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 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.