In a new executive compensation study, finance professionals reported nearly a 5% salary increase in 2008.
The second annual study was conducted by Financial Executives Research Foundation (FERF) among 1,900 finance professionals and executives, nearly half of which were CFOs, and provided a year-to-year comparison of compensation. FERF is the research affiliate of Financial Executives International (FEI).
The average salary increase of all respondents was 4.75%. Public companies awarded the highest salary increases, at an average of 4.96%, according to the study, which also broke results down by industry: The industries with the highest salary increases were advertising (8%) and metals (7.5%) according to FEI/FERF.
CFO salaries were also tied to the annual revenues of their employers. CFOs at public companies fared better overall than their counterparts at private companies, with base salary ranges of $226,000-$250,000 compared with $176,000-$200,000, respectively.
Public company CEOs also fared better when it came to bonuses: Most bonus percentages for public company CFOs fell within the range of 21-70%, while those of private company CFOs fell within the range of 11-60%, according to the survey.
Meanwhile, among other findings, just over 20% of respondents were eligible to receive cash-based long-term compensation, a decrease from the previous year's study. And, the number of supplemental retirement plans also decreased from last year.
"While the current economic conditions and market turmoil are likely to impact the C-Suite this year, our results show that the salaries of the overall financial professional group are still up," FEI/FERF CEO and President Michael P. Cangemi said in a press release.
"As we all know, executive compensation is more than just salary, and this study continues to examine the structure of pay packages in their entirety," added Cheryl de Mesa Graziano, Vice President, Research and Operations for FERF. "The results of this year's study showed decreases in other compensation benefits, such as long-term and retirement incentives, and we feel this helps to illustrate a complete and clearer picture of the overall impact that the broader economy has on financial executives."
For more information on the survey, visit www.ferf.org.