SPONSORED BY GRANT THORNTON
Financial executive
compensation survey 2013
Contents
1 Executive summary
3 Survey participant information
4 Overall survey findings
6 Public and private company comparisons
6 Overview
8 Corporate CFO
11 Corporate controller
14 VP finance
17 Director level
19 Chief accounting officer
21 Treasurer
23 Divisional/geographic/regional CFO
25 Appendix: Job descriptions
31 About the authors
32 About Grant Thornton and Financial
Executives Research Foundation Inc.
Authors
Thomas Thompson Jr.
Senior associate, research
Financial Executives Research Foundation Inc.
Ken Cameron, PHR
Director
Grant Thornton LLP
Eddie Adkins, CPA
Partner
Grant Thornton LLP
Executive summary
How does your total compensation package and that of your
staff stack up against your peers’ compensation? This research
study aims to answer that question by presenting the results
of our seventh annual survey of financial executives regarding
their salaries, bonuses, long-term incentives and retirement
benefits. As in years past, the survey was completed by
senior financial executives rather than by human resources or
executive search firm executives.
This year’s survey included a total of 554 responses.
Manufacturing was the most represented industry — same
as in last year’s survey. Following the trend in recent years’
surveys, the percentage of responses from private companies
increased slightly, to 65% in 2013 from 63% in 2012, while
those from public companies decreased slightly, from 30%
in 2012 to 29% in 2013. As in past years, average revenue for
public company participants was higher than that of the private
company participants.
Compensation
The table below compares the base salaries of several different
positions by title and company type.
For those individuals who indicated an increase, the
estimated average salary increase for all respondents was 3%
versus 4% last year. For public companies, the average salary
increase was 3.5%, and for private companies the average
salary increase was 3.1%.
Just 22% of respondents receive a long-term cash
incentive — based on other calculations, phantom shares or
phantom equity rights or sometimes in the form of deferred
compensation. This represents a small decrease from 2012,
when 26% of respondents received this type of benefit.
Even though less than one-quarter of respondents report
receiving a long-term cash incentive, nearly half (46%) receive
some form of stock-based incentive compensation, with stock
options (12%) being the most frequently cited.
Public and private company comparison
Average base salary by title — all responses
Corporate CFO
$248,900
$201,700
Corporate controller
$207,200
$145,400
Vice president (VP)
finance
$208,900
$166,900
Director level
$159,300
$141,500
Chief accounting officer
$259,400
$207,000
Treasurer
$259,600
$233,500
Divisional/geographic/
regional CFO
$175,000
$192,300
0
Public
Private
For public companies, the average salary
increase was 3.5%, and for private companies
the average salary increase was 3.1%.
50000 100000 150000 200000 250000 300000
Financial executive compensation survey 1
Benefits and perquisites
Consistent with last year’s results, the average employerdefined contribution match is 4% for both public and
private companies.
Almost three-quarters (74%) of the respondents’
companies do not offer a defined benefit plan. For those
companies that do still offer a defined benefit plan, more than
half (57%) are open to new hires. One-fifth (20%) are frozen
with no further benefit accruals.
Eighty-two percent of executives reported receiving one
or more perquisites. In the majority of cases (67%), those
perquisites have not been reduced in the last year. Similar to
prior years, a cellphone, cellphone allowance or cellphone
reimbursement is still the most popular perquisite (77%).
Nearly half (49%) of the respondents’ employers do not
cover total health care costs — the employee must contribute a
portion of the total costs. For those companies that do, a little
more than one-third (34%) cover employee and family costs.
number of employees related to their job responsibilities, from
135 in 2012 to 152 in 2013. The average for public companies
was 265; for private companies, it was 109.
Consistent with last year’s results, for those executives
who are eligible for long-term incentives (cash, stock-based
or other), the most common measure for determining payouts
was base salary level (66%), followed by more specific
company performance measures such as goals and objectives
(41%) and discretionary (36%). The use of EBITDA as a
performance measure (30%) has also continued to increase.
Identical to last year’s results, the majority of respondents
(56%) indicated a master’s degree as the highest level of
education completed. In addition, most respondents (79%)
were male.
Detailed figures for base salary, bonuses, long-term and
stock-based compensation, retirement benefits and perquisites are
provided by title, company type and size in the following pages.
Accessing survey data online
Other findings
Most respondents (63%) are not covered by an employment
contract. For those executives that are, the most common
element is change-in-control severance (26%), followed by
severance based on number of months (25%).
New to this year’s survey, the average executive has held
their current position for at least five years. This year’s survey
also found that executives saw a moderate increase in the
2 Financial executive compensation survey
As in years past, all survey results are also available online
through PayCheck, FEI’s online compensation benchmarking
tool. Responses can be searched based on all criteria, including
title, industry, company type, company location, company
annual revenue, base salary and annual bonus opportunity.
PayCheck is available by clicking on the research tab on the
FEI website: www.financialexecutives.org.
Survey participant information
Data used in the compilation of this research report was
collected from responses received from a survey, sent via
email to active FEI members in November and December
2012 and January 2013. An active or executive FEI member
is defined as an individual currently holding a position as a
financial executive at an organization. A total of 549 members
completed the 36-question survey. A profile of respondents
follows. Note that totals throughout the report may vary,
because not every respondent answered every question.
Respondent profile
Title
Corporate CFO
Corporate controller
VP finance
Director (of finance, accounting)
Treasurer
Chief accounting officer
Divisional/geographic/regional CFO
Divisional/geographic/regional controller
Manager (of finance, accounting)
Chief operating officer (COO)
Assistant controller
Managing director
Chief tax officer/VP tax
Chief auditor/VP internal audit
Chief business officer
Chief administrative officer
Corporate president and/or CEO
Assistant treasurer
Consultant
VP strategic planning and business development
Partner
Principal
Chief risk officer/VP risk and audit services
Independent board director or trustee
Divisional president
Business owner
General manager
Chief compliance officer
Grand total
Public
31
20
22
25
8
9
8
6
8
1
3
1
3
8
0
0
0
4
1
1
0
0
1
0
0
0
0
0
160
29%
Compared with last year’s survey results, the percentage
of responses from private company executives and nonprofit
executives increased slightly, while those from public company
executives decreased slightly. This year there were no
responses from government executives.
Consistent with the previous six years, the most heavily
represented industry was manufacturing, with 26% in 2013. As
was the case in the last five years, the most responses came from
members employed by companies with corporate headquarters
located in either California or Texas, with 13% each.
Number of responses by company type
Private
Nonprofit
Total
190
16
237
41
1
62
46
7
75
26
1
52
6
2
16
9
0
18
9
0
17
2
0
8
5
0
13
8
2
11
0
0
3
1
0
2
0
0
3
1
0
9
1
0
1
2
0
2
2
0
2
1
0
5
2
0
3
3
1
5
1
0
1
1
1
2
1
0
2
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
358
31
549
65%
6%
100%
43%
11%
14%
9%
3%
3%
3%
1%
2%
2%
1%
0%
1%
2%
0%
0%
0%
1%
1%
1%
0%
0%
0%
0%
0%
0%
0%
0%
100%
Financial executive compensation survey 3
Overall survey findings
Salary increases
Benefits and perquisites
The number of executives who received a salary increase
decreased slightly to 72% in 2013, down from 74% in 2012.
This year’s 72% remains significantly higher than the survey’s
all-time low in 2010, when only 43% reported receiving an
annual salary increase. The average overall dollar amount
of this recent salary increase was $5,997. In addition to base
salary, for those respondents that reported receiving an annual
bonus, they received an average annual bonus was $52,093.
Consistent with last year’s results, the average employerdefined contribution match is 4% for both public and
private companies.
Almost three-quarters (74%) of the respondents’
companies do not offer a defined benefit plan. For those
companies that do still offer a defined benefit plan, more than
half (57%) are open to new hires. One-fifth (20%) are frozen
with no further benefit accruals.
The percentage of executives that report receiving at
least one or more perquisites remains fairly consistent with
prior years. A breakout of the types of perquisites follows
(respondents could choose all that apply).
Long-term incentives
Only 22% receive a long-term cash incentive, based on
other calculations, phantom shares or phantom equity
rights or sometimes in the form of deferred compensation.
However, 46% receive some form of stock-based incentive
compensation. A breakdown of the types of awards follows
(respondents were able to choose all that apply).
Stock-based long-term incentives — all responses
Stock options
12%
Restricted stock/units
10%
Target award is based on a
fixed number of shares or units
7%
Target award is based on a
percentage of base salary
5%
Discretionary
5%
Phantom stock/units
5%
Percent ownership
2%
I am not eligible to receive
this type of long-term incentive
4 Financial executive compensation survey
54%
Other
Benefits and perquisites — all responses
Cellphone, cellphone allowance,
cellphone reimbursement
77%
Airline club membership
22%
Company car or car allowance
18%
Paid parking
16%
Commuting expenses
(e.g., reimbursement for gas,
tolls, bus/train)
14%
Health/fitness club
13%
Auto/car insurance
11%
Executive physicals
10%
Country club membership
8%
Relocation assistance
7%
Personal financial or tax advice
7%
Personal use of property owned
or leased by the company
Most respondents (63%) are not covered by an employment
contract. For those executives that are, the most common element
is change-in-control severance (26%) followed by severance
based on number of months (25%). A breakdown of all contract
elements follows (respondents could choose all that apply).
Employment contracts — all responses
Change-in-control severance
26%
Severance (not change
in control), number of months
25%
3%
Minimum or guaranteed level
of compensation
7%
Housing and other living
expenses
2%
3%
Dining club membership
1%
Tax gross-ups or other
reimbursement of taxes owed
on compensation and benefits
Other
5%
Housing and other
living expenses
1%
Not applicable/never had
No longer applicable because
recently lost
52%
63%
No participation
1%
This year’s 72% remains significantly higher than the survey’s all-time low in 2010,
when only 43% reported receiving an annual salary increase.
Financial executive compensation survey 5
Public and private company
comparisons
Overview
A total of 160 responses were received from financial executives
from publicly held companies and 358 from financial executives
from privately held companies. A percent age breakdown of
public and private company responses by title follows.
The first chart on the following page provides a yearover-year comparison of the number of finance/accounting
employees and full-time equivalents supervised by respondents
employed at both public and private companies. The median
number of employees has remained consistent, in the 10 to 50
range. When breaking down the staffing numbers by company
type, private companies had a slightly higher percentage in the
10 to 50 range with 43% versus public companies in the same
range with 41%.
The number of public company executives who received a
salary increase continued to increase (82%) this year from 2012
(80%). The average annual salary increase for public company
executives held steady at 4%. As for private companies, there
was a slight decrease in the number of executives who reported
an annual salary increase to 67% this year, compared to the
69% who received a salary increase in 2012. Private company
executives received an average increase of 3%, the same as in
2012.
The majority of executives (68%) have an annual target
bonus level. For public companies, 78% of executives have a
target bonus level, while for private companies the percentage
was somewhat smaller at 64%.
Consistent with last year’s results, the average employer
match for defined contribution plans is 4% for both public and
private companies.
Respondents’ titles
Public and private company comparisons
Corporate CFO
19%
53%
VP finance
14%
13%
Corporate controller
13%
11%
Treasurer
5%
2%
Assistant treasurer
2%
0%
Assistant controller
1%
0%
Director (of finance,
accounting)
16%
7%
Chief accounting
officer
6%
3%
Chief tax officer/
VP tax
1%
0%
Chief auditor/
VP internal audit
4%
0%
Corporate president
and/or CEO
0%
1%
COO
1%
2%
Divisional/geographic/
regional CFO
5%
3%
Divisional/geographic/
regional controller
4%
1%
Managing director
1%
0%
Manager (of finance,
accounting)
4%
1%
0 10 20 30 40 50 60
6 Financial executive compensation survey
Public
Private
The second table below shows the performance measures
used in determining the long-term incentive compensation (cash,
stock-based, other) for public and private company respondents.
Finance/accounting staff
and full-time equivalents
2013
2012
2011
2010
2009
Public
Private
Public
Private
Public
Private
Public
Private
Public
Private
Fewer than 10
31%
30%
25%
35%
25%
34%
19%
33%
9%
34%
10–50
41%
43%
40%
46%
39%
42%
33%
44%
18%
29%
51–99
12%
11%
13%
9%
12%
10%
18%
11%
14%
11%
100–249
7%
10%
11%
5%
13%
7%
14%
6%
18%
10%
250–499
1%
4%
4%
3%
5%
3%
4%
3%
13%
7%
500–999
3%
2%
3%
1%
2%
2%
4%
2%
7%
4%
1,000–5,000
4%
1%
4%
1%
4%
3%
7%
1%
22%
7%
More than 5,000
1%
0%
Performance measures
2013
2012
2011
2010
2009
Public
Private
Public
Private
Public
Private
Public
Private
Public
Private
Company goals/objectives
18%
17%
40%
40%
38%
22%
35%
22%
70%
61%
Discretionary
14%
17%
40%
38%
26%
19%
32%
20%
EBITDA
9%
15%
30%
36%
21%
18%
24%
20%
48%
51%
Cash flow
9%
6%
24%
14%
18%
8%
22%
9%
Earnings before interest and
taxes (EBIT)
7%
10%
23%
16%
18%
10%
19%
10%
19%
Department goals/objectives
8%
2%
22%
16%
17%
6%
18%
7%
42%
Individual goals/objectives
8%
9%
21%
14%
20%
8%
15%
6%
41%
22%
Net income
6%
5%
9%
12%
10%
8%
9%
7%
17%
5%
Share/stock price
5%
2%
17%
9%
8%
5%
11%
7%
Revenue growth
4%
5%
13%
9%
11%
6%
12%
6%
23%
Performance against
companies within a
peer group
4%
1%
13%
2%
9%
1%
10%
1%
5%
Earnings per share growth
3%
2%
22%
9%
14%
3%
16%
2%
23%
37%
Return on assets
2%
1%
2%
1%
2%
2%
7%
3%
5%
3%
Return on capital
2%
0%
9%
5%
5%
1%
13%
3%
Return on equity
1%
4%
8%
11%
4%
5%
6%
5%
Economic value added
1%
2%
3%
3%
3%
3%
8%
3%
29%
15%
4%
18%
1%
3%
Financial executive compensation survey 7
Corporate CFO, public and private company comparison
For public company corporate CFOs, the average base salary is
$248,900. Seventy-four percent reported an average increase of
4%. The average number of years public company CFOs have
held their current positions is six years. For private company
corporate CFOs, the average base salary is $201,700. More than
half (62%) of private company respondents received an annual
salary increase. The average reported salary increase was 3%.
Six years was also the average number of years private company
CFOs have held their current positions.
The average public company corporate CFO’s annual bonus
was $81,700; for private company CFOs, it was $54,300. The
majority of public (55%) and private company (62%) CFOs
have a target bonus level. A little more than one-quarter of
public (26%) and private company (27%) CFO respondents
receive additional cash-based long-term incentive awards.
Adding these incentive awards to base salary, the average total
cash compensation is $348,800 for the public company CFO,
and $268,400 for the private company CFO.
The majority (80%) of public company CFOs receive a
form of stock-based long-term incentive award, while less than
half (39%) of the private company CFOs receive it. For those
executives that do receive this benefit, stock options were the
most popular for public (44%) and private company (27%)
CFOs. The majority of public (88%) and private company
(86%) CFOs do not receive dividends or dividend equivalents
on stock-based awards.
Many (71%) public company CFOs do not participate
in a defined benefit plan, and 83% do not receive additional
monthly supplemental retirement benefits. A cellphone,
cellphone allowance or cellphone reimbursement remains the
most popular perquisite for public company CFOs (74%),
followed by an airline club membership and a company car or
car allowance (23% each). Fifty-six percent have not had their
perquisites reduced in the past year, but 23% are considering
doing so in the next one to two years.
Most (87%) private company CFOs do not participate
in a defined benefit plan, and 87% do not receive additional
monthly supplemental retirement benefits. The most popular
perquisite for private company CFOs is a cellphone, cellphone
allowance or cellphone reimbursement (84%), followed by a
company car or car allowance (27%). Sixty-seven percent have
not had their perquisites reduced in the past year, but 21% are
considering doing so in the next one to two years.
For public company corporate CFOs, the average base salary is $248,900.
Seventy-four percent reported an average increase of 4%.
8 Financial executive compensation survey
Public and private company CFO compensation is
compared in the following table.
The second table below compares public and private company
CFO median base salary ranges. Medians are fairly proportionate
to company size and generally consistent with the prior year.
CFO, public and private company comparison
Compensation — all responses
Annual salary increase percentages for both public and private
company corporate CFOs varied and are depicted in the table below.
CFO, public and private company comparison
Percent increase in annual salary — all responses
Public
Private
31
190
Public
Private
Did not receive an increase
8
$150 million
71
$60 million
1%
0
2
Annual salary
Annual bonus
$248,900
$201,700
2%
2
13
$81,700
$54,300
3%
7
44
Total cash compensation (salary,
bonus, nonstock compensation)
$348,800
$268,400
4%
5
12
5%
5
16
Total compensation
$418,400
6%
0
1
7%
0
2
8%
0
6
9%
1
3
10%
0
7
More than 10%
3
10
31
187
Number of responses
Median company revenue size
$293,200
CFO, public and private company comparison
Base salary — all responses
Annual base salary
Public
Private
Less than $100,000
0
3
$100,000–$125,000
0
20
$126,000–$150,000
4
21
$151,000–$175,000
3
28
$176,000–$200,000
6
43
$201,000–$225,000
2
19
$226,000–$250,000
4
21
$251,000–$275,000
3
9
$276,000–$300,000
2
11
$301,000–$325,000
2
3
$326,000–$350,000
1
4
$351,000–$375,000
0
2
$376,000–$400,000
1
3
$401,000–$425,000
1
1
$426,000–$450,000
2
0
$451,000–$475,000
0
0
$476,000–$500,000
0
0
$501,000 or more
0
2
31
190
Grand total
Percent increase
Grand total
Financial executive compensation survey 9
CFO compensation by revenue range
Base salary — all responses
Less than
$100 million
$100 million–
$999 million
More than
$1 billion
Number of responses
144
75
15
Average base salary
$179,435
$238,478
$291,973
25th percentile
$143,000
$185,000
$208,750
Median
$175,000
$230,000
$255,000
75 percentile
$203,000
$271,250
$337,500
Less than
$100 million
$100 million–
$999 million
More than
$1 billion
th
CFO compensation by revenue range
Total compensation — all responses
Number of responses
144
75
15
Average total
compensation
$250,482
$363,563
$506,157
25th percentile
$162,000
$238,500
$322,500
Median
$215,000
$320,000
$500,000
75 percentile
$275,000
$432,000
$621,250
th
New for this year’s survey, the two tables at left illustrate
the base salaries and total compensation of corporate CFOs
broken down into percentiles by various revenue ranges.
Most (71%) public company corporate CFOs are covered
by an employment contract, with the most popular provision
addressing change-in-control severance (58%), followed by
severance based on number of months (45%). A few contracts
include a minimum or guaranteed level of compensation (10%)
or tax gross-ups or other reimbursement of taxes owed with
respect to compensation and benefits (7%).
Fewer than half (46%) of the private company corporate
CFO respondents are covered by an employment contract. The
most popular provisions address change-in-control severance
(34%) and severance based on number of months (33%).
A few contracts include a minimum or guaranteed level of
compensation (13%) or tax gross-ups or other reimbursement
of taxes owed with respect to compensation and benefits (4%).
More than half (55%) of public company CFOs must
contribute to their total health care costs, while less than half
(41%) of private company CFOs must contribute to theirs.
Sixty-five percent of public company CFOs have a master’s
degree, and 60% of the private company CFOs have one.
Most (71%) public company corporate CFOs are covered by an employment contract,
with the most popular provision addressing change-in-control severance (58%),
followed by severance based on number of months (45%).
10 Financial executive compensation survey
Corporate controller, public and private company comparison
The average base salary for public company corporate
controllers in the sample is $207,200. Eighty-five percent
received an average increase of 4%, and the remaining 15% did
not receive an increase. Four years is the average number of
years that public company corporate controllers have held their
current position. The average base salary for private company
corporate controllers in the sample is $145,400. In addition,
66% received an average salary increase of 3%. Five years is the
average number of years private company controllers have held
their current position.
The average public company corporate controller’s annual
bonus was $65,000, while it was $37,200 for private company
controllers. The overwhelming majority (95%) of public
company controllers and two-thirds (66%) of private company
controllers have a target bonus level. A few (21% for public;
12% for private) received additional cash-based long-term
incentive awards. Adding all cash components to the base
salary, the average total cash compensation is $277,600 for
public company corporate controllers and $190,200 for private
company corporate controllers.
Almost all (95%) public company controllers receive a
form of stock-based long-term incentive award. Of the types
of share-based payment, stock options (32%) were the most
popular. About one-third (35%) receive dividends or dividend
equivalents on stock-based awards. Most (66%) private
company controllers do not receive any form of stock-based
long-term incentive award.
Many public (68%) and private company (66%) controllers
do not participate in a defined benefit plan, and the majority
(94% for public; 90% for private) do not receive additional
monthly supplemental retirement benefits. The most popular
perquisite is a cellphone, cellphone allowance or cellphone
reimbursement (75% for public; 83% for private). Ninety-four
percent of public company controllers and 65% of private
company controllers have not had their perquisites reduced in
the past year. Only 6% of public companies are considering
doing so in the next one to two years, while 24% of private
companies are considering it.
When asked to estimate total compensation, including
share-based awards, incentives and perks, public company
corporate controllers responded with an average of $366,600,
and private company corporate controllers responded with an
average of $198,900.
For most controllers, compensation is proportionate to
the annual revenues of their employers. The following table
compares compensation of public and private company
corporate controllers.
Controller, public and private company comparison
Compensation — all responses
Public
Number of responses
Median company revenue size
Annual salary
Private
20
41
$1.07 billion
$133 million
$207,200
$145,400
Annual bonus
$65,000
$37,200
Total cash compensation (salary,
bonus, nonstock compensation)
$277,600
$190,200
Total compensation
$366,600
$198,900
Financial executive compensation survey 11
The median base salary ranges of public and private
company controllers are also proportionate to company
revenues. None of the respondents receive an annual base salary
exceeding $375,000. The table below compares public versus
private company controllers’ median salary ranges.
Controller, public and private company comparison
Base salary — all responses
Annual salary increase percentages for public and
private company corporate controllers are depicted in
the following table.
Controller, public and private company comparison
Percent increase in annual salary — all responses
Annual base salary
Public
Private
Public
Private
Less than $100,000
0
5
Did not receive an increase
3
14
$100,000–$125,000
1
12
1%
0
1
$126,000–$150,000
4
7
2%
3
8
$151,000–$175,000
1
5
3%
3
5
$176,000–$200,000
2
3
4%
4
4
$201,000–$225,000
6
7
5%
4
3
$226,000–$250,000
1
0
6%
0
1
$251,000–$275,000
3
0
7%
0
1
$276,000–$300,000
1
1
8%
1
0
$301,000–$325,000
0
0
9%
0
1
$326,000–$350,000
0
0
10%
1
1
$351,000–$375,000
1
0
More than 10%
1
2
$376,000–$400,000
0
0
Grand total
20
41
$401,000–$425,000
0
0
$426,000–$475,000
0
0
$476,000–$500,000
0
0
$501,000 or more
0
0
20
40
Grand total
Percent increase
Seventy percent of public company corporate controllers have an employment contract.
The most popular provision addresses change-in-control severance (25%).
12 Financial executive compensation survey
The two tables below illustrate corporate controllers’ base
salaries and total compensation broken down into percentiles by
revenue range.
Controller compensation by revenue range
Base salary — all responses
Less than
$100 million
$100 million–
$999 million
More than
$1 billion
Number of responses
24
18
19
Average base salary
$125,016
$165,611
$213,790
25th percentile
$110,000
$120,000
$156,625
Median
$118,000
$172,500
$210,000
75 percentile
$143,500
$196,800
$236,250
Less than
$100 million
$100 million–
$999 million
More than
$1 billion
th
Seventy percent of public company corporate controllers
have an employment contract. The most popular provision
addresses change-in-control severance (25%). For the private
company corporate controllers in the sample, most (78%) do
not have an employment contract. For the 22% who do, the
most popular provision addresses severance based on number of
months (17%), followed by change-in-control severance (15%).
The majority of public (68%) and private (54%) company
controllers must contribute to their total health care costs.
Fifty-six percent of public company controllers hold a
master’s degree, while less than half (45%) of private company
controllers hold one.
Controller compensation by revenue range
Total compensation — all responses
Number of responses
23
18
19
Average total
compensation
$163,458
$204,358
$403,325
25th percentile
$125,750
$136,875
$189,204
Median
$156,000
$209,000
$325,000
75 percentile
$190,000
$256,500
$441,250
th
Financial executive compensation survey 13
VP finance, public and private company comparison
The average base salary for public company vice presidents
of finance is $208,900; for private company vice presidents
of finance, it is $166,900. The majority of public (86%) and
private company (80%) vice presidents of finance received an
average salary increase of 4%. The average number of years
public and private company vice presidents of finance have
held their current position is five years.
Public company VPs of finance receive average annual
bonuses of $66,700, while private company VPs of finance
receive average annual bonuses of $33,700. Most (82%) public
company vice presidents of finance and many (67%) private
company vice presidents of finance have a target bonus level.
The average total cash compensation for public company VPs
of finance is $294,900; for private company VPs of finance,
it is $206,400.
More than three-quarters (86%) of public company VPs
of finance receive a form of stock-based long-term incentive
award. Of the types of share-based payment, restricted stock/
restricted stock options (42%) are the most popular. Less than
one-quarter (23%) receive dividends or dividend equivalents
on stock-based awards. Some (41%) private company VPs
of finance receive a form of stock-based long-term incentive
award. The types of awards vary, with stock options being
the most popular. Half do not receive dividends or dividend
equivalents on stock-based awards.
Most VPs in the sample participate in a defined
contribution plan with a company match. Thirty-two percent
of public company VPs of finance participate in a defined
benefit plan, and most (73%) do not have or participate in a
supplemental retirement plan. Only a small percentage (20%)
of private company VPs of finance participate in a defined
14 Financial executive compensation survey
benefit plan, and even fewer (2%) participate in a supplemental
retirement plan. Seventy-four percent of public and 73% of
private company VPs of finance have not had their perquisites
reduced in the past year. Sixteen percent of public companies
are considering doing so in the next one to two years, while
22% of private companies are considering it.
The most popular perquisite is a cellphone, cellphone
allowance or cellphone reimbursement (68% for public; 74%
for private). When asked to estimate total compensation
including share-based awards, incentives and perks, public
company VPs of finance responded with an average of
$325,800; private company VPs of finance responded with
an average of $219,900.
The table below compares annual compensation between
public and private company VPs of finance.
None of the VP respondents receive an annual base salary
of more than $300,000. The second table compares base salary
ranges of public and private company VPs of finance.
VP finance, public and private company comparison
Compensation — all responses
Annual salary increase percentages for both public and
private VPs of finance are detailed in the following table.
VP finance, public and private company comparison
Percent increase in annual salary — all responses
Public
Private
22
46
Public
Private
Did not receive an increase
3
$750 million
9
$40 million
1%
0
0
Annual salary
Annual bonus
$208,900
$166,900
2%
5
2
$66,700
$33,700
3%
6
13
Total cash compensation (salary,
bonus, nonstock compensation)
$294,900
$206,400
4%
1
5
5%
3
6
Total compensation
$325,800
6%
2
1
7%
0
3
8%
1
1
9%
0
0
10%
0
2
More than 10%
1
3
22
45
Number of responses
Median company revenue size
$219,900
VP finance, public and private company comparison
Base salary — all responses
Annual base salary
Public
Private
Less than $100,000
1
1
$100,000–$125,000
0
5
$126,000–$150,000
0
10
$151,000–$175,000
4
12
$176,000–$200,000
5
12
$201,000–$225,000
5
3
$226,000–$250,000
2
3
$251,000–$275,000
3
0
$276,000–$300,000
2
0
$301,000–$325,000
0
0
$326,000–$350,000
0
0
$351,000–$375,000
0
0
$376,000–$400,000
0
0
$401,000–$425,000
0
0
$426,000–$475,000
0
0
$476,000–$500,000
0
0
$501,000 or more
Grand total
0
0
22
46
Percent increase
Grand total
Financial executive compensation survey 15
VP finance compensation by revenue range
Base salary — all responses
Less than
$100 million
$100 million–
$999 million
More than
$1 billion
Number of responses
37
26
11
Average base salary
$159,722
$186,730
$220,818
25th percentile
$126,250
$165,000
$190,000
Median
$155,000
$188,500
$220,000
75 percentile
$184,625
$200,000
$233,750
th
VP finance compensation by revenue range
Total compensation — all responses
Number of responses
Less than
$100 million
$100 million–
$999 million
More than
$1 billion
37
26
11
Average total
compensation
$204,528
$259,289
$353,182
25th percentile
$139,000
$205,000
$260,750
Median
$180,000
$243,750
$340,000
75 percentile
$234,000
$272,500
$432,250
th
The two tables at left illustrate base salaries and total
compensation for VPs of finance broken down into percentiles
by various revenue ranges.
Less than half (41%) of public company VPs of finance in
the sample have an employment contract. Of those, the most
frequently cited type is contracts providing for change-incontrol severance (27%). About one-quarter (28%) of private
company VPs of finance in the sample have an employment
contract. For those who do, however, contracts that provide
for severance based on change in control or number of months
(22%) were the most often cited.
More than half of public (55%) and private company (54%)
VPs of finance must contribute to their total health care costs.
Most public (64%) and private company (56%) VPs of finance
hold a master’s degree.
Less than half (41%) of the public company VPs of finance
in the sample have an employment contract.
16 Financial executive compensation survey
Director level, public and private company comparison
For public company director-level respondents (i.e., director
of finance, director of accounting), the average base salary is
$159,300, while the average base salary for the private company
director-level respondents in the sample is $141,500. Threequarters (76%) of public company directors and a majority
(84%) of private company directors received an average salary
increase of 3%. Three years is the average number of years
public company directors have held their current position,
while for private company directors, the average is four years.
Annual bonuses for public company directors average
$34,800, and for private company directors the average annual
bonus is $29,000. Most public (88%) and private company
(81%) directors have a target bonus level. Most public
company directors (83%) and many private company directors
(77%) do not receive additional cash-based long-term incentive
awards. The average total cash compensation for a public
company director is $201,800; for a private company director,
it is $172,800.
Most (64%) public company directors receive a form of
stock-based long-term incentive award. Of the types of sharebased payment, stock options are the most popular (44%).
Very few (12%) receive dividends or dividend equivalents
on the stock-based awards. Most (88%) private directors do
not receive a form of stock-based long-term incentive award.
Of those who do, phantom stock/phantom stock units are
the most popular option. Very few (4%) receive dividends or
dividend equivalents on stock-based awards.
The majority of public and private company directors
participate in a defined contribution plan with a company
match. Few participate in a defined benefit plan or a
supplemental retirement plan. The most popular perquisite is
a cellphone, cellphone allowance or cellphone reimbursement
(72% for public; 62% for private). Most public and private
company directors have not had their perquisites reduced in
the last year, though about one-third (32%) of public company
directors and almost one-quarter (22%) of private company
directors say their company is considering doing so in the next
one to two years.
When asked to estimate total compensation (including
share-based awards, incentives and perks), the average total
compensation for public company directors is $222,800; for
private company directors, it is $177,300.
In the majority of cases, compensation for directors is
proportionate to the annual revenues of their employers. The
following table compares public and private company directorlevel compensation.
Director level, public and private company comparison
Compensation — all responses
Public
Number of responses
Private
25
26
$1.25 billion
$236 million
Annual salary
$159,300
$141,500
Annual bonus
$34,800
$29,000
Total cash compensation (salary,
bonus, nonstock compensation)
$201,800
$172,800
Total compensation
$222,800
$177,300
Median company revenue size
Financial executive compensation survey 17
Director level, public and private company comparison
Base salary — all responses
Director level, public and private company comparison
Percent increase in annual salary — all responses
Annual base salary
Public
Private
Public
Private
Less than $100,000
0
1
Did not receive an increase
6
4
$100,000–$125,000
3
6
1%
0
0
$126,000–$150,000
9
12
2%
6
8
$151,000–$175,000
7
4
3%
8
8
$176,000–$200,000
3
3
4%
0
1
$201,000–$225,000
2
0
5%
2
3
$226,000–$250,000
1
0
6%
0
0
$251,000–$275,000
0
0
7%
1
0
$276,000–$300,000
0
0
8%
0
0
$301,000–$325,000
0
0
9%
0
0
$326,000–$350,000
0
0
10%
1
0
$351,000–$375,000
0
0
More than 10%
1
1
$376,000–$400,000
0
0
Grand total
25
25
$401,000–$425,000
0
0
$426,000–$475,000
0
0
$476,000–$500,000
0
0
$501,000 or more
0
0
25
26
Grand total
The median base salary ranges of both public and private
company directors are consistent with company revenues.
None of the director-level respondents receive an annual base
salary above $250,000. The table above compares median salary
ranges for public and private company directors.
18 Financial executive compensation survey
Percent increase
The percentage increases for annual salary for both public
and private company directors are detailed in the above table.
A majority (92%) of public and many (77%) private company
respondents are not covered by an employment contract. Of
those who are, the contract type most often cited is for severance
based on number of months (8%) for public companies and
change-in-control severance (15%) for private companies.
Almost half (48%) of public company directors and more
than half (54%) of private company directors must contribute
to their total health care costs. Most public (64%) and almost
half of private company (48%) directors hold a master’s degree.
Chief accounting officer, public and private company comparison
The average base salary for public company chief accounting
officers (CAOs) is $259,400. Most (89%) received an average
salary increase of 4%. The average base salary for private
company CAOs is $207,000. More than half (56%) of the
private company CAOs received an average salary increase of
1%. The average number of years public and private company
CAOs have held their current position is seven years.
The average public company CAO’s annual bonus was
$102,100, and for private company CAOs it was $100,100.
The majority of public company CAOs (78%) and private
company CAOs (89%) have a target bonus level. Very few
public company CAOs (11%) and one-third of private
company CAOs (33%) receive additional cash-based longterm incentive awards. Adding bonus and other cash incentives
to the base salary, the average total cash compensation for
a public company CAO is $379,500; for a private company
CAO, it is $312,300.
All public company CAOs receive a form of stock-based
long-term incentive award, while less than half (44%) of
private company CAOs receive this incentive. Of the types of
share-based payment, restricted stock/restricted stock options
are the most popular for public company CAOs, and stock
options are most popular for private company CAOs. Onethird of public company CAOs receive dividends or dividend
equivalents on the stock-based awards, but only a few (11%)
of the private company CAOs do.
Almost all CAOs participate in a defined contribution plan
with a company match. Few participate in a defined benefit
plan or receive additional monthly retirement benefits. The
most popular perquisite is a cellphone, cellphone allowance or
cellphone reimbursement (89% for public; 78% for private).
Seventy-five percent of public company CAOs and 63% of
private company CAOs have not had their perquisites reduced
in the past year. When asked to estimate total compensation
(including share-based awards, incentives and perks), public
company CAOs responded with an average of $543,900; private
company CAOs responded with an average of $323,000.
For the most part, compensation is proportionate to the
annual revenues of respondents’ employers. The following
table compares average compensation based on company type.
Chief accounting officer, public and private company comparison
Compensation — all responses
Public
Private
9
9
Median company revenue size
$2.1 billion
$55 million
Annual salary
$259,400
$207,000
Annual bonus
$102,100
$100,100
Total cash compensation (salary,
bonus, nonstock compensation)
$379,500
$312,300
Total compensation
$543,900
$323,000
Number of responses
Financial executive compensation survey 19
None of the private company respondents receive an
annual base salary exceeding $275,000. For public companies,
only one respondent receives an annual base salary exceeding
$351,000. The following table details the base salary range.
Annual salary increase percentages for both public and
private company CAOs are detailed in the following table.
Chief accounting officer, public and private company comparison
Base salary — all responses
Chief accounting officer, public and private company comparison
Percent increase in annual salary — all responses
Annual base salary
Public
Private
Percent increase
Less than $100,000
0
0
$100,000–$125,000
0
1
$126,000–$150,000
1
$151,000–$175,000
$176,000–$200,000
Public
Private
Did not receive an increase
1
4
1%
0
2
1
2%
1
1
0
1
3%
2
2
1
1
4%
2
0
$201,000–$225,000
0
0
5%
1
0
$226,000–$250,000
2
3
6%
1
0
$251,000–$275,000
2
2
7%
0
0
$276,000–$300,000
0
0
8%
0
0
$301,000–$325,000
2
0
9%
0
0
$326,000–$350,000
0
0
10%
1
0
$351,000–$375,000
1
0
More than 10%
0
0
Grand total
9
9
$376,000–$400,000
0
0
$401,000–$425,000
0
0
$426,000–$475,000
0
0
$476,000–$500,000
0
0
$501,000 or more
0
0
Grand total
9
9
20 Financial executive compensation survey
Most public and private company CAOs have an
employment contract with severance payments based on either
change in control or number of months.
Some (44%) public company CAOs and most (67%)
private company CAOs must contribute to their total health
care costs. Most (89%) public and more than half of (56%)
private company CAOs hold bachelor’s degrees as their
highest level of education completed.
Most (88%) public company treasurers receive a form of stock-based long-term incentive
award. Of the types of share-based payment, stock options are the most popular.
Treasurer, public and private company comparison
Public company treasurers reported an increase in their average
base salary to $259,600. For private company treasurers, the
average base salary was $233,500. The average salary increase
for public company treasurers is 3%; for private company
treasurers, it is 2%. Six years is the average number of years
public company treasurers have held their current position,
while for private company treasurers, the average is seven years.
Annual bonuses for public company treasurers average
$115,900, and for private company treasurers, the average
annual bonus is $63,100. Most (88%) public company
treasurers and half of the private company treasurers have
a target bonus level. More than half (63%) of the public
company treasurers and most (83%) private company
treasurers do not receive additional cash-based long-term
incentive awards. Adding salary, bonus and other cash
incentives, the average total cash compensation for public
company treasurers is $388,600; for private company
treasurers, it is $300,300.
Most (88%) public company treasurers receive a form
of stock-based long-term incentive award. Of the types of
share-based payment, stock options are the most popular.
Half receive dividends or dividend equivalents on stock-based
awards. The majority (83%) of private company treasurers do
not receive a form of stock-based long-term incentive award.
For those who do, stock options are the most popular. None of
the private company treasurers receive dividends or dividend
equivalents on stock-based awards.
Many public and private company treasurers participate
in a defined contribution plan with a company match. Many
(88%) of the public company treasurers participate in a defined
benefit plan, while very few (17%) private company treasurers
do. The most popular perquisite is a cellphone, cellphone
allowance or cellphone reimbursement (88% for public;
67% for private). Three-quarters of public company treasurers
and half of the private company treasurers have not seen a
reduction in their perquisites in the last year. Few (13%) public
and only one-third of private companies are considering doing
so in the next one to two years. When asked to estimate total
compensation (including share-based awards, incentives and
perks), public company treasurers reported with an average
of $495,000; private company treasurers responded with an
average of $303,500.
The following table compares public and private company
treasurer compensation.
Treasurer, public and private company comparison
Compensation — all responses
Public
Number of responses
Private
8
6
Median company revenue size
$2.2 billion
$990 million
Annual salary
$259,600
$233,500
Annual bonus
$115,900
$63,100
Total cash compensation (salary,
bonus, nonstock compensation)
$388,600
$300,300
Total compensation
$495,000
$303,500
Financial executive compensation survey 21
None of the treasurers (public or private company) receive
an annual base salary of less than $151,000, and only one receives
a base salary exceeding $376,000. The following table compares
public and private company treasurers’ median salary ranges.
Treasurer, public and private company comparison
Base salary — all responses
The following table shows annual salary increase
percentages for both public and private company treasurers.
Treasurer, public and private company comparison
Percent increase in annual salary — all responses
Annual base salary
Public
Private
Less than $100,000
0
0
$100,000–$125,000
0
0
$126,000–$150,000
0
$151,000–$175,000
$176,000–$200,000
Public
Private
Did not receive an increase
1
2
1%
0
0
0
2%
1
0
1
1
3%
4
2
1
1
4%
1
2
$201,000–$225,000
2
0
5%
0
0
$226,000–$250,000
0
1
6%
0
0
$251,000–$275,000
1
2
7%
0
0
$276,000–$300,000
1
1
8%
1
0
$301,000–$325,000
1
0
9%
0
0
$326,000–$350,000
0
0
10%
0
0
$351,000–$375,000
0
0
More than 10%
0
0
Grand total
8
6
$376,000–$400,000
1
0
$401,000–$425,000
0
0
$426,000–$475,000
0
0
$476,000–$500,000
0
0
$501,000 or more
0
0
Grand total
8
6
22 Financial executive compensation survey
Percent increase
Half of the public company treasurers report having an
employment contract, while all private company treasurers
reported one.
Around three-quarters of both public (63%) and private
company (68%) treasurers contribute to their total health
care costs. Sixty-three percent of public company treasurers
reported completing master’s degrees, while 83% of private
company treasurers have completed master’s degrees.
Divisional/geographic/regional CFO, public and private
company comparison
Public company divisional CFOs reported an average base
salary of $175,000 and an average salary increase of 3%. Private
company divisional CFOs reported an average base salary of
$192,300 and an average salary increase of 6%. Nine years is
the average number of years public company divisional CFOs
have held their current position, while for private company
divisional CFOs, the average is six years.
All public and private company divisional CFOs reported
receiving a bonus. For public company divisional CFOs, the
average annual bonus is $114,700, while for private company
divisional CFOs, it is $44,400. Three-quarters of public
company and many (56%) private company divisional CFOs
have a target bonus level. However, more than half (63%) the
public company divisional CFOs and more than three-quarters
(78%) of the private company divisional CFOs do not receive
additional cash-based long-term incentive awards. Including
total salary, bonus and other long-term cash awards, the
average total cash compensation for public company divisional
CFOs is $292,500; for private company divisional CFOs,
it is $245,100.
Three-quarters of public and most (67%) of private
company divisional CFOs do not receive a form of stockbased long-term incentive award. Of the types of share-based
payment, the most popular for public companies is restricted
stock/restricted stock options, while for private companies it
was a target award based on a fixed number of shares or units.
Only a small number of respondents (13% for public; 11 % for
private) reported receiving dividends or dividend equivalents
on stock-based awards.
Most participate in a defined contribution plan with a
company match. Half the public and just over two-thirds
(37%) of private company divisional CFOs participate in
a defined benefit plan. Very few divisional CFOs receive
additional monthly retirement benefits. Three-quarters
of public and two-thirds of private company divisional
CFOs have a cellphone, cellphone allowance or cellphone
reimbursement as a perquisite. While 29% of public and
private companies are considering reducing perquisites in
the next one to two years, 57% of public and 71% of private
company divisional CFOs have not had their perquisites
reduced in the past year. When asked to estimate total
compensation (including share-based awards, incentives and
perks), public company divisional CFOs responded with an
average $350,600; private company divisional CFOs responded
with an average of $251,400.
In most cases, compensation is proportionate to the annual
revenues of divisional CFOs’ employers. The following table
compares compensation for public and private company
divisional CFOs.
Divisional/geographic/regional CFO,
public and private company comparison
Compensation — all responses
Number of responses
Median company revenue size
Public
Private
8
9
$325 million
$250 million
Annual salary
$175,000
$192,300
Annual bonus
$114,700
$44,400
Total cash compensation (salary,
bonus, nonstock compensation)
$292,500
$245,100
Total compensation
$350,600
$251,400
Financial executive compensation survey 23
The median base salary ranges of both public and private company
divisional CFOs were fairly consistent with company revenues. Only
one of the divisional CFO respondents received an annual base salary
exceeding $226,000. The following table compares median salary
ranges for public and private company divisional CFOs.
Divisional/geographic/regional CFO,
public and private company comparison
Base salary — all responses
The table below shows annual salary increase percentages
for both public and private company divisional CFOs.
Divisional/geographic/regional CFO,
public and private company comparison
Percent increase in annual salary — all responses
Annual base salary
Public
Private
Less than $100,000
0
0
$100,000–$125,000
1
1
$126,000–$150,000
2
$151,000–$175,000
Public
Private
Did not receive an increase
0
1
1%
1
0
1
2%
0
1
1
0
3%
4
1
$176,000–$200,000
2
4
4%
2
1
$201,000–$225,000
2
2
5%
1
2
$226,000–$250,000
0
1
6%
0
0
$251,000–$275,000
0
0
7%
0
0
$276,000–$300,000
0
0
8%
0
0
$301,000–$325,000
0
0
9%
0
0
$326,000–$350,000
0
0
10%
0
2
$351,000–$375,000
0
0
More than 10%
0
1
$376,000–$400,000
0
0
Grand total
8
9
$401,000–$425,000
0
0
$426,000–$475,000
0
0
$476,000–$500,000
0
0
$501,000 or more
0
0
Grand total
8
9
24 Financial executive compensation survey
Percent increase
More than half (63%) of public company divisional CFOs
and slightly less than two-thirds (44%) of private company
divisional CFOs have an employment contract. Severance based
on number of months was the contract type most often cited.
A little more than one-third (38%) of public and more
than half (67%) of private company divisional CFOs must
contribute to their total health care costs. Three-quarters of
pubic company divisional CFOs hold master’s degrees as
their highest level of education completed, while only 29% of
private company divisional CFOs do.
Appendix:
Job descriptions
This appendix is excerpted from Robert Half International’s
Glossary of Job Descriptions for Accounting and Finance, which
covers a variety of positions in accounting, finance, banking
and financial services, and is derived from the thousands of
full-time, temporary and project placements made through
Accountemps, Robert Half Finance & Accounting, and Robert
Half Management Resources, as well as the expert market
knowledge of those organizations’ recruiting and staffing
professionals. While the glossary provides an overview of
typical responsibilities and skill requirements, variations do
occur based on company size, industry, local employment
conditions and other factors. For more information, contact
the Robert Half office nearest you or call 800.803.8367.
Job descriptions help organizations clearly identify the key
criteria for positions within the company. They also make the
résumé evaluation, interview and selection stages more efficient.
By clearly defining the requirements for a job opening, hiring
managers can better determine the best person for the role.
Well-written job descriptions also help job seekers understand
the expectations of the position and allow them to compare
their skills with those needed to be effective in the role. Many
companies post job descriptions online when recruiting for
an open position. This is an opportunity for applicants to
customize their résumés and cover letters to show more clearly
how their skills and experience match the requirements of
the job. Candidates who tailor their job search materials to
the needs of prospective employers have a better chance of
progressing through the initial evaluation and hiring process.
A well-executed job description accomplishes the
following objectives:
• Establishes the framework for defining the job and
analyzing appropriate hiring criteria
• Gives candidates a clear idea of what to expect and helps to
deter those who lack the necessary skills from applying
for the job
• Helps the hiring manager decide on a competitive
pay range, based on market value, for the various
responsibilities of the position
• Serves as a tool for setting expectations and establishing
objective measures for performance appraisals
• Provides a preliminary idea of how easy it will be to find
someone to fill the opening
The following categories represent a basic template of
what a typical job description might include and the specific
information it should convey:
• Position title — The full title of the job and, if possible, the
title of the person to whom the candidate will report
• General description — Two to three sentences outlining the
overall responsibilities of the position
• Key responsibilities — The specific tasks the applicant will
be asked to carry out on a daily basis
• Skills and attributes — The hiring criteria that will be used
to evaluate candidates, such as skills, experience, knowledge
or traits required to perform the job
• Educational requirements — Any type of licensing,
certification or training required to be eligible for the position
Financial executive compensation survey 25
Corporate CFO
Corporate controller
CFOs must have strong analytical, strategic planning and
communication skills, including the ability to work well with
the CEO, board members and other senior managers. CFOs
typically have at least 10 years of experience in accounting or
finance, including a minimum of five years in a management
role. The larger the firm, the more experience required.
Many companies prefer candidates who have an MBA and/
or a professional accreditation such as CPA or certified
management accountant (CMA). Professionals should know
all aspects of generally accepted accounting principles. Public
companies also require experience with SEC reporting.
Previous experience in public accounting is also highly valued.
Candidates for CFO should have held positions of increasing
responsibility within an accounting department, such as
director of finance, director of accounting or controller.
Controllers must have solid communication, technology,
analytical and management skills. Candidates should know
all aspects of generally accepted accounting principles. Public
companies also require knowledge of SEC regulations and
provisions of the Sarbanes-Oxley Act. The role usually
requires at least seven years of relevant experience and a
bachelor’s degree in accounting or finance. Many organizations
prefer candidates who have an MBA or professional
accreditation such as CPA or CMA. Previous experience in
public accounting is highly valued.
Typical duties include:
• providing strategic management of the accounting and
finance functions;
• directing accounting policies, procedures and
internal controls;
• recommending improvements to ensure the integrity of
the company’s financial information;
• managing or overseeing relationships with
independent auditors;
• collaborating with chief information officers on
technology decisions;
• overseeing financial systems implementations and upgrades;
• managing relationships with investors and
investment institutions;
• identifying and managing business risks and insurance
requirements; and
• hiring, training and retaining competent accounting and
finance staff.
26 Financial executive compensation survey
Typical duties include:
• planning, directing and coordinating all accounting
operational functions;
• managing the accumulation and consolidation of all
financial data necessary for an accurate accounting of
consolidated business results;
• coordinating and preparing internal and external
financial statements;
• coordinating activities of external auditors;
• providing management with information vital to
the decision-making process;
• managing the budget process;
• assessing current accounting operations, offering
recommendations for improvement and implementing
new processes;
• evaluating accounting and internal control systems;
• evaluating the effectiveness of accounting software
and the supporting database as needed;
• developing and monitoring business performance metrics;
• overseeing regulatory reporting, frequently including tax
planning and compliance; and
• hiring, training and retaining competent accounting staff.
Vice president of finance
Director of accounting
This role requires advanced strategic planning, negotiation,
communication and management skills. Individuals pursuing
vice president of finance positions generally have at least 10
years of experience in accounting, finance or treasury. Previous
experience in public accounting is highly valued. Many
companies prefer candidates with a master’s degree in business
administration (MBA) or finance and/or a professional
accreditation such as CPA or CMA.
Directors of accounting must have strong communication,
organizational, technology and leadership skills. Candidates
usually have at least 10 years of experience, including
previous management responsibilities. They also should have
comprehensive knowledge of generally accepted accounting
principles. Those with public accounting experience have an
advantage. Businesses expect a minimum of a bachelor’s degree
in accounting but generally prefer applicants who have also
earned an MBA or certification such as CPA or CMA.
Typical duties include:
• ensuring compliance with state and federal regulations;
• establishing and maintaining sound relationships with
financial institutions, including commercial and
investment banks;
• making recommendations to optimize investments of
financial capital;
• coordinating and managing the annual budget process;
• communicating the company’s actual performance
versus budgets and objectives to senior management and
recommending growth strategies, as well as identifying
areas for improvement;
• collaborating with leaders of other departments to prepare
for critical business opportunities; and
• hiring, training and retaining competent finance staff.
Typical duties include:
• developing and maintaining accounting policies
and procedures;
• planning, organizing and coordinating the year-end close
process with internal and external auditors;
• ensuring the successful completion of the company’s
tax filings;
• preparing financial statements, including cash
flow statements;
• planning, budgeting and authorizing expenditures; and
• hiring, training and retaining competent accounting staff.
Financial executive compensation survey 27
Director of finance
Treasurer
As part of the management team, directors of finance
must have strong leadership, technology, analytical and
communication. The position generally requires at least 10
years of experience in accounting or finance and management
skills. Previous experience in public accounting is highly
valued. A bachelor’s degree in finance or accounting is
required, and an MBA or a professional designation such as
CPA or CMA is preferred.
The treasurer role requires excellent communication,
technology, problem-solving and analytical abilities.
Candidates usually need at least 10 years of professional
experience, and public accounting experience is a plus.
Companies seek applicants who have a bachelor’s degree
in accounting, finance or economics, and prefer advanced
credentials such as an MBA or a financial certification.
Typical duties include:
• overseeing insurance and risk management;
• maintaining budgeting and forecasting models;
• performing financial modeling and analysis;
• assisting with business funding decisions; and
• hiring, training and retaining competent finance staff.
28 Financial executive compensation survey
Typical duties include:
• establishing and maintaining relationships with commercial
bankers, allowing open discussion on terms of
available financing;
• researching and analyzing financing alternatives and
providing recommendations;
• structuring debt arrangements;
• ensuring debt covenant compliance;
• directing investments of corporate cash;
• monitoring operating cash requirements;
• communicating the company’s operating and financial
performance goals and strategies to external investors and
creditors; and
• hiring, training and retaining competent staff.
Tax director
Tax directors must be highly motivated and take the initiative
to stay up-to-date with industry and government regulations
through continuing education and subscriptions to professional
journals. Tax director positions usually require a bachelor’s
degree in accounting and a CPA designation. An MBA is
also preferred. Candidates should have at least seven years of
experience, as well as polished negotiation, communication and
analytical skills.
Typical duties include:
• reviewing various corporate tax returns and year-end tax
accruals and estimating income taxes;
• conducting research and planning according to current tax
laws, and advising senior management on the tax impact of
current and proposed company activities and transactions;
• identifying ways to minimize the organization’s tax liability
each year in accordance with current tax laws;
• representing the company on tax audits conducted by
outside regulatory agencies;
• facilitating tax-related communication with the appropriate
government agencies and in-house counsel;
• overseeing reporting and payment of all local, state and
federal taxes; and
• hiring, training and retaining competent tax staff.
Assistant controller
Assistant controllers should have strong analytical, technology,
communication and organizational skills. This position
generally requires at least five years of experience in accounting
or finance, and public accounting experience is highly valued.
Businesses expect a bachelor’s degree in accounting or finance,
but many prefer applicants who also have an MBA or an
accreditation such as CPA or CMA.
Typical duties include:
• preparing and consolidating financial statements;
• establishing and maintaining internal controls;
• managing all aspects of the general ledger;
• providing monthly, quarterly and year-end analyses;
• coordinating or assisting with the budget process;
• researching accounting issues for compliance with generally
accepted accounting principles;
• analyzing and reporting cost variances;
• serving as a liaison to external auditors; and
• supervising accounts receivable, accounts payable and
general accounting departments.
Financial executive compensation survey 29
Assistant treasurer
Companies seek assistant treasurer candidates with strong
communication, technology, problem-solving and analytical
skills. These positions generally require a bachelor’s degree
in accounting or finance, and at least seven years of relevant
experience. Previous experience in public accounting is also
highly valued. Applicants who have an MBA or a professional
certification have an advantage.
Typical duties include:
• researching and analyzing approaches to financing and
hedging strategies;
• reviewing and negotiating documents, including loan
agreements and letters of credit;
• determining the company’s ability to meet the financial
terms of contracts;
• compiling information from various corporate departments
for loan agreements;
• monitoring compliance with loan agreements;
• tracking cash flow and developing cash forecasts;
• managing banking relationships; and
• maintaining records for corporate stock plans.
30 Financial executive compensation survey
About the authors
Thomas Thompson Jr.
Thomas Thompson Jr. is a senior associate of
research at Financial Executives Research Foundation
Inc., author of more than 20 published research
reports and primary blogger of the FERF Research
blog. Thompson received a BA in economics from
Rutgers University and a BA in psychology from
Montclair State University. Prior to joining FERF,
Thompson held positions in business operations
and client relations at NCG Energy Solutions, AXA
Equitable and Morgan Stanley Dean Witter.
Thompson can be reached at tthompson@
financialexecutives.org or 973.765.1007.
Ken Cameron
Ken Cameron, CCP, PHR, is a director in
Grant Thornton’s Compensation and Benefits
Consulting practice based in Atlanta, and serves
as a Southeast Region compensation leader. He
has more than 20 years of compensation and
human resources leadership experience in both
the consulting and corporate environments. Prior
to joining Grant Thornton, Cameron was a senior
consultant at Towers Watson, and also spent over
10 years as a compensation and benefits leader
for BellSouth. He has worked with a wide spectrum
of organizations, including Coca-Cola Enterprises,
the Federal Reserve Bank of Atlanta, Aarons Inc.
and Emory University. His areas of experience
include reward strategy, executive compensation
and benefits, compensation committee support,
variable pay design, cash and equity-based reward
programs, international compensation design, broadbased pay design, benchmarking and analysis, and
performance management. Cameron has earned the
designation of Certified Compensation Professional
from WorldatWork®. In addition; he has been a
featured speaker for several local and national
compensation and human resources organizations.
He received an MS in industrial relations from Loyola
University’s Institute of Industrial Relations and his BA
in psychology from the University of Rochester.
Eddie Adkins
Eddie Adkins, CPA, is a partner in Grant Thornton’s
national tax office in Washington, D.C., and is
the national tax technical leader for the firm’s
Compensation and Employee Benefits Consulting
practice. He has the primary responsibility within
Grant Thornton for tracking new regulatory and
legislative developments related to executive
compensation and employee benefits. Adkins has
written extensively on compensation and benefits
topics, including articles in the Daily Tax Report and
Tax Notes. He has also written articles for journals
such as the Compensation Planning Journal, The
Tax Advisor, and the Journal of Taxation. Adkins
has been quoted in various newspapers across the
country, including The Wall Street Journal, The New
York Times, the Chicago Tribune and USA Today, and
has also appeared on CNBC. He is a former chair
of the AICPA’s employee benefits and compensation
technical resource panel, the Section 409A Task
Force and the National Employee Benefits Conference.
Adkins can be reached at eddie.adkins@us.gt.com or
202.521.1565.
Cameron can be reached at ken.cameron@us.gt.com
or 404.704.0136.
Financial executive compensation survey 31
About Grant Thornton and
Financial Executives Research
Foundation Inc.
About Grant Thornton LLP
The people in the independent firms of Grant Thornton International Ltd provide
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About Financial Executives Research Foundation Inc.
Financial Executives Research Foundation (FERF) is the nonprofit 501(c)(3) research
affiliate of Financial Executives International (FEI). FERF researchers identify key
financial issues and develop impartial, timely research reports for FEI members
and nonmembers alike, in a variety of publication formats. FERF relies primarily
on voluntary tax-deductible contributions from corporations and individuals, and
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In the United States, visit Grant Thornton LLP at www.GrantThornton.com.
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32 Financial executive compensation survey
Acknowledgements
Financial Executives Research Foundation Inc. (FERF)
acknowledges and thanks the following for their longstanding
support and generosity.
Platinum Major Gift | $50,000 +
Silver President’s Circle | $5,000–$9,999
Exxon Mobil Corp.
Microsoft Corp.
Apple, Inc.
The Boeing Co.
Comcast Corp.
Corning Inc.
Credit Suisse
Dell Inc.
Duke Energy Corp.
E. I. du Pont de Nemours & Co.
Eli Lilly and Co.
GM Foundation
Halliburton Co.
The Hershey Co.
IBM Corp.
Johnson & Johnson
Lockheed Martin Corp.
McDonald’s Corp.
Medtronic Inc.
Motorola Solutions Inc.
PepsiCo Inc.
Pfizer Inc.
Procter & Gamble Co.
Safeway Inc.
Sony Corporation of America
Tenneco Inc.
Tyco International Management Co.
Wells Fargo & Co.
Gold President’s Circle | $10,000–$14,999
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Cummins Inc.
Dow Chemical Co.
General Electric Co.
Financial executive compensation survey 33
Financial Executives International
Distinguished Service Award Recipient
Congratulations from the FEI Rochester Chapter!
Gary R. Kabureck has been an active and visible member of
Financial Executives International for nearly two decades while
at the same time engaging in his career of leadership, expertise,
service and global recognition. He has served as Vice Chair of
FEI’s Committee on Corporate Reporting (CCR) as well as
serving on various standard-setting board advisory committees
at the Financial Accounting Standards Board (FASB) and
Public Company Accounting Oversight Board (PCAOB). He
has spoken before the U.S. Congress and other governmental
bodies on various proposed legislative actions and has been a
strong voice for FEI and financial executives at the national
and global levels.
Kabureck has 28 years of experience with Xerox Corp.,
culminating as Vice President and Chief Accounting
Officer, where he had global responsibility at the $22 billion
technology and services company for both International
Financial Reporting Standards (IFRS) and U.S. generally
accepted accounting principles (U.S. GAAP) processes. That
involved leading a team of more than 1,200 accountants
worldwide, oversight of Xerox’s accounting policy
development, implementation of new accounting procedures,
internal and external financial reporting as well as internal
controls. Prior to Xerox, he worked for PwC for 10 years.
Peers in the Rochester Chapter describe Kabureck as a
“thought leader and recognized expert in financial reporting
matters,” as well as a “natural leader, who is the chapter’s
strongest voice on technical matters at a national level.”
They also acknowledge his willingness to share his global
experiences and knowledge with the chapter members and to
serve as a speaker at meetings.
Kabureck served as Rochester Chapter President from
1999-2000 (after having joined and immediately served on the
chapter’s Board of Directors) and recognized the changing
34 Financial executive compensation survey
Gary R. Kabureck
landscape of the business community by supporting outreach
to a group of members that was historically under-represented
in the chapter. As such, he continued to build chapter
programs and membership within the evolving business
environment. Though he eventually worked several hundred
miles from where he lived in the Rochester area, he remained
involved as much as possible with the chapter.
He earned a Bachelor of Science Degree in Accounting
at the University of Bridgeport in 1975 and a Master of
Business Administration (Finance, General) in 1981. Kabureck
was appointed a Member of the International Accounting
Standards Board (IASB), and has been based in London since
his assignment began in April 2013.
Married for 34 years, Kabureck and his wife have raised
two children, a son and a daughter.
Financial Executives International
Distinguished Service Award Recipient
Congratulations from the FEI Northeastern Wisconsin Chapter!
Michael (“Mike”) McNamara is the ultimate professional in
his work, as well as in his dedication to his colleagues, family
and to the success of Financial Executives International,
through his local chapter and the national organization. He is
a man of significant achievement in serving as Vice President
Finance, Secretary and Treasurer for Tom’s Quality Millwork
and Hardwoods Inc. in Campbellsport, Wis., as well as in his
service to FEI’s Northeastern Wisconsin Chapter. When the
subject of FEI member recruitment comes up, the name Mike
McNamara comes to mind.
Born and raised in Wisconsin, McNamara has spent his
entire academic and professional career there. He graduated
magna cum laude from the University of Wisconsin – Oshkosh
in 1973 with a Bachelor of Business Administration Degree
in Accounting, became a certified public accountant and has
been the financial officer for several small-to-midsized, familyowned firms. He also spent four years with Grant Thornton
LLP and served two tenures with Mercury Marine, a business
unit of Brunswick Corp.
He joined the Northeastern Wisconsin Chapter of FEI in
2002 and became its president in 2007. He continues to serve
on the chapter’s Board of Directors and Executive Committee,
as well as on several other committees. It was during his
presidency that he became involved in recruiting new members
and remains the chapter’s Membership Chair.
McNamara’s passion for FEI is evidenced by the key role
he has played in helping his chapter more than triple in size
— from 62 members in 2003 to 210 currently. The chapter
has won the Membership Development Award for the last six
years in a row, as it leapt from a tier-two (50-99 members) to
tier-four size (200-299 members) chapter.
Michael P. McNamara
McNamara has been involved with FEI at the national as
well as at his local level. He has served in leadership roles in the
Midwest Area under the prior governance structure, becoming
Midwest Area Vice President, and he’s completing his final
year on the National Board of Directors. With this winding
down, he has already expressed his interest in having more time
to recruit for his Northeastern Wisconsin Chapter, noting that
300 members is a strong possibility.
McNamara and his wife Loula, who were high school
sweethearts, have two married children and five grandchildren.
Financial executive compensation survey 35
Financial Executives International
Distinguished Service Award Recipient
Congratulations from the FEI Colorado Chapter!
Robert L. Shultz says he is currently in, what he terms,
“active retirement” after 30 years of service with HewlettPackard Co. (1982-2011), retiring as Vice President, Finance.
He now supports both community and professional
organizations, as well as performing as an adviser to HP’s large
shared services organization.
An active member in the Colorado Chapter of Financial
Executives International (FEI), Shultz also has spent countless
hours with peers at the national level of the organization
(since becoming a member in 2005), providing his expertise
and leadership serving on various committees at the local and
national levels.
Among his service to FEI over his years of membership,
Shultz has served on and chaired FEI’s Committee on Finance
and Information Technology (CFIT). In addition, he has held
positions on other FEI boards and committees. Among them:
the National Chapter Leadership Council (National Audit
Chair 2009-2011); the Board of Directors (serving as National
Secretary since 2011); the Audit Committee (Chair 2009-2011);
and as a member of the Committee on Governance, Risk &
Compliance (CGRC).
In his prior role as VP of Strategy for HP Enterprise
Services, Shultz was responsible for the Enterprise Services’
Strategy and Transformation team, a $25 billion business
segment of HP that provides IT and business process
outsourcing (BPO) services as well as application development
and management services. Prior responsibilities at HP included
Chief Internal Auditor, General Manager of HP’s Business
Process Outsourcing and General Manager of Global Business
Services (Shared Services). He was also Deputy Corporate
Controller responsible for enterprise planning and reporting,
consolidations, external reporting, financial systems, enterprise
procurement and country controllerships worldwide.
36 Financial executive compensation survey
Robert L. Shultz
Additionally, he was business unit CFO of the Enterprise
Systems Group.
Shultz holds a Bachelor’s Degree in Accounting from
Lehigh University and a Master of Business Administration
from Pennsylvania State University. He currently resides in
Colorado with his wife of 35 years, Suzy, who he met when
they were both Peace Corps volunteers in Botswana. They
have two daughters, one is married and one is getting married
this June.
The views set forth in this publication are those of the author and do not necessarily represent those of the FERF
Board as a whole, individual trustees, employees or the members of the Advisory Committee. FERF shall be
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