Finance directors and CFOs can expect to earn up to €140,000 pa gross according to the latest salary guide from recruiters Robert Half.
Published on Thursday, the guide serves as a reference for companies and actual or potential employees in the Luxembourg financial sector.
Division manager for Robert Half Luxembourg Amandine Bianchi told our colleagues at Paperjam that the guideline represents an average. “In the financial sector alone we get even larger amounts. I have recruited profiles of CFOs for whom the salary without benefits started at €160,000 or even €180,000,” she said.
The salary scales are based on levels of experience, training and competition for talent, for different roles.
Chart: Robert Half
At the lower end are candidates who are “new to the role and still developing their skills” or a role in a “market with a low competition for talent or in a smaller, less complex organization.”
In the mid-range are candidates with “average experience and the necessary skills to get the job done” for roles in a market where “competition for talent is moderate”. The scale extends higher for specialized or complex roles in a market where “competition for talent is high”.
The lowest earners in the scale were AP/AR accountants, earning between €32,00-€54,000 depending on experience, training and demand for talent. Head of controlling earnings were not far off those of CFOs, running from €78,000-€115,000, as were finance managers, from €72,000-€110,000. The figures are express in terms of gross annual earnings, excluding benefits.
Reflecting on the market, Robert Half Belux director Joël Poilvache wrote that the supply of talent for finance and accounting roles in Luxembourg does not meet the demand, a situation which is further being exacerbated by the Brexit exodus to Luxembourg.
“To really win this ‘war’ the best line of attack may very well be a defensive one: companies with a clear retention and talent management strategy will eventually come out top,” he writes, adding: “Wherever possible, the preference is to take a personal approach to the development of every employee.”