Oil industry and accountants enjoying salary growth

ACCOUNTANTS and professional staff in the oil and gas industry are enjoying strong salary growth, according to two surveys published yesterday.

The latest Oil and Gas Global Salary Guide shows that full-time professionals in the industry saw an 8.5 per cent rise in pay last year, with UK employees earning an average of £55,850 a year, more than twice the national salary average.

Day rates for engineers and managers contracted to work in the North Sea now average £540 per day and for director-level contractors the figure rises to around £900 per day.

Matt Underhill, managing director of Hays Oil & Gas, which compiled the report with Oil and Gas Job Search, said the figures reflected a “strong and confident industry”. “There are now tremendous opportunities for new graduates and candidates with transferable skills to enter a buoyant and rewarding industry,” he said.

A survey by financial recruitment firm Marks Sattin found the average salary of accountants has risen by 5 per cent in the past year, from £60,788 into £64,022. Average bonuses were £11,012, exceeding expectations by £1,409.

Dave Way, managing director of Marks Sattin, said it was the third year in a row of “solid, above inflation, pay growth” and demonstrated the “resilience of accountancy as a profession”.