A spurt of recruitment is said to be encouraging migratory Scots accountants to come home. This is despite pay for accountants in Scotland being more than a third lower than in London.

Graham Burns, director of recruitment firm Robert Walters’ Edinburgh office, says Scottish accounting jobs are proliferating at a rate of around 6% a year – and not just in the financial services centres of Glasgow and Edinburgh; Perth and Dundee are also getting a look in.

But like other parts of the country (and indeed the world), Burns says there aren’t enough qualified accountants to go around.

“The economic downturn of 2001-02 led to shortfalls from the traditional firms’ annual university milkround,” says Burns. “As it takes three years to qualify, we are now at the point where the shortfalls are revealing themselves,” he adds.

Scottish companies therefore need to attract qualified Scots accountants who’ve headed south back over the border. Burns says a significant number are returning to make the most of the lower cost of living, but the bad news is that pay is a lot lower than in London.

Robert Walters’ recent salary survey suggests a Scots-based senior fund accountant can attract a salary of between £28k and £38k in a permanent role. Down south, by comparison, salaries for comparable staff peak at £60k.

Scottish accountancy pay

Regulatory accountant: £43k to £45k

Tax accountant: £38k to £42k

Treasury accountant: £38k to £42k

Product controller: £38k to £42k

Senior fund accountant: £28k to £38k

Junior fund accountant: £22k to £28k

Source: Robert Walters