Recently, a study came to light from the CIOT highlighting the average salaries of those who work within Tax in the UK. With the average salary for accountants in the UK at £70,500, it does seem like a very appealing prospect for those who are looking for a career with a good financial incentive. However, how much are you likely to earn as someone working within an accountancy practice?
Throughout your training contract, while completing the CTA, you can expect to earn £20,000-£30,000 as a graduate, with this decreased slightly if you haven’t been to University. With the average salary for Graduates in the UK ranging from £19,000 - £22,000, these training schemes not only offer a good salary package, but also the opportunity to gain additional qualifications at the same time.
For a qualified tax professional, with a CTA, working within a medium-large accountancy practice in the UK, salaries can range from £35,000 - £50,000, depending on location and experience. This is around 20% higher than the £30,000+ you can expect to earn as a newly qualified chartered accountant.
Professionals within Tax can look to progress to Manager/Senior Manager level after about 5-8 years post qualification with the right work ethic and opportunities. Salaries for Senior Managers working in Tax can look forward to a range from £65,000 - £85,0000, with some Directors coming home with close to £200,000 a year at a top firm.
Becoming a Partner within an Accountancy Practice, especially within the Big 4, can mean a major salary jump. In a recent article on Consultancy.uk, it's emerged that the average salary for an Equity Partner at Deloitte UK was £832,000 after tax in 2018.
With Accountancy being one of the better careers in the UK, when it comes to earning potential and career prospects, what’s stopping you from reaching your full potential?
If you’ve read this article and want to discuss your career opportunities or salary earning with confidentiality, please feel free to contact Harvey John.
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