2019 Compensation Trends for Finance Professionals
The finance and accounting field’s unemployment rate is lower than the national average. This competitive market is great news for finance professionals in regard to compensation trends. While some executive positions didn’t see as much of an increase in salary as others, there is still upward movement across the board.
2019 Compensation Trends in Comparison
In 2018 Controllers received the highest average base salary increase of 3.6% – higher than CFOs, Treasurers and Vice Presidents of Finance. Executive and management finance professionals received smaller raises in 2018. But, finance staff enjoyed bigger increases of 3.9%, according to the Association for Financial Professionals (AFP).
CFOs saw an increase in base salary of 2.9%. CFOs in the West average base salary for 2019 is #393,603 at organizations with $1 billion or more in revenue.
Despite smaller salary boosts than in years past, top financial executives enjoyed higher average bonuses last year of 23% over 2017.
Bonus Determination Breakdown
According to the AFP’s survey the breakdown for how bonuses for finance professionals are decided is as follows:
(61%) The company’s EBITDA (earnings before interest, taxes, depreciation, and amortization) targets.
(48%) Completion of specific projects.
(46%) Profit or increased profit.
(33%) Sales or increased revenue.
When asked about what led to upward mobility and career advancement in finance, respondents most often cited “increased job responsibility,” at 86%. Other factors high on the list were contribution to profitability (69% of respondents), earning a professional certification (36%), earning an MBA or other advanced degree (30%), and becoming a CPA (24%).
The AFP survey, conducted in February 2019, collected data on total compensation earned by financial professionals during calendar year 2018 as well as data on base salaries effective January 1, 2019.
If you’re looking to hire finance and accounting professionals, the DLC Group Salary Guide has the compensation trends that will keep you competitive. Salary ranges, insight into the latest perks, hiring trends, etc… Compare compensation levels for the top finance and accounting positions.
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