Do you have the right salary for a Financial Controller in Recruitment?
Do you have the right salary for a Financial Controller in Recruitment?
Salary reviews can be a little awkward, on both sides of the table. For employees, because it often feels “a little cheeky” asking your employer for more money. For employers, because you want to be creating a delicate balance between providing a competitive salary and not overpaying.
Am I asking for too much? Am I paying too little?
This can be attributed to the fact that both employers and employees alike often don’t know what the going market rate is for a Financial Controller or a Finance Manager in their industry.
To reduce a little of this awkwardness, here is a “do-it-yourself” salary benchmarking overview of Financial Controllers and Finance Managers within the recruitment sector.
To demand the higher end of a Financial Controller salary within a business, a candidate would need to demonstrate most, if not all, of the following:
1. Company Size
- The larger the business, the higher the salary
2. Team Management Skills
- Size and breadth of involvement with team
- Probation reviews
- Conducting 1:1s
- Hiring/firing of team
- Improved employee retention
- Assisted employee become qualified
3. Process Improvement
- Implementing systems
- Improved processes, policies, reporting
- Reduced reporting cycle by X days
- Reduced debtor days by X
4. Implemented function (entire finance function from scratch, implemented FP&A function, brought credit control/payroll inhouse, etc.)
5. Breadth of role
- Taking on some FD responsibilities
- Business partnering (with MD/CEO/Senior Sales Staff)
- International experience
6. Transaction
- Involved in transaction/sale of a business
- M&A experience
- PE experience
Other factors that can affect the salary of a Financial Controller include the background of an individual:
7. Education
- If a candidate is qualified, that increases their salary quite dramatically
- ACA qualified candidates tend to be the highest paid, followed by ACCA, followed by CIMA
- Higher education, such as a degree, can also affect a person’s salary. Especially if from a Russell Group background
8. Practice
- If a candidate has come from a practice background, their technical abilities are increased and thus so is their salary
- If they come from a Big Four background, this increases their salary quite dramatically
9. Technical Abilities
- Understanding and experience of IFRS/UK Gaap/US Gaap/Sox
- Understanding of tax
If you have reviewed your salary and found it wanting, get in touch. I'm always happy to give advice around salary and we could do so over a coffee!
molly@caminopartners.co.uk / 0203 805 5233
Similarly, check out our website to see what the job market is currently like for Financial Controllers and Finance Managers in Recruitment:
https://www.caminopartners.co.uk/job-search
To have a look at our latest Financial Controller jobs, click here!
