On average, the standard pay increase for credit personnel this year is 3.5 percent, up modestly from 3.3 percent three years ago. As might be expected, the highest increases are coming in the booming energy sector (4.0%), while industrial products is at the lower end at a still respectable 3.3 percent. The following chart looks at annual increases from two perspectives: business type and title.

This Year's Annual Pay Increase in Credit by Business Type

What was your credit department's most recent standard increase?

Source: Credit Today 2007-2008 Salary & Job Satisfaction Survey

This Year's Expected Annual Pay Increase in Credit by Title

When analyzing this table, it is important to recognize that it does NOT mean that VPs of credit are getting higher standard increases than everyone else. Rather, it means that the credit departments at companies where the head of the credit department has the vice president title are getting larger increases (3.8 percent) than at most other companies.

This makes intuitive sense, as companies where the credit function is important enough to have a vice president of credit are more likely to place higher value on the function overall and thus offer higher standard annual increases.

Source: Credit Today 2007-2008 Salary & Job Satisfaction Survey

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