us to closely monitor and
maintain our high standards, which we believe would be more
difficult under a franchise model. As well as growing in our
existing markets in the UK, USA and Hong Kong, we opened in
Paris in 2012.
5. When recruiting for senior finance positions, how essential is
previous experience within your industry?
I don’t believe industry experience is essential – finance
professionals have a very portable skill set and I would focus more
on the capabilities of the individual and what they bring to the
team in terms of leadership, attitude and outlook.
6. What advice would you give to a newly qualified ACA about
choosing their first role in industry?
I would look for a role in a growing, dynamic company with a
strong brand. Ideally choose something that interests you
personally, and try and work at a company whose cultural and
ethical views align with your own.
LAND SECURITIES GROUP PLC
NEAL EADY, DIRECTOR OF CORPORATE FINANCE
Land Securities are the largest quoted commercial property company in the UK. Founded in 1944, they became a Real Estate
Investment Trust in 2007, and now own and manage more than 29 million square feet of property valued at in excess of £10
billion from the Piccadilly lights and One New Change in Central London to Gunwharf Quays in Portsmouth.
2003-current: Land Securities Group - FSTE 100 real estate investment
trust: 2012-current: Corporate finance director, 2010-2012: Retail
finance director, 2008-2010: Head of FP&A, 2007-2008: FP&A manager
/ Financial controller, 2006-2007: Financial controller, 2006-2006:
Head of joint ventures and overheads, 2004-2006: Head of joint
ventures and treasury back office, 2004-2004: Senior special project
manager/cover for financial controller, 2003-2004: Consultant - risk
management and internal audit,1999-2003: PricewaterhouseCoopers,
GLMM - Associate to Mergers and Acquisitions - Assistant Manager
1. How important has your ACA qualification been in your career to date?
I don’t believe I would have achieved anything like my current
career without my ACA and the experience gained at PwC during
my training contract. While the training gave me an important
grounding in accounting and general business practice, it also
opened doors when I moved into commerce and continues to
represent a high standard of professionalism, both in the UK
and internationally.
2. From the interviews we conducted last year, it is clear that there
is an agreement amongst CFO’s that the finance function has
become more commercially focused in driving the business
forward rather than being what was historically seen as a back
office function. What steps have you taken or changes have you
made to your team over the past 12 months to reflect this?
This has certainly been the case at Land Securities over the past few
years where our business unit teams have been remodelled to
reflect the structure of the portfolio. Within the Retail team every
Asset and Development Manager has their own business partner
who acts as their conduit to all the finance functions. These
business partners provide support and training on property P&Ls,
development appraisals, etc. and challenge budgeting and
investment appraisals. More and more the finance team is
transitioning into an embedded partner to the business, integral to
an increasing number of business decisions.
3. To what extent has your career progressed the way you planned it
to? Have there been many unexpected changes or developments?
It’s extremely difficult to plan a career in any detail as you never
know what difficulties or opportunities will arise. In my experience
you can plan your next move, but often the best opportunities are
unexpected and not always immediately attractive. Twice in my
career I have been encouraged to take on a challenge in an area
that wasn’t appealing at the time, including the opportunity to
run a large transaction processing team, but both took me outside
my comfort zone and enabled me to learn a lot. I have been lucky
enough to work in a group that has been very active and therefore
the volume of potential project work has been considerable and
has shaped my development significantly. I have found the best
approach is to be prepared get involved in as much project work
as possible, as it may lead you into different areas, and not to be
frightened of change.
4. What opportunities and significant challenges has your industry
faced in the last 12 months?
Property as a sector has had an interesting few years, with values
falling and property lending collapsing during the banking crisis
before a partial recovery over the past two years. The market is still
challenging, with many participant having difficulty with financing
(particularly development finance), which gives REITS like Land
Securities an advantage in delivering development schemes like 20
Fenchurch Street in central London. The retail property sector
continues to change, as weak retailers fail and the remainder
consolidate, with fewer stores focussed on prime locations and
shopping centres increasing their leisure component to drive footfall.
5. When recruiting for senior finance positions, how essential is
previous experience within your industry?
I am of the opinion that soft skills and personal fit are more
important than industry experience when recruiting at a senior
level in property. If you assume that technical knowledge is a
given, it is far easier to teach someone the requisite industry
knowledge over their first few months than to develop soft skills
and change their approach at that stage in their career.
6. What advice would you give to a newly qualified ACA about
choosing their first role in industry?
I would focus as much on the company and the people you meet
as the job specification. A good employer will move you around
early in your career giving you a breadth of experience so look for
employers with a good record of developing newly qualified
accountants. I joined an internal audit function that had previously
moved its members out into the business quickly and I spent less
than twelve months in the team before moving into a
management role in group finance. Equally, if you are moving
from practice, it can be a shock to be working within a small team
with the same people every day, so make sure you warm to those
you meet and perhaps ask to meet some of the wider team.
12 SAL A RY SU RV E Y REPORT 2013
SAL A RY SU RV E Y REPORT 2013 13

LOGISTICS
LONDON CITY AIRPORT
PATRICK BURROWS, CHIEF FINANCIAL OFFICER
London City Airport is ideally located for those who need to fly in and out of London quickly and efficiently - just 22 minutes
away from Bank and 17 minutes from Stratford. The most punctual airport in the UK and ACI’s “best European airport”
INSURANCE
Snapshot of Career History: Snapshot of Career History:
2010-to date: CFO at London City Airport, 2008-2010: New Look,
Group Finance Director, 1994-2008: Tesco, 10 years of which at Director
Level and 3 years working in Asia. 1992-1994: News International -
Group Accountant, 1988-1992: Coopers & Lybrand (now PWC)
1. From the interviews we conducted last year, it is clear that there is an
agreement amongst CFO’s that the finance function has become more
commercially focused in driving the business forward rather than being
what was historically seen as a back office function. What steps have
you taken or changes have you made to your team over the past 12
months to reflect this?
Most CFOs will tell you their primary focus is to create shareholder
value. I come to work every day to ensure that the airport can
grow and achieve its objectives, in terms of customers, people,
operations and community. At New Look and now London City, I
have introduced commercial finance partners to work directly with
operational and commercial managers to ensure that everyone
better understands how they are performing and that key decisions
are taken with an awareness of their financial consequences.
2. To what extent has your career progressed the way you planned it
to? Have there been many unexpected changes or developments?
I never really had a clear plan. My career only really makes sense
when played in reverse. From the start, I wanted to do more than
keep score and have a shot at running a business. I’ve always
wanted to do the best I can in every role I’ve had and I soon
learned that being part of a large growing business meant new
opportunities were more frequent. I’ve been happy to take roles
which have added to my skills and experience. In my time at Tesco
I worked in Asia, in convenience, delivered a major IT project and
as a procurement director. I can’t honestly say I planned any of
those roles. Along the way I learned that I enjoyed being a CFO
and that to achieve the breadth and variety I wanted, I needed to
be open to smaller businesses. If you treat people how you want
to be treated and you focus on your customers you can’t go too
far wrong. I would only work for a company which shared
those values.
3. What opportunities and significant challenges has your industry
faced in the last 12 months?
Aviation is facing tough times, with rising fuel prices, low customer
confidence, increasing air passenger duty and political inertia
around provision of extra capacity in the South East London City
Airport was hit very hard by the financial crash, losing 15% of its
passengers and 30% of its aircraft movement. Adversity can make
you stronger and we have a fantastic proposition for business
travellers. We have refocused on our customers, investing in
customer insight and marketing resource to get out there and sell
ourselves – because business does not just come to you these days.
Our plans are working and we are nearing pre-crash levels of
traffic and profitability.
4. Private equity’s blend of risk and opportunity has changed the way
that people think about effectively operating a business. What are
the key points to ensure success for portfolio companies and why?
I wanted to work for a private equity owned business as I was
attracted to the alignment of management and shareholders in
creating value, along with the simpler decision-making possible
when owners and managers can sit in the same room. London
City Airport’s owners know a lot about airports, and are a positive,
helpful force in our business. Successful management teams focus
on running the business in the best way they can, and let the
shareholders worry about decisions which are theirs to take.
5. What is the biggest setback you’ve faced within your career to date?
I joined New Look because I wanted to be part of a successful IPO.
After months of planning and a huge amount of hard work, we
announced our plans publicly in January 2010. Within days of the
proposed float, the financial markets had cold feet about IPO
business valuations and the process was aborted. Many months of
work came to nothing in a moment. Once the dust had settled, I
realised that I had learned a lot and gained valuable experience,
which helped me secure my current role.
6. What three pieces of advice would you give to Senior Finance
professionals, regarding planning the next several years of
their career?
• Know yourself. Ask yourself what do you want to achieve?
What are your values and what is important to you? What are
you willing to give and what won’t you compromise on?
• Get as broad a range of experience as you can and be clear what
you can learn in every role.
• Take as much advice as you can on your strengths and
development areas from the people who know you best,
alongside more objective input from people who understand the
market for roles you aspire
QBE EUROPEAN OPERATIONS
IAN TURNER, FINANCIAL OPERATIONS DIRECTOR
QBE Insurance Group is one of the top 20 insurers and reinsurers worldwide, writing US$18bn of premium income.
QBE employs 17,000 people in 52 countries across the globe.
1998-to date: QBE, various roles, 1991-1998: Eastgate, 1989-1991:
Cutler Underwriting Agency Limited, 1984-1989: Sturge Holdings
plc,1981-1984: English & American Insurance Company, 1981:
Qualified with Baverstocks
1. How important has your ACA qualification been in your career to date?
My qualification has been the bedrock of my career. Like most
things in life it is what you do with it that matters and my
qualification opened doors and allowed me to take opportunities
that I might otherwise not have had. It also now gives me access to
a very wide range of resources that help me keep up to date with
the ever changing regulatory environment that is emerging post
financial crisis.
2. From the interviews we conducted last year, it is clear that there
is an agreement amongst CFOs that the finance function has
become more commercially focused in driving the business
forward rather than being what was historically seen as a back
office function. What steps have you taken or changes have you
made to your team over the past 12 months to reflect this?
We have changed the structure of the team to align it with our
business. We now have distinct business partners supported by
analysts, who in turn are supported by the operational accounting
teams. Our business partners concentrate entirely on supporting
our business initiatives rather than carrying out the role as part of
their day job.
3. To what extent has your career progressed the way you planned it
to? Have there been many unexpected changes or developments?
I did not plan to stay in the insurance market all my working life.
My first job choices after qualifying were between a bacon
producer and an insurance broker. I chose the broker and have
remained in the market ever since.
4. What opportunities and significant challenges has your industry
faced in the last 12 months?
In the last 12 months we have had one of the largest storms to hit
the eastern seaboard of the United States and on top of that we
are in the midst of the longest recession that most of us have ever
known. Interest rates look set to remain at all-time lows at least
until the end of next year. There are significant opportunities for
companies who can remain profitable with these sorts of
challenges being thrust upon them.
5. How focused have you been in investing new talent into your
business over the past 12 months?
Companies don’t make things happen, people do. Customers,
shareholders and the communities we operate in like dealing with
people they know, respect and trust. Among other things, we have
put in place an academy to support our future leaders as we firmly
believe that our people can be a true differentiator between us
and our competitors.
6. How much has your company grown due to acquisition compared
to organic growth?
QBE has made over 100 acquisitions since 1998, taking our
turnover from US$0.7bn to US$18.4bn in 2012. Our staff
numbers have grown from 3,500 up to 17,000 and we now
operate in 52 countries throughout the globe. Organic growth
has taken place but has nearly always been on the back of an
acquisition in either a country or a class that we have not
previously operated in.
14 SAL A RY SU RV E Y REPORT 2013
SAL A RY SU RV E Y REPORT 2013 15

TECHNOLOGY
TELECITYGROUP
JUDITH SHACKLETON, FINANCE DIRECTOR
TelecityGroup is the leading provider of carrier-neutral data centres in Europe, operating highly connected facilities in key cities.
These data centres are the places in which separate networks that make up the internet meet and where bandwidth-intensive
applications, content and information are hosted.
MEDIA
Snapshot of Career History: Snapshot of Career History:
2008 - present: TelecityGroup - Finance Director, 2007-2008: Research
Now - Group Financial Controller, 1996-2006: ICAEW - various
commercial roles, 1994-1996: Camelot - Group Financial Controller,
1991-1994: De La Rue - Group Financial Analyst, 1987-1991:
PwC audit
1. How important has your ACA qualification been in your career to date?
It had a tremendous impact early on in my career and acted as a
passport to a series of hugely challenging roles. Having the ACA
qualification is seen as a sign that you have undertaken rigorous
training and passed tough exams, therefore showing you would be
able to cope with demanding situations. As you get more senior in
your career, your experience and the companies you’ve worked for
has a greater impact on your career than your qualifications, but
the fact that you have a quality accountancy qualification behind
you remains a differentiating factor.
2. From the interviews we conducted last year, it is clear that there is
an agreement amongst CFOs that the finance function has
become more commercially focused in driving the business
forward rather than being what was historically seen as a back
office function. What steps have you taken or changes have you
made to your team over the past 12 months to reflect this?
Over the past 12 months my team has become increasingly
embedded in the business. Finance is seen as the “go-to”
department for accurate and valuable data, so my team’s scope has
extended to include all areas of reporting and analysis, which
includes commercial operating data and energy efficiency. I’ve also
developed a secondment programme to other operational
departments, providing a link back to the business as well as
excellent development opportunities for my team.
3. To what extent has your career progressed the way you planned it
to? Have there been many unexpected changes or developments?
I’ve been fortunate to have had some unique opportunities. Being
at the inception of Camelot was an amazing experience and
completely changed my view on the working environment: to
have such a huge task in front of you and to achieve a seamless
launch of that scale - where we went from zero to £5bn worth of
revenue in a matter of weeks - gives you the confidence to
attempt and challenge the unknown.
4. What opportunities and significant challenges has your industry
faced in the last 12 months?
The carrier-neutral data centre market in Europe continues to
experience strong growth in demand, which is closely linked to
increasing internet usage driven by the proliferation of ‘connected’
people and devices.
TelecityGroup enjoyed a solid year of progress in 2012 in terms of
enhancing our long-term growth platform with the opening of
new data centres, as well as major expansions in key internet hub
locations across Europe. It was also great to see TelecityGroup’s
importance to the UK digital economy highlighted by ministerial
openings of our flagship London site expansions: Communications
Minister Ed Vaizey MP opened the Powergate site in July and the
Minister of State for Business and Enterprise, The Rt. Hon. Michael
Fallon MP, opened our Harbour Exchange site in December.
It’s exciting to be working for a company that is at the forefront of
the digital revolution, with our facilities underpinning the digital
economy and providing growth capacity in core markets for years
to come.
5. When recruiting for senior finance positions, how essential is
previous experience within your industry?
To me, sector experience is less important than the right attitude
and experience to be able to excel in a growing and rapidly
changing business. I look for previous experience that
demonstrates openness to new ideas and the flexibility to adapt to
the changing requirements of the business.
6. What advice would you give to a newly qualified ACA about
choosing their first role in industry?
Despite the best planning, the move into industry can be quite a
shock, so my advice would be to ensure you move into a role
which doesn’t narrow your skills too much and ideally this would
be where you have the opportunity to gain experience in different
areas, as well as internationally.
THE MILL
MICHAEL WOLFSON, CHIEF FINANCIAL OFFICER
The Mill is based in London, New York and Los Angeles and collaborates with their clients on award-winning
moving image, design and digital projects for the advertising, film, TV, games and music industries”
2007-to date: The Mill, 2001 -2007 Antenna Audio, 2000 -2001:
Getty Images, 94-99 United News and Media,91-94 PWC Audit
1. From the interviews we conducted last year, it is clear that there is an
agreement amongst CFO’s that the finance function has become more
commercially focused in driving the business forward rather than being
what was historically seen as a back office function. What steps have
you taken or changes have you made to your team over the past 12
months to reflect this?
We have made two commercially minded hires in the past 12
months to help the business continue to grow at the rate we have
bee:, a COO in the US and a Head of Commercial Finance in the
UK. The Head of Commercial Finance has been brought in to
bridge the gap across all UK businesses with the finance team
focused on instilling a greater understanding within the business
operators of numbers and the ways in which these drive the
business forward. Similarly, the COO in the US has been brought
in with a view to reduce the divide between the finance team and
the business, ensuring the business understands the pressures and
disciplines by driving the values through the finance function.
2. To what extent has your career progressed the way you planned it
to? Have there been many unexpected changes or developments?
Twenty years ago I did not think I would be doing what I am doing
now. I saw myself progressing upwards in my career through
working for a large PLC but soon realised after 4-5 years that what I
enjoy is having the opportunity to drive value in smaller businesses.
I have now been working in a role like this for the past 10 years.
My career has not necessarily progressed as planned but I did not
have a clear vision as to how my career would develop. It is more
important to be flexible,work out what industry you enjoy and
what you enjoy doing the most in the different roles you undertake
before moving into your next role on the basis of this.
3. What opportunities and significant challenges has your industry
faced in the last 12 months?
The biggest opportunity for us remains the convergence of brands
to advertise products for global markets. We need to service
brand campaigns globally which generally requires higher -end
advertising. Brands are increasingly looking at cross-media
campaigns including TV, online and digital and this has provided
us with significant opportunity. At the same time the economic
backdrop has still remained challenging, 60% of our revenue is
generated in the US and with Hurricane Sandy in New York, the
uncertainty as to who was going to win the US elections and what
was going to happen around the fiscal cliff legislation has led to a
reduce in demand for us.
4. Private equity’s blend of risk and opportunity has changed the way
that people think about effectively operating a business. What are
the key points to ensure success for portfolio companies and why?
I think when portfolio directors are choosing which companies to
invest in and when companies are choosing to be owned by a
portfolio, both parties need to ensure that they are able to work
together openly and honestly. There needs to be a good level of
communication and a strong focus on generating cash, managing
debt and ensuring they deliver on a business plan which needs to
be robustly thought out; changes made to the business plan need
to be thought through from a cash perspective. In order for this
to happen both sides need to be working with people they like,
working open and honestly and making sure the focus on cash
is retained.
5. How much has your company grown due to acquisition compared
to organic growth?
There is a natural growth in our industry due to clients needing
high end global campaigns, as highlighted earlier. This has
provided a high level of organic growth and as a result we have
opened an office in Chicago to better service the Chicago market
and provide them with a higher end solution. Our clients
continually like choice and businesses such as ours are
predominantly based on intangible goodwill as opposed to heavy
assets. Looking at acquisition targets therefore has never really
appealed to us as you are ultimately looking at acquiring people
and would then have to cash out to senior shareholders. We
would prefer to selectively hire talent and grow organically rather
than grow through acquisition.
6. When recruiting for senior finance positions, how essential is
previous experience within your industry?
I think businesses in different sectors do have similar cultures
because of the client base you are servicing. However, people in
media companies do have a similar outlook and it is useful to
relate that to business issues and the culture of the organisation.
From a finance perspective, prior industry experience means it is
easier to communicate with people throughout the business. At
an entry level position we would not necessarily look for prior
industry knowledge but as roles become more senior, you certainly
look for people who can relate to the business and grasp the issues;
it is particularly helpful if they encountered some of the industry
challenges in different companies and see how they resolve these.
I therefore think it is important to know what industry you enjoy
from an early stage in your career because as you progress it
becomes harder to change the industry you work in.
16 SAL A RY SU RV E Y REPORT 2013
SAL A RY SU RV E Y REPORT 2013 17

TECHNICAL APPENDIX
ICAEW SALARY SURVEY 2013
Data collection for the ICAEW Salary Survey was carried out
online by an independent market research company during
the period 4 to 18 February 2013.
All ICAEW members in businesses other than accountancy
practices – a total of 65,045 members – were invited to
complete the survey. Most received direct invitations by
email, but the survey was also publicised elsewhere to
encourage response from other members in business.
In total 6,358 completed survey responses from those
currently working in business were processed and form
the data analysed in the ICAEW Salary Survey 2013 (5,796
responses came through direct email links and 562 additional
members completed via a general link).
UK regions* Non-UK regions
FURTHER INFORMATION
Data has been weighted to ensure the profile of the survey
sample accurately represents all ICAEW members working in
business. Data has been weighted by geographical location,
age, gender and company size.
Data is weighted according to the regional distribution of
members in business within the UK and outside the UK.
17% of these members are currently based outside the UK.
The regional distribution is as follows:
Scotland 2% Rest of Europe 22%
Northern 2% Americas 21%
North West 9% Asia/Asia-Pacific 30%
Yorkshire and Humberside 6% Australasia 17%
East of England 12% Middle East 5%
East Midlands 5% Africa 5%
West Midlands 6%
London 33%
South East 18%
South West and Wales 8%
Bases: All in UK (5,277), All outside UK (1,081)
*Percentages do not add up to 100 due to rounding
The survey data is also weighted to be representative by age,
gender and size of company separately for those within and
outside the UK. The weighted sample profiles are as follows:
UK* Outside the UK
AGE Under 35 20% 13%
36–45 30% 30%
46–55 32% 34%
56+ 19% 23%
GENDER Female 29% 23%
Male 71% 77%
COMPANY SIZE
(Number of employees)
Up to 250 43% 40%
251–1,000 14% 15%
1,000+ 42% 45%
For further information on technical matters relating to this survey contact Yvonne Burr,
Head of Strategic Research at ICAEW T +44 (0)20 7920 8426 E yvonne.burr@icaew.com
18 SAL A RY SU RV E Y REPORT 2013
SAL A RY SU RV E Y REPORT 2013 19

Founded late in 2009, Stott and May is a boutique international
consultancy based in the City of London. Its highly experienced teams
deliver accountancy and finance services and engagements across the
UK and Europe.
The business is made up of experienced recruiters who are recognised
as experts in their specialist markets. Stott and May strives to be an
effective and strategic resource partnership for businesses and senior
finance professionals seeking new opportunities.
‘It’s who we know that makes us unique.’ Stott and May
For more information visit www.stottandmay.com
ICAEW is a professional membership organisation, supporting over
140,000 chartered accountants around the world. Through our technical
knowledge, skills and expertise, we provide insight and leadership to the
global accountancy and finance profession.
Our members provide financial knowledge and guidance based on the
highest professional, technical and ethical standards. We develop and
support individuals, organisations and communities to help them achieve
long-term, sustainable economic value.
Because of us, people can do business with confidence.
ICAEW
Chartered Accountants’ Hall Moorgate Place London EC2R 6EA UK
T +44 (0)1908 248 250
E contactus@icaew.com
icaew.com
linkedin.com – find ICAEW
twitter.com/icaew
facebook.com/icaew
© ICAEW 2013 COMDIG12149 03/13