Survey: Base Salaries for Treasury and Finance Professionals Increased 5% in 2022
In determining upward mobility, increased job responsibility and company growth were the primary factors.
May 9, 2023 — Bethesda, Md. — Treasury and finance professionals realized a 5% gain in their base salaries in 2022, up from a 4.4% increase in 2021, according to the 2023 Association for Financial Professionals (AFP) Compensation Report. This represents the largest average base salary increase in the past 10 years.
Executive-tier professionals and staff-tier professionals earned an average increase of 5% and 4.8%, respectively, while management-tier professionals saw the largest increase of the three job tiers at 5.3%. In determining a financial professional’s potential for promotion, the primary factors cited by respondents were increased job responsibility (81%) and company growth (61%).
Seventy percent of organizations awarded bonuses to their employees in 2022. Of the three job tiers, executive-tier professionals received the largest average bonuses at $69,662 or 34% of the base salary.
Other key findings from the 2023 AFP Compensation Report include:
- Nearly 60% of treasury and finance professionals agree that their organizations face a talent shortage within their functions. Respondents cited the competitive job market (70%) as the key reason for this shortage.
- The biggest challenges for treasury and finance professionals in their current roles are limited resources (42%), volume of work (40%) and recruitment of staffing/personnel (37%).
- Fifty-nine percent of organizations have instituted a diversity, equity and inclusion (DEI) policy, and 9% are actively working on creating a DEI policy.
- Fifteen percent of organizations offer unlimited paid time off — also known as “discretionary paid time off” — to their employees.
“Given the competitive job market, the increase in base salaries across all tiers of the treasury and finance profession is encouraging,” said Jim Kaitz, President & CEO of AFP. “Organizations seeking to attract and retain top talent must continue to listen and respond to the professional needs of their employees.”
The 2023 AFP Compensation Survey was conducted in February 2023 and received responses from 1,408 treasury and finance professionals with diverse corporate profiles. The survey collected data on total compensation during the calendar year 2022 as well as data on base salaries effective January 1, 2023. Respondents shared their own salary information and some senior professionals also shared salary details for others on their team.
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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