Sarbanes-Oxley pushes up salaries for finance executives
Finance and accounting executives in the US have enjoyed a 6.3% pay rise in 2003. And according to the survey carried out by the Association for Financial Professionals (AFP), this is largely attributable to the increasing responsibility bought about by the Sarbanes-Oxley Act of 2002.
The focus on cash management due to compliance issues has seen cash managers enjoy the biggest pay hike, with the survey reporting increases of over 10%. Treasury and finance professionals in publicly-listed companies are also celebrating an income advantage over their private sector peers, with the survey reporting an income difference of almost 30% between public and private finance executives.
"During a time when finance and treasury professionals must take personal responsibility for their career advancement, they are also being rewarded significantly for the valuable part they play within their organizations," says Jim Kaitz, AFPs president and CEO. "As the role of the finance employee expands, compensation grows with them, which reflects a strong profession."
The AFP survey provides salary data for 843 finance professionals in the US.