According to the 2019 Association for Financial Professionals (AFP) Compensation Survey, treasury professionals received an average base salary increase of 3.5% in 2018.
Apart from the salary hikes, the survey of more than 3,500 treasury and finance professionals found that:
- Executive and management-tier professionals enjoyed raises of 3.2% and 3.6%, respectively
- Staff accumulated a 3.9% raise
- Nearly 70% of all employees were awarded bonuses in 2018;
- Executives’ bonuses increased 23%
- 61% of organizations awarded bonuses based on operating income/EBITDA targets
The number of people to receive a bonus remained unchanged year-on-year – possibly due to receiving greater salary hikes from incentive compensation instead of traditional pay increases.
Jim Kaitz, president and CEO of AFP said: “The 2019 AFP Compensation Survey underscores the contributions treasury and finance professionals make to their organizations. Yet the survey also reveals a skills gap. Treasury and finance professionals need to invest in their careers to stay relevant, especially in this age of digital disruption.”
Career progression and skills
When asked about upward mobility and career advancement the criterion respondents cited most often was “increased job responsibility” at 86 percent. Other factors include:
- Contribution to profitability (69% of respondents)
- Earning a professional certification such as AFP’s Certified Treasury Professional or Certified Cash Manager (36%)
- Earning a MBA or other advanced degree (30%).
When asked about critical job competencies and talent gaps, the skill respondents cited most was “strong analytical skills” at 55 percent followed by “leadership and people management” (37%). However, 37% believe financial professionals lack leadership and people management skills and one third say their colleagues are wanting in strategic and innovative skills.
Salary Survey 2019
The Global Treasurer has launched its first ever Treasury Salary Survey. Everybody who completes the survey will be the among the first to receive our expert analysis of the results. New survey will highlight global trends in treasury jobs and pay, provide a handy benchmark for treasurers and paint a picture of diversity and equality within the treasury sector.
Click here to complete the survey.
The survey will be open until Friday 31st May 2019.