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AFP Finds Compensation For Financial Professionals Continues to Grow
August 2, 2007
AFP Staff Writers
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The 2007 AFP Compensation Survey Shows CTP Certification Plays Important Role in Salary Increases
The Association for Financial Professionals has found that compensation for financial professionals in the last year has surpassed the national workforce average by more than 50 percent, continuing the trend of previous years.
In the 2007 AFP Compensation Survey, based on more than 5,000 respondents from over 2,000 companies, financial professionals reported a salary increase of 4.8 percent and a bonus increase of 18 percent of their base salaries.
"Companies realize the increasingly important role that treasury and finance professionals are playing in the success of their business, and that’s evident in these latest survey results," said Jim Kaitz, President and CEO of AFP. "What else is becoming increasingly clear is that career development through higher education such as an MBA and certifications such as a CTP are almost invariably impacting salaries with survey results showing as much as 25 percent higher earnings in some cases."
According to the AFP survey, factors determining salary compensation included:
- Increased Job Responsibility
- Higher Education – particularly advanced degrees such as an MBA
- Certifications such as a CTP or CPA
- Contribution to Profitability
- Job Location
- Type of Industry
The 2007 Compensation Survey reported that on average, professionals with an MBA earn an average salary 25 percent higher than that of their counterparts who hold only a bachelor’s degree. Those without an advanced degree could still boost their earnings potential through certifications such as the Certified Treasury Professional designation (CTP) or CPA. The report found that treasury and financial professionals can earn up to 25 percent more with a certification compared to those who weren’t certified.
From January 1, 2006 to January 1, 2007, management level financial professionals were reported as having the greatest base salary increase at 5.7 percent. In addition, executive level finance professionals were awarded the largest bonuses at about 35 percent of their base salaries or averaging $49,600.
The AFP 2007 Compensation Report analyzes pay structures, documents general compensation trends, and provides compensation comparisons based on organizational characteristics (size, industry, geographic region) and the experience level and degree of education of the individual in each job title. In addition to overall averages, this report also provides detailed job descriptions, organizational charts, and salary structures for 26 different job titles in seven different industries across the four regions of the U.S.
An Executive Summary of the of AFP's 2007 Compensation Report is available at www.AFPonline.org/research.
Copyright © 2007 Association for Financial Professionals. All Rights Reserved.
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