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Compensation in the EF Industry Grows Modestly, ELFA Survey

October 19, 2020, 07:25 AM

Compensation in the equipment finance industry increased moderately in 2019, according to the 2020 Equipment Leasing and Finance Compensation Survey released by the Equipment Leasing and Finance Association (ELFA), in partnership with McLagan. Industry new business volume totals exceeded prior year growth, contributing to a moderate rise in compensation.

The 2020 Equipment Leasing and Finance Compensation Survey measures compensation rates for the 2019 fiscal year as reported by more than 75 equipment finance companies representing a cross section of the equipment finance sector, including independent, bank and captive equipment finance companies. Firms provided data for more than 20 executive, front-office and support positions and 10 levels of seniority, including a breakdown of salary (for 2019 and 2020), incentives (including cash bonuses and commissions), long-term awards and total compensation by company type. The survey is a collaborative initiative between ELFA and McLagan, a performance/reward consulting and benchmarking firm for the financial services industry.

Highlights from the 2020 Equipment Leasing and Finance Compensation Survey include:

  • Total Compensation: Total compensation was up on a year-over-year basis for most functions and levels. On a “same-store” basis (constant incumbents in multiple survey years), total compensation was up modestly (~3–5 percent) at median for key revenue-generating functions from 2018 to 2019. 
  • Salary: Salaries were up on a year-over-year basis. On a “same-store” basis, origination roles tended to have increases around 1 percent at the median and 3 percent at the 75th percentile. Salaries were up by 4 percent on average across all levels.
  • Differences by Level: Total comp increases were seen across all levels from the Entry through Managing Expert levels at the median. There were modest (~2 percent) salary increases seen at the median from Entry through Expert levels.
  • Leadership: At the Executive level, cash bonuses for the 2019 performance year accounted for 44 percent of Executive compensation while long-term awards accounted for 24 percent. Total incentives, both cash bonus and long-term awards, as a percent of salary was 224 percent at the median.

Learn More

For a complete copy of the 2020 Equipment Leasing and Finance Compensation Survey report, contact Bill Choi at or 202-238-3413. Note: Survey results are only available for purchase by firms who commit to participation in the 2021 survey. All participating firms are be required to sign a non-disclosure agreement with McLagan for data privacy purposes.


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