Employment Services

Rising up

By Marcia Passos Duffy

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Lisa Morgan
Branch manager, Accountemps Division
Robert Half International

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Financial professionals will continue to be in high demand — and reap higher salaries — in 2008, according the recently released 2008 Salary Guide from Robert Half International, a specialized consulting and staffing services firm, which has published its yearly salary data based on an analysis of the thousands of job placements managed by the company’s U.S. offices.

According to the survey, base salaries for financial professionals are projected to increase, on average, by 4.3 percent in 2008 over the previous year, with the biggest gains going to public accountants, financial analysts and internal auditors.

“This high-demand, high-salary trend for financial professionals, which we have been witnessing for several years now, will continue into 2008 and perhaps beyond,” says Lisa Morgan, branch manager for Robert Half International’s Accountemps Division in Akron, Ohio.

Smart Business spoke with Morgan about the details of the salary increases for accounting and finance employees, along with the outlook for businesses that hire these professionals.

What is different in your projections for 2008 over the previous year?

Salaries are continuing to rise for finance and accounting professionals. In 2007, they were up 3.7 percent, on average, over 2006; this year they are up 4.3 percent, on average, over the previous year. We are also seeing new titles entering our radar screen that are being considered high-demand specialties, such as business analysis and forensic accounting positions.

What are the top three specialties that will see the biggest increases in pay in 2008?

Public accountants, financial analysts and internal auditors are the top three specialties that figure to see the biggest salary gains in 2008.

Public accountants at the senior manager or director level can expect a 7.7 percent increase in their salaries in the year ahead, to between $88,250 and $129,250. Those with one to three years experience will also see the same rise in average salary to a range of $44,750 to $53,250. The demand for these professionals will continue to rise because of corporate governance rules, which have caused the rising workloads.

Entry-level financial, budget, treasury and cost analysts at large companies — companies with more than $250 million in sales — will see a salary increase of 6.9 percent to between $38,250 and $47,500 annually. Again, corporate governance initiatives — plus business expansion — are fueling this demand.

Internal audit managers at large companies can expect to receive starting compensation between $81,500 and $109,500 per year, which is an increase of 6.7 percent over last year’s projections.

Are there any particular industries that are seeing a faster growth rate in these financial professions than others?

The demand for financial and accounting professionals is strong across the board, regardless of the industry, but we are seeing a spike in the demand among the manufacturing, public accounting and health-care industries.

However, I want to point out that a financial or accounting professional’s narrow skill sets are not all that is demanded from employees; in order to get top pay, these professionals must also be technologically savvy and demonstrate superior communication skills.

What will be the biggest recruitment challenges in the new year?

We did a recent survey of finance and human resources managers and found that 55 percent of these hiring managers were having trouble finding skilled job candidates. Companies need to understand that there is a talent shortage at the moment and they must stay competitive. That means knowing what other organizations are paying entry-level and skilled financial and accounting professionals. It also means understanding that in this competitive environment what could make or break a decision to work for a firm is not only salary, but also a positive corporate culture, work-life balance and other perks.

Could you give more details about this salary guide and if it is available to the public?

The data for the guide is gathered through our permanent and temporary placement in the U.S. throughout the year. The company has been putting this information into a yearly free guide since 1948, and it is invaluable when companies are looking to determine salary ranges in the accounting and financial services industry.

The U.S. Department of Labor’s Bureau of Labor Statistics references this guide when it prepares its Occupational Outlook Handbook. Anyone can get a free copy of the 2008 Salary Guide from Robert Half International at www.roberthalf.com or (800) 474-4253.

LISA MORGAN is the branch manager at Robert Half International’s Accountemps Division based in Akron, Ohio. Reach her at (330) 253-8367 or lisa.morgan@rhi.com. Robert Half International has more than 350 locations throughout North America, Europe, Asia, Australia and New Zealand, and offers online job search services at www.rhi.com.