New compliance requirements such as those generated by Sarbanes-Oxley have pushed the responsibilities and salaries of finance and accounting professionals to new levels in 2003, according to a survey conducted by the Association for Financial Professionals (AFP). The survey found that pay increased by 6.3 per cent across the finance function in US companies. Cash managers saw the most significant salary increase in 2003, receiving a 10.3 per cent increase. Participating companies indicate 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. The financial executives that participated in the survey benchmarked 24 corporate finance and accounting positions ranging from CFO to accounting clerk. The compensation increases included both salary and bonuses over the last year. ‘During a time when finance and treasury professionals must take personal responsibility for their career advancement, they are also being rewarded significantly for the valuable part they play within their organizations,’ said Jim Kaitz, AFP’s president and CEO. ‘As the role of the finance employee expands, compensation grows with them, which reflects a strong profession.’
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