With the economic recovery taking much longer than many would have expected, predictions are that staff increases for accounting and finance professionals will be modest, at best.
According to Accounting Principals’ 2013 Salary Guide for Finance and Accounting Professionals, the economists and business leaders polled expect to see “moderate increases of approximately 1.94 percent for mid-level employees, 2.8 percent for managers and 3 percent for executives and C-suite leaders” in the year ahead. The guide also noted “many hiring managers are taking a guarded approach when it comes to adding new employees”.
Top Salary & Comp for Accounting and Finance Pros
Salary increases also reflected the “overall feeling of cautious optimism.” Senior financial associates earned the most among junior accounting and finance professionals, with an average base salary of $142,311 and total cash compensation of $152,311.
Of supervisory roles, budgeting supervisors made the top money with an average base salary of $83,679 and total cash compensation of $86,455. For mid-level managers, auditing managers earned the most with $112,463 in average base salary and $122,332 in total cash compensation.
CFOs & Finance Directors Tops in Comp
Not surprisingly, of executive and senior level managers, CFOs came out ahead in the 2013 guide with $374,302 in average base salary and $603,477 in total cash compensation.
The 2012 guide noted that CFOs took home $363,400 in average base salary and $585,900 in total cash compensation. Finance directors held the second place with 211,768 in average base salary and 303,026 total cash comp in this year’s guide, while they earned $205,600 in base pay and $294,200 in total compensation in the 2012 one.
Small Increases in Public Accounting $$$
The 2013 guide found public accounting partners are currently making $192,301 in average base salary and $242,874 in total cash comp.
This compares to 2012 figures of $186,700 in average base pay and $235,800 in total cash comp. According to the 2013 guide, public accounting directors took home $134,257 in average base pay and $152,555 in total cash comp, while managers made $88,408 in average base pay and $93,342 in total cash comp.
Senior accountants earn $67,484 in average base pay and $69,523 in total cash compensation, and staff accountants make $54,538 in average base pay and $55,965 in total cash comp.
Top Comp for Banking Execs
For banking professionals, top-level credit executives take home the most with an average base salary of $177,433 and total cash compensation of $213,618. The top mortgage loan servicing managers earned the second place spot with an average base salary of $169,723 and total cash compensation $207,553.
The figures represent a countrywide average, with average base salary and total cash compensation differing by company size, benefits offered, location, educational requirements and local supply/demand trends.
Slow Economic Recovery & Employee Concerns
The polled professionals noted the slow economic recovery was continuing to weigh on their minds and on the minds of management. When asked ‘what keeps you up at night,’ 25% of the surveyed finance and accounting professionals said job security was a big concern, and 21% worried about keeping clients happy.
Some 18% expressed concern over balancing the budget, and 17% worried about winning new business. Upcoming deadlines were the concern of 17%, while 16% mentioned keeping senior management happy.
Demands from the boss dominated the thoughts of 11%, and 9% feared that staff would leave the company. The survey also noted that only 25% of respondents weren’t “worried about anything related to their careers.”