Administration July 30, 2008

Financial Pro Compensation Beats National Average

July 30, 2008 (PLANSPONSOR.com) - According to the Association for Financial Professionals' (AFP's) 2008 Compensation Report, compensation for financial professionals in 2007 outpaced that of the national workforce as a whole, continuing the trend of past years.
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An AFP news release said, financial professionals reported an average annual salary increase of 4.5% – more than 36% higher than the national average – and bonuses averaged 15% of their base salaries.  

Between January 1, 2007 and January 1, 2008, executive level financial professionals received the highest percentage increases in base salaries among all categories of treasury/finance professionals and staff – on average, a 5.1% salary increase during the 12-month period studied. The average increase for management positions was 4.8%, with the Manager of Treasury and Finance position receiving the highest salary increase (6.6%).   Staff level financial professionals averaged salary increases of just below 4%.

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According to the news release, data from the survey also suggests that there are substantial salary differences between those professionals with advanced degrees and those without.   On average, professionals with an MBA earn an average salary 19% higher than their counterparts with a bachelor’s degree.  

Other factors cited in the survey that determine salary compensation included:

  • Increased Job Responsibility;
  • Certifications such as the CTP, CPA, CIA or CFA;
  • Contribution to Profitability;
  • Job Location; and
  • Type of Industry.

An Executive Summary of AFP’s 2008 Compensation Report is available at www.AFPonline.org/research .

2008 Sample Average Compensation by Job Title

align="center"> 2007 Base

align="center"> 2007 Bonus

align="center"> 2007 Total

align="center"> 2008 Base

align="center"> % Base Salary Increase

CFO

align="center"> $177,500

align="center"> $60,700

align="center"> $221,200

align="center"> $185,700

align="right"> 4.6%

VP of Finance

align="center"> $162,400

align="center"> $51,600

align="center"> $206,100

align="center"> $171,500

align="right"> 5.6%

Treasurer

align="center"> $153,900

align="center"> $61,900

align="center"> $206,700

align="center"> $161,500

align="right"> 4.9%

Director Treasury/Finance

align="center"> $117,000

align="center"> $27,800

align="center"> $142,400

align="center"> $123,300

align="right"> 5.4%

Manager Treasury/Finance

align="center"> $91,300

align="center"> $15,100

align="center"> $103,700

align="center"> $97,300

align="right"> 6.6%

Asst. Treasurer

align="center"> $118,700

align="center"> $31,800

align="center"> $146,400

align="center"> $124,800

align="right"> 5.1%

Cash Manager

align="center"> $69,700

align="center"> $8,600

align="center"> $77,300

align="center"> $73,200

align="right"> 5.0%

 

*% Base salary calculated only for records with both 2007 and 2008 base salary

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