Get more! Sign up for PLANSPONSOR newsletters.
Benefits October 3, 2005
Financial Professionals Enjoy Highest Salary Increases
October 3, 2005 (PLANSPONSOR.com) - The Association
for Financial Professionals' 2005 Compensation Survey found
that salaries for financial professionals continue to
increase faster than salaries for the workforce
overall.
Reported by Rebecca Moore
A news release on the study said that salaries for financial professionals increased in 2004 25% higher than salaries for the workforce as a whole. Financial professionals’ salaries increased by an average of 4.4%, compared to an average of 3.3% for the overall US workforce.
The survey found that executive level financial professionals had the highest salary increase, including a 5.8% increase for treasurers, according to the release. Staff level employees saw an average salary increase of 3.2%.
Financial professionals with certifications earned significantly more than their counterparts without certifications, according to AFP. Cash managers with a certification average $65,000 annually, while those without a certification average $53,000. In addition, certifications may be more important than experience when determining salary. Professionals with six to 10 years of experience who hold certifications earn more than those professionals with over 10 years of experience who do not hold certifications.
The survey contains salary information for 27 positions, job descriptions, and organizational charts. Data was obtained from over 750 companies on over 5,000 professionals. The survey can be obtained by AFP members at www.AFPonline.org/compsurvey.