Bethesda, Md. (Sept. 9, 2003) -- New compliance requirements such as those generated by Sarbanes-Oxley pushed the responsibilities and salaries of finance and accounting professionals to new levels in 2003 as average pay increased by 6.3 percent overall, according to a recent Association for Financial Professionals survey.

AFP research showed that cash managers receiving the most significant salary boost in 2003, with a 10.3 percent increase. A cash manager will average $58,000 in earnings this year, the survey found, while a chief financial officer will earn about $193,200.

Participating companies indicated that cash managers played a visible role in downsized organizations with leaner resources and made valuable contributions through an increased focus on cash forecasting and cash positioning.

Where you work also makes a difference. According to the survey, finance professionals in the Northeast made an average of $90,800 this year, while those in the Midwest earned an average $71,000.

Other findings of the survey:

  • Treasury and finance professionals employed by publicly traded companies earn an average of 29 percent more than their peers who work for private firms.
  • Three out of four financial professionals surveyed promote employees who assume additional responsibilities, contribute to company profitability, hold a credential such as AFP's certified treasury professional or hold an MBA.
  • Despite a weak economy, 87 percent of participating companies offer performance bonuses.

The financial executives that 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.Compensation increases in the survey include both salary and bonuses over the past year. The association's annual survey of wage growth provides salary data for 843 finance professionals.
AFP's annual, four-page survey of wage growth provides salary data for 843 finance professionals and was modified to focus on total compensation packages for corporate practitioners.

The complete 126-page report is available for purchase online at www.afponline.org.

-- WebCPA staff

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