WASHINGTON, May 22, 2013 /PRNewswire/ -- North American finance professionals continue to see pay raises, but percentage increases fell last year for all but the executive tier, according to a survey by the Association for Financial Professionals (AFP). Average salaries for professionals in finance departments of corporations increased by 3.4 percent in 2012.
The 2013 AFP Compensation Survey (www.afponline.org/compsurvey) provides base salary and bonus information for jobs in the finance profession for calendar year 2012 as well as data on base salaries effective on January 1, 2013. AFP has conducted this survey for 25 years.
At the executive level, the average percentage increase was 3.8 percent, up from 3.3 percent in 2011 and higher than in any year since 2008. Among executives, CFOs and treasurers reported the highest increase at 4.3 percent each.
"A low interest-rate environment, increased regulations around the world, complex financial technologies and heightened risks, are a few of the challenges that treasurers and CFOs face," said Jim Kaitz, AFP's president and CEO. "Their salary increases reflect the level of responsibility that companies place in their treasurers and CFOs."
Management-level professionals reported an increase of 3.5 percent in 2012, down slightly from 3.7 percent in 2011. Staff-level professionals saw a 3.1 percent increase, down from 3.5 percent in 2011. Of all tracked job titles, however, Assistant Cash Managers received the largest salary increase in 2012 – 4.7% on average.
Advanced degrees and certifications were linked to higher salaries, especially at the staff level, where MBAs earned about 19.2 percent more than peers without an MBA, but the percentage difference tended to shrink to 8.1 percent at the executive level. Professionals with a Certified Treasury Professionals™ credential at the staff level earned on average eight percent more than their uncertified peers.
ABOUT THE SURVEY
The Association for Financial Professionals (AFP) conducted its 25th annual compensation survey in February 2013, measuring compensation information for finance, treasury, and accounting positions by job title, education, geographic region, industry, company size, gross revenue and years of experience. The report also presents analysis on pay structures, documents general compensation trends for the finance profession, and includes job descriptions. Over 2,700 financial professionals responded on behalf of more than 4,300 incumbents holding the tracked job titles, evenly distributed across the United States.
Looking ahead, the 2014 survey will reflect additional job categories linked to corporate financial planning and analysis as AFP prepares to launch the Certified Corporate FP&A Professional™ designation.
More information: www.afponline.org/compsurvey
ABOUT AFP (R)
The Association for Financial Professionals (AFP), headquartered outside Washington, D.C., is serves a network of more than 16,000, members with articles, economic research and data, networking events, financial analytical tools, training, and public policy representation to legislators and regulators. AFP's global reach extends to over 150,000 treasury and financial professionals worldwide, including AFP of Canada; London-based gtnews, an on-line resource for the treasury and finance community; and bobsguide, a financial IT solutions network.
SOURCE Association for Financial Professionals