In any finance and accounting (F&A) role, the right talent counts. And even though Chicago is a highly competitive market, attracting and retaining top finance and accounting professionals is possible when you have an engaged and knowledgeable staffing partner—one that’s everywhere you are.
Recently, Kelly® took a look at the recruiting, hiring, and salary trends specific to finance and accounting talent located in the Chicago area. The analysis includes Cook, DuPage, and Lake counties. It’s through visibility such as this, along with authentic relationships with talent and organizations, that we are better able to serve the corporations and professionals of greater Chicago.
FINANCE AND ACCOUNTING SALARY GUIDE FOR CHICAGO
FINANCE AND ACCOUNTING SALARY GUIDE FOR CHICAGO
EMPLOYMENT GROWTH TRENDSHistorical and projected finance and accounting employment growth within the Chicagoland area falls below the national average, typical of large and mature urban markets. Accounting and bookkeeping jobs—which include accounts payable (A/P) and accounts receivable (A/R) positions—make up more than half of the targeted talent pool.
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F&A TALENT EMPLOYMENT GROWTH, % CHANGE Chicago National
7%
6%
5%
4%
3%
2%
1%
0%5 years 3 years 1 year 1 year 3 years 5 years
2011 2013 2015 2017 2019 2021
6%
7%
3% 3%
0% 0%1%
2%
1%
3%
2%
4%
Historical ProjectedF&A TALENT, AVERAGE POSTING DURATION
Chicago National
Source: WANTED Analytics, EMSI/CareerBuilderSource: WANTED Analytics, EMSI/CareerBuilder
Source: WANTED Analytics™, EMSI/CareerBuilder
As a competitive market for attaining finance and accounting talent, online job postings have been staying active for an average of nearly 50 days in Chicago—that’s one week longer than the national average.
43 DAYS49 DAYS
29% / Accountants and auditors 28% / Bookkeeping, accounting,
and auditing clerks 19% / Financial managers 9% / Financial analysts 8% / Billing and posting clerks 7% / Bill and account collectors
CHICAGO F&A TALENT, % MIX OF TARGET
OCCUPATIONS
F&A TALENT, NEW MONTHLY ONLINE JOB POSTINGS— Online ad volume – Chicago — YOY % change – Chicago — YOY % change – National
15,661
13,074
201
3 A
vera
ge
Mar
ch, 2
014
May
, 201
4
July
, 201
4
Sep
t., 2
014
No
v., 2
014
Jan.
, 201
5
Mar
ch, 2
015
May
, 201
5
July
, 201
5
Sep
t., 2
015
No
v., 2
015
Jan.
, 201
6
Mar
ch, 2
016
May
, 201
6
July
, 201
6
Sep
t., 2
016
No
v., 2
016
Jan.
, 201
7
201
6 A
vera
ge
100%
75%
50%
25%
0%
-25%
-50%
16,000
14,000
12,000
10,000
FINANCE AND ACCOUNTING SALARY GUIDE FOR CHICAGO
DEMAND FOR FINANCE AND ACCOUNTING TALENTOnline ad volume for F&A talent has moderated in recent years given the maturity of the current business cycle, but local employers were still posting more than 13,000 new jobs a month on average in 2016. Recent demand trends are heavily focused on accountants, bookkeepers, and financial managers.
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Employers are looking beyond CareerBuilder® to source finance and accounting talent. Other high-volume sites include Jobing.com, LinkedIn®, ZipRecruiter®, and RetirementJobs.com.
13% / Computer systems design companies 8% / Software publishers 4% / Computer equipment manufacturers 3% / Education and hospitals 3% / State and local government 2% / Scientific R&D services 2% / Management of companies 65% / Other
CHICAGO F&A TALENT, TOP EMPLOYERS
BY INDUSTRY
Source: WANTED Analytics, EMSI/CareerBuilder
Source: WANTED Analytics, EMSI/CareerBuilder
Source: EMSI/CareerBuilder
NICHE INDUSTRY / ESTIMATED F&A EMPLOYMENT GROWTH (2016 – 2021)
Computer systems design companies
15%
Investment advice14%
Portfolio management13%
FINANCE AND ACCOUNTING SALARY GUIDE FOR CHICAGO
COMPETING FOR TOP TALENT Small and medium-sized companies are competing against well-positioned, dominant companies in the market who are paying a premium for top F&A talent.
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TOP HIRING COMPANIES, TOTAL ONLINE JOB POSTINGS*
TOP EMPLOYING INDUSTRIES, % EMPLOYMENT CHANGE, HISTORICAL VERSUS PROJECTED
Historical (2011 – 2016) Projected (2017 – 2021)
J.P. Morgan Chase & Co
Deloitte
Bank of America®
Northern Trust
H&R Block®
Ernst & Young (EY)
Discover® Financial Services
BMO Financial Group
JLL®
Crowe Horwath
0 50 100 150
Accounting, tax,
bookkeeping services
Management of companies
Commercial banking
Management consulting services
Local government
Offices of physicians
Medical and surgical hospitals
25%
20%
15%
10%
5%
0%
-5%
*Compiled over a recent four-month time frame Source: WANTED Analytics, EMSI/CareerBuilder Source: WANTED Analytics, EMSI/CareerBuilder
WHO’S HIRING?Within the top employing industries, the hiring outlook is projected to be strongest within accounting/tax services, management consulting, and physician offices. Other niche industries expecting strong growth in F&A talent include computer systems design, and investment and portfolio management companies.
GL Software GAAP A/P A/R Public accounting
Northwestern University BDO Uline WINTRUST®
Financial Crowe Horwath
JLL Walgreens Northwestern University
Skills for Chicagoland McGladrey®
Walgreens AKORN® JLL Uline Deloitte
General growth Properties RGP Walgreens Northwestern
University PLANT & MORAN®
US Foods Accenture Marco & Associates JLL Walgreens
FINANCE AND ACCOUNTING SALARY GUIDE FOR CHICAGO
THE MOST IN-DEMAND SKILLS
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TOP CERTIFICATIONS, ONLINE JOB POSTINGS*Note: Online job postings with these skills as prerequisites for hire.
Candidates with CPAs or certifications in accounting are in great demand, creating a more challenging local recruiting environment. Chicago’s employers are competing against global, national, and large local companies for credentialed talent.
Experience with general ledger software, GAAP (generally accepted accounting principles) knowledge, and A/P and A/R experience are the most in-demand skills being sought by local employers. The local hiring climate is more competitive for workers with these skills, with experienced talent actively being sought by large employers, including Northwestern University and Walgreens®.
*Compiled over a recent four-month time frame Source: WANTED Analytics *Compiled over a recent four-month time frame Source: WANTED Analytics
TOP SKILLS, ONLINE JOB POSTINGS*Note: Online job postings with these skills as prerequisites for hire.
0 200 400 600 0 500 1,000 1,500 2,000
Public accountingContinuing
education (CE)
Accounts receivableChartered Financial
Analyst® (CFA®)
Accounts payableAssociate in
Reinsurance (ARe)
Generally accepted accounting principles
Certified public accountant (CPA)
General ledger software Accounting
Accounting CPA ARe CFA CE
H&R Block H&R Block J.P. Morgan Fitch Ratings H&R Block
Deloitte Deloitte BMO Financial Deloitte Aon
Walgreens Ernst & Young Bank of America Aon McGladrey
Ernst & Young Crowe Horwath Wells Fargo® UBS Crowe Horwath
JLL McGladrey Ernst & Young Ernst & Young J.P. Morgan
TOP ACTIVE EMPLOYERS, BY SKILL TOP ACTIVE EMPLOYERS, BY CERTIFICATION
FINANCE AND ACCOUNTING SALARY GUIDE FOR CHICAGO 7
Source: EMSI/CareerBuilder
WAGE ANALYSIS: ARE YOU KEEPING PACE?
OCCUPATION # of jobsAverage
annual earnings10th
percentile25th
percentile Median 75th percentile
90th percentile
Accountants and auditors 35,363 $75,005 $38,542 $52,042 $67,766 $89,898 $116,834
Bill and account collectors 8,863 $40,581 $24,336 $30,472 $37,564 $48,194 $61,110
Billing and posting clerks 9,984 $38,979 $26,499 $31,346 $37,274 $45,718 $54,704
Bookkeeping, accounting, and auditing clerks (includes A/P and A/R) 35,321 $41,371 $32,213 $31,907 $40,830 $49,088 $60,091
Financial analysts 10,676 $98,134 $47,778 $62,525 $82,784 $104,853 $157,934
Financial managers (includes controllers) 23,561 $134,410 $57,637 $83,075 $117,998 $168,376 $255,070
F&A Chicago (weighted avg.) 123,767 $73,258 $36,566 $49,858 $66,248 $87,838 $121,368
F&A National (weighted avg.) 4.67 million $63,482 $36,213 $45,552 $58,261 $75,379 $100,818
OCCUPATION # of jobsAverage
hourly earnings10th
percentile25th
percentile Median 75th percentile
90th percentile
Accountants and auditors 35,363 $36.06 $18.53 $25.02 $32.58 $43.22 $56.17
Bill and account collectors 8,863 $19.51 $11.70 $14.65 $18.06 $23.17 $29.38
Billing and posting clerks 9,984 $18.74 $12.74 $15.07 $17.92 $21.98 $26.30
Bookkeeping, accounting, and auditing clerks (includes A/P and A/R) 35,321 $19.89 $11.16 $15.34 $19.63 $23.60 $28.89
Financial analysts 10,676 $47.18 $22.97 $30.06 $39.80 $50.41 $75.93
Financial managers (includes controllers) 23,561 $64.62 $27.71 $39.94 $56.73 $80.95 $122.63
F&A Chicago (weighted avg.) 123,767 $35.22 $17.58 $23.97 $31.85 $42.23 $58.35
F&A National (weighted avg.) 4.67 million $30.52 $17.41 $21.90 $28.01 $36.24 $48.47
F&A TALENT, SALARY BY OCCUPATION
F&A TALENT, HOURLY WAGES BY OCCUPATION
FINANCE AND ACCOUNTING SALARY GUIDE FOR CHICAGO 8
Large premiere brands, including J.P. Morgan, Deloitte, and EY are offering significant wage premiums in pursuit of top talent.
Average hourly wages for finance and accounting talent in Chicago are running about 10 percent ahead of the national average, which is consistent with the higher cost of living, particularly for housing and transportation.
ACTIVE HIRING COMPANIES
F&A TALENT, AVERAGE EARNINGS
$0 $10 $20 $30 $40 $50 $60 $70
Bill and account collectors
Billing and posting clerks
Bookkeeping, accounting and auditing clerks
(includes A/P and A/R)
Accountants and auditors
Financial analysts
Financial managers (includes controllers)
F&A TALENT, ACTIVE HIRING COMPANIES, AVERAGE HOURLY WAGE National average Chicago market average
Top hiring companies, market average
10th percentile
25th percentile Median 75th
percentile90th
percentile
National average $46,550 $63,648 $82,596 $101,608 $118,643
Chicago market average $50,148 $69,305 $90,604 $111,841 $131,040
Top hiring companies, market average $77,043 $92,352 $109,304 $126,256 $141,502
$70
$60
$50
$40
$30
$20
$10
Source: EMSI/CareerBuilder; Sperling’s Best Places: Cost of Living Index; http://www.bestplaces.net/tools/ Source: WANTED Analytics
Salary: $134,000
Salary: $98,000
Salary: $75,000
Salary: $41,300
Salary: $40,500
Salary: $39,000
AVERAGE SALARY
IN-DEMAND SKILLS AND CERTIFICATIONS SKILLED LOCAL TALENT COMMANDS SIGNIFICANT WAGE PREMIUMS• Median wages for F&A talent holding either an Associate of Reinsurance (ARe) or Chartered Financial Analyst (CFA) certification are
running roughly 30% above the local market average
• Median wages for certified CPAs are currently running at a 10% premium above the market average
FINANCE AND ACCOUNTING SALARY GUIDE FOR CHICAGO 9
Source: WANTED Analytics
TOP SKILLS AND CERTIFICATIONS, LOCAL WAGE PREMIUMS
— Market average
$20
$30
$40
$50
$60
ARe
+30% +28%
+10%
CFE CPA
INSIGHTS FOR HIRING MANAGERS OF FINANCE AND ACCOUNTING TALENT
FINANCE AND ACCOUNTING SALARY GUIDE FOR CHICAGO 10
30% vs. 27%
A matrixed organization structure
FINANCE AND ACCOUNTING SALARY GUIDE FOR CHICAGO 11
WHEN IT COMES TO CHOOSING AN EMPLOYER, here’s what matters more to F&A talent in the U.S. than to the average U.S. worker:
F&A talent Average U.S. worker
HIRING MANAGERSIF YOU WANT TO ATTRACT U.S. FINANCE AND ACCOUNTING TALENT, YOU MAY NEED MORE THAN MONEY.In this age of uncertainty, workers in the U.S. are more concerned about remaining employable by having up-to-date skills than they are with losing their current job. Those you employ—especially professional/technical talent—will be harder to retain if they don’t have opportunities to pursue their interests and develop their skill sets at work.
Source: KGWI 2014 and KGWI 2015
Innovation and creativity
Cross-functional/virtual teams
Collaborative environments
A matrixed organization structure
Corporate culture and reputation
CORPORATE CULTURE MATTERS Want to score high marks for workplace culture? Your organization should be promoting:
A top concern for finance and accounting talent is skill obsolescence, more than a possible layoff (48%)
52%
45% vs. 36%
Corporate reputation
56% vs. 50%
A highly collaborative environment and
cross-functional teams
Corporate culture
46% vs. 30%
40% vs. 35%
Virtual teams28% of baby boomer F&A talent wants a fostered environment of friendships in the workplace, more than younger cohorts or the average U.S. worker:20% Gen X23% Millennials23% The average U.S. worker
28%
FINANCE AND ACCOUNTING SALARY GUIDE FOR CHICAGO
ARE YOU OFFERING EMPLOYEES THE OPPORTUNITY TO GROW THEIR SKILLS? YOU SHOULD BE. Professional/technical talent is at the leading edge of the do-it-yourself (DIY) career development paradigm. No longer relying on employers to design, lead, or invest resources into their training and skill building, they are using career development options DIY-style at higher rates than the average worker, investing their own time and resources into the training required to move along a career arc that they themselves are designing and leading.
Top finance and accounting talent need to keep their skills fresh—their workflow depends on it. This is true of your full-time employees, but it’s also true for free agent workers and independent contractors. So as you continue to build a stronger brand reputation to attract the talent you need, consider that a cutting-edge free agent workforce can likely infuse the expertise and innovation you need now.
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Source: KGWI 2015
34% of F&A professionals in the U.S. have sought out training and paid for it
themselves, vs. the average worker (28%)
78% of millennial F&A professionals in the U.S. have sought career-related coaching
from mentors and associates, vs. F&A professionals overall (67%)
60% of millennial F&A professionals in the U.S. believe their current/most recent employer is investing in training/upskilling,
vs. Gen X F&A professionals (50%)
77% of millennial F&A professionals in the U.S. believe that their current/most
recent employer encourages hands-on/on-the-job training, vs. Gen X F&A
professionals (66%)
34% vs. 28% 78% vs. 67% 60% vs. 50% 77% vs.66%
FINANCE AND ACCOUNTING SALARY GUIDE FOR CHICAGO 13
INSIGHTS FOR FINANCE AND ACCOUNTING TALENT IN CHICAGO
FINANCE AND ACCOUNTING SALARY GUIDE FOR CHICAGO
FINANCE AND ACCOUNTING TALENTYOU KNOW WHAT YOU’RE WORTH. SO DO WE.In a recent survey, we asked hiring managers of finance and accounting talent to share how they evaluate and distinguish top candidates. We also asked about ways professionals can gain an edge, get noticed, and get hired. Take a look at the tips below, and contact us with questions—or any time you’re ready to find out about opportunities in the greater Chicago area.
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GET NOTICED AND GET HIREDDid you know that 73 percent of F&A hiring managers know within 15 minutes whether or not a candidate is right for a position? First impressions are extremely important. Hiring managers shared how they evaluate and distinguish top candidates—and ways you can gain an edge in the hiring process. Here are some of the insights:
SOFT SKILLSF&A hiring managers place slightly more weight on soft skills than they do technical skills, but they are looking for the total package. In fact, 63 percent said the most challenging thing to find among candidates is the right combination of hard and soft skills.
The top three soft skills sought by F&A hiring managers:83% – sense of personal accountability
82% – ability to listen and comprehend
77% – ability to work well under pressure
CULTURE FITDuring the interview, F&A hiring managers are busy assessing whether or not you’ll be a fit, with 80 percent saying that culture fit is important.
The top three ways they assess whether you are a fit:68% – asking behavioral interview questions
59% – observing behavioral cues during the interview
58% – listening to the questions you ask during the interview
THE BASICSTop interview tips, directly from finance and accounting hiring managers:
75% – articulate personal accomplishments and weaknesses
74% – focus on the basics (be on time, polite, well-groomed, and gracious)
70% – convey how your skills and background are a good fit for the job
70% – be informed about the company’s key products and services
THE BLUNDERSMistakes finance and accounting candidates make during the interview:
88% – an arrogant demeanor; a lack of gratitude for the interview
83% – inappropriate use of mobile phone/texting during interview
83% – not arriving on time
83% – not being well-groomed or appropriately dressed
Source for data: 2015 Kelly Hiring Manager Survey (U.S., Canada)
Source for data: 2015 Kelly Hiring Manager Survey (U.S., Canada)
FINANCE AND ACCOUNTING SALARY GUIDE FOR CHICAGO
INTERVIEW STRONGIn their own words—hiring managers share the traits that successful finance and accounting professionals demonstrate during interviews:
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“Those who spoke about being resourceful and being able to independently figure things out, and those who appeared to be self-starters and confident in their ability to solve problems were most appealing. Those who conveyed a need for too much hand holding were ruled out.”
“Successful candidates have honest résumés—not ‘beefed up’ with details that misrepresent the candidate’s abilities. The factors that contribute to their likeability are demonstrated teamwork, enthusiasm about the job opening and its qualifications, and completely answered interview questions.”
“Our most successful hires have had backgrounds in economics and above average math skills. Factors contributing to a candidate’s likeability include being well-dressed, open in their answers, and willing to show a sense of humor.”
“Successful candidates are well-groomed, they give complete answers, and demonstrate some knowledge of the company. They have prepared thoughtful questions.”
“Those who arrive at the interview on time—dressed in a professional manner—showing they have done their homework. They articulate what their goals are and convey the understanding they have of the position.”
“They engage with the interviewer and exhibit that they are truly interested in the position.”
FINANCE AND ACCOUNTING SALARY GUIDE FOR CHICAGO EXIT
As the demand for finance and accounting talent heats up in Chicago, the best approach for hiring success is to work with an honest and authentic workforce solutions partner—one you can count on for exceptional talent. As the staffing industry founder with 70+ years of experience, Kelly is that partner.
And if you’re a finance and accounting professional, be assured that our recruiters are industry experts who won’t waste your time. We want to get to know you, and where you want to be in your career—we will only contact you with jobs that are right for you and your skill set.
To find out more about what today’s resilient workforce is seeking, or what a free agent workforce can offer your organization, visit kellyfinance.com today.
As a pioneer in the staffing industry and in the study of workforce preferences, Kelly regularly provides insights for job seekers and employers. This report pulls insights from Kelly Free Agent research (2015) survey data, the 2015 and 2014 Kelly Global Workforce Index™ (KGWI), and other research sources. Additional resources, statistics, and third-party data is noted. Visit kellyservices.com for additional reports, articles, and insights.
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