• Visit Our Network:
  • gtnews
  • Corporate Treasurers Council
  • AFP Advisors Network
  • CIEBA
The Resource for the Global Finance Profession

2013 Comp Survey: Finance Pros See Healthy Salary Increase

  • By AFP Research Department
  • Published: 2013-05-22

The continued improvement in the economy has resulted in healthy pay raises for treasury and finance professionals, according to the 2013 AFP 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.

Salary information

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 percent.

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 percent.

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 2012.

Career advancement

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 certification.

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.

 

Copyright © 2014 Association for Financial Professionals, Inc.
All rights reserved.

You May Also Be Interested In...

Copyright © 2014 Association for Financial Professionals, Inc. - All rights reserved.
AFP, 4520 East-West Highway, Suite 750, Bethesda, MD 20814, Phone 1.301.907.2862
Follow Us AFP on LinkedInAFP on TwitterAFP on YouTubeAFP Newsfeed