US financial professionals received larger raises in 2011 than the national average, according to the 2012 Association for Financial Professionals (AFP) Compensation Report.
The 24th annual AFP Compensation Report, based on surveys conducted in February 2012, found that financial professionals garnered an average increase in base salary of 3.3% in 2011 – more than 1 percentage point ahead of the national average. Among the different financial job tiers, management earned the highest percentage increase of 3.7%.
Staff-level financial professionals enjoyed an average increase of 3.5%, with those in the executive tier garnering an average increase of 3.3%. Among the positions within the executive level, directors of treasury/finance garnered the highest average base salary increase at 3.8%. Financial professionals in support level positions report received an average salary increase of 2.4%.
Average increases for chief financial officers (CFOs) rose 3.6%. Within the management tier, cash managers garnered the highest average salary increase – an increase of 4.5%. Financial analysts earned the highest increase in base salary within the staff tier – 3.8% – for the second year in a row.
Reflecting an improving economy, the average percentage increases in base salaries from 1 January 2011 to 1 January 2012 generally outpaced those from 2010 to 2011. Financial professionals in the executive tier had an average salary increase of 3.2% in 2010; their salaries grew 3.3% in 2011. Furthermore, those in the management tier reported an average salary increase of 3.7% in 2011, up 1 percentage point from 2010.
Staff level professionals earned an average salary increase 0.5 percentage points higher in 2011 compared to their 2.9% average increase in 2010. Support level professionals’ average salary increase was slightly lower year-over-year, declining from 2.5% in 2010 to 2.4% in 2011.
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