CFOs Make Over $500,000 Annually

Compensation in the Accounting/Financial Field, 21st Edition - 2005
Survey Summary

PUBLISHED: December 2005 Table of Contents | Sample Report Page

Salary Survey Software 5,700 Jobs and 1,200 Industries

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Summary of the 585-page Compensation in the Accounting/Financial Field, 21st Edition - 2005 survey report of 41 benchmark jobs from Abbott, Langer Association Surveys. The following describes the highest and lowest paid job characteristics, the national median total cash compensation for 14 benchmark jobs, and the factors affecting salary (Geographic Area, Type of Organization, Size of Organization, Fiscal Size, Functional Area, Length of Experience, Education, Certified Public Accountant, and Supervisory Responsibility).

The composite practitioner in the accounting/financial field with the highest annual income (salary plus cash bonus/cash profit sharing) is a Chief Corporate Financial Officer with over 15 years experience in the field who has a bachelor's or master's degree and oversees five or more employees. He or she is employed by a manufacturer of business equipment, aerospace/aircraft/electrical/electronic products, or circuit boards, or a health care organization, a service firm, a nonprofit organization, or an educational institution.

The organization probably has an annual revenue or budget of $100 million or more and 1,000 or more employees, and is headquartered in or near Newark/Jersey City, Atlanta, Cleveland, Philadelphia, Denver/Colorado Springs, Salt Lake City/Ogden/Provo, Minneapolis/St. Paul, or Los Angeles/Long Beach/San Diego, or outside the metropolitan areas studied in Wisconsin or Missouri.

While the median Chief Corporate Financial Officer makes only $106,000 per year, the highest-paid individuals reported in the group make well over $500,000 annually.

Far to the other end of the income spectrum, Junior Account Clerks have a median salary of $27,600. Some making under $16,000, the composite lowest-paid Junior Account Clerk works in general accounting, accounts receivable or accounts payable, for a state or local government, an educational institution, a nonprofit organization, a manufacturer of aerospace/aircraft/electrical/electronic products, or a construction/land development/engineering firm with annual revenue or budget of under $50,000,000 and a staff of 50 or more employees. The organization is headquartered in or near Salt Lake City/Ogden/Provo, Cleveland, Chicago, Baltimore, Baton Rouge, or Omaha, or outside the metropolitan areas studied in Puerto Rico, Pennsylvania, California, Indian, or Kansas.

This information is a small sample of what can be found in Compensation in the Accounting/Financial Field, 21st Edition - 2005, a 585-page statistical analysis of current salaries and total cash compensation of 41 benchmark jobs in the field. Usable survey data for over 1,600 individuals were received from 246 organizations in the business, industry, government, and nonprofit fields. Copies can be purchased for $850.00 through our On-Line Order Form or from Abbott, Langer Association Surveys, 1725 I Street NW, Suite 300, Washington, DC 20006 (Telephone: (877) 210-6563, Fax: (877) 239-2457).

Overall Compensation

The median annual incomes (salaries plus cash bonuses & cash profit sharing) of the some of the more common jobs in the accounting/financial field are:

Corporate Treasurers	$105,087
Chief Corporate Audit Officers	$86,000
Accounting Managers (Financial Analysis/Planning)	$83,876
Plant/Office Controllers	$82,340
Corporate Controllers	$80,427
Accounting Managers (General Accounting)	$64,950
Senior Auditors	$49,615
Accountants (Financial Analysis/Planning)	$49,366
Senior Accountants (Cost Accounting)	$44,245
Auditors	$40,884
Junior Accountants (General Accounting)	$36,553
Payroll Clerks	$31,761
Account Clerks (Accounts Receivable)	$29,027
Junior Account Clerks (General Accounting)	$25,300

Naturally, these nation-wide pay rates vary by region, state & metropolitan area, type and size of firm, type of work performed/supervised/managed, level of education, length of experience, and supervisory/managerial responsibility involved - all demographic variables for which data are provided in the complete report.

Geographic Area

Median income of supervisory/managerial personnel is highest in the midwestern, Pacific, and north central states, and lowest in the Rocky Mountain, northeastern, southwestern, and southern states. Non-supervisory accountants & auditors fare best in the midwestern, Pacific, and southern states, and lowest in the Rocky Mountain, northeastern, southwestern, and north central states. Account clerks & payroll clerks are paid best in the Pacific, midwestern, and north central states, and least well in the Rocky Mountain, southern, northeastern, and southwestern states.

Among the many metropolitan areas studied, Cleveland ranked highest in income for supervisory & managerial personnel, followed by Atlanta, Dallas/Ft. Worth, Philadelphia, Cincinnati, New York City, Hartford (CT), Washington (DC/MD/VA), and Los Angeles/Long Beach. San Juan (PR) ranked lowest, preceded by Providence, Salt Lake City/Ogden/Provo, New Orleans, Boston, and Baltimore.

For non-supervisory accountants & auditors, the highest-paying metropolitan area was Milwaukee, followed by Washington (DC/MD/VA), New York City, Los Angeles/Long Beach/San Diego, Cleveland, and Chicago. San Juan (PR) ranked lowest, preceded by Providence, Salt Lake City/Ogden/Provo, Baton Rouge, New Orleans, and Atlanta.

Account clerks & payroll clerks were best paid in San Francisco/Oakland, Sacramento, Philadelphia, Tampa/St. Petersburg, Los Angeles/Long Beach/San Diego, and Minneapolis/St. Paul, and lowest paid in San Juan (PR), Salt Lake City/Ogden/Provo, Denver/Colorado Springs, Richmond, and Omaha, in ascending order.

Type of Organization

Among the many types of employer studied, manufacturers of machinery & heavy equipment paid best for supervisory & managerial personnel, followed by insurance companies, merchandising firms, and manufacturers of chemical & allied products, and paid least well by state & local governments, nonprofit organizations, financial organizations, and educational institutions.

For non-supervisory accountants & auditors, the highest-paying industries were manufacturers of aerospace/aircraft/electrical/electronic products, insurance companies, manufacturers of rubber & plastic products, and service firms. The lowest-paying were manufacturers of apparel & other textile products, educational institutions, manufacturers of paper products and printing firms, and state & local governments.

Account clerks & payroll clerks were paid best by manufacturers of chemical & allied products and rubber & plastic products, transportation services, construction/land development/engineering firms, and merchandising firms; and least-well paid by educational institutions, manufacturers of apparel & other textile products and automotive parts & accessories, and nonprofit organizations.

Size of Organization

Number of employees is not a good predictor of overall income in the accounting/financial field. However, the median incomes of higher-level jobs do tend to increase regularly as the size of the organization increases. For example, Chief Corporate Financial Officers in organizations with 2,500 to 9,999 employees have a median income of $170,000, 139% higher than the $71,275 of those in organizations with 50-99 employees. The increase in income with size of organization does not always hold true in the lower-level jobs surveyed.

Fiscal Size

Like the preceding factor, the increase in income by fiscal size of organization does not always hold true in the lower-level jobs surveyed. However, the median incomes of higher-level jobs do tend to increase regularly as the size of the organization increases. For example, Chief Corporate Financial Officers in non-manufacturing organizations with annual sales/budgets of $100,000,000 or more have a median income of $173,097, 171% higher than the $63,800 of those in organizations with annual sales/budgets of $2,500,000 to $4,999,999.

Functional Area

On an overall basis, median income is highest for Accounting Managers in the field of financial analysis/planning, followed by general accounting functions. Supervising Auditors are paid best, followed by Supervising Accountants in cost accounting, general accounting, payroll, and accounts payable functions.

Non-supervisory Senior Accountants are paid best in the financial analysis/planning field, with general accounting and cost accounting following behind. Accountants also fare best when employed in the financial analysis/planning function, followed by general accounting, auditing, accounts payable, and cost accounting. Junior Accountants are primarily employed in general accounting and auditing. Median incomes are highest for Senior Account Clerks in the payroll function, followed by the accounts payable, accounts receivable, and general accounting functions. Median income of Account Clerks is highest in the data processing function, followed by credit/collection, accounts payable, and accounts receivable functions; lowest in the general accounting function.

Junior Account Clerks fare best in the credit/collection function, followed by the accounts payable, accounts receivable, and general accounting functions.

Length of Experience

This factor is a fair predictor of income in the accounting/ financial field. For example, supervisory/managerial accountants & auditors with 25 or more years of experience have a median income of $83,200, 82% greater than that of those with under one year of experience ($45,651). A similar pattern is found among non-supervisory accountants & auditors and account clerks & payroll clerks.

Education

This variable is also a good overall predictor of income in the accounting/financial field. The median income of supervisory/managerial staff with MBAs is $105,000, 100% higher than that of those who do not have a college degree ($52,728), 52% higher than that of those with Bachelor degrees ($69,147), but only 32% higher than that of those holding other Master's degrees ($80,000). The pattern is similar but less-pronounced among non-supervisory accountants & auditors.

Certified Public Accountant

Not surprisingly, holders of the CPA fared better than those in the field who did not hold the CPA. The median income of supervisory/managerial staff with the CPA was 29% higher than that of those who do not hold the CPA. For example, the median income for Chief Corporate Financial Officers holding the CPA is $119,000, 22% higher than those not holding the CPA ($97,500). The pattern is similar but less-pronounced among non-supervisory accountants & auditors.

Supervisory Responsibility

This factor is a good predictor of overall income in the field. The median income of supervisory/managerial personnel increases by 74% from the income of those supervising one or two professionals to those supervising 25 or more professionals. For example, Chief Corporate Financial Officers have a median income of $77,250 when supervising under five professionals and non- professionals, $119,600 when supervising five to nine professionals and non-professionals, $121,930 when directing ten or more professionals and non-professionals, and $151,700 when directing 10 to 24 professionals.

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246 organizations supplied current compensation and demographic information for the survey report.

• Adhesives Research, Inc.
• AEP Industries, Inc.
• Aisin Automotive Casting, LLC
• Alaka'i Mechanical Corporation
• Albertsons, Inc.
• Allied Systems Company
• American Dehydrated Foods, Inc.
• American Gastroenterological Association
• American Kidney Fund, Inc.
• American Public Media Group
• Amgraph Packaging, Inc.
• Anderson Erickson Dairy Company
• Arkansas Valley Regional Medical Center
• Aroostook County Action Program, Inc.
• Ashtabula County Treasurer's Office
• Autodie International
• Babson College
• Bacon's
• BAE Systems San Francisco Ship Repair
• Ball Metal Beverage Container Corp., division of Ball Corporation
• Bates County Memorial Hospital
• Bay Area Legal Aid
• Bellevue Women's Hospital
• Bemus Landscape, Inc.
• Bluebonnet Federal Credit Union
• Burt Rigid Box, Inc.
• Busch's, Inc.
• By Design Financial Solutions, d/b/a Consumer Credit Counseling of Los Angeles
• California Association of Marriage & Family Therapists
• Caribbean Needle Point, Inc.
• Catholic Charities
• CDG Management, LLC
• Center for Research Libraries
• Central Michigan Community Hospital
• Charles Machine Works, Inc.
• Chicago Council on Foreign Relations
• Child Care Resource & Referral, Inc.
• Children's Home Association of Illinois
• Children's Home, Inc.
• City of Cabo Rojo
• City of Cerritos
• City of Lamar
• City of Midwest City
• City of Norman, Oklahoma
• City of San Ramon
• City of St. Charles
• City of Venice, Florida
• Clark Engineering Corporation
• Colonial Williamsburg Foundation
• Columbus Medical Association and Foundation
• Community Ministry of Montgomery County
• Compeq International Corporation
• Connecticut Economic Resource Center
• Cornwell Quality Tools Company
• Critical Mass Media
• Crosspoint Human Services
• Crystal Mountain Resort
• Cumberland Community Action Program, Inc.
• Dallas County Community College District
• Davies Molding, LLC
• Deig Brothers Lumber & Construction
• Delta Regional Medical Center
• Denver Art Museum
• Disability Services of the Southwest
• Douglas Machine Company
• Driesenga & Associates, Inc.
• DuPage County
• EDL Packaging Engineers, Inc.
• EVERTEC Popular, Inc.
• F & M Bank & Trust
• Families United Network, Inc.
• Family Health Centers, Inc.
• Fayetteville State University
• Federal Mogul Company
• Florida Insurance Guaranty Association (FIGA)
• Foss Home & Village
• Frick Art & Historical Center
• Gables Residential Services, Inc.
• Genesis Systems Group
• Gichner Systems Group, LLC
• Gifts in Kind International
• Goodwill Industries of Eastern North Carolina
• Grace & Franklin Bernsen Foundation
• Grand Lodge of Pennsylvania
• Grand Rapids Community Foundation
• Greater Newburyport Opportunities, Inc.
• GRW, Inc.
• H & C Milcon, Inc.
• Hansen-Rice, Inc.
• Hastings Mutual Insurance Company
• Hawaiian Gardens Casino
• Heifer Project International
• Highlands Regional Medical Center
• Homes for Kids of Ohio, Inc.
• Hoover & Strong, Inc.
• Hospice of Kankakee Valley, Inc.
• Hospice of Palm Beach County
• Hospice of the Chesapeake
• Hospital General Menonita, Inc.
• Hudson Health Services, Inc.
• Huntington Medical Group, P.C.
• Imagination Stage, Inc.
• Indian Law Resource Center
• Indiana Minority Health Coalition, Inc.
• Indianhead Community Action Agency
• Institute for Operations Research & the Management Sciences (INFORMS)
• Intercommunity Child Guidance Center
• Interface Fabrics
• Interim Health Care of the Twin Cities
• Internews Network, Inc.
• Itasca County
• JR Insulation Sales and Service, Inc.
• Kanawha Scales & Systems, Inc.
• Kansas Foundation for Medical Care, Inc.
• Kearfott Guidance & Navigation Corp.
• Kennewick General Hospital
• Keystone Human Services, Keystone Service Systems, Inc.
• Kindred Hospital Dallas
• Kittitas Valley Community Hospital
• Ladew Topiary Gardens
• Liberty Diversified Industries
• Lifeline Foods
• Linwood Center, Inc.
• Loring Development Authority of Maine
• Louisiana Legislative Auditor
• Louisiana Workers' Compensation Corp.
• Lutheran Church - Missouri Synod
• M & G Polymers, USA, LLC
• Mahoning Youngstown Community Action Partnership
• Mammoth Hospital
• Manpower, Inc.
• Marquette University
• MBA Nonprofit Connection
• McLeod County
• Meals on Wheels of Central Maryland
• Medical Ambassadors International
• Memorial Hospital
• Merle West Medical Center
• Midland National Life, Sammons Financial Group
• Milltronics Manufacturing Company
• MOOG Components Group, Inc., division of MOOG, Inc.
• Morehouse Group
• Morton Arboretum
• Mountain West Small Business Finance
• MPR Associates, Inc.
• MTA Long Island Bus
• Multiquip, Inc.
• National Automatic Merchandising Assn.
• National Board of Chiropractic Examiners
• National Investment Center for the Seniors Housing & Care Industries, Inc.
• National Starch & Chemical, Ablestik Laboratories
• Nationwide Acceptance Corporation
• Naval Sea Cadet Corps
• Nonotuck Resource Associates, Inc.
• Nordson Corporation
• Northeast Michigan Community Services Agency, Inc. (NEMCSA)
• Northland Aluminum Products, Inc.
• Northwestern Health Sciences University
• Ohio Valley College, Inc.
• Oil-Dri Corporation of America
• Oliver Rubber, division of Cooper Tire & Rubber Company
• Paragon Computer Professionals, Inc.
• Partnerships with Industry
• Patrick B. Harris Psych Hospital, South Carolina Department of Mental Health
• Peer Bearing Company
• Pennsylvania Industries for the Blind & Handicapped
• Permian Regional Medical Center
• Pillsbury United Communities
• Planned Parenthood Association of Utah
• Planned Parenthood of Cincinnati Region
• Plastic Extruded Products Company
• Pressure Chemical Company
• Prison Fellowship International
• Project HOPE
• Quality Living, Inc.
• Refrigeration Service Engineers Society
• Rehabilitative Resources, Inc.
• Rhode Island Community Food Bank
• Ripon Community Printers
• River Network
• RiverBend Medical Group
• Robbins, Inc.
• Roundabout Theatre Company
• Roxbury Multi-Service Center, Inc.
• RTCA, Inc.
• San Diego Center for Children
• San Joaquin RTD
• Santiam Memorial Hospital
• Sea Ray Boats, Inc.
• Seattle Opera
• Secure Foundations, LLC
• Sheplers, Inc.
• Shimadzu U.S.A. Manufacturing, Inc.
• Shore Memorial Hospital
• SilverStone Group, Inc.
• Smith Hospital
• Solano Family & Children's Services
• South Star Services
• Southwest Baptist University
• SRI Consulting Business Intelligence
• Staff Force, Inc.
• Stampin Up
• State of North Dakota, Department of Transportation
• State of Rhode Island, Office of Personnel Administrator
• Sub-Zero Freezer Company, Inc.
• Sully-Miller Contracting
• Summitt Forests, Inc.
• Sunrise Arc, Inc.
• Sunrise Packaging, Inc.
• Sunrise Senior Living - Leisure Park
• Team Industries, Inc.
• Texas Municipal League Intergovernmental Employee Benefits Pool
• Thermo Electron
• Tillamook County Creamery Association
• Toray Composites (America), Inc.
• TRL, Inc.
• TRW Fuji Valve, Inc.
• Tuttle Publishing, Periplus Publishing Group
• United Liquors, Inc.
• United Way of the Quad Cities Area
• Unity House of Cayuga County, Inc.
• Universal Service Administrative Company
• Upper St. Clair School District
• Utah State University
• UTZ Quality Foods, Inc.
• Valdese Weavers, LLC
• Vestcom Northwest, Inc.
• Vinvision, Inc., d/b/a Monterey Bay Wine Co.
• Volunteers of America Central Ohio
• Waltham Committee, Inc.
• Webcrafters, Inc.
• West Florida Child Care & Education Services, d/b/a Children's Services Center
• Western Textile Companies, Greenstreak Group
• Westmoreland Coal Company
• Westside Children's Center
• Whip Mix Corporation
• Wickes Furniture Company, Inc.
• Williams Lea
• Winrock International
• Woman's Hospital
• Woodward Regional Hospital
• Young America Corporation
• Young Life
• YWCA of Columbus