At Eirkoo, we’ve been closely watching the exciting changes in Dublin’s accounting and finance sector. It’s a time of transformation with evolving employment trends and shifting compensation patterns. As the economy adapts, staying updated on these changes is essential for both professionals and employers.
We’ve analysed salary data from 2019 to 2024 and are excited to share our findings. Our in-depth overview highlights the key insights shaping the job market in accountancy and finance in Dublin.
Fluctuating Salaries for Financial Controllers
One of the notable trends we have observed is the fluctuating nature of salaries for Financial Controllers in Dublin. After a rise in 2019-2020, the remuneration for this role experienced a dip during the 2020-2022 period, likely due to the economic uncertainties brought about by the global pandemic. However, the salaries have since stabilised, reflecting the sector's resilience and the continued demand for skilled financial professionals who can navigate complex business environments.
Here's a breakdown of the salary trends for Financial Controllers from 2019 to 2024:
2019-2020: 30.77% increase (€65,000 to €85,000)
2020-2021: 17.65% decrease (€85,000 to €70,000)
2021-2022: 11.43% increase (€70,000 to €78,000)
2022-2023: 2.56% increase (€78,000 to €80,000)
2023-2024: 12.5% increase (€80,000 to €90,000)
Steady Increases for Financial Accountants
In contrast to the Financial Controllers, the salaries for Financial Accountants in Dublin have exhibited a steadier upward trajectory. Our analysis indicates a consistent increase in remuneration for this role, with only a minor dip observed in 2021. This trend suggests that the demand for skilled financial accounting professionals remains strong, and employers are willing to offer competitive packages to attract and retain top talent.
Here's a breakdown of the salary trends for Financial Accountants from 2019 to 2024:
- 2019-2020: 17.74% increase (€51,000 to €62,000)
- 2020-2021: -16.98% decrease (€62,000 to €53,000)
- 2021-2022: 13.11% increase (€53,000 to €60,000)
- 2022-2023: 6.15% increase (€60,000 to €65,000)
- 2023-2024: 1.52% increase (€65,000 to €66,000)
Fluctuations in Tax Manager Salaries
The Tax Manager role in Dublin has seen its fair share of salary fluctuations. Our data shows a drop in remuneration in 2021, followed by a steady increase in the following years. This pattern highlights the dynamic nature of the tax landscape, where changes in regulations, compliance requirements, and business needs can impact the demand and compensation for specialised tax expertise.
Here's a breakdown of the salary trends for Tax Managers from 2019 to 2024:
- 2019-2020: -8.51% decrease (€51,000 to €47,000)
- 2020-2021: -6.82% decrease (€47,000 to €44,000)
- 2021-2022: 16.98% increase (€44,000 to €53,000)
- 2022-2023: 0.00% increase (€53,000 to €53,000)
- 2023-2024: 5.36% increase (€53,000 to €56,000)
Stable Salaries for Payroll Roles
The graph shows an initial decline in salaries in 2020-2021, followed by a steady upward trend.
Economic Impact: The dip in 2020 is likely due to economic factors or industry-specific challenges, such as the COVID-19 pandemic.
Salary Growth: Following the dip, salaries have consistently increased, indicating a recovery and positive outlook for the payroll roles market.
Here's a breakdown of the salary trends for Payroll Specialist/Managers from 2019 to 2024:
- 2019-2020: 13.51% decrease (€42,000 to €37,000)
- 2020-2021: 24.49% increase (€37,000 to €49,000)
- 2021-2022: -16.67% decrease (€49,000 to €42,000)
- 2022-2023: Stability (€42,000)
Audit Senior Salary Trends
Initial Peak and Decline: There was a significant increase in salaries in 2019, followed by a steady decline until 2022. The sharp drop in salaries in 2020 and 2021 is due to economic factors, industry-specific challenges, and changes in market demand for audit services. From 2022 to 2024, salaries have remained relatively stable, suggesting a stabilisation of the market.
Here's a breakdown of the salary trends for Audit Seniors from 2020 to 2024:
- 2020-2021: €45,000 to €47,000
- 2021-2022: up to €55,000
- 2022-2023: €55,000 - €56,000
- 2023-2024: 22.73% increase (€55,000 to €66,000)
Gradual Increase in Junior Role Salaries
The Dublin accountancy and finance sector has also witnessed a gradual increase in salaries for junior-level roles, such as Tax Trainees and Audit Trainees. This trend suggests that employers are recognising the importance of investing in and developing the next generation of financial professionals, ensuring a steady pipeline of talent to support the industry's growth and evolution.
Driving Factors Behind Salary Trends
The salary trends observed in the Dublin accountancy and finance sector are influenced by a multitude of factors, including economic shifts, skill shortages, company performance, and industry-specific changes. For instance, the dip in salaries during the 2020-2021 period can be attributed to the economic challenges posed by the COVID-19 pandemic, while the subsequent rebounds and increases reflect the sector's resilience and the ongoing demand for skilled financial professionals.
The Evolving Preference for Flexible Work
Another notable trend shaping the Dublin accountancy and finance sector is the growing preference for flexible employment options. The shift towards temporary and contract roles over permanent positions reflects the industry's dynamic needs and the tight recruitment climate, as employers and professionals alike seek to adapt to the changing work landscape.
Retaining Talent in a Competitive Market
The historically low unemployment rate in Ireland has created a highly competitive market for recruiting skilled accounting and finance professionals in Dublin. To attract and retain top talent, employers are not only offering competitive salaries but also enhancing their benefits packages, recognising the growing importance of flexible working arrangements and remote work options.
If you are an employer looking to hire new talent, reach out. We've got you covered!
If you are looking for a new career opportunity in the Finance & Accountancy sector or simply want to explore your options, contact us now.
