Salary progression for F500

Hello Monkeys,
Long time lurker here. Thanks to this site I have been able to work my way into a F500 FP&A Financial Analyst from a complete non-target that could be considered a notch above community college. I am starting at 70K which is solid (low COL city) but I was curious as to what the salary progression looks like for Corp. Fin.

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Comments (61)

Apr 28, 2018

Very firm specific. A lot of analysts on here complain about their pay in FP&A roles while others feel well compensated. Keep in mind that hours are most always 40 / week so that will have its effect on pay raises.

I used work in Insurance in a back office role and am now trying to move up in my career the hard way, would love to give you advice if you are finding success in finance isn't coming very easy to you either.

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Apr 28, 2018

I figured as much. I was happy with 70K starting compared to what I have seen other companies offer. Obviously, the progression is much less in comparison to the IB->MBA->PE/HF route but from what I have seen the work/life balance is unreal which makes the trade off okay.

Apr 28, 2018

70K is really good IMO. May I ask what industry?

I used work in Insurance in a back office role and am now trying to move up in my career the hard way, would love to give you advice if you are finding success in finance isn't coming very easy to you either.

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Apr 29, 2018

Healthcare

Best Response
May 1, 2018

70 is solid for an entry level FP&A role.

I know there are a number of threads on this topic already but here are a few anecdotal numbers have seen in my area (low COL) CF comp is roughly as follows:

Analyst - $60-$80k Bonus 0-10%

Senior analyst - $75-$110k 10-20% Bonus

Manager/Sr Manager - $90 - $220k 20-40% Bonus

Director/Sr Director - (Generally starts to include stock) $200-$600k all in

VP - $350 - $1M

SVP/EVP/CFO - $600 - $6M

The above is an agglomeration of individual data points and anectdotal discussions for industries which included Oil & Gas, Power & Utilities, Semiconductors, Mining, Defense and Manufacturing.

For the above industries I would rank pay as follows:
1) Oil&Gas/Mining
2) Power&Utilities
3) Semiconductors
4) Manufacturing
5) Defense

The issue here is that as you can see comp ranges vary so much as to be almost meaningless at the higher levels. However my advice is that there are two things that will impact your comp trajectory most:

1) industry/company
2) Company promotion speed and treatment of high performers.

Edit: Given feeback below I tweaked the lower ends of the executive ranges since some users thought they were not reflective of the lower end of their industry/firm's pay for those levels.

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Apr 30, 2018

I'd pull down the lower end of the analyst salary you stated- in a low COL city in defense, some analysts are making $47k-50k. I'd put the average for 1st year analysts at $55k-60k.. For OP to pull $70k as a 1st year in a low COL city is fantastic.

Where would you rank Tech as an industry?

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Apr 30, 2018

Big tech is way ahead of any other industry at the moment.

Apr 30, 2018

@dan_yo23 where would you add financial services as well?

is it easy to make a jump between industries? i assume its easier at the start of your career

May 1, 2018

Tech is tops. We don't have a huge presence of large tech firms in my location, but you can easily see that FANG and other large tech firms pay the most to executives of any stripe (finance, Hr, comms, etc..). For example, Google's Ruth Porat takes down $25M+ per year. Most F500 CFOs are making 10% of that.

May 1, 2018

For me the higher end needs to come down. The first three levels seem spot on, then the lower end of the spectrum for the higher levels seems a bit high.

May 1, 2018

I agree. I think he should have broken it out in Salary vs Bonus in stock because stock bonuses at FANG companies or companies who compensate similar to FANG is not typical of the rest of the F500

May 1, 2018

I would just suggest that these ranges were approximate and based on anectdotal information including offer letters I have seen, compensation planning I have done, and personal connections at Director level and above. It's my best estimate but is still unscientific.

I'd also agree the lower end of the upper ranges is probably more like the 25th percentile. There's also some additional uncertainty due to the futzing with titles companies do (i.e. SVP might be C-level minus one at one firm, C-level at another firm, and C-level minus 2 at another)

One thing I would note is that these are not ranges for FANG. These are F1000/F500 for the industries I noted in a low COL area. Additionally, higher ends of the executive ranges are more commonly the province of Energy and Mining companies which generally pay better than most other F500 companies except for Tech.

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May 1, 2018

I live in a high COL area and F500 companies have ranges lower than what you posted on the higher spectrum. Trying to use a relative average for financial services companies in the F500 list, the numbers are all base not including incentive compensation.

Manager - 90-120 (Usually 20-25% additional incentive compensation)

SR Manager - 100-140 (Usually 20-25% additional incentive compensation)

Director - 125-160 (Usually 30-40% additional incentive compensation)

Sr Director 135-180 (Usually 30-40% additional incentive compensation)

VP - 140-200 (Usually 40-50% additional incentive compensation)

Once you get above VP it can vary wildly.

In most financial institutions, etc once you move up the base moves less than the incentive compensation. So you see smaller increases in base, and larger in deferred comp, stock comp, bonus, etc. I think we will all usually focus on numbers from our social circles and relative are.

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May 2, 2018

This is more in line with what I believe it is.

May 3, 2018

@CRO edited his list downwards so I'm not sure if your comment was pre or post edit. I agree that the original ranges were pretty optimistic. What he's showing now seems pretty realistic, but maybe a touch high at a few levels (I doubt there are many managers making $200k+ with a 20-40% bonus)

I think your Mgr/Senior Manager are about right, but your Dir/VP is a bit low. No Director should be taking a job for $125k. If you are, then you're not really a Director (or its an inflated title for a client facing role). Similar to a VP at $140k.

Your Director/VP upper band definitely needs to be increased as well. I would say:
Director: $140 - 240 (+25-40% incentive comp)
VP: $200 - $400+ (+30-50% incentive comp)

If you're new to the position you'll be at the lower end of the range, but Director and VPs sometimes are at that level for 20+ years. In that case or if a specialized role, there really is no range limitations. Our old VP of Development who handled M&A and Strategy was an Ibanking alumn with 35+ years experience....I'm sure he was clearing $1M a year.

twitter: @CorpFin_Guy

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May 3, 2018

There are lots of directors at our company, with over 25,000 employees you will have a director of everything. Also, most NY banks have "AVPs" who are glorified analysts. They tend to have lower pay, so I think the disparity is centered around location and company which is what I highlighted in the last line of my post. At my company there are 5 levels of "VP", my comment is specifically talking about the lowest level. The highest level of VP at my company is $1M+ and that is executive vice president.

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May 1, 2018

Can confirm the progression above for financial services (corporate, not IB, S&T, etc.), $30B in revenue per year.

May 1, 2018

Great info above! Would it be possible to provide a range of years of experience for each of the buckets?

May 3, 2018

There was a post a few years ago where we had this discussion. I laid out what I've seen and experienced and then there was some good discussion. If you can find it, I think it was a little more realistic than the threads here.

twitter: @CorpFin_Guy

May 3, 2018

I would echo accountingbyday (who has more experience in FP&A than I do) and encourage everyone to check out that thread as well. It's a better discussion of a average/median compensation within corporate finance.

I would just repeat my previous statement that most of the really high corporate finance comp packages I have seen were in energy/mining (and semiconductors to a lesser extent).

What is typical for Sr Director with 20 years of experience at Chevron, SCE, or Intel (not saying these are the specific firms I am referencing) may not be typical for the other 497 firms on the F500.

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May 1, 2018

I know several people in the industry. Your numbers are way too high across the board.

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May 1, 2018

"I know several people in the industry." Which industry? Corporate finance is a generic term for people who work in finance, accounting, and treasury across dozens of industries and with many different comp structures and seniority levels.

"Your numbers are way too high across the board." Can't be true. There are dozens of people on this board who can verify the first two ranges at a bare minimum. Some of them have already posted. You clearly have a problem with the high ends of specific ranges. If so, name them and I am happy to give you specific examples of individuals (title/company size/industry/ years of experience) I know who have comp packages in those ranges.

Edit: This is actually easier. Check out this link. California requires the publication of the annual compensation (Salary, Stock, Bonus (all lumped into one line)) for every employee who makes more than $125k per year for public utilities. Southern California Edison is a peer of one of the utilities I have worked with and they have very similar comp structures (despite being in a lower cost area than LA). The file at this link has employees who are at all of the ranges I mentioned with the sole exception of $6M for CFO which can be easily verified by pulling proxies for F500 energy companies.

The majority of these employees (even though you can't necessarily tell functional area) are in business roles like HR, Finance, Regulatory Affairs and business unit support roles which all have relatively similar comp structures. This is again, based on my experience working with a similar utility elsewhere.

Happy browsing!
http://www.cpuc.ca.gov/General.aspx?id=6442454119

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May 2, 2018

I know MBAs (T20) that took 80-90K for a FLDP role with $0 signing bonus (at F50)... The average is around 100K though with minimal bonus potential.

Salary progression is slow and my classmates said "I know it will take 12+ years to clear $250K but I don't care, I want a life".

Perhaps it depends on the firm, but my impression is that very few in Corp Dev roles EVER clear $200K unless you are an absolute STAR. There is a reason people break their necks to break into banking/consulting.

Don't mean to be negative, just giving you my impression of the industry comp. Maybe I'm wrong in some cases, but I have never heard of a Corp Dev guy pulling in anywhere close to $200K unless you're VP (and that includes bonus).

It's a long haul to make it to VP and "many-a-long-nights"/politicing on the level of Julius Caesar. I used to work in Corp world and even a $10K bump was extremely competitive and they would throw a party when you got the raise -- again, don't mean to be negative but would avoid, if possible. If you want a 200K plus job I think there are much easier way to get there. If you want work/life balance and to work on buy-side(ish) stuff or "accounting/treasury" then corp dev is hard to beat.

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May 2, 2018

I don't know where you are getting your data from, but you are just flat out wrong on most of your points. FWIW, I've completed an FLDP and I am now in Corp Dev.

1) I joined a F50 FLDP post undergrad (5 years ago). My colleagues that have finished that program and stayed with the company have had several promotions and make around 80-100K depending on role. A top 20 MBA joining a top FLDP easily clears 120-140K. Generally speaking, top 20 MBA students are ambitious and smart enough to know they would be severely underpaid coming out at $100K and with the cost of a top MBA, not many, if any, would accept that rate (yes some go into startups or non-profits so their comp is lower but that is besides the point).

2) Corp Dev clears $200K all-in at the mid-management level, way before VP. If you are at a FANG, you easily clear that number at the manager/Sr.mgr level. Other more normal tech companies clear that at the Sr. mgr/Director level.

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May 2, 2018

Ok, maybe my numbers are slightly undervalued. I am open to hear the truth of other situations-- but "it took 5 years and several promotions" to make 80-100K proves my point. I am assuming you started at 75Kish as an undergrad.

It's a long-term play, and will take a while to make $200K. I don't any corp dev guys that make that kind of coin. If you do, then more power to them, I'm sure they earned it

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May 2, 2018

I think IB/MBB is very structured and you get in knowing how much you'll make at every promotion (tight range). Corp Fin is extremely broad. You also have the opportunity to get RSUs and options which have an exponential potential overtime if you work for the right company (the market is out of our control we all know that, but value tends to stand out overtime no matter what).

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May 2, 2018

Several means 2-3 from Analyst -> Sr. Analyst -> Specialist (Yes my prior prior company had a tweener role before making manager)

I know many in Corp Dev that make > $200K, but based on your reaction, I guess only those who are in Corp Dev know and its not that big of a population so I guess you are not entirely at fault.

I just turned Manager and will easily clear $200K at my next promotion (hopefully in 3 years) if I stay with my current company or higher if I jump to another company. Internal promotions are often lower than going to a new company. I am in a small-cap Tech Software player, but we are a leader in our space. Pay is of course higher at mid-cap and mega-cap Tech players.

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May 2, 2018

Makes sense, that is great money. I hope it works out!

May 2, 2018

What are your hours like? Do you have to do prep work/homework many times for the next day once you leave your job every day or are you pretty much free to do whatever you want once you leave the office? Do you have to work on the weekends at all?

May 2, 2018

curious about this as well

May 3, 2018

At my last company, hours were generally 9-7:30pm without live deals. However, we were extremely acquisitive and when there were live deals (often multiple deals at a time) it got up to 70-80+ hours / week. I would say this is not representative of a normal Corp Dev role....our CEO was extremely M&A friendly/supportive.

At my current company (only been here a month) the hours so far have been 9-6:30pm, but after speaking with another person on my team, he told me it could get up to 60-70 hours / week during live deals. Not bad at all compared to where I was coming from. Ask me again in 6 months and I can give you a more accurate view.

Corporate development is a "Project based" role meaning, for the most part, there is no weekly/monthly cadence of deliverables. Said another way, you are doing a lot of of adhoc analysis /memos / presentations / models and managing the ebbs & flows that come with M&A. A live deal can turn up anytime and your work week can go from 50 -> 80 hours from one week to the next. So to answer your question, some weeks I go home and answer a few emails (15mins), finish up my models and presentations for a meeting for the next day (1-3 hours), or work to the early AMs to meet a deadline (this is more rare, maybe like 2-3 times a year). Weekend work is minimal for the most part unless there is a live deal going on, which can sometimes take anywhere from 3-6+ hours of your weekend.

Corp Dev is not and will never be a 9-5 job and where you can just shut off work the moment you leave at the end of each day. It doesn't necessarily get easier as you move up either. The head of my group travels half the year to Mgmt. meetings, Board meetings, Clients, internal & external conferences, etc. If work life balance is what you seek, this is probably not an ideal role for that, but it is certainly not as bad as IB or Consulting (pulling 70-100 hour weeks consistently). Personally, I love learning about technology and markets and I feel what I do is intellectually stimulating and impactful.

Hope this helps.

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May 3, 2018

Thanks for the response! Do you see the work getting a lot more similar to that of a Director (relationship-building) in IB as you rise the ranks of CD or does only the head of the group have to worry about traveling everywhere?

May 7, 2018

I think the major difference is that in Corp Dev your purpose is not to generate as much fees (therefore revenue) as possible and therefore the "relationship-building" is less "salesy" in nature. The relationships you build in Corp Dev are with 1) internal stakeholders to work out a corporate strategy, which markets or technologies we want to be involved in, what M&A or partnership deals would make the most strategic sense, etc, cross functional leads who will help on executing a deal, etc. and 2) external stakeholders to help execute on all this such as management consultant firms, IB, accounting firms, legal firms, industry experts, research publications (e.g. forrester, gartner), etc.

Both my SVP and VP travel quite extensively. Personally, I am anticipating traveling 8-10 times this year for management meetings, key corporate events, industry conferences, etc. Could be more if depending on level of M&A.

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May 7, 2018

Thanks for the response! I was not expecting people in CD to travel much at all but considering that even you as a Manager have to travel 8-10 times this year, I guess I have to be ready for that if I decide to go into CD.

May 8, 2018

I'm not sure how much others in CD travel. From personal experience, it can be wide ranging. My last company, I traveled maybe twice in 3 years. Now that I'm joining a slightly smaller team, have more responsibility, and a culture of traveling, we have to divide and conquer the many events we want to attend in a given year.

May 9, 2018

Original post was asking for $'s for FP&A roles - Different groups in Finance will pull different $'s and Corp. Dev. is definitely at the top.

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May 1, 2018

Mirror what Praesto said. CRO's numbers seem high compared to FS & Telecomm. industries for Director+. Those industries I'd say median salary range for Directors' is probably closer to $150k - 180k, and VP probably $220 - 280k...not even sure after that as balance of salary to stock comp. switches.

Wouldn't shock me that O&G on average pays more than FS, but almost double at the low range of Director & VP raises an eyebrow.

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May 10, 2018

While I don't work in CF (I work in brand management at a F500 CPG), based on what I know from my own company those all seem reasonable. To give a point of comparison, for my function (marketing), comp is roughly (numbers below are all-in):

Associate Manager: $105-120k
Manager: $140-155k
Sr Manager: $170-185k*
Ass Director: $200-220k*
Director: $250-350k*
VP: $400k+*

*These numbers are cash-only. Sr Mgr and above at my company get annual equity grants, but I have no basis on which to judge how large those are or the vesting period.

Director range is so wide since we don't have "Senior Director", so there are varying levels of Director pay without associated title bumps (someone may have 3 different roles over 7-8 years all with the title Director but each is technically a promotion w a new pay level).

EDIT: Standard progression is 2-2.5 years to promotion in each of the roles above. Average time from Assoc. Manager to Director is ~9 years. Associate Manager is the post-MBA role.

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May 3, 2018

Interesting info. Marketing seems to be non-existent around here. What is the pre-MBA progression/salary like? Curious about the undergrad to MBA part of the brand management path

Just trust the damn process #TTP

May 3, 2018

I honestly have no idea. At my company we basically don't hire undergrads into marketing. However, based on some people who've transferred into it from sales, I would say the average manager would be ~8 years post undergrad (so age 30 or so). From there you can reference the chart above.

May 10, 2018

+SB'd. Work at Fortune 50 in Marketing and the comp numbers you posted are reflective of what I'm seeing at my firm. Cheers!

May 13, 2018

@Masterz57 @Dedline if you don't mind me asking, wherr are you guys located? High COL cities?

Just trust the damn process #TTP

May 14, 2018

For me, yes (think SF, NYC, Boston, DC level). However, from what I've seen the salary levels in my industry (F500 CPG) are set at a national level. The companies all pay roughly the same, whether it's in a lower COL city or a higher one (for instance, P&G in Cincy pays the same as Clorox in SF).

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May 14, 2018

@ai215 Dallas

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Apr 30, 2018

To add another questions to this thread, what is progression in relation to people who will be entering as a FLDP? There is a FLDP at the company but I was hired for a specific group.

Apr 30, 2018

I'm currently in a F50 FLDP. The program is rotational and 3 years long.

Enter in at 80k all-in and you receive a raise every year getting you to around $100k at the end of 3 years.

Graduate to Sr Analyst at the end of the program and are looking at $100-120k

General rule is if they've kept you on to be a Sr Analyst after your FLDP, you should be in line for a promotion to manager after 1-3 years as a Sr Analyst. Once you're a manager, you're looking at around $150k and the rest is aligned with what CRO said above.

An FLDP gets you paid more early on and really speeds up promotions.

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Apr 30, 2018

What location? Good for you! That's a nice path you have there. In what department are you looking to move into?

Apr 30, 2018

You can't really move and settle into a department at my company. They keep moving you between various groups and departments throughout your career, especially the more potential they see in you.

It's a low cost regional metro. (think Phoenix, Minneapolis, Detroit)

Apr 30, 2018

man that's legit, are we talking tier 1/2/3 COL city? good shit

Apr 30, 2018

Tier 3 COL

Apr 30, 2018

Did you get that job right out of college? Or with a few years in between? 70k is definitely at the high end of the range. I think having a good boss in CF is super important as you can follow him/her up when he/she gets promoted. Remember in order to move up he/she will need someone to replace him/her first.

Apr 30, 2018

First job out of college. I really like my boss. He stuck his neck out for me in order to put me through an accelerated interview process due to a few other exploding offers I had.

Apr 30, 2018

Make your boss' life easier on a daily basis and you'll get promoted up alongside him. I'm in corp fin F500 and I was promoted twice in a year (first was from intern to full time analyst). My boss clearly stated to me his desire to be promoted in the next couple years and that he needs to trust someone to take over his position first.

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May 1, 2018
Macron:

Make your boss' life easier on a daily basis and you'll get promoted up alongside him. I'm in corp fin F500 and I was promoted twice in a year (first was from intern to full time analyst). My boss clearly stated to me his desire to be promoted in the next couple years and that he needs to trust someone to take over his position first.

Hitching your wagon to a rising star is a great way to advance your career at big companies. Just make sure to do it in a way that doesn't offend other senior people or make you look like a kiss ass.

Story: one of my best friends for more than 20 years is super smart but horrible at politics. You either love him or hate him. He's completely ethical but isn't willing to appease fools in the way that you have to in a corporate setting.

He is also super effective. He has led at least two projects in consumer finanace that everyone here has either used or is aware of. To top it off he has seen some crazy racism from the afore mentioned group of fools. He's very dark and from a place that doesn't send anyone to the US. He came here for his EE and computer physics degrees, and we lived in the dorms together.

Anyways, he recently lost his job. He was reporting to a C-level exec at a major financial services company, and his "guy" was forced out due to a "me too" allegation, which may or may not be true. Because my friend only sets out to blow his boss away he was screwed when the political power structure changed and was forced out of his job 2 weeks after his boss resigned. This has happened twice previously. He runs over the everyone else to impress his boss. The boss goes away, and he's out on the street.

Through your career you need to figure out how to balance aligning your self with your boss and getting pulled upward, but's also not pissing off the rest of the proximate management team. You'll begin to realize that at a big company your bosses' objectives may not be the same as others.

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May 1, 2018
TechBanking:

He's completely ethical but isn't willing to appease fools in the way that you have to in a corporate setting.

This is so true... thanks for your feedback.

May 3, 2018

Would love to know why I got MS for this? That could be an interesting debate...

May 1, 2018

It really depends on the firm, there is no one size fits all model for salary progression.

May 1, 2018

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May 1, 2018
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