Treasury and finance professionals enjoyed a 4.3 percent base salary gain in 2017, according to new research by AFP. Both executive and management-tier professionals garnered increases of 4.4 percent, according to the 2018 AFP Compensation Survey, while CFOs enjoyed an average base salary increase of 5.7 percent. Financial reporting specialists enjoyed an average salary increase of 6.9 percent—the largest increase of all 20 job titles tracked in the annual survey, now in its 30th year. FP&A analysts earned the highest increase within the staff level, with base salary raises averaging 4.0 percent.
In 2017, 71 percent of organizations awarded bonuses to their employees—a slightly smaller share than the 74 percent that granted bonuses in 2016. Of those organizations that did give bonuses to treasury and finance professionals in 2017, 93 percent awarded cash bonuses and 30 percent awarded stock options.
The most-often cited criterion for upward mobility is increased job responsibility, cited by 85 percent. Other factors include:
- Contribution to profitability (69 percent of respondents)
- Earning an MBA or other advanced degree (37 percent)
- Earning a professional certification such as AFP’s Certified Treasury Professional (CTP) (24 percent).
Finance professionals who hold the Financial Planning and Analysis (FP&A) certification earned 16 percent more on average than their peers who did not hold the certification. Incumbents with the following job titles benefit the most from having the FP&A certification: CFO (a difference of $53,450), Vice President of Finance ($23,580) and Director of Treasury/Finance ($20,254).
A vast majority of organizations provide health and dental insurance for their employees (98 and 95 percent respectively). Paid maternity leave is offered by over half of organizations (56 percent), while 28 percent of organizations offer paid paternity leave and a majority of treasury and finance professionals are offered tuition reimbursement (60 percent) by their organizations.
“The 2018 AFP Compensation Survey clearly demonstrates the value of continuing education and training,” said Jim Kaitz, president and CEO of AFP. “Those who meet the new challenges in today’s treasury and finance field by engaging in more training are being richly rewarded. Treasurers and CFOs know these individuals have the newest skills and freshest insights and knowledge.”
Read the full survey results here.