RESOURCE GROUP
2023
FINANCIAL SALARY GUIDE AND EMPLOYMENT OUTLOOK
LEADING INTO THE UN KNOWN
FINANCIAL LEADERSHIP IN A LANDSCAPE RIDDLED WITH QUESTIONS
20th Annual Edition
Alliance Resource Group About ARG
Alliance Resource Group (ARG) is Southern California’s leading Finance and Accounting talent partner. We leverage deep connections within California’s business community to match top talent with some of the region’s most respected companies.
Unmatched Market Knowledge We understand business. No other firm can match the depth of our financial recruiting expertise or our knowledge of Southern
California’s talent community. Intelligent Hiring Strategies
We don’t just recruit, we consult. We solve problems. We deliver intelligent strategies for hiring, and we help you work more efficiently.
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Candidate-First Methodology Our unique discovery process provides an exceptional
understanding of the competencies and interests of the financial professionals we place. Our approach streamlines the hiring process and leads to greater employee engagement and retention. An Exceptional Experience. At ARG, we’re not only your recruiter, we are your partner. We provide a more collaborative, consultative, and strategic approach to hiring and are fully invested in your long-term success. ARG Differentiators Deep Subject Matter Expertise in the Role and Office of the CFO • F&A Market Mastery • Exceptionally Talented Team and Team-Based Approach • Proven Performance • Unrivaled Retention Rates • Hundreds of Full-time and Interim Placements Per Year • Unmatched Client Service
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Contents
5 Welcome to the 2023 Salary Guide 8 Year in Review 10 Employment Outlook
13 Employee Trends 25 Industry Trends 33 How We Collected the Data 34 Salary Guide 38 Key Economic Data 39 Resources
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Welcome to the 2023 Salary Guide
Most would agree: The business landscape has transformed itself over the past three years. From the pandemic to supply-chain issues, inflation, geopolitical tensions, and economic downturn, business leaders have faced near-constant disruption. In 2022, we referred to this as “ navigating the known unknowns. ” And, as we approach 2023, we continue to operate in volatile times. While employers have adapted, become more agile, innovated and exercised greater empathy — not only to survive but to thrive — one obstacle remains constant: the talent shortage. In 2022, the labor market grew hotter than ever. Organizations across all industries have evolved business strategies and day-to- day operations to attract and retain talent. Recruitment practices, benefit packages, compensation and salary, flexwork policies, and professional development have all changed. So have employee expectations.
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Business success hinges on the talent of its people, and today’s employees have more options than ever before. This positions 2023 as the year for senior executives to remain focused on managing the downside while pursuing the upside amidst ongoing volatility. On another note, 2023 is a special year for the Alliance Resource Group. It marks the 20th annual edition of our Salary Guide. As always, our research and partnerships bring you a trusted source of compensation data with current and high-quality insights to make informed decisions for hiring and recruiting. We hope our in-depth market knowledge, forecasting tools, and dependable benchmarks provide you the resources you need to remain competitive as we navigate these uncertain times. We’ll discuss 2023 salary numbers and examine industry trends — and we will do this with cautious optimism. As 2023 unfolds and brings more uncertainty, ARG will continue to support the Accounting and Finance industry with forecasting tools, data, insights, and resources to help navigate the future unknowns. We’re excited about the road ahead, uncertain as it may be, and look forward to helping support teams and individuals throughout Southern California capitalize on this unprecedented time.
Jennifer Hannigan CEO, Alliance Resource Group
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A Year in Review The market for talented Accounting and Finance professionals in Orange County and Los Angeles maintained its vigorous stronghold in 2022, with unemployment rates at 2.8% and 5.2% respectively. Low unemployment rates have been a consistent trend over the past three years, and a tight talent supply coupled with high demand put upward pressure on salaries and wages for active job seekers and existing job holders alike. Our Executive Search Division saw continued high demand across all disciplines – accounting, finance, tax, treasury, and audit.
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The competitive labor market continued to create significant demand within our consulting and temporary staffing divisions. This resulted from a combination of factors: the low number of qualified permanent candidates, a backlog of work caused by staffing shortages, competition from other employers, mid- level managers moving out of California, and older generations leaving the workforce. In some cases, our clients opted for interim consultants to bridge the gap while a search was being conducted for a permanent hire. In other cases, projects and an overall excess of day-to-day deliverables compelled many companies to seek temporary help to alleviate the burden on their staff. In Southern California, we saw all industries hiring in 2022 despite fears of a recession. While record inflation tightened purse strings and global banks hiked interest rates, the Accounting and Finance sector remained strong with ultra-competitive recruitment activity.
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Employment Outlook We called 2022 the year of “known unknowns.” Business leaders navigated a financial, social and political landscape of uncertainty. From the pandemic to the supply-chain conundrum, inflation, geopolitical tensions and the economic downturn, we expect this near-constant disruption to hold in 2023. But with disruption comes innovation, agility, growth, and resilience. And we anticipate the Accounting and Finance sector to remain strong. Our biggest obstacle will be another carryover from previous years — the talent shortage. Near full employment in Southern California, fierce competition for talent, the need for skilled workers, and a constrained national effort to rebuild the supply chain will make it difficult to find top talent in Accounting and Finance. For the first time, we also have five generations in the workforce with different values, experiences and needs — creating more complexities in how we work together. Considering the unknowns of 2023, we have been more circumspect in our predictions for the Accounting and Finance market for Southern California. We are encouraged that the talent market will remain robust. From a global perspective, a survey of nearly 5,000 CEOs from 89 countries found optimism in continued economic resilience. Closer to home, and at the time the Salary Guide went to press, U.S. executives anticipate their organizations will grow in the next 12 months and 50% expect to expand their workforce . While
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this number has dipped from 63% in early 2022, it still indicates expansion, but at a slower pace. While our local unemployment levels remain low, we believe this easing of growth will likely bring better balance to the Southern California Accounting and Finance talent market in 2023. We also expect this balance will ease some of the upward pressure on wage levels. The following employment and industry trends as well as our suggested recommendations, offer our best insights into the ongoing issues impacting the 2023 landscape.
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Employee Trends The Great Resignation Became the Great Regret At the peak of the Great Resignation, 48 million people quit their jobs in 2021. That continued in 2022, with more than 20 million Americans exiting their jobs in the first five months of the year. This signaled a seismic shift in the employer-employee power dynamic where job seekers have the upper hand in the labor market. But quick-decision quitting and hastily filling empty positions has led to big regret on both sides of the table. Approximately one in four employees originally lured away by high salaries, attractive signing bonuses, and ultra-competitive benefit packages, now say they regret their decision. Many have found their new jobs did not live up to expectations, they lack the support to perform their duties at the new company, or feel an overall misalignment of values and cultural fit with the new organization. A significant amount of these employees are on the job hunt again. Although we typically see a small percentage of employees return to old employers in any given year, we expect to see this situation appear more often as we enter 2023. While there are benefits of “boomerang employees,” we recommend that companies and hiring managers pause and use this opportunity to review exit data and understand why their talent left in the first place.
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Conversely, some hiring managers may find themselves trying to rebound after reactive hiring. Throughout 2021 and into 2022, nearly 50% of organizations reported a shortage of skilled workers. The job market drain was further exacerbated by how quickly top talent accepted new offers. Prior to the Great Resignation, the typical hiring cycle was 30 to 60 days. At the peak of the candidate-driven market, new offers (loaded with attractive salaries and benefit packages) were being accepted in as quickly as five to seven days. If hiring managers didn’t act fast, the candidate was potentially off the market within a week. There was an overall lack of time to support appropriate due diligence by both the employer and employee. Hence, we anticipate seeing some employee turnover in 2023 directly related to 2021/2022’s frenzied hiring trends. When a new hire is not meeting expectations, managers need to analyze the issues to determine the causes for the underperformance. When hiring under pressure, were critical onboarding steps missed that are now impacting performance?
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Identifying the key issues will determine how to proceed with a termination or a potential development plan. After analyzing the new-hire data, ask whether the shortcomings can be overcome. You many have been faced with a tough decision to replace an All-Star with a less qualified or less experienced candidate. If so, was proper training delivered? Is the new hire willing to learn, and is there proper supervision and performance documentation to improve? Evaluate the cost and impact of replacement. Consider the financial implications of replacing the employee versus investing in training and professional development. SHRM, the Society for Human Resource Management, reports that the average cost to replace an employee is six to nine months of the employee’s salary. A replacement could impact team morale and workload. Will firing and rehiring create additional stress? And, if you’re still experiencing high turnover, be wary that a termination could negatively impact company culture.
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If you decide to terminate, there is a right way to fire. Follow a termination protocol. Have a well-defined termination process and checklist to avoid any legal issues. Learn from the mistake and change vetting processes and procedures if needed. Employee Engagement Continues to Plummet The constant combat for talent has taken a toll on engagement. Employees are disappointed (or envious) to see colleagues go, or they’ve become overworked and burnt out taking on extra responsibility. But that’s not the only thing dragging down morale. “Amid various business challenges ranging from market volatility, rising inflation, lagging revenue and a high risk of recession, companies are slowing hiring and, in some cases, letting workers go,” according to CNBC. These economic uncertainties are causing additional stress that negatively impacts employee engagement. Nearly 70% of people are not engaged at work, a 2022 Gallup survey revealed. This leads to high turnover and low retention. In raising morale and engagement, our most successful clients have implemented employee engagement strategies that show how the organizations care for their employees and position them for success. Core components of an engagement strategy could include: • Developing an employee wellbeing program that covers both physical and mental health • Investing in coaching, training, technology, and professional development • Implementing a solid performance management program
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• Promoting with elevated titles and higher compensation when earned • Focusing on company purpose, mission, culture, core values, and community Perhaps one of the most powerful engagement tools is employee recognition. Recognizing outstanding performance and exceptional work helps employees understand how their individual contributions directly impact teams, departments, and organizational goals, which in turn increases buy-in for business success. People like to be part of a winning team and likewise appreciate a corporate culture that emphasizes personal achievement and results. Feeling greater pride in one’s work accelerates performance, builds morale, and boosts engagement, which drive company growth. Professional Development as a Retention Strategy Engagement and morale also improve through career growth and advancement. Time and time again, we’ve seen that investing in people improves business outcomes. Successful Accounting and Finance teams offer well-defined career path frameworks for team members that include transparent and ongoing conversations about professional development and upward mobility.
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Career development programs should begin with the end in mind: Know individual employee skillsets and understand where each person aspires to grow in his or her career. A 2022 Bridge Employee Development Report suggests a learning and performance culture is created at the cross-section of connection, alignment, and growth, where every employee needs: Connection: Relationships matter between peers, managers and mentors and should be built upon individual skills, interests and motivation to increase satisfaction and retention. Alignment: Company values and goals are clear and transparent, and everyone understands how their individual contributions contribute to the larger vision, mission, and organizational success. Growth: Opportunities exist at every level of the company for personal and professional development, including mentoring, formal training, stretch assignments, and coaching. Plan Developing career paths is a multifaceted process built upon a step- by-step framework: • Start with updating your org chart • Define job positions
• Develop a roadmap for skills tracking • Identify learning needs and interests • Create training and development programs
• Document progress and growth • Advance and promote from within
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Map employee strengths and needs to well-structured individual development plans that have defined endpoints and outcomes. A strong retention strategy includes multi-year career planning and paths. In Accounting, for example, a typical career path might look like this: Staff Accountant > Senior Accountant > Accounting Supervisor > Accounting Manager. Identify With your workforce engaged and a retention strategy and career development framework in place, the next step is to encourage regular career conversations between managers and direct reports. These conversations should begin with identifying areas of interest, strengths, and challenges. What do your employees want to learn? Where do they need help? What resources are required? What is the best learning format for each individual: mentoring, online learning, and/or coaching? Where can each person make the greatest impact in the organization? Develop Invest in personal and professional development resources. There are countless online learning programs and platforms, as well as digital collaboration tools. Due diligence in researching and vetting is essential in finding the one(s) that best fits your organizational and individual needs.
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Beyond platform selection, ensure employees are set up for success. If using an online system, properly train them before launching the program and schedule achievable timelines for course completion. If pairing employees in mentoring or coaching relationships, make sure they have clear goals, benchmarks, and timelines that won’t compete with day-to-day work and deliverables. Measure Your career path program needs key performance indicators that track both individual and program success. Evaluation objectives need to be specific for individual growth plans, which then ladder up to organizational goals. The evaluators of your program need to develop a strong framework for measuring success. Data should be 1) collected for individual plans, 2) organized and analyzed using your success framework, and 3) interpreted to draw conclusions and measure effectiveness in increasing employee growth and satisfaction. Reports should be sent to key stakeholders to evaluate the effectiveness of the entire program. Advance Always follow through on the final step: promoting or advancing individuals who successfully complete their program. You can maintain high levels of employee engagement and satisfaction — while building positive company culture — by recognizing and rewarding employees who meet their goals. Your actions in creating and celebrating upward mobility will result in greater levels of trust and respect throughout the entire organization.
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Productivity at the Expense of Flexibility Boosting efficiency and productivity in daily tasks is a goal for most of our clients. The more productive the company is, the easier it is to increase profits and improve business outcomes while raising employee satisfaction and engagement. However, the increase in employee expectations around flexibility have presented managers with new challenges related to productivity. While flexwork has improved employee satisfaction and reduced burnout, we’ve seen some negative impacts on human resource management and productivity. Managers are taking extra effort to pull teams together, align work, and brainstorm solutions for onsite and offsite employees, resulting in stalled progress. Whether your team is hybrid or back in the office 100%, one of the easiest ways to improve communication and drive innovation is the continued use of technology. The past three years have accelerated the adoption of digital platforms. From workflow management to video conferencing to collaboration tools that automate tedious tasks, these virtual resources are here to stay.
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Industry Trends DEI is a Business Imperative
The past three years have shaped Diversity, Equity, and Inclusion (DEI) issues from a “nice-to-have” to a business imperative. From racial injustice to the pandemic’s impact on families who had to balance (and sometimes sacrifice) work with childcare, homecare and homeschooling, employers and employees alike have taken a hard look at the values that organizations reflect. Consumers, employees, and communities increasingly value diversity, equity, and inclusion. DEI initiatives are now a leading reason that talent want to join and remain with companies . These values differentiate organizations from their competitors and build a company culture of inclusion, pride, and trust. In addition to gender and racial diversity, DEI practices are including LBGTQ and neurodivergent and disabled people. According to SHRM, “Looking into talent placement programs for underserved communities will not only help you fill roles with untapped potential, but also allow your company to give back to the community in a tangible way.”
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Salary Expectations and Pay Strategies The Great Resignation fueled higher pay for everyone.
In 2021, existing job holders saw wage increases of 5.9% and those who switched jobs received an average increase of 8%, as reported by Time. While the economic downturn in late 2022 has eased some of the pressure on compensation, employee pay expectations continue to increase — along with inflation. Many economists expect inflation to remain elevated through 2022 and into 2023, which puts upward pressure on wages and salaries for employers . Organizations that don’t meet salary expectations risk losing talent. Attract and Retain Top Talent Compensation and benefits are the largest expenses in most organizations. Ensure that you have built an A-Team capable of doing the job that you are paying them to perform. Offer Non-Financial Rewards More and more employees value non-monetary perks that help improve quality of life. So consider the employee experience and offer flexwork options that blend office hours onsite and offsite or wellness programs that include both mental and physical health. Survey your employees to understand what perks are most important to them.
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40% expect pay raises greater than 6% this year. 31 % expect increases of more than 8%. 21 % anticipate receiving pay bumps of more than 10%. For U.S. employers, a 5% salary bump has become typical for 2022, according to a Salary.com survey showing that most U.S. organizations (73%) were targeting a payroll budget increase of 4% or more this year, and a plurality of organizations (43%) grew their merit salary increase budgets by 5% or more. Manage salary expectations with a pay strategy. A 2022 survey of 5,000 U.S. workers conducted by Grant Thornton LLP found that among the respondents:
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Provide Professional Development Investing in the future of your employees is one of the best ways to grow your talent and bottom line. Training, coaching, and mentoring all provide solid pathways for personal and professional growth. Increase Transparency about Compensation Be open about how pay is determined. Broadly explain how compensation is set and competitive with the larger market. Back-to-Office Mandates Perhaps one of the biggest conundrums Accounting and Finance organizations face in Southern California is the requirement of in- office days. Flexwork has become the most sought after benefit since 2020 and is a perk employees are not willing to give up. The September 2022 Survey of Working Arrangements and Attitudes (SWAA) found that workers want more time to work from home (WFH) than employers are willing to offer: 16% of workers desire three days per week WFH and 31.6% desire five days, while 11.2% of employers are offering three days at home and 25.4% are offering five days WFH . While return-to-work policies vary by industry, SWAA found that across all industries 15% of employees are fully remote, 55% are full-time onsite and 30% are in a hybrid arrangement. Finance professionals log an average of 2.18 days per week at home.
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A recommendation to bridge this expectation gap is for employers to highlight the advantages of being onsite and the direct impact on individual roles and organizational success. Position the “in-office” time as an exciting choice, rather than a challenge. In-office time increases the employee connection to business, personal and professional values, purpose, and goals. Face-to-face interactions build a culture of support for all team members across all levels of the organization, increasing problem solving, building interpersonal skills, driving motivation, improving communication, and leading to higher job satisfaction. Time in the office also presents opportunities for mentoring and coaching. Nothing promotes greater personal and professional growth than face-to-face time with a senior colleague who is dedicated to helping others achieve career goals. One-on-one coaching helps employees stand out from others, step up to new challenges, and discuss professional aspirations. It’s a great first step toward upward mobility. When it comes to in-office mandates, our most successful clients approach the issue with flexibility. They remain in tune with employee needs and find solutions that support employees while maintaining high levels of productivity and quality work.
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Managing a Multigenerational Workforce In Accounting and Finance, skilled professionals are hard to come by today. Baby boomers are beginning to retire — taking with them decades of experience — while new hires fresh out of college are specialists, in the academic sense, with rigorous training but lacking general business skills and actual experience. Add low unemployment rates, fears of a possible recession, and inflation at a 40-year high, the current economic trifecta has further cast hiring managers into a landscape of uncertainty. Fighting for and keeping talent has left many grappling with how to manage — and nurture — a multigenerational workforce that, when weaved together, brings diverse experience and expertise. Nurturing a multigenerational workforce starts with valuing and understanding the differences between each generation.
There are five generations in the current workforce and each exhibits unique personality traits and values, HBR reports.
With a foundation of mutual respect, awareness and understanding, focus on a culture of learning. With deep diversity in experience and expertise, mentoring and reverse mentoring opportunities will further strengthen camaraderie and build skillsets for current and future success. Converging multiple perspectives drives creativity, problem solving, and innovation.
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All that learning and collaboration fuels knowledge transfer and retention. Leveraging the strengths from each generation prepares your business to meet future leadership needs, and knowledge stays within the company to develop an internal talent pipeline. Strategic and Agile Leadership In today’s challenging business environment, Finance and Accounting leaders need to lean into the volatility. There is a balance in taking defensive action amidst the known unknowns, while at the same time using constant disruption as a catalyst for new opportunity and innovation . 2023 is the year for agile leadership, as McKinsey reports: "The best leaders and companies are ambidextrous and prudent about managing the downside while aggressively pursuing the upside." Use the aftermath of the Great Resignation to build the strongest team possible. Recruit top talent who will advance business goals and future success and invest in professional development to reward and grow those who stayed with the organization. Raise morale and engagement through a renewed focus on corporate culture that puts people first. Empower your multigenerational workforce, and encourage diversity to drive innovation, success and resilience. And, above all else, celebrate the wins. From organization-wide to individual, recognize what has been achieved despite difficult times.
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Agile leaders also prioritize trust. In an economic downturn many employees are worried about money. Be transparent about compensation and how pay is determined. When enforcing back- to-office mandates, emphasize the importance and benefits of in- office time, rather than bluntly administering policy and procedure. And take every opportunity to include employees in the decision- making process. Survey employees on what matters most to them, and find out what resources and tools are needed for each team. Communication and trust go hand-in-hand. Finally, be mindful of burnout. The talent shortage will remain persistent in 2023, requiring retention strategies. As organizations build and refine comprehensive employee retention programs, temporary/interim staffing may help relieve stress for full-time staff who have shouldered the burden in recent years. Hiring highly skilled consultants as an interim solution can quickly boost productivity, minimize onboarding and training, and bring fresh perspective and new skills to the workforce . In navigating the uncertainty and volatility of 2023, the Alliance Resource Group Salary Guide is designed to help you hire smarter and maintain a competitive edge.
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How We Collected The Data Data and insights in the 2023 Salary Guide were gathered from a variety of reliable sources, including the U.S. Bureau of Labor Statistics, Staffing Industry Analysts, local universities, online resources, and various studies published by large consulting firms. ARG executive search and placement activity, along with interviewing key financial/employment personnel, also contributed to this report. The content represents Alliance Resource Group’s interpretation and analysis of information generally available to the public and/or obtained from sources believed to be reliable. No representation or warranty (express or implied) is given as to the accuracy and completeness of the information contained in this publication.
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RESOURCE GROUP
Salary Guide Numbers Chief Financial Officer R evenue In Millions
*Average Bonus
2023 Compensation Range % Paid In 2022
500+
$350,000 - $625,000 $275,000 - $450,000 $210,000 - $325,000 $200,000 - $250,000
60% 50% 40% 35%
100-500 50-100
0-50
Corporate Finance Experience/Title SVP/VP OF FINANCE
*Average Bonus
2023 Compensation Range % Paid in 2022
$235,000 - $345,000 $170,000 - $250,000 $120,000 - $175,000 $95,000 - $125,000 $75,000 - $105,000 $65,000 - $85,000 $100,000 - $120,000 $125,000 - $155,000 $140,000 - $175,000
35% 15% 10%
DIRECTOR MANAGER
SENIOR
7% 4% 3%
1-3 YEARS TO 1 YEAR
FINANCE ASSOCIATE (M&A) FINANCE ASSOCIATE II (M&A) FINANCE ASSOCIATE III (M&A)
30%
125% 195%
*Average Bonus
CAO/Controller R evenue In Millions
2023 Compensation Range % Paid In 2022
500+
$250,000 - $400,000 $190,000 - $325,000 $180,000 - $225,000 $150,000 - $200,000
40% 30% 20% 15%
100-500 50-100
0-50
Director of Accounting/Assistant Controller R evenue In Millions 2023 Compensation Range
% Paid In 2022 *Average Bonus
500+
$170,000 - $240,000 $145,000 - $180,000 $140,000 - $150,000 $130,000 - $145,000
25% 20% 15% 10%
100-500 50-100
0-50
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Financial/SEC Reporting Experience/Title
% Paid In 2022 *Average Bonus
2023 Compensation Range
DIRECTOR MANAGER
$165,000 - $225,000 $125,000 - $170,000 $110,000 - $130,000
20% 12% 10%
SENIOR
Revenue Accounting Experience/Title
% Paid In 2022 *Average Bonus
2023 Compensation Range
DIRECTOR MANAGER
$155,000 - $210,000 $125,000 - $160,000 $95,000 - $120,000
20% 15% 10%
SENIOR
Accounting Manager/Accounting Supervisor R evenue In Millions 2023 Compensation Range
% Paid In 2022 *Average Bonus
500+
$130,000 - $150,000 $120,000 - $140,000 $115,000 - $130,000 $110,000 - $125,000
15% 10% 10%
100-500 50-100
0-50
8%
Senior/Staff Accountant Experience/Title
% Paid In 2022 *Average Bonus
2023 Compensation Range
SENIOR
$90,000 - $125,000 $70,000 - $100,000 $60,000 - $75,000
10%
1-3 YEARS TO 1 YEAR
8% 5%
Cost Accountant Experience/Title DIRECTOR/ SENIOR MANAGER
% Paid In 2022 *Average Bonus
2023 Compensation Range
$150,000 - $210,000 $125,000 - $165,000 $100,000 - $130,000 $75,000 - $105,000 $65,000 - $80,000
15% 10%
MANAGER
SENIOR
6% 5% 2%
1-3 YEARS
ZERO TO 1 YEAR
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Public Accounting/Audit Experience/Title
% Paid in 2022 *Average Bonus
2023 Compensation Range
SENIOR MANAGER
$165,000 - $255,000 $120,000 - $170,000 $90,000 - $125,000 $80,000 - $100,000 $70,000 - $80,000
10%
MANAGER
8% 5% 5% 3%
SENIOR
1-3 YEARS TO 1 YEAR
Public Accounting/Tax Experience/Title
% Paid in 2022 *Average Bonus
2023 Compensation Range
DIRECTOR
$180,000 - $235,000 $155,000 - $190,000 $125,000 - $170,000 $100,000 - $145,000 $75,000 - $110,000 $65,000 - $80,000
15% 10%
SENIOR MANAGER
MANAGER
8% 5% 5% 3%
SENIOR
1-3 YEARS TO 1 YEAR
Accounts Payable/Accounts Receivable Experience/Title 2023 Compensation Range
% Paid in 2022 *Average Bonus
DIRECTOR/MANAGER
$90,000 - $135,000 $70,000 - $95,000 $55,000 - $75,000 $50,000 - $60,000
7% 5% 5% 2%
SUPERVISOR
LEAD
CLERK
Payroll Experience/Title
% Paid in 2022 *Average Bonus
2023 Compensation Range
DIRECTOR/MANAGER
$105,000 - $155,000 $75,000 - $110,000 $50,000 - $70,000
10%
SUPERVISOR
5% 2%
CLERK
Credit Analysis/Collections Experience/Title
% Paid in 2022 *Average Bonus
2023 Compensation Range
DIRECTOR/MANAGER
$105,000 - $175,000 $80,000 - $100,000 $55,000 - $85,000 $45,000 - $60,000
10%
SUPERVISOR
7% 5% 2%
CREDIT ANALYST
CLERK
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Tax Experience/Title
% Paid in 2022 *Average Bonus
2023 Compensation Range
VP OF TAX DIRECTOR MANAGER
$225,000 - $350,000 $170,000 - $240,000 $130,000 - $180,000 $105,000 - $145,000 $85,000 - $120,000 $65,000 - $90,000
40% 20% 12%
SUPERVISOR
9% 7% 4%
SENIOR
STAFF
Treasury Experience/Title TREASURER
% Paid in 2022 *Average Bonus
2023 Compensation Range
$200,000 - $305,000 $165,000 - $235,000
25% 20% 10%
ASSISTANT TREASURER
CASH/TREASURY MANAGER $115,000 - $165,000 SENIOR TREASURY ANALYST $85,000 - $130,000
8% 5% 2%
1-3 YEARS TO 1 YEAR
$70,000 - $95,000 $65,000 - $75,000
Internal Audit Experience/Title
% Paid in 2022 *Average Bonus
2023 Compensation Range
VP OF AUDIT
$210,000 - $325,000 $170,000 - $225,000 $125,000 - $175,000 $95,000 - $130,000 $70,000 - $100,000
30% 15% 10%
DIRECTOR MANAGER
SENIOR
8% 3%
STAFF
*ACTUAL AVERAGE BONUS PERCENTAGE PAID, NOT TARGET BONUS
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Key Economic Data
Unemployment Rate
2017 4.1% 3.5% 4.7%
2018 3.9% 2.7% 4.6%
2019 3.5% 2.4% 4.0%
2020 6.7% 2.8% 11.0%
2021 5.7% 3.7% 5.6%
2022 est.
National
3.7% 2.8% 5.2%
Orange County
LA County
Labor Force Participation Rate 2017
2018 63.1% 62.4%
2019 63.2% 62.8%
2020 61.5% 60.1%
2021 61.9% 61.1%
2022 est.
National California
62.7% 62.9%
62.4% 62.4%
Real GDP
2017
2018
2019
2020
2021
2022 est.
Real GDP - Billions $
$18,224
$18,752 $19,090 $18,385 $19,427 $19,700
Real GDP - Annual % Change
2.5%
2.9%
1.8%
-3.7%
5.7%
1.4%
Inflation Measures
2017 2.1%
2018 1.9%
2019 2.3%
2020 1.9%
2021 3.4%
2022 est.
CPI - Annual % Change
7.2%
Interest Rates
2017 1.50% 4.50% 2.58% 4.00%
2018 2.00% 5.50% 2.69% 4.55%
2019 1.55% 4.75% 1.92% 3.73%
2020 0.08% 3.25% 0.93% 2.67%
2021 0.10% 3.25% 1.45% 2.96%
2022 est.
Federal Funds Rate
3.00% 5.50% 2.90% 6.00%
Prime Rate
Treasury Bond, 10-Year
30-Year Mortgage
Housing Starts - US
2017 1,267
2018 1,142 213.9 -9.9% 4.0%
2019 1,291 212.0 13.0% -0.9%
2020 1,395 234.4 8.1% 10.6%
2021 1,605 278.7 15.1% 18.9%
2022 est.
Housing Starts (thousands)
1,446 308.2 -9.9% 10.6%
Home Price Index (year 2000 = 100) 205.7
Housing Starts - % Change Home Prices - % Change
-1.6% 6.2%
38 Financial Salary Guide & Employment Outlook 2023
Resources Alliance Resource Group articles curated to help you navigate the 2023 business landscape. Nine Tips for Offboarding in a Candidate-Driven Market Why Employee Recognition Is the Secret to Employee Retention Facing Economic Uncertainty and a Persistent Labor Shortage: Consultants Can Help Using KPIs and Continuous Feedback to Create a Performance Culture Career Paths as a Growth and Retention Strategy 5 Questions to Ask Before Accepting a Higher Paying Job Short-Term Decisions vs. Long-Term Strategy Top 5 Takeaways for Hiring and Retention in 2022 Interviewing? Be Prepared to Answer: “Why are You Leaving Your Job?” 2022: The Year of the 'Great Retention’
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Smarter Recruiting Contact us to learn more. www.allianceresourcegroup.com Southern California Headquarters 2525 Main Street, Suite 440 Irvine, CA 92614 I 949.250.1600
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