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Finance Professionals Had Average Pay Increase of 4.5 percent in 2007

July 22, 2008
Related Topics: Compensation Design and Communication, Workforce Planning, Latest News
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Finance professionals’ salaries increased by 4.5 percent on average in 2007, which was 36 percent higher than the national average increase for all professions, according to the latest compensation report from the Association for Financial Professionals.

The survey also noted that executive-level professionals in the treasury/finance category received the biggest salary increase, an average of 5.1 percent. Managers received an average salary increase of 4.8 percent, while those in staff positions averaged a gain of just below 4 percent.

For individual job titles, the manager of treasury and finance position saw the highest average salary increase, at 6.6 percent, and the vice president of finance position finished second, with a 5.6 percent boost. The average CFO’s base salary increased by 4.6 percent.

The survey also showed that financial professionals with an MBA earned salaries 19 percent higher than those with only a bachelor’s degree. And bonuses for financial professionals increased by a healthy 16 percent last year, adding significantly to their total compensation.

AFP president and CEO Jim Kaitz said financial professionals “are demonstrating analytical and strategic decision-making skills, the desire to earn advanced certifications and degrees and the desire to move their careers forward and work hard to make their organizations succeed.”

Filed by Matthew Scott of Financial Week, a sister publication of Workforce Management. To comment, e-mail editors@workforce.com.

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