AFP Survey: In Finance Profession, Good Raises Now Reach Staff Level

WASHINGTON, May 28, 2014 /PRNewswire/ -- Finance salaries continue to rise in North America, even among non-executive staff. According to a survey released today by the Association for Financial Professionals (AFP), average salaries in finance departments of corporations increased by 3.8 percent in 2013, up from 3.4 percent the previous year, reflecting continued modest growth in the U.S. economy.

The  2014 AFP Compensation Survey provides base salary and bonus information for jobs in the finance profession for calendar year 2013 as well as data on base salaries effective January 1, 2014.  AFP has conducted this survey for 26 years.

At the executive level in finance, the average percentage 2013 increase was 3.5 percent, down 0.3 points from 2012 but still up from prior years. In the executive tier, the Director of Treasury/Finance and Vice President of Finance titles earned the highest average base salary increases of 4.6 percent and 4.4 percent, respectively.

Overall, lower level titles earned higher increases.  Staff-level finance professionals saw a 4.1 percent increase, up from 3.1 percent in 2012, with Analyst titles earning the biggest increase at 4.8 percent. Management-level professionals reported a 4.0 percent increase, equal to the previous year. Within the management tier, the Financial Reporting Specialist title saw the highest average salary increase of 5 percent, the biggest increase among all 20 job titles tracked in the survey.

"In finance, compensation packages are closely tied to corporate performance, which is influenced by the business environment," said Jim Kaitz, AFP's president and CEO. "With higher compensation packages now trickling down to the staff level, companies are expressing a modest level of confidence."

Advanced degrees and certifications were linked to higher salaries, especially at the middle management level, where MBAs earned about 17 percent more than peers without an MBA, with the differential tapering at the executive level. Professionals with a Certified Treasury Professionals™ credential tended to earn more than their peers, depending on job title, with Directors of Risk Management who hold a CTP credential earning 14 percent more than their peers without a CTP.  

Looking ahead, AFP is updating the information that the survey will collect so that next year's report can include data on corporate financial planning and analysis professionals.

ABOUT THE SURVEY

The Association for Financial Professionals (AFP) conducted its 26th annual compensation survey in February 2014, 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 3,300 professionals responded on behalf of more than 4,300 incumbents holding the 20 job titles tracked, evenly distributed across the United States.

More information: www.afponline.org/CompReport   

ABOUT THE ASSOCIATION FOR FINANCIAL PROFESSIONALS:

Headquartered outside Washington, D.C., the Association for Financial Professionals (AFP) is the professional society that represents finance executives globally. AFP established and administers the Certified Treasury Professional and Certified Corporate FP&A Professional credentials, which set standards of excellence in finance. The quarterly AFP Corporate Cash Indicators serve as a bellwether of economic growth. The AFP Annual Conference is the largest networking event for corporate finance professionals in the world.

AFP, Association for Financial Professionals, Certified Treasury Professional, and Certified Corporate Financial Planning & Analysis Professional are registered trademarks of the Association for Financial Professionals.

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SOURCE Association for Financial Professionals