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Gender Pay Gap Widens for Accountants Over 45

Gender Pay Gap Widens for Accountants Over 45
 
Males Now Earn 60% More Than Their Female Counterparts, Salary Study Finds
 
While the pay gap between males and females appears to be narrowing for accountants under 30, the opposite is the case for those over 45, according to the latest Career Benchmarking Study released by specialist recruitment company Robert Half and the Institute of Chartered Accountants in England and Wales (ICAEW).
 
According to the study, the average basic salary for a male chartered accountant over 45 is 98,400, which is over 60% more than their female colleagues average of 60,500. However, in the case of those under 30, females currently receive an average wage of 47,300 (an increase of 3% from the previous year) while the average male salary is only 4% higher at 49,300 (a decrease of 5% from the previous year).
 
Commenting on the findings, Phil Sheridan, Managing Director Robert Half UK said: One of the interesting outcomes of the downturn seems to be the narrowing of the gender pay gap for those who have recently embarked on their accountancy careers. Historically, some of the difference in salaries between genders has been attributable to the fact that the average male accountant tends to be older and longer qualified than their female counterparts. As women continue along their career path it is important that this gap doesnt widen.
 
The huge difference in pay between males and females over 45 seems to have been exacerbated in the past year with women aged 46-55 reporting an average 10% drop from last years figures, compared with just a 1% drop for males.
 
Remarking on the latest Career Benchmarking Survey, Michael Izza, Chief Executive of the ICAEW, said: Todays market place shows that skilled candidates from which ever gender are such a precious commodity and employers need to look carefully at what they are offering their existing staff members in terms of career development and training. Our studies show that to attract and retain female talent, it is also vital to meet employee expectations regarding career progression and work-life balance.
 
The global economic downturn had a noticeable effect on salaries at all career stages this year, with 60% of those questioned responding that the downturn had a negative effect on their basic remuneration. In the case of bonuses nearly 70% of those eligible for a bonus reported that this had been negatively affected in the past 12 months.
 
Retaining talent
 
Nearly three-quarters (73%) of managers believe that an acceptable level of salary increases is important to the retention of key staff in the current climate. While one in four considers it very important, especially those in the banking and capital markets sector.
 
Although some finance teams continue to make redundancies, many respondents indicated that the greater challenge this year will be making the case for increased resource (63%) and with budgets still under pressure, being able to reward staff in non-monetary ways (59%).
 
Sector differences
 
Managers in the healthcare and pharmaceutical sector were most optimistic for salary increases (71%, with an average salary increase of 4.3%). Expectations are much lower in construction, property and real estate, where only 34% expect an increase (average increase of 3.6%) and government, charity and not for profit (36% increase, with an average increase of 1.9%).

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