Scotland’s fund administration professionals are still paid less than their counterparts in Ireland. However, the gap is closing.

According to a survey by recruitment firm Robert Walters, an Irish fund accountant with two years’ experience is likely to command a salary of around €33k, while a counterpart in Edinburgh will be on €30k-€31k.

After five years the gap is just as wide, with an Irish fund accountant on between €52k and €55k, against €45k-€50k in Scotland.

However, while pay for Dublin’s fund admin professionals has remained rigidly immobile over the past 12 months, recruiters say salaries in Scotland are still rising.

Mike Leeman, manager at Michael Page Financial Services in Edinburgh, puts the rate of increase at 5-10% a year, reflecting the shortage of experienced talent in Scotland.

By comparison, Dublin fund administrators with five years’ or more experience are now earning between €50k and €80k – precisely the same as last year.

Nor are things much better for Ireland’s new starters. Fund admin professionals with one to two years’ experience, who were commanding €27k last year, can now expect €28k.

With salaries flat, local recruiters say Irish fund admin firms are instead sweetening the pill by promoting more benefits such as flexi-time and free gym membership.