Financial Services Sees Biggest Salary Gap Between London & Rest of the UK

Accounting roles in financial services earn on average £20,000 more in London than any other UK region, while some industries boast higher potential earnings outside of London, according to analysis on salary data revealed today by global specialist recruitment company, Michael Page. 
The analysis, which looked at average salary trends over a three month period from the Michael Page Salary Comparison Tool, revealed that financial services remains the highest earning industry, particularly for professionals in accounting, digital, human resources, legal and marketing. Key findings include:
  • A finance controller can typically earn £62,000 in the financial services industry, compared to £55,000 in the industrial/manufacturing industry
  • A product marketing manager can earn £52,000 in the financial services industry, compared to £38,000 in the FMCG industry 
  • Mid-level finance roles in the healthcare and pharmaceutical sector can earn up to £15,000 more in London than the next highest region
  • Sales professionals in the industrial sector are rewarded with higher base salaries, reflecting the technical expertise needed. In other sectors, such as business services and technology, the base salaries can be £7,000 lower but incentives are higher and more frequent
The analysis also revealed that some industries have a higher earning potential in other UK regions, compared to those in London. Logistics roles in transport and distribution have higher salaries in the West Midlands, South West, East Midlands and East England, whilst accounting jobs in energy and resources have higher wages in the South West. 
The Michael Page Salary Comparison Tool is the first tool of its kind in the recruitment industry, enabling clients and candidates to compare their salary to actual and advertised data, and subsequently see whether they’re being paid above or below the market average. The three most searched disciplines are accounting, sales and banking & financial services.