The survey was conducted by AFP in February, and contains information from about 3,000 respondents at more than 2,000 companies. Nearly half were with companies with revenue of $1 billion or more. Respondents were located across the U.S., with the majority from companies in manufacturing, general services, and business/finance services. ###
Even as MBA programs have come under fire as the source of at least some of the wizards who contributed to the meltdown on Wall Street, the degrees carry some clout. On average, MBAs’ salaries topped by about one-fourth those going to their colleagues with just bachelor’s degrees.
Finance professionals looking to get ahead can plan on more work. Nearly two-thirds of respondents indicated that an increase in job responsibilities was a determining factor in promotions. Next up was an employee’s contribution to profitability, which was mentioned by 55 percent of survey participants.
While it’s been an intense few years for CFOs and treasurers Big Fat Finance, there’s some good news: Their salary increases have outpaced those of their colleagues in other parts of the company. That said, the rate of increase dropped between 2008 and 2009, according to the 2010 AFP Compensation Survey.
In 2009, corporate finance pros saw a boost in their pay checks of 2.5 percent on average. While fairly modest, and far below the 3.5 percent jump in 2008, the increases were about 13 percent above those going to employees in other parts of most companies. The average treasurer took home $171,000 in base salary in 2010, compared to $165,600 in 2009. Directors of treasury and finance earned $128,400 in 2010, versus $125,400 a year earlier.
Bonuses added an average of 14 percent to the pocketbooks of the finance staff, slightly under the 15 percent average bonuses awarded in 2008 and 2008. Moreover Big Fat Finance, fewer organizations handed them out: 71 percent in 2009, versus three-fourths in 2008. Most companies reviewed a range of criteria when calculating bonuses; among the most common were operating income or EBITDA targets, completing specific projects, and increasing profits.
Not all doom and gloom
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