Finance Pros See Salary Increases in 2003

September 2, 2003 (PLANSPONSOR.com) - In an environment of increased compliance requirements, financial professionals across the board saw salary increases in 2003 - none more so than cash managers.

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 .

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