1、 CFA Institute 2007 Member Compensation Survey Major Findings: United StatesContents CFA Institute 2007 Member Compensation Survey - United States Report 2 Introduction, Methodology, and Compensation Calculation3 Introduction.4 Methodology.5 Compensation Calculation6 Respondent Profile7 Research Fin
2、dings.10 Reported Compensation in the United States.11 Reported Change in Compensation from 2005 to 200612 Cash Bonuses and Long-Term Incentives13 Reported Compensation by Years of Experience for Selected Occupations16 Components of Compensation by Occupation.19 Reported Compensation by Occupation a
3、nd Organization.21 Reported Compensation by Major Metropolitan Areas25 Appendices.29 Appendix A: Occupation Descriptions.30 Appendix B: Metropolitan Area Descriptions34CFA Institute 2007 Member Compensation Survey - United States Report 3 Introduction, Methodology, and Compensation Calculation Intro
4、duction CFA Institute 2007 Member Compensation Survey - United States Report 4 The 2007 Member Compensation Survey is designed to provide CFA Institute members with compensation information to help with career assessment and planning. The self-reported data included in this report covers broadly def
5、ined positions and, as such, provide members with useful directional frames of reference about pay levels. It should also be noted that because the survey includes only data from a sample of CFA Institute members, it is not necessarily representative of the full CFA Institute membership or the total
6、 population of individuals in these positions. CFA Institute members continually express the value they derive from the compensation survey. The priority for the 2007 Member Compensation Survey was, therefore, to thoroughly review the survey instrument, methodology, and reporting practices both inte
7、rnally and with outside experts. The goal of this review was to enhance the rigor of the entire survey process and improve the validity and precision of the compensation data provided to members this year and in years to come. To accomplish this objective, CFA Institute worked collaboratively with t
8、wo independent parties to blend their unbiased analysis and subject matter expertise. CFA Institute commissioned Harris Interactive, an independent global market research firm, to lead the 2007 Member Compensation Survey research process. Additionally, AON Corporation contributed to the design of th
9、e survey instrument and to the design and interpretation of the data reports. Significant enhancements were made to improve the quality of the findings in 2007. In summary, the following changes were made: 1. The data were standardized to the extent possible by not including data that might distort
10、the compensation results. This was accomplished by including only: Individuals who were employed on a full-time basis throughout 2006. Individuals who were not covered under expatriate pay arrangements in 2006. Individuals who were in the same position at the same company for the whole of 2006. 2. T
11、he organizations and occupations tracked in reporting have been more precisely defined to provide greater consistency. 3. The total number of questions was limited to reduce respondent fatigue and maintain or improve response rates. 4. The questions included in the compensation calculation were reen
12、gineered to more accurately capture the appropriate pay elements to calculate total compensation. 5. All compensation data points were reviewed to confirm validity for inclusion in the calculation. Because of the extensive changes made to the survey instrument in 2007, it is not possible to make acc
13、urate comparisons with past survey data. However, we believe these changes significantly improve the quality of the compensation data reported, and the 2007 survey will be a strong benchmark for future comparisons. Methodology CFA Institute 2007 Member Compensation Survey - United States Report 5 CF
14、A Institute commissioned Harris Interactive, an independent global market research firm, to conduct the 2007 Member Compensation Survey. Additionally, AON Corporation contributed to the design of the survey instrument and to the design and interpretation of the data reports. The Member Compensation
15、Survey was conducted online from 30 April through 29 May 2007. CFA Institute sent invitations to participate via e-mail, followed by two reminder e-mails. Each e-mail contained a link to the survey housed on a secure website managed by Harris Interactive. The survey took seven minutes, on average, t
16、o complete. CFA Institute members in the United States 46,395 members in total were invited via e-mail to participate in the survey1. A total of 9,364 members responded to the survey, and 8,970 members are included in this report, representing 19 percent of the CFA Institute membership in the United
17、 States. A note about reporting The following sample size thresholds were implemented in reporting the data: The text reports display results for sample sizes of 10 respondents or more. The online searchable database displays results for sample sizes of 5 respondents or more. Low- and high-quartile
18、data are displayed for sample sizes of 10 respondents or more. These thresholds were set in order to provide members with the greatest amount of information while still protecting the confidentiality of individual responses. The sample sizes for some of the reported data are quite small. Care should
19、 be taken when interpreting the data based on small sample sizes, as the results may not be representative of the total audience.1 Sample based on CFA Institute members in the United States with a valid e-mail address as of April 2007. Members requesting not to receive e-mail or survey communication
20、s from CFA Institute were excluded. Compensation Calculation CFA Institute 2007 Member Compensation Survey - United States Report 6 Members were allowed to provide their compensation information in their currency of choice. All compensation data were then converted to U.S. dollars. The data presente
21、d in this report are in U.S. dollars. The exchange rate used was the average of the daily average Interbank Rate for the period 1 January 2006 through 31 December 2006 as reported on . The compensation categories are defined as follows: Base salary The median of the annual base salary, determined by
22、 multiplying ones monthly salary as of 1 March 2007 by 12. As applicable, this includes fixed bonuses and/or other payments that are part of ones annual salary and excludes year-end cash bonuses. Cash bonus Median total cash bonus awarded for 2006 performance. This includes all cash payments related
23、 to the 2006 performance year, including commission payments, and excludes prior year deferrals paid out in 2006, long-term incentive grants, and pension and other retirement funds. Note: Only those eligible for a cash bonus in 2006 are included in the cash bonus calculation. Total cash compensation
24、 Total cash compensation was first calculated for each individual respondent by summing 2007 base salary and cash bonus awarded for 2006 performance. Median total cash compensation was then calculated for the full sample. Therefore, median total cash compensation will not necessarily equal the sum o
25、f the median base salary and median cash bonus. Total compensation Total compensation was first calculated for each individual respondent by summing base salary, cash bonus awarded for 2006 performance, and long-term incentives awarded for the 2006 performance year*. Median total compensation was th
26、en calculated for the full sample. Due to the small number of respondents who were awarded long-term incentives for the 2006 performance year, total compensation is the same as total cash compensation in some cases. Low quartile / high quartile Total compensation at the 25th percentile and 75th perc
27、entile. N Number of qualified survey respondents included in the reported data. * Long-term incentives include the expected cash equivalent value of share options, restricted shares, and other long-term incentives granted for 2006 performance. This includes the portion of 2006 cash bonus mandatorily
28、 deferred, phantom shares, performance units, and investment partnership payments and excludes pension and other retirement funds. Note: In order to calculate the most accurate cash bonus and long-term incentive figures for the 2006 performance year, the data exclude members who were not in the same
29、 position at the same company for the whole of 2006. The data do include members who may have changed their position and/or company during January through May 2007, which is reflected in the reported 2007 base salary. CFA Institute 2007 Member Compensation Survey - United States Report 7 Respondent
30、Profile Respondent Profile CFA Institute 2007 Member Compensation Survey - United States Report 8 Below is a summary of the demographic profile of the 8,970 CFA Institute members included in this report. It is important to keep in mind the profile of these respondents when reviewing the compensation
31、 results, as the group responding is not necessarily representative of the full CFA Institute membership in the United States or the total population of investment professionals in the United States. U.S. Respondent Profile Years of Experience Organization Type Less than 2 years 3% Investment manage
32、ment firm 42% 2 years to less than 5 years 18 Investment bank, commercial bank, brokerage firm 25 5 years to less than 10 years 33 Consulting, accounting, law firm 6 10 years to less than 20 years 31 Government agency/department 3 20 years or more 15 Insurance company 6 Hedge fund or fund of hedge f
33、unds 4 Advanced Degrees Corporate plan sponsor 1 MBA or equivalent 51% Educational institution 1 Masters degree or equivalent 14 Family office 1 PhD or equivalent 3 Rating agency 1 None of the above 37 Endowment, foundation 1 Other 7 Charterholder Status Charterholder 87% Assets under Management (ex
34、ecutives and buy side only) Candidate 12 Under $500 million 13% Other/unknown 1 $500 million to less than $2 billion 15 $2 billion to less than $10 billion 20 $10 billion to less than $50 billion 19 $50 billion to less than $100 billion 8 $100 billion or more 25 Respondent Profile CFA Institute 2007
35、 Member Compensation Survey - United States Report 9 U.S. Respondent Profile Occupations % N Occupations % N Chief executive officer 2 209 Financial advisor/broker 2 143 Chief administrative officer/chief operating officer 1 93 Private banker 1 68 Chief financial officer 1 90 Investment banker 2 148
36、 Chief investment officer 4 338 Sell-side research analyst (equity) 4 331 Head of equities 1 69 Sell-side research analyst (fixed income) 1 65 Head of fixed income 1 92 Sell-side trader (equity) 1 33 Portfolio manager (equities) 4 392 Sell-side trader (fixed income) 1 55 Portfolio manager (fixed inc
37、ome) 5 423 Sell-side sales (equity) 1 56 Portfolio manager (quantitative) 1 126 Sell-side sales (fixed income) 1 78 Portfolio manager (indexed/other) 9 840 Performance analyst 1 96 Buy-side research analyst (equity) 8 709 Risk manager 2 166 Buy-side research analyst (fixed income) 5 441 Private clie
38、nt professional (other) 1 158 Buy-side research analyst (quantitative) 1 114 Accountant/auditor 2 177 Buy-side research analyst (other) 1 44 Actuary 1 107 Buy-side trader (equity) 1 63 Consultant 5 488 Buy-side trader (fixed income) 1 98 Credit analyst (rating) 1 95 Buy-side trader (other) 1 19 Prof
39、essor/lecturer 1 99 Institutional sales representative/relationship manager 1 131 Regulator 1 79 Wholesale/intermediary sales representative 1 21 Marketing manager 1 27 Strategist 1 86 Manager of managers 2 213 CFA Institute 2007 Member Compensation Survey - United States Report 10 Research Findings
40、 Reported Compensation in the United States CFA Institute 2007 Member Compensation Survey - United States Report 11 This report includes selected results from the 2007 CFA Institute Member Compensation Survey. CFA Institute members can access the full dataset through an online searchable database lo
41、cated on the CFA Institute website: http:/www.cfainstitute.org/memresources/private/surveys/index.html. The online searchable database contains all of the compensation results organized by country, select metropolitan areas, currency, organization type, and occupation where sample sizes permit. When
42、 looking at any aggregate totals, one should remember that several factors contribute to differences in compensation, including position, years of experience, size of organization, type of organization, and country. In many countries, limited sample sizes do not allow us to present a full cross-tabu
43、lation of all variables. To protect respondent confidentiality, results are only provided for sample sizes of five respondents or more. In this report, results are only shown for sample sizes of 10 respondents or more. Most respondents (72 percent) report that their total compensation increased from
44、 2005 to 2006; 30 percent said their compensation increased by 20 percent or more, and 24 percent said the increase was between 10 and 20 percent. Twenty percent of respondents saw no change in compensation between the two years, and 7 percent said their total compensation decreased. Almost all resp
45、ondents (90 percent) were eligible for a cash bonus in 2006. What is the largest determinant of cash bonus? Forty-six percent of respondents said their bonus is primarily tied to their individual performance investment performance, financial contribution, or other individual factors. Twenty-seven pe
46、rcent said overall firm performance is most important, and 22 percent said bonus is driven by business unit/division performance. While most respondents were eligible for a cash bonus in 2006, less than half (42 percent) were awarded long-term incentives. Restricted shares are the most common form o
47、f long-term incentive, with half of those who where awarded long-term incentives saying they received restricted shares. Three in ten (30 percent) of those who were awarded long-term incentives received stock options, and 41 percent received other incentives such as mandatory deferred cash, phantom
48、shares, performance units, and investment partnership payments. Reported Change in Compensation from 2005 to 2006 CFA Institute 2007 Member Compensation Survey - United States Report 12 30%24%18%20%7%1%Increased 20%+Increased 10% to 20%Increased 5% to 10%No ChangeDecreasedNot SureTotal Increase72%Q:
49、 How much did your total compensation increase or decrease from 2005 to 2006? Total compensation includes annual base salary rate, total cash bonus, and long-term incentives.Reported Change in Total Compensation from 2005 to 2006U.S.Cash Bonuses and Long-Term Incentives CFA Institute 2007 Member Compensation Survey - United States Report 13 Cash Bonuses and Long-Term IncentivesU.S.Eligible for a Cash Bonus in 2006Long-Term Incentives Awarded in 2006Yes90%No10%Yes42%No58%30%50%41%Share optionsRestricted sharesOtherQ: Were you eligi
