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Corporate Accountants Got Hefty Pay Raises Last Year

The bulk of survey respondents reported receiving salary increases averaging $6,130—a 4.4 percent jump from 2006. Also, corporate accountants with a certification earned an average of about 25 percent more than those without one.

July 9, 2008
Related Topics: Corporate Culture, Compensation Design and Communication, Latest News
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Despite fears of a recession and job layoffs, the average salary of management accountants increased 7 percent in 2007.

According to a survey conducted by the Institute of Management Accountants, the average annual salary of IMA members rose to $101,805 last year.

The bulk of the respondents—nearly three-quarters—reported receiving salary increases averaging $6,130. That’s a 4.4 percent jump from 2006.

Of note, corporate accountants with a certification (CPA or CMA) earned an average of about 25 percent more than those without one.

“The results of this year’s survey are a testament to the tremendous value certification adds to accountants’ jobs, salaries and ultimately the organizations for which finance professionals work,” said Dennis Whitney, vice president of the Institute of Certified Management Accountants.

In 2007, respondents with certification pulled down an average salary of $108,852 and average total compensation of $131,094.

About a third of the respondents do not have a certification. Their average salary came in just north of $87,000, with average total compensation of $99,834.

Survey respondents included internal auditors, treasurers, forecasters and planners at both privately held and public companies, as well as accountants who work at not-for-profits and academic institutions.

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

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