Accountants in Ireland have seen something of a reversal of fortunes lately, with voluminous job roles cropping up within the Big Four, industry and financial services. However, it’s those individuals focusing on tax issues who have really benefited.
Tax specialists in Ireland have received salary uplifts of around 15%, according to new research from recruiters Marks Sattin. Tax partners can now expect salaries of €150k, it suggests, while tax directors now earn in excess of €100k.
In the professional services industry in Ireland generally, however, it says that salaries have slipped slightly – from an average of €40.5k at this point last year to €38.5k in 2011.
“The adoption in January of the OECD Transfer Pricing Guidelines has put TP specialists under the spotlight and employers are fighting for those with expertise in the new regime,” says Clinton Donkin, manager of professional services and taxation at Marks Sattin in Dublin.
This year’s Irish budget has also thrown up some issues that could impact businesses and require the expertise of tax specialists down the line.
“There’s been a big push for those with VAT expertise, with a number of changes to rules and regulations, particularly the large rise in this year’s budget,” says Paul McClatchie, manager of the financial services division at recruiters Careers Register. “We’re seeing a big demand from industry – particularly large Irish and American Plcs – less so from financial services organisations. However, the Big Four have benefited from a raft of consultancy work and have been building their tax practices.”
The biggest pay rise for tax accountants, however, is within investment banks in the UK – salaries have shot up by 25% to around £100k. However, the bonus potential is greater, with tax accountants incentivised by the amount of money they can save the organisation.