“Average base salaries for financial professionals rose 3.9% in 2024. This is a decrease from the 4.4% gain observed in 2023”, as per  the Association for Financial Professionals® (AFP) 2025 Compensation and Benefits Survey Report.

Conducted in February 2025, the survey gathered responses from over 1,300 treasury and finance practitioners, representing 25 different job titles across seven industries and the four major U.S. census regions. In addition to providing salary information for the 25 titles, some senior-level professionals and corporate human resource executives contributed insights on compensation (base salary plus any bonuses awarded) and benefits for their organizations’ entire treasury and finance teams.

The survey collected data on total compensation earned by financial professionals during calendar year 2024, as well as base salary figures effective January 1, 2025. To support the analysis, the 25 job titles surveyed were grouped into three primary categories (tiers): Executive tier, Management tier, and Staff tier.

Within the Executive tier, the CFO position recorded the highest average base-salary increase, up 3.8% over the previous year.

                               Average Compensation by Job Title

In the Management tier, Accounting Managers saw the largest salary growth at 5.4%, and among Staff-tier positions, Accounts Receivable Specialists experienced the most significant increase, with an average base-salary gain of 6.2%.

Besides base salaries, bonuses are a key component of most financial professionals’ compensation packages. According to the AFP study, 66% of organizations paid bonus incentives to their employees. The most common form of incentive was cash, offered by 89% of organizations, followed by stock-based incentives (38%) and profit-sharing incentives (24%).

The AFP survey also explores several critical aspects that shape compensation trends and career advancement in treasury and finance. These include factors influencing salary levels and growth, drivers of upward mobility, the role of compensation and benefits in attracting and retaining talent, criteria for evaluating job performance, key responsibilities, and the top challenges faced by financial professionals in their current roles. Here are the key takeaways:

Finding qualified treasury and finance talent: The leading talent management issue for organizations

“Two-thirds of financial professionals whose role includes hiring treasury/finance staff at their organizations report that finding qualified candidates is their biggest challenge”, observed the AFP survey report.

                   Talent Management Issues Faced by Organizations

Source: 2025 AFP® Compensation and Benefits Survey Report

Other prominent challenges include hiring candidates who fit the organizational culture (45%) and meeting candidates' salary expectations (40%). Furthermore, a third of respondents struggle with candidates lacking strong analytical skills and with finding talent when it is needed (both 33%). The speed of hiring (22%) and candidates’ technological proficiency (19%) also pose hurdles, while filling entry-level positions is a concern for just 9%.

Strategies for attracting external hires for treasury and finance positions

To win over external hires for treasury and finance roles, organizations are employing a diverse range of recruitment strategies designed to expand their outreach and align with the evolving expectations of today’s workforce.

The most common methods, the AFP survey points out, include leveraging social media platforms such as LinkedIn (used by 64% of organizations) and online job search engines like Indeed (57%). A majority also focus on showcasing their workplace culture and benefits (55%) to stand out in a competitive job market.

   Approaches to Attract External Candidates for Treasury and Finance Roles

Source: 2025 AFP® Compensation and Benefits Survey Report

Employee referral programmes remain a cornerstone of recruitment for nearly half of enterprises (46%), while 43% enhance their appeal through competitive compensation packages. Niche industry-specific job boards (37%) are also part of the recruitment strategy mix, along with flexible or remote work options, which 36% of companies now promote—highlighting the continued importance of work-life balance among job seekers.

Less frequently used methods to engage prospective candidates include listing salary ranges in job ads (26%) and participating in digital talent communities (12%) that help maintain connections with potential hires.

Building and sustaining a competitive compensation package

To remain competitive in attracting and retaining talent, many organizations are focusing on providing market-aligned compensation practices. Insights from the AFP survey report reveal that nearly half of the companies surveyed (48%) are committed to offering their workforce a competitive compensation package by conducting regular salary audits, while 41% prioritize awarding pay raises that reflect merit or market rate. Some also seek expert guidance, with 26% engaging compensation consultants, and 23% implementing structured frameworks to adjust salaries based on objective factors such as job grade, tenure, or cost of living. However, practices around the frequency of salary audits vary.

                                        Frequency of salary audits

Source: 2025 AFP® Compensation and Benefits Survey Report

Among organizations that recognize the value of salary audits, 37% conduct them as needed, and 19% do so every 2-3 years—potentially putting themselves at risk of falling behind in pay competitiveness and transparency. These findings underscore the growing importance of deliberate, data-driven decision-making in compensation strategies within today’s dynamic employment landscape.

Conclusion

Employees are the most valuable assets an organization has, playing a vital role in strengthening its long-term competitive advantage. While adopting prudent retention strategies—such as offering a competitive compensation package that includes comprehensive benefits and supports work-life balance—is essential for attracting and retaining top treasury and finance talent, it is equally important to invest in developing and enhancing their potential.

As the AFP survey emphasizes, organizations should support retention by providing professional development opportunities that allow their employees to upskill. This not only builds a stronger, more agile treasury team in a rapidly evolving business environment but also deepens employee engagement.

In line with this, AFP’s 2025 Compensation and Benefits Survey Report recommends that “Encouraging employees to continue working at their organizations rather than moving to another employer,” through the retention strategies discussed, can extend employee tenure. Doing so leads to significant cost savings and reduces the strain on organizational resources.