Finance salaries hit a three-month high, but majority still feel that they’re underpaid

Data from CV-Library explores the latest labour market trends

Average salaries for finance roles hit a three-month high in July, as pay increased by 3% year-on-year, well above the national inflation rate of 2.3%.

That’s according to the latest findings from the UK’s leading independent job board, CV-Library.

The job board explored data taken from its own site over the past seven months and found that salaries have grown consistently since April 2018. But, despite average pay for finance roles seeing positive growth, a separate survey from CV-Library found that nearly two thirds (61.4%) of finance professionals believe that they’re underpaid.

Lee Biggins, founder and managing director of CV-Library comments: “As organisations struggle to find people to fill their vacancies, we’re seeing many businesses push up their pay packets, in a bid to attract the right people to their roles.

“However, a separate study of ours has found that the majority of finance professionals believe they aren’t being paid enough. If you’re a disgruntled employee, or a manager, it’s worth looking at average salaries in your industry to ensure that you’re being paid, or paying, what you should be.”

In addition, CV-Library’s July Job Market Report found that employers are clearly feeling defiant about their hiring efforts, with jobs across the finance industry increasing by 12.5% year-on-year.

What’s more, while average applications for finance roles fell in July 2018, the amount of finance candidates registering their CV on CV-Library was at a three-month high, suggesting that many individuals are open to finding a new opportunity right now.

Biggins continues: “With unemployment at a record low, all sectors across the UK are bearing the brunt of continued skills shortages. However, it’s clear that the appetite is there for new roles, so long as employers are willing to offer the financial packages that job hunters desire.”

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