The average basic salary of a chartered account in business now stands at £76,200, according to new research.

The research, from the Institute of Chartered Accountants in England and Wales (ICAEW)  and financial recruiter Robert Half, found that the average salary for chairmen, chief executives and managing directors was £122,400, while for those starting, the average salary was £48,600.

Michael Izza, chief executive of the ICAEW, said: “Since our last career benchmarking survey, the economy has been seized by the credit crunch. To get through the downturn will require careful management and leadership. As our survey shows, ICAEW members are responding to this need, providing the skills and experience that ensures they continue to play a key role within all aspects of business and industry.”