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Survey: Base Salaries for Treasury and Finance Professionals Increased 4.4% in 2023

Increased job responsibility and opportunity gained due to company growth are the primary factors in determining upward mobility, according to the Association for Financial Professionals (AFP) survey.

May 20, 2024 — Rockville, Md. Treasury and finance professionals realized a 4.4% gain in their base salaries in 2023, down from a 5% increase in 2022, according to the 2024 AFP Compensation and Benefits Survey Report. This increase is the same as was reported for 2021.

Executive-tier professionals and staff-tier professionals earned an average increase of 4.2%, while management-tier professionals again saw the largest increase of the three job tiers at 4.6%. In determining a financial professional’s potential for promotion, the primary factors cited by respondents were increased job responsibility (78%) and opportunity earned due to company growth (62%).

Sixty-eight percent of organizations awarded bonuses to their employees in 2023. Eighty-nine percent of organizations awarded cash bonuses, and 41% awarded their employees stock options. Other key findings from the 2024 AFP Compensation and Benefits Survey Report include:

  • Employees cited limited resources (41%) and the volume of work (39%) as the most significant challenges they faced.
  • The top criterion for measuring job performance is meeting pre-determined objectives/goals (71%).
  • Talent management remains a concern, with 60% of respondents citing recruiting skilled talent within treasury and finance as an issue at their organization. Other talent management issues include upskilling talent (48%) and retaining talent (41%). 
  • Flexibility in work schedules is an important benefit to 85% of survey respondents, and the majority of employers offer their employees a flexible working environment.

“While the treasury and finance profession remains strong, it will continue to grow and evolve over the coming years and so too will the skills necessary for success,” said Jim Kaitz, President and CEO of AFP. “The results from the 2024 AFP Compensation and Benefits Survey Report demonstrate the importance of offering employees a competitive compensation and benefits package as well as focusing on upskilling talent.”

The 2024 AFP Compensation and Benefits Survey Report covers salary and benefits for 25 titles within the treasury and finance profession. The survey was conducted in February 2024 and received responses from 1,280 treasury and finance professionals located in the U.S. with diverse corporate profiles. The survey collected data on total compensation during the calendar year 2023 and base salaries effective January 1, 2024. Respondents shared their own salary information, and some senior professionals also shared salary details for others on their team, resulting in salary information for 4,930 incumbents in total.

Full survey results are available on the 2024 AFP Compensation and Benefits Survey Report page. Please direct all press inquiries to Melissa Rawak, Managing Director, at [email protected].

About AFP®
Headquartered outside of Washington, D.C., and located regionally in Singapore, the Association for Financial Professionals (AFP) is the professional society committed to advancing the success of treasury and finance members and their organizations. Established and administered by AFP, the Certified Treasury Professional and Certified Corporate FP&A Professional credentials set standards of excellence in treasury and finance. Each year, AFP hosts the largest networking conference worldwide for about 6,000 corporate financial professionals.

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