Increased job responsibility and opportunity gained due to
company growth are the primary factors in determining upward
mobility, according to the Association for Financial Professionals
(AFP) survey.
ROCKVILLE, Md.,
May 21,
2024 /PRNewswire/ -- Treasury and finance
professionals realized a 4.4% gain in their base salaries in 2023,
down from a 5% increase in 2022, according to the 2024 AFP
Compensation and Benefits Survey Report. This increase is the same
as was reported for 2021.
Executive-tier professionals and staff-tier professionals earned
an average increase of 4.2%, while management-tier professionals
again saw the largest increase of the three job tiers at 4.6%. In
determining a financial professional's potential for promotion, the
primary factors cited by respondents were increased job
responsibility (78%) and opportunity earned due to company growth
(62%).
Sixty-eight percent of organizations awarded bonuses to their
employees in 2023. Eighty-nine percent of organizations awarded
cash bonuses, and 41% awarded their employees stock options. Other
key findings from the 2024 AFP Compensation and Benefits Survey
Report include:
- Employees cited limited resources (41%) and the volume of work
(39%) as the most significant challenges they faced.
- The top criterion for measuring job performance is meeting
pre-determined objectives/goals (71%).
- Talent management remains a concern, with 60% of respondents
citing recruiting skilled talent within treasury and finance as an
issue at their organization. Other talent management issues
include upskilling talent (48%) and retaining talent
(41%).
- Flexibility in work schedules is an important benefit to 85% of
survey respondents, and the majority of employers offer their
employees a flexible working environment.
"While the treasury and finance profession remains strong, it
will continue to grow and evolve over the coming years and so too
will the skills necessary for success," said Jim Kaitz, President and CEO of AFP. "The
results from the 2024 AFP Compensation and Benefits Survey Report
demonstrate the importance of offering employees a competitive
compensation and benefits package as well as focusing on upskilling
talent."
The 2024 AFP Compensation and Benefits Survey Report covers
salary and benefits for 25 titles within the treasury and finance
profession. The survey was conducted in February 2024 and received responses from 1,280
treasury and finance professionals located in the U.S. with diverse
corporate profiles. The survey collected data on total compensation
during the calendar year 2023 and base salaries effective
January 1, 2024. Respondents shared
their own salary information, and some senior professionals also
shared salary details for others on their team, resulting in salary
information for 4,930 incumbents in total.
Full survey results are available on the 2024 AFP
Compensation and Benefits Survey Report page. Please direct all
press inquiries to Melissa Rawak,
Managing Director, at mrawak@afponline.org.
About AFP®
Headquartered outside of Washington,
D.C., and located regionally in Singapore, the Association for Financial
Professionals (AFP) is the professional society committed to
advancing the success of treasury and finance members and their
organizations. Established and administered by AFP, the Certified
Treasury Professional and Certified Corporate FP&A Professional
credentials set standards of excellence in treasury and finance.
Each year, AFP hosts the largest networking conference worldwide
for about 6,000 corporate financial professionals.
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SOURCE Association for Financial Professionals