ACCOUNTANTS expect Santa to be extremely good to them this Christmas, with bonuses topping 18% of salary, the highest in three years.
Expected bonuses this year represent a 3.1% rise on last year's expectations of 15%, which would translate into a 1.1% rise on the 17% bonus actually paid, according to specialist accountancy and finance recruiter Marks Sattin. In cash terms, the average bonus expected this year is £11,587, which would be an increase of £575 compared with last year. Despite expectations being lower than 2010 in percentage terms, they are £1149 higher in cash terms due to rising base salaries.
The total bonus pot is anticipated to be around £3.4 billion in 2013/14, compared with £3.1bn last year. The confidence reflects the bullish mood across the profession, with profits per partner rising by as much as 9% within the big four firms, an increase in merger and acquisition activity, and large headcount increases -there are almost 12,000 new roles in the pipeline, according to Marks Sattin.
Dave Way, the firm's managing director, said: "It's been a strong year for the sector, with the recovery taking hold and economic activity on the rise so confidence is high. A strong bonus season will really cement the feeling that we've turned a corner."
Separate research by Marks Sattin has found the importance of financial incentives for accountants has grown in the past year.
Money is now the second most common reason for changing jobs, leapfrogging "seeking a new challenge" which is a key reason for 29%. The most common reason to leave is still for career development (33%).
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