Cash managers received a 10.3%-increase in total mean compensation in 2003. Companies participating in the Association for Financial Professionals (AFP) poll said the increase was due to a visible role played by this position in downsized organizations with leaner resources and contributions through an increased focus on cash forecasting and cash positioning.
Increases in total mean compensation – both salary and bonuses over the last year – were particularly steep among treasury and financial professionals working for publicly traded companies that are now starring down the barrel of compliance measures such as Sarbanes-Oxley. On average, the AFP survey found these positions earn an average of 29% more than peers employed by private firms.
When the tabulation dust had settled, the highest mean compensation was recorded among Chief Financial Officers, who are slated to earn $193,200 in 2003. This was followed by:
- Treasurers – $185,100
- VP Finance – $142,400
- Assistant Treasurer – $130,200
- Controller/Comptroller – $108,200
- Cash Manager – $58,000
By region, financial professionals in the Northeast earned the most, with a total mean compensation of $90,800. This was followed by the South ($88,700), West ($78,300) and Midwest ($71,000).
Additionally, nearly nine of 10 firms (87%) participating in the survey offer performance bonuses and 75% said employees who assume additional responsibilities, contribute to company profitability, or hold a credential such an MBA, generally get promoted.
More information on AFP’s 2003 Compensation Survey Report is available at www.AFPonline.org/careerservices .