The 2008 Salary Guide from Robert Half International predicts a 4.3% increase in starting salaries for accounting and finance professionals this year, with public accountants, financial analysts and internal auditors seeing the largest gains.
In corporate accounting and finance departments of large companies, business expansion and ongoing corporate governance initiatives are driving hiring and increasing salaries, with average starting salaries for entry-level budget, treasury and cost analysts expected to rise 6.9% over 2007’s predictions to between $38,250 and $47,500. Newly hired internal audit managers can expect a 6.7% increase in starting compensation to between $81,500 and $109,500 annually.
In public accounting, average starting salaries for directors and senior managers of medium-size firms are projected to rise 7.7% in the year ahead, to between $88,250 and $129,250, as these firms increase hiring to deliver more services to clients. At small firms, professionals with one to three years of experience can expect the same increase in salary as firms relieve heavy workloads and potentially hire future leaders.
These projections exceed those for the banking and financial services sectors, where starting salary increases for commercial lenders and hedge fund accountants may see gains of 4.7% and 6.5%, respectively.
Source: Robert Half International’s 2008 Salary Guide, www.rhi.com .