The finance sector has gone through substantial changes caused by the impact of Covid-19. Salaries have both increased and decreased. 

Are you in the right position? 

London statistics show that whilst qualified financial analysis roles (average salary £71,000) have increased by 10% and finance modeller roles (average salary £80,000) have increased by 28% roles, which is substantially more than most. The general reasoning behind this is businesses needing to evaluate financial plans in accordance with adaptations made due to Covid. Another prime role in the finance sector is finance project management (average salary £75,000) which has increased by 25% due to the need for various business transformations, in terms of maximising profits during difficult times. Common adaptations include new system implementations - Netsuite, an entirely cloud based system that grows with the company, is currently a trending system to change to. 

Are you being paid well?

The salaries in the most sought after London finance roles are currently changing both decreasing and increasing. Average salaries for Finance Managers, for example, have dropped 22% while Financial Controllers have remained the same. Candidates that are currently more sought after include qualified Management Accountants, Part qualified studiers with two to three years experience and qualified first movers from large accountancy firms.  

A natural conclusion would be that more traditional finance roles are on average less in demand than specific modelling, analysis and change roles. 

The retail sector:

The retail sector in particular has seen a very steep rise in job adverts (31%) in recent months as predicted. Trends during 2020 signified e-commerce and groceries retailers fared best rather than clothing/shoe retailers. Six in Ten retailers are expecting full recovery in the next one to two years. This significant re-growth period will result undoubtedly in the re-employment of many finance professionals that lost roles throughout the pandemic. As many have stated, now is the time to be looking at the market. 

How are you or your business preparing?

Savant is able to provide qualified and part qualified industry specific finance professionals on an interim, project or permanent basis. If you are looking to recruit, or looking for a role yourself, get in touch with Elise Doree (elise.doree@savantrecruitment.com).

Find more information on average salaries at:

https://www.itjobswatch.co.uk/default.aspx?q=&ql=Finance&ll=London&id=0&p=6&e=5&sortby=&orderby=