Diversity Discussions: Gender pay disparity in the finance industry

Our candidates and the gender pay gap 

It goes without saying, that we always want to achieve the best compensation package possible for all our candidates. But how do some of the core finance roles stand up under the glare of gender equality?

Management Accountant

• Average Management Accountant salary in the UK is £37,755
• Male Management Accountants candidates achieved an average salary of £38,714 
• By comparison, female Management Accountants achieved an average salary of £36,212  

Assistant Management Accountant / Assistant Accountant  

Chief Financial Officer  

At the very top of the finance food chain, we have the CFO. According to our internal data, the average CFO achieved a base salary of £152,282. However, less that 5% of the CFOs we placed in 2022 were women.  

Finance Director  

What does this mean?  

It is clear from these numbers that there is a long way to go to ensure that both genders are paid equitably for similar work. Moreover, whilst it is heartening that women are achieving more than men in certain roles, there is a gender imbalance in terms of the number of women breaking into the industry. 

 So, whilst it is great that in some sections of the finance discipline women are achieving higher average salaries than men, there are fewer women at the senior end breaking through into CFO and FD roles. However, even if we were to achieve gender balance at all levels, will the real battle for equal pay will get underway. 

 So, what can we do as talent consultants to close the inequality in gender pay in finance?  

Asking about salary 

Firstly, we can flip the salary question, instead of asking candidates about their current salary, we should ask them about their salary expectations and work towards achieving the uplift they want. Salary conversations should always be based on experience, ability, and skills. A women’s age, marital status or motherhood should not be a barrier to achieving an equal salary.  

At Marks Sattin, we believe that to truly champion women’s rights in the workplace we must break down systemic barriers and taboos by focusing salary conversations on ability. A recruiter's negotiations for a candidate’s new opportunity are the first step in breaking a cycle which has allowed the gender pay gap to reinforce the glass ceiling.  

 Anonymised CV screening  

Whilst many businesses claim to be impartial, including personal details such as gender, name, age, and location on a CV can influence hiring manager’s first impressions of recommended candidates. Recruitment consultants can hold back these details to ensure every applicant is judged purely on their skills and experience.