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The average salary for finance jobs in the UK | Q1 2023

The following data is compiled from the insights of our specialist finance and accounting recruitment team, based on placements made predominantly in the East Midlands and extending across the UK.

If you’re searching for your next finance role, this is your guide to knowing the average wage for your industry. If you’re a business owner, our report will provide you with a view of the average salaries for talent in your market.

Jump to salaries for your role title or hiring needs:

Finance Manager | Management Accountant | Financial Accountant | Financial Controller | Finance Business Partner | Finance Analyst | Head of Finance

Average salaries for Finance Managers

Q1 2022 started at a peak, with the average Finance Manager salary reaching around £58.3k. This figure went on to drop throughout the year, falling to £51.8k in Q4.

Entering 2023: our Q1 data reflected an average Finance Manager salary of £54.7k.

This is approximately £3.5k lower than this time last year, but reflects a positive £2.9k increase following Q4’s figure of £51.8k

The average salary for Finance Managers in the East Midlands 2022-23
2022’s figures: Q1: £58.3k, Q2: £57.6k, Q3: £55k, Q4: £51.8k

Average salaries for Management Accountants

Beginning at £37.5k in Q1 2022, salaries for Management Accountants continued on an upward trend throughout the year.

In Q4, the average Management Accountant salary was £44.9k, a £7.4k increase.

Entering 2023: The average Management Accountant salary was £47.6k, a £10k increase on last year’s figure for Q1.

The average salary for Management Accountants in the East Midlands 2022-23
2022’s figures: Q1: £37.5k, Q2: £40.9k, Q3: £41.6k, Q4: £44.9k

Average salaries for Financial Accountants

The average Financial Accountant’s salary in Q1 of 2022 was £50k. This number gradually lowered throughout the year, however, meaning that in Q4, the average was £45k.

Entering 2023: The average Financial Accountant salary rose to £47.2k.

This is £2.75k lower than in Q1 of last year, but a positive £2.2k increase since Q4.

The average salary for Financial Accountants in the East Midlands 2022-23
2022’s figures: Q1: £50k, Q2: £48k, Q3: £46.8k, Q4: £45k

Average salaries for Financial Controllers

The average Financial Controller’s salary changed sporadically throughout the year, with drops and rises of up to almost £10k each quarter.

Entering 2023: The salary for Finance Controllers has lowered once more, from £70k in Q4 down to £61.8k in Q1.

This was around £2.7k lower than in Q1 of last year, however, after witnessing wages fluctuating throughout 2022, there’s a chance this figure may increase once again.

The average salary for Financial Controllers in the East Midlands 2022-23
2022’s figures: Q1: £64.6k, Q2: £56.6k, Q3: £60.6k, Q4: £70k

Average salaries for Finance Business Partners

The average Finance Business Partner salary was £54.5k in Q1 of 2022, dropping in Q2 before rising back to £54.1k in Q3. In Q4, salaries lowered again, this time reaching £50.5k.

Entering 2023: The average Finance Business Partner salary increased to an average of £55k.

This is a £4.5k rise since Q4 and also means that pay is £600 higher than this time last year.

The average salary for Finance Business Partners in the East Midlands 2022-23
2022’s figures: Q1: £54.4k, Q2: £51.9k, Q3: £54.1k, Q4: £50.5k

Average salaries for Finance Analysts

Entering 2023: The average Finance Analyst’s salary was £40.4k, which is £5.4k more than this time last year and a £400 increase since Q4.

The average salary for Finance Analysts in the East Midlands 2022-23
2022’s figures: Q1: £35k, Q2: £41k, Q3: £36.7k, Q4: £40k

Average salaries for Heads of Finance

The wage for a Head of Finance began 2022 at £70k and remained stable before increasing by £6.2k in Q4.

Entering 2023: The average salary for a Head of Finance has dropped from £76.2k in Q4, back to £70k in Q1.

This figure matches Q1 of last year and time will tell whether wages repeat the same pattern throughout 2023.

The average salary for Head of Finance in the East Midlands 2022-23
2022’s figures: Q1: £70k, Q2: £70k, Q3: No data, Q4: £76.2k

The best-paying jobs in finance

When looking into the best-paying jobs in finance, what we consider to be ‘the best’ can be broken down into two important factors.

The highest-paying finance jobs

Those working as a Head of Finance received the highest salary in Q4, at £76.2k.
Financial Controllers had the second highest-paying finance job, earning £70k in Q4.

Finance roles with the least variation in pay

The average Head of Finance salary fluctuated the least – remaining at around the £70k mark throughout the year before rising in Q4, then lowering back to this in Q1 of 2023.

Finance Analysts experienced the second-least change to their pay, remaining between the £35k-£41k mark throughout 2022.

Work with Distinct Recruitment

At Distinct Recruitment, we pride ourselves on being abreast of all current trends in the accountancy and finance sector, taking the time to understand how they might affect the needs of our clients and candidates. If you’d like to discuss your hiring needs or your next finance role, contact us today.

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