Accountancy pay lags London and New York

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Summer is fast approaching, but if you're an accountant working in an investment bank now may be a good time to head to an increasingly chilly London or New York City.

Research by recruitment firm Robert Walters shows City of London accountants can earn over 90% more than their counterparts in banks in Sydney.

Marketing director Steven Edwards attributed high London pay to a shortage of skilled accountants in the City: "There are very few of them and banks are in a much better position to pay higher salaries."

Robert Walters' survey coincides with claims by rival UK recruitment firm Morgan McKinley, that newly qualified accountants working in the London can now earn as much as 65,000.

Pay - Newly qualified accountants in financial services roles globally

UK

  • 2006 salary: 42,000-57,000
  • % of salary as bonus: 10%-30%
  • % salary increase from 2005: 8%-12%

US

  • 2006 salary: 37,000-47,000
  • % of salary as bonus: 10%-30%
  • % salary increase from 2005: 6%-10%

Australia

  • 2006 salary: 26,000-30,000
  • % of salary as bonus: 10%-12%
  • % salary increase from 2005: 3%-4%

Hong Kong

  • 2006 salary: 24,000-27,000
  • % of salary as bonus: 25%
  • % salary increase from 2005: 3%-4%

Singapore

  • 2006 salary: 20,000-23,000
  • % of salary as bonus: 10%-20%
  • % salary increase from 2005: 10%-20%

Hong Kong

  • 2006 salary: 24,000-27,000
  • % of salary as bonus: 25%
  • % salary increase from 2005: 3%-4%

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