Accounting Salaries Expected to Rise Next Year

Accounting Salaries Expected to Rise Next Year

Average starting salaries in accounting and finance are expected to rise 4.7 percent next year, according to a new salary guide from the staffing company Robert Half.

The 2016 Salary Guide forecasts steady demand for professionals such as business systems analysts, staff accountants and financial analysts. Individuals with advanced technology skills, certifications and specialized industry experience will be able to command even higher salary increases.

Across different professions and occupations, Robert Half is predicting a 4.1 percent increase in average starting salaries for professional roles. Among the five fields tracked, the technology sector is projected to see the greatest pay gains, with base salaries rising an average of 5.3 percent. Accounting and finance roles followed, with anticipated average compensation increases of 4.7 percent. The creative and administrative professions each registered projected starting salary gains of 3.8 percent, followed by the legal field, with average base pay expected to rise 3.1 percent in 2016.

“Organizations continue to compete fiercely for skilled talent, particularly in the areas of big data, compliance and mobile applications development,” said Robert Half senior executive director Paul McDonald in a statement. “Managers who keep current on the latest salary and hiring trends can create more attractive job offers and improve their retention efforts.”

When it comes to keeping the best and brightest, benchmarking compensation is essential, suggests research from Robert Half. Among more than 1,000 professionals polled, 83 percent said a bigger salary would be a top factor prompting them to move to another company. The research also found it would take a 26 percent salary increase, on average, to compel employees to head for greener pastures.  Read more on Accounting Today.