Finance Exec Raises Smaller but Intact


For financial executives who received salary bumps in 2008, the raises were slightly lower, on average, than in 2007. However, most executives still reported a bonus in 2008, according to Financial Executives International’s Financial Executive Compensation Survey, a year-to-year comparison of compensation—including salaries, bonuses, long-term incentives and retirement benefits—of nearly 1,000 financial executives, of which half were CFOs, from both public and private companies.

 

Nearly all of the respondents (94%) reported receiving a 2008 bonus. While bonus awards varied, 18% reported a bonus between 21% and 30% of their base salary, and another 17% reported a bonus between 31% and 40% of their base salary.

 

The base salaries of public and private company financial executives were proportionate to their companies’ annual revenues. Public companies continued to award higher salary increases (4%) than private companies (3.4%).

 

For the 122 public company CFOs, the average annual compensation reported was $410,100, of which $296,800 was base salary. For the 344 private company CFOs, the average total compensation was $257,800, of which $199,600 was base salary.

 

Source: Financial Executives Research Foundation, www.ferf.org.

 

SPONSORED REPORT

Tax reform complicates year-end tax planning

Get your clients ready for tax season with these year-end tax planning strategies, which address how to make the most of recent tax law changes, such as the new deduction for qualified business income and the cap on the deductibility of state and local taxes.

VIDEO

What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.