Finance Professionals See Pay Increases, Survey Says
With accountants increasingly under the microscope in the wake of the Sarbanes-Oxley Act and other reforms, it appears that the finance professionals implementing the reforms are cashing in.
The Association for Finance Professionals (AFP) recently released the results of a new survey looking into compensation of accountants and finance professionals. The survey found that pay increased by 6.3 percent across the finance function in the United States with cash managers seeing the greatest jump of 10.3 percent.
According to an AFP release, the financial executives who participated in the survey benchmarked 24 corporate finance and accounting positions ranging from CFO to accounting clerk. The compensation increases include both salary and bonuses over the last year, the release stated.
"During a time when finance and treasury professionals must take personal responsibility for their career advancement, they are also being rewarded significantly for the valuable part they play within their organizations," said Jim Kaitz, AFP's president and CEO. "As the role of the finance employee expands, compensation grows with them, which reflects a strong profession."
The survey also found that three quarters of those surveyed give promotions to those who take on extra duties or hold credentials or advanced degrees and even in tough economic times, 87 percent of the companies participating gave performance bonuses.
A copy of the executive summary to AFP's 2003 Compensation Survey Report is available for download. The complete 126-page report is available for purchase by calling AFP's Member Services department at 301-907-2862, or online. The book costs $149.50 for AFP members and $295.50 for nonmembers.