The continued improvement in the economy has resulted in healthy
pay raises for treasury and finance professionals, according to the
Compensation Survey. Among the three job tiers
referenced in the report -- executive, management and staff level -- the
executive level saw the biggest boost.
In February 2013, AFP conducted its 25th annual Compensation
Survey. The survey collected data on total
compensation earned during calendar year 2012, including salary and
any bonuses, as well as data on base salaries effective on January
1, 2013. The survey was sent to treasury and finance professionals
with diverse corporate profiles. AFP also asked senior level
financial professionals to provide compensation information for
their organizations' entire treasury and finance staff. Over 2,700
financial professionals responded.
Overall, financial professionals garnered an average increase in
their base salary of 3.4 percent in 2012, up from the 3.3 percent
increase reported in last year's survey. The executive level earned
the greatest percentage increase -- 3.8 percent. Management level
financial professionals had an average increase of 3.5 percent,
with those at the staff level garnering an average increase of 3.1
CFOs and treasurers reported the highest average base salary
increase at the executive level at 4.3 percent each. At the
management level, assistant cash managers garnered the highest
average salary increase of 4.7 percent, which was also the largest
increase among the 20 tracked job titles. Analysts earned the
highest increase in base salary within the staff tier -- 4.4
At the executive level, the average percentage increase in base
salaries from January 1, 2012 to January 1, 2013 outpaced those
from any year since 2008-2009. Financial professionals in the
executive tier had an average salary increase of 3.8 percent in
2012; their salaries grew by 3.3 percent in 2011. By comparison,
those in the management tier report an average salary increase of
3.5 percent in 2012, down 0.2 percentage points from 2011.
Staff-level professionals also earned an average salary increase
that was lower in 2012, down 0.4 percentage points from a 3.5
percent average increase in 2011.
Still, all job levels boasted increases higher than those during
the preceding two years (2009-2011) with just one exception: the
increase at the management level in 2011-2012 was greater than in
Several factors influence a financial professional's potential
for promotion. Foremost among these is increased job
responsibility-cited by 63 percent of survey respondents. Other
factors impacting advancement include an employee's contribution to
profitability (cited by 51 percent of survey respondents), holding
an MBA or other advanced degree (29 percent) or earning a
professional certification such as AFP's Certified Treasury
Professional (24 percent).
Influences on salary: certification
The 2013 AFP Compensation Survey results continue to
highlight the importance of education and professional
certification in financial professionals' careers, especially the
ways in which they contribute to salary and career advancement.
Financial professionals who hold a professional certification can
also claim prestige and credibility in their field. Among the most
recognized and industry-respected certifications are the Certified
Treasury Professional (CTP). Professionals with a CTP at the staff
level earn, on average, 8 percent more than do those without
The financial benefits from holding a CTP certificate are
evident in many positions within a typical organization. The latest
survey results indicate that staff-level incumbents benefited most
from holding a professional certification. Assistant cash managers
recorded the largest average difference as compared to those
without a CTP -- 27 percent higher salaries on average.
View the full report here.