By Amanda McGrory-Dixon
Executives in finance saw their compensation rise by nearly 4 percent last year, according to a survey by the Association for Financial Professionals.
On average, salaries
throughout the finance profession grew by 3.4 percent in 2012, the survey found; however, on the executive level, average compensation rose 3.8 percent. This was up from 3.3 percent in 2011 and the highest increase seen since 2008. Chief financial officers and treasurers received the greatest compensation gain at 4.3 percent.
"A low interest-rate environment, increased regulations around the world, complex financial technologies and heightened risks are a few of the challenges that treasurers and CFOs face," said Jim Kaitz, AFP's president and CEO. "Their salary increases reflect the level of responsibility that companies place in their treasurers and CFOs
Management-level finance professionals saw their salaries rise at a rate of 3.5 percent, though this is down from the 3.7 percent in 2011. Meanwhile, staff-level professionals received a 3.1 percent increase, a drop from 3.5 percent in 2011.
The survey also reveals that advanced degrees and certifications are often connected to higher salaries. This is particularly true among staff with MBAs, who brought in approximately 19.2 percent more than those without MBAs. However, at the executive level, the difference is only 8.1 percent.
Originally published on BenefitsPro.com