The Association for Financial Professionals (AFP) recently released results of its survey on 2009 salary increases. While they found that the recession took a toll on finance workers, just as it did for everyone else, they report that CFOs, treasurers, and their staffs nonetheless earned larger raises than other white-collar workers in 2009. The average salary increase for financial professionals in 2009 was a full percentage point lower than the average reported increase in 2008, however.
Average annual salaries for financial professionals increased by 2.5% in 2009. Still, the increase was lower than that reported in previous years—3.4% in 2008, and 4.5% in 2007. Bonuses averaged 14% of base salary for financial professionals in 2009, slightly less than the 15% reported for both 2008 and 2007.
Staff-level financial professionals fared slightly better, with an average increase of 2.7%. In earlier AFP surveys, executives or management-level financial professionals earned the greatest salary increases. For 2009, executive and management positions gained 2.5%.
Of financial professionals, those with an MBA earn significantly more than their counterparts with only a bachelor’s degree. Those with an MBA earned an average of 24% more in 2009 than did those with a bachelor’s degree. And financial professionals in the West earned the most, with those in the technology field topping the earnings list. In earlier surveys, those in the eastern United States were the highest earners.