Salary Guide - Finance roles in universities and higher education

Salary and Interim rates for Accountancy & Finance roles in Universities & Higher Education 

2024 - Review and Background

Whilst it has been a difficult year for university finance departments, there are reasons to be positive. Staffing has remained stable in 2024 and we are expecting movement in the market and a busier year for hiring in 2025.

University funding continues to be a hot topic as we come to the end of 2024, as 40% of universities reported a deficit in the last financial year. Steps are being taken to help ease the pressure, with a number of leading universities increasing student numbers. For those who are struggling financially, our clients have put in place business plans to help them overcome these challenges and reach a more positive financial status over the next 5 years.

The new Labour government has put fees up to £9,535, the first increase since 2017, when they rose by £250. Although this falls short of the £12,500 quoted by the sector needed to meet costs, it is a step in the right direction and should help offset the increase in employers National Insurance imposed by the autumn budget.

The challenges around university and higher education funding are not going to go away soon. Balancing numbers of UK and overseas students, maintaining quality teaching and grappling with inflation and cost rises will continue the focus on cost-saving and efficiencies. However, in our conversations with senior Finance leaders in the sector, it seems the market is optimistic about solutions in the coming years. 

Salary and interim rate guide

We’ve collated salary and interim rate data to provide an overview of the hiring landscape over the past year.

Permanent Salaries

Job title	Salaries	Interim Day Rates
Chief Financial Officer - CFO	£120k - £180k	£900 plus
Finance Director	£100k - £150k	£800 - £1000
Deputy Director of Finance	£80k - £110k	£650 - £850
Head of Finance	£70k - £95k	£500 - £800
Head of Management Accounts	£65k - £90k	£400 - £600
Head of Financial Accounts	£65k - £90k	£400 - £600
Head of FP&A	£65k - £90k	£400 - £600
Financial Manager/Controller	£55k - £75k	£300 - £400
Qualified Accountant PQE	£55k - £65k	£300 - £400
Newly-qualified Accountant	£50k - £60k	£270 - £350
Part-qualified Accountant	£38k - £50k	£170 - £270
Finance Officer	£28k - £38k	£150 - £200
Research Finance Manager	£45k - £70k	£250 - £400

The widest range in salaries and job rates can be found with senior roles rather than the lower levels, where the market rate prevails. The size and type of higher education institution can also have an impact on the range of salaries paid for each role, with more prestigious universities paying at the top end of the rate. Interim rates are candidate rates plus agency margin.

London Weightings

Many of our higher education clients are based in London and include a London weighting for accountancy and finance staff who work in the capital.

Universities & Higher Education
Average London weighting	£3,200
Highest London weighting	£5,000
Lowest London weighting	£2,500

Weightings are usually applied in the non-profit and public sector, including higher education. But according to the latest independent data published by the mayor's office, the weighting paid falls short of plugging the gap in living costs, particularly for those living in central, rather than outer, London.

How have salaries and rates changed?

Over the past year or so, salaries and interim rates have remained broadly static or have increased very slightly, below the rate of inflation. This is reflective of the general trend across other public sector and non-profit hiring markets within finance. 

With the focus on cost-saving in 2024, we have seen an uptick in requests for interim business planning roles over the past year, for the implementation of cost-saving and efficiency initiatives. 

Although salaries have been flat, some universities have given small yearly percentages increases to help off-set the cost of living increase.

Looking ahead to 2025 – salary and hiring trends in higher education

We believe it is likely that salaries and interim day rates will remain on a par with 2024 for the coming year, with no major increases predicted.

Multiple universities will be offering voluntary redundancies as part of their restructures to create efficiencies, freeing up talented staff that other institutions will be able to bring on board.

2025 could be a year of considerable change. The finance department will be at the centre of initiatives to improve financial stability and secure the future of the UK’s world leading higher education sector.

Boston Hale has a long history of working with universities to find interim and permanent accounting and finance professionals at middle-senior level.

Contact Catherine Hegarty for a confidential discussion on hiring into your university or higher education finance department.
 

Our data was compiled from December 2023 - December 2024 from research conducted with clients, candidates, interims, our database and external sources. It reflects salaries and rates across the UK within the higher education sector. Rates will vary according to organisation, employers have unique renumeration strategies and other benefits have not been taken into account. The figures presented are intended as a guide. For specific sectors or regions, please contact our team. Interim rates are candidate rates plus agency margin.

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