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 2

CONTENTS

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.

3

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.

4

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.

5

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

6

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.

12

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.

14

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:

15

“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.

Kelly Financial Resources® is a registered trademark of Kelly ServicesAll other trademarks are property of their respective ownersAn Equal Opportunity Employer © 2017 17-0234A kellyfinance.com