Accountants based in London received a basic salary of £87,100 last year, marking an £11,000 leg up on accountants based outside of the capital, who received a £74,200 salary.
Research conducted by the Institute of Chartered Accountants in England and Wales (ICAEW) and US staffing firm Robert Half found that City based accountants also received higher bonuses and last year saw an average bonus of £20,800.
Meanwhile, average bonuses across the UK came in at £11,500.
“London is clearly a competitive and dynamic market and will continue to be so as recovery comes,” said ICAEW regional director Ian Strange.
Promotion prospects and increased responsibility are major incentives for City accountants looking to stay with their current employers, say a respective 42 per cent and 35 per cent, while increased or remained bonuses also play heavily on the decision to move according to 46 per cent of accountants.
A total of 68,520 accountants were invited to complete the survey and 3,754 responded.