Got Salary Envy?
Which Regions of the Country Pay the Most?
The Northeast region of the United States once again ranks highest on the salary scale. The average total compensation for respondents in the Northeast is $95,700, followed by the West, where executives average $86,800 in compensation. This year, the South ($74,300) just surpassed the Midwest ($73,800), while last year, the Midwest reported a higher average compensation than the South by nearly $8,000.
Across the country, average compensation has increased compared to the previous year.
Age: Older May Be Wiser … and Gets Paid More
Contrary to last year’s study findings, which showed that executives ages 40 to 54 reported earning an average of $6,000 more than those ages 55 and older, this year’s study found the average total compensation for executives ages 55 and older to be higher than those ages 40 to 54, as well as those under 40.
Does Size Matter?
According to the study, company size does play a factor in salary range. Executives from companies whose total 2007 revenue was $20 million or more (91 respondents) made an average of $6,500 more than those from companies with revenue of between $5 million and $19.9 million (68 respondents). They also made an average of $41,900 more than executives from companies with revenue below $5 million (136 respondents).
Post-Grads Earn the Top Salaries
Been thinking about going back to school to get that master’s degree? The study findings might be a little motivation for you. Executives with post-graduate degrees reported earning an average of almost $20,000 more than those with college degrees, and about $50,000 more than those with only high school diplomas.
Raises and Bonuses on the Rise?
Most executives (71 percent) reported that their total annual compensation increased this year compared to one year prior. (Last year, that figure was 61 percent.)