FINANCE AND ACCOUNTING SALARY GUIDE FOR CHICAGO

Transcription

1 FINANCE AND ACCOUNTING SALARY GUIDE FOR CHICAGO In any finance and accounting (F&A) role, the right talent counts. And even though Chicago is a highly competitive market, attracting and retaining top finance and accounting professionals is possible when you have an engaged and knowledgeable staffing partner one that s everywhere you are. Recently, Kelly took a look at the recruiting, hiring, and salary trends specific to finance and accounting talent located in the Chicago area. The analysis includes Cook, DuPage, and Lake counties. It s through visibility such as this, along with authentic relationships with talent and organizations, that we are better able to serve the corporations and professionals of greater Chicago.

2 FINANCE AND ACCOUNTING SALARY GUIDE FOR CHICAGO 2 CONTENTS

3 FINANCE AND ACCOUNTING SALARY GUIDE FOR CHICAGO 3 EMPLOYMENT GROWTH TRENDS Historical and projected finance and accounting employment growth within the Chicagoland area falls below the national average, typical of large and mature urban markets. Accounting and bookkeeping jobs which include accounts payable (A/P) and accounts receivable (A/R) positions make up more than half of the targeted talent pool. As a competitive market for attaining finance and accounting talent, online job postings have been staying active for an average of nearly 50 days in Chicago that s one week longer than the national average. F&A TALENT EMPLOYMENT GROWTH, % CHANGE Chicago National F&A TALENT, AVERAGE POSTING DURATION Chicago National 7% Historical Projected % 49 DAYS 43 DAYS 6% 6% 5% Source: WANTED Analytics, EMSI/CareerBuilder 4% 4% 3% 3% 3% 3% 2% 2% 2% CHICAGO F&A TALENT, % MIX OF TARGET OCCUPATIONS 29% / Accountants and auditors 28% / Bookkeeping, accounting, and auditing clerks 19% / Financial managers 9% / Financial analysts 8% / Billing and posting clerks 7% / Bill and account collectors 1% 0% 1% 1% 0% 0% 5 years 3 years 1 year 1 year 3 years 5 years Source: WANTED Analytics, EMSI/CareerBuilder Source: WANTED Analytics, EMSI/CareerBuilder

4 FINANCE AND ACCOUNTING SALARY GUIDE FOR CHICAGO 4 DEMAND FOR FINANCE AND ACCOUNTING TALENT Online ad volume for F&A talent has moderated in recent years given the maturity of the current business cycle, but local employers were still posting more than 13,000 new jobs a month on average in Recent demand trends are heavily focused on accountants, bookkeepers, and financial managers. 100% Online 15,661 F&A TALENT, NEW MONTHLY ONLINE JOB POSTINGS ad volume Chicago YOY % change Chicago YOY % change National 16,000 75% 50% 13,074 14,000 25% 0% -25% -50% 12,000 10,000 CHICAGO F&A TALENT, TOP EMPLOYERS BY INDUSTRY 2013 Average March, 2014 May, 2014 July, 2014 Sept., 2014 Nov., 2014 Jan., 2015 March, 2015 May, 2015 July, 2015 Sept., 2015 Nov., 2015 Jan., 2016 March, 2016 May, 2016 July, 2016 Sept., 2016 Nov., 2016 Jan., Average Employers are looking beyond CareerBuilder to source finance and accounting talent. Other high-volume sites include Jobing.com, LinkedIn, ZipRecruiter, and RetirementJobs.com. Source: WANTED Analytics, EMSI/CareerBuilder NICHE INDUSTRY / ESTIMATED F&A EMPLOYMENT GROWTH ( ) Computer systems design companies 15% Investment advice 14% Portfolio management 13% 13% / Computer systems design companies 8% / Software publishers 4% / Computer equipment manufacturers 3% / Education and hospitals 3% / State and local government 2% / Scientific R&D services 2% / Management of companies 65% / Other Source: EMSI/CareerBuilder Source: WANTED Analytics, EMSI/CareerBuilder

5 FINANCE AND ACCOUNTING SALARY GUIDE FOR CHICAGO 5 COMPETING FOR TOP TALENT Small and medium-sized companies are competing against well-positioned, dominant companies in the market who are paying a premium for top F&A talent. TOP HIRING COMPANIES, TOTAL ONLINE JOB POSTINGS* J.P. Morgan Chase & Co WHO S HIRING? Within the top employing industries, the hiring outlook is projected to be strongest within accounting/tax services, management consulting, and physician offices. Other niche industries expecting strong growth in F&A talent include computer systems design, and investment and portfolio management companies. Deloitte Bank of America TOP EMPLOYING INDUSTRIES, % EMPLOYMENT CHANGE, HISTORICAL VERSUS PROJECTED Historical ( ) Projected ( ) Northern Trust H&R Block 25% 20% Ernst & Young (EY) 15% Discover Financial Services 10% 5% BMO Financial Group 0% -5% JLL Crowe Horwath Accounting, tax, bookkeeping services Management of companies Commercial banking Management consulting services Local government Offices of physicians Medical and surgical hospitals *Compiled over a recent four-month time frame Source: WANTED Analytics, EMSI/CareerBuilder Source: WANTED Analytics, EMSI/CareerBuilder

6 FINANCE AND ACCOUNTING SALARY GUIDE FOR CHICAGO 6 THE MOST IN-DEMAND SKILLS Experience with general ledger software, GAAP (generally accepted accounting principles) knowledge, and A/P and A/R experience are the most in-demand skills being sought by local employers. The local hiring climate is more competitive for workers with these skills, with experienced talent actively being sought by large employers, including Northwestern University and Walgreens. Candidates with CPAs or certifications in accounting are in great demand, creating a more challenging local recruiting environment. Chicago s employers are competing against global, national, and large local companies for credentialed talent. TOP SKILLS, ONLINE JOB POSTINGS* Note: Online job postings with these skills as prerequisites for hire. TOP CERTIFICATIONS, ONLINE JOB POSTINGS* Note: Online job postings with these skills as prerequisites for hire. General ledger software Accounting Generally accepted accounting principles Accounts payable Accounts receivable Public accounting Certified public accountant (CPA) Associate in Reinsurance (ARe) Chartered Financial Analyst (CFA ) Continuing education (CE) ,000 1,500 2,000 TOP ACTIVE EMPLOYERS, BY SKILL TOP ACTIVE EMPLOYERS, BY CERTIFICATION GL Software GAAP A/P A/R Public accounting Accounting CPA ARe CFA CE Northwestern University BDO Uline WINTRUST Financial Crowe Horwath H&R Block H&R Block J.P. Morgan Fitch Ratings H&R Block JLL Walgreens Northwestern University Skills for Chicagoland McGladrey Deloitte Deloitte BMO Financial Deloitte Aon Walgreens AKORN JLL Uline Deloitte Walgreens Ernst & Young Bank of America Aon McGladrey General growth Properties RGP Walgreens Northwestern University PLANT & MORAN Ernst & Young Crowe Horwath Wells Fargo UBS Crowe Horwath US Foods Accenture Marco & Associates JLL Walgreens JLL McGladrey Ernst & Young Ernst & Young J.P. Morgan *Compiled over a recent four-month time frame Source: WANTED Analytics *Compiled over a recent four-month time frame Source: WANTED Analytics

7 FINANCE AND ACCOUNTING SALARY GUIDE FOR CHICAGO 7 WAGE ANALYSIS: ARE YOU KEEPING PACE? F&A TALENT, HOURLY WAGES BY OCCUPATION OCCUPATION # of jobs Average hourly earnings 10th 25th Median 75th 90th Accountants and auditors 35,363 $36.06 $18.53 $25.02 $32.58 $43.22 $56.17 Bill and account collectors 8,863 $19.51 $11.70 $14.65 $18.06 $23.17 $29.38 Billing and posting clerks 9,984 $18.74 $12.74 $15.07 $17.92 $21.98 $26.30 Bookkeeping, accounting, and auditing clerks (includes A/P and A/R) 35,321 $19.89 $11.16 $15.34 $19.63 $23.60 $28.89 Financial analysts 10,676 $47.18 $22.97 $30.06 $39.80 $50.41 $75.93 Financial managers (includes controllers) 23,561 $64.62 $27.71 $39.94 $56.73 $80.95 $ F&A Chicago (weighted avg.) 123,767 $35.22 $17.58 $23.97 $31.85 $42.23 $58.35 F&A National (weighted avg.) 4.67 million $30.52 $17.41 $21.90 $28.01 $36.24 $48.47 F&A TALENT, SALARY BY OCCUPATION OCCUPATION # of jobs Average annual earnings 10th 25th Median 75th 90th Accountants and auditors 35,363 $75,005 $38,542 $52,042 $67,766 $89,898 $116,834 Bill and account collectors 8,863 $40,581 $24,336 $30,472 $37,564 $48,194 $61,110 Billing and posting clerks 9,984 $38,979 $26,499 $31,346 $37,274 $45,718 $54,704 Bookkeeping, accounting, and auditing clerks (includes A/P and A/R) 35,321 $41,371 $32,213 $31,907 $40,830 $49,088 $60,091 Financial analysts 10,676 $98,134 $47,778 $62,525 $82,784 $104,853 $157,934 Financial managers (includes controllers) 23,561 $134,410 $57,637 $83,075 $117,998 $168,376 $255,070 F&A Chicago (weighted avg.) 123,767 $73,258 $36,566 $49,858 $66,248 $87,838 $121,368 F&A National (weighted avg.) 4.67 million $63,482 $36,213 $45,552 $58,261 $75,379 $100,818 Source: EMSI/CareerBuilder

8 FINANCE AND ACCOUNTING SALARY GUIDE FOR CHICAGO 8 ACTIVE HIRING COMPANIES Average hourly wages for finance and accounting talent in Chicago are running about 10 percent ahead of the national average, which is consistent with the higher cost of living, particularly for housing and transportation. Large premiere brands, including J.P. Morgan, Deloitte, and EY are offering significant wage premiums in pursuit of top talent. Financial managers (includes controllers) F&A TALENT, AVERAGE EARNINGS Salary: $134,000 F&A TALENT, ACTIVE HIRING COMPANIES, AVERAGE HOURLY WAGE National average Chicago market average Top hiring companies, market average $70 Financial analysts Accountants and auditors Bookkeeping, accounting and auditing clerks (includes A/P and A/R) Bill and account collectors Billing and posting clerks Salary: $98,000 Salary: $75,000 Salary: $41,300 Salary: $40,500 Salary: $39,000 $60 $50 $40 $30 $20 $10 $0 $10 $20 $30 $40 $50 $60 $70 AVERAGE SALARY 10th 25th Median 75th 90th National average $46,550 $63,648 $82,596 $101,608 $118,643 Chicago market average $50,148 $69,305 $90,604 $111,841 $131,040 Top hiring companies, market average $77,043 $92,352 $109,304 $126,256 $141,502 Source: EMSI/CareerBuilder; Sperling s Best Places: Cost of Living Index; Source: WANTED Analytics

9 FINANCE AND ACCOUNTING SALARY GUIDE FOR CHICAGO 9 IN-DEMAND SKILLS AND CERTIFICATIONS SKILLED LOCAL TALENT COMMANDS SIGNIFICANT WAGE PREMIUMS Median wages for F&A talent holding either an Associate of Reinsurance (ARe) or Chartered Financial Analyst (CFA) certification are running roughly 30% above the local market average Median wages for certified CPAs are currently running at a 10% premium above the market average TOP SKILLS AND CERTIFICATIONS, LOCAL WAGE PREMIUMS Market average $60 $50 +30% +28% +10% $40 $30 $20 ARe CFE CPA Source: WANTED Analytics

10 FINANCE AND ACCOUNTING SALARY GUIDE FOR CHICAGO 10 INSIGHTS FOR HIRING MANAGERS OF FINANCE AND ACCOUNTING TALENT

11 FINANCE AND ACCOUNTING SALARY GUIDE FOR CHICAGO 11 HIRING MANAGERS IF YOU WANT TO ATTRACT U.S. FINANCE AND ACCOUNTING TALENT, YOU MAY NEED MORE THAN MONEY. In this age of uncertainty, workers in the U.S. are more concerned about remaining employable by having up-to-date skills than they are with losing their current job. Those you employ especially professional/technical talent will be harder to retain if they don t have opportunities to pursue their interests and develop their skill sets at work. 52% A top concern for finance and accounting talent is skill obsolescence, more than a possible layoff (48%) WHEN IT COMES TO CHOOSING AN EMPLOYER, here s what matters more to F&A talent in the U.S. than to the average U.S. worker: F&A talent Average U.S. worker CORPORATE CULTURE MATTERS Want to score high marks for workplace culture? Your organization should be promoting: 46% vs. 30% 45% vs. 36% 56% vs. 50% Innovation and creativity Cross-functional/virtual teams Corporate culture Corporate reputation A highly collaborative environment and cross-functional teams Collaborative environments A matrixed organization structure Corporate culture and reputation 40% vs. 35% 30% vs. 27% 28% 28% of baby boomer F&A talent wants a fostered environment of friendships in the workplace, more than younger cohorts or the average U.S. worker: 20% Gen X 23% Millennials 23% The average U.S. worker Virtual teams Source: KGWI 2014 and KGWI 2015 A matrixed organization structure

12 FINANCE AND ACCOUNTING SALARY GUIDE FOR CHICAGO 12 ARE YOU OFFERING EMPLOYEES THE OPPORTUNITY TO GROW THEIR SKILLS? YOU SHOULD BE. Professional/technical talent is at the leading edge of the do-it-yourself (DIY) career development paradigm. No longer relying on employers to design, lead, or invest resources into their training and skill building, they are using career development options DIY-style at higher rates than the average worker, investing their own time and resources into the training required to move along a career arc that they themselves are designing and leading. 34% vs. 28% 78% vs. 67% 60% vs. 50% 77% vs.66% 34% of F&A professionals in the U.S. have sought out training and paid for it themselves, vs. the average worker (28%) 78% of millennial F&A professionals in the U.S. have sought career-related coaching from mentors and associates, vs. F&A professionals overall (67%) 60% of millennial F&A professionals in the U.S. believe their current/most recent employer is investing in training/upskilling, vs. Gen X F&A professionals (50%) 77% of millennial F&A professionals in the U.S. believe that their current/most recent employer encourages handson/on-the-job training, vs. Gen X F&A professionals (66%) Top finance and accounting talent need to keep their skills fresh their workflow depends on it. This is true of your full-time employees, but it s also true for free agent workers and independent contractors. So as you continue to build a stronger brand reputation to attract the talent you need, consider that a cutting-edge free agent workforce can likely infuse the expertise and innovation you need now. Source: KGWI 2015

13 FINANCE AND ACCOUNTING SALARY GUIDE FOR CHICAGO 13 INSIGHTS FOR FINANCE AND ACCOUNTING TALENT IN CHICAGO

14 FINANCE AND ACCOUNTING SALARY GUIDE FOR CHICAGO 14 FINANCE AND ACCOUNTING TALENT YOU KNOW WHAT YOU RE WORTH. SO DO WE. In a recent survey, we asked hiring managers of finance and accounting talent to share how they evaluate and distinguish top candidates. We also asked about ways professionals can gain an edge, get noticed, and get hired. Take a look at the tips below, and contact us with questions or any time you re ready to find out about opportunities in the greater Chicago area. GET NOTICED AND GET HIRED Did you know that 73 percent of F&A hiring managers know within 15 minutes whether or not a candidate is right for a position? First impressions are extremely important. Hiring managers shared how they evaluate and distinguish top candidates and ways you can gain an edge in the hiring process. Here are some of the insights: SOFT SKILLS F&A hiring managers place slightly more weight on soft skills than they do technical skills, but they are looking for the total package. In fact, 63 percent said the most challenging thing to find among candidates is the right combination of hard and soft skills. The top three soft skills sought by F&A hiring managers: 83% sense of personal accountability 82% ability to listen and comprehend 77% ability to work well under pressure CULTURE FIT During the interview, F&A hiring managers are busy assessing whether or not you ll be a fit, with 80 percent saying that culture fit is important. The top three ways they assess whether you are a fit: 68% asking behavioral interview questions 59% observing behavioral cues during the interview 58% listening to the questions you ask during the interview THE BASICS Top interview tips, directly from finance and accounting hiring managers: 75% articulate personal accomplishments and weaknesses 74% focus on the basics (be on time, polite, wellgroomed, and gracious) 70% convey how your skills and background are a good fit for the job 70% be informed about the company s key products and services THE BLUNDERS Mistakes finance and accounting candidates make during the interview: 88% an arrogant demeanor; a lack of gratitude for the interview 83% inappropriate use of mobile phone/texting during interview 83% not arriving on time 83% not being well-groomed or appropriately dressed Source for data: 2015 Kelly Hiring Manager Survey (U.S., Canada)

15 FINANCE AND ACCOUNTING SALARY GUIDE FOR CHICAGO 15 INTERVIEW STRONG In their own words hiring managers share the traits that successful finance and accounting professionals demonstrate during interviews: Those who spoke about being resourceful and being able to independently figure things out, and those who appeared to be self-starters and confident in their ability to solve problems were most appealing. Those who conveyed a need for too much hand holding were ruled out. Successful candidates have honest résumés not beefed up with details that misrepresent the candidate s abilities. The factors that contribute to their likeability are demonstrated teamwork, enthusiasm about the job opening and its qualifications, and completely answered interview questions. Successful candidates are well-groomed, they give complete answers, and demonstrate some knowledge of the company. They have prepared thoughtful questions. Those who arrive at the interview on time dressed in a professional manner showing they have done their homework. They articulate what their goals are and convey the understanding they have of the position. They engage with the interviewer and exhibit that they are truly interested in the position. Our most successful hires have had backgrounds in economics and above average math skills. Factors contributing to a candidate s likeability include being well-dressed, open in their answers, and willing to show a sense of humor. Source for data: 2015 Kelly Hiring Manager Survey (U.S., Canada)

16 FINANCE AND ACCOUNTING SALARY GUIDE FOR CHICAGO EXIT As the demand for finance and accounting talent heats up in Chicago, the best approach for hiring success is to work with an honest and authentic workforce solutions partner one you can count on for exceptional talent. As the staffing industry founder with 70+ years of experience, Kelly is that partner. And if you re a finance and accounting professional, be assured that our recruiters are industry experts who won t waste your time. We want to get to know you, and where you want to be in your career we will only contact you with jobs that are right for you and your skill set. To find out more about what today s resilient workforce is seeking, or what a free agent workforce can offer your organization, visit kellyfinance.com today. As a pioneer in the staffing industry and in the study of workforce preferences, Kelly regularly provides insights for job seekers and employers. This report pulls insights from Kelly Free Agent research (2015) survey data, the 2015 and 2014 Kelly Global Workforce Index (KGWI), and other research sources. Additional resources, statistics, and third-party data is noted. Visit kellyservices.com for additional reports, articles, and insights. Kelly Financial Resources is a registered trademark of Kelly Services All other trademarks are property of their respective owners An Equal Opportunity Employer A kellyfinance.com