Finance salaries continue to rise in North America, even among non-executive staff. According to a survey released 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 TM 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.