Compensation surges for finance profession - Executive Briefing: Strategic Intelligence - Brief Article

HR Magazine, Nov, 2002 by Steve Bates

The finance profession emerged from the turmoil of the past year in solid fashion--at least as far as compensation goes.

The Association for Financial Professionals (AFP), based in Bethesda, Md., reports salary growth at all levels in the profession in 2001. The AFP says the results indicate "the stability and value" of corporate finance and treasury.

The association surveyed more than 2,600 professionals and reports that corporate practitioners received a salary and bonus package last year worth on average $130,900- including a salary increase of 8.2 percent. On average, financial service providers were paid $115,000 with a 6.8 percent salary boost.

By way of comparison, salaries for white-collar occupations, not counting sales jobs, grew last year by only about 4.3 percent, according to the U.S. Bureau of Labor Statistics.

"The ability of treasury and finance professionals to receive a healthy salary increase during a period of economic weakness is an indication of the valuable role they play within their companies," says Jim Kaitz, president and CEO of AFP.

Steve Bates is senior writer for HR Magazine.