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Trends and Insights

A Look at the 2024 AAM Biennial Compensation Survey

A shift in the accounting and advisory industry shows that marketing and business development professionals are being given seats at the strategy table. They’re driving growth and shaping firms by influencing everything from branding and client experience to revenue generation and team structures. In short, marketing and business development are proving to be critical functions for accounting and advisory firms.

The 2024 AAM Biennial Compensation Survey, created in collaboration between AAM and Ingenuity Marketing Group, LLC, sheds light on these evolving roles and how firms are retaining and nurturing talent and creating future opportunities for these professionals. Continue reading for a highlight of key findings.

Challenges and Opportunities

While firms continue to leverage technology and external expertise, the focus remains on building strong internal teams with strategic capabilities. Challenges and opportunities they face include:

Bridging the Knowledge Gap

There’s often a gap between the strategic vision of leaders and the actual capabilities of the teams. To address this challenge, organizations should invest in continuous learning and development programs. These can include workshops, certifications and mentorship opportunities.

Building Strong Teams

Identifying specialized career paths and fostering talent is crucial for success.Organizations should create career development frameworks that outline different roles, responsibilities and skill requirements. This helps employees understand their potential career paths.

Compensation Transparency

Only 12% of respondents reported formal salary and compensation structures for all marketing or business development positions.Organizations should establish clear guidelines for compensation, including salary bands, bonus structures and benefits. Communicating these to employees fosters trust and reduces ambiguity.

Leadership Opportunities

More marketing and business development leaders are securing partner and ownership positions. To enhance leadership development, organizations can invest in mentorship programs, leadership training and succession planning. These initiatives empower employees to take on more responsibilities and plan for the future.

Specialization

The report identifies ten specialized career paths, offering exciting opportunities for those interested in focused expertise. Organizations should encourage employees to explore these specialized paths and provide resources for continued learning. Certifications and workshops can help professionals stay up to date in their chosen field.

Technology

Platforms like Google, CRM, and AI are creating new career paths and skill set needs. Professionals should stay informed about technological advancements and acquire relevant skills to remain competitive.

Benefits and Perks

Competitive benefitsare a must to attract and retain top talent, and remote work seems to be a permanent fixture. Organizations that provide flexibility and offer thoughtful benefits and perks gain an edge in talent acquisition.

Stability and Growth

Low turnover suggests positive firm culture and a commitment to continuity. To maintain stability and promote growth, companies should focus on employee engagement, career development and transparent communication. Employees should know how they can progress within the organization.

Get the Full Report

Access the Executive Summary of the 2024 AAM Biennial Compensation Survey Report on the AAM website. The full report (available for purchase) offers insights on salaries, team sizes and regional comparisons.

Heather Tice, marketing manager, EisnerAmper. Contact at heather.tice@eisneramper.com.

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