Professionals in Canada who hold the chartered financial analyst (CFA) designation have experienced a significant jump in their compensation in the past few years, with the most recent data indicating that CFAs earned $280,454 a year in 2014 compared with $239,215 in 2011, according to new research from the Toronto-based CFA Societies Canada.

The median average compensation among survey participants was $147,550, which takes into account that the highest income earners, usually professionals with 20 years or more of experience, earn much larger compensations and therefore increase the mean average income significantly, according to the announcement from the CFA Societies, which is affiliated with the CFA Institute.

The research also notes that although 16% of CFAs who responded to the survey earn base salaries of less than $75,000, 35% have salaries of more than $200,000.

“The study reveals that the CFA designation is an excellent investment of time and effort. Charterholders continue to be sought after in traditional financial fields such as asset/fund management, brokerage and investment banking,” says Aaron Brown, CFA, director, portfolio management for Alberta Treasury Board and the Canadian representative for the CFA Institute’s presidents council, in a statement. “The designation’s focus on analytical rigour and ethical practices is well regarded and those that earn the charter are well-placed for career advancement and compensation growth.”

Although Brown adds that an increasing number of CFAs can be found in non-traditional industries such as energy, utilities and systems management, the research shows that jobs connected to the financial services sector dominate with more than one-third of respondents working for banks, insurance firms and large pension plans.

The top activities that professionals with the CFA designation engage in are financial analysis; client relationship management; portfolio management; strategy development and planning; and general management or administration.

The research also shows that professionals who manage money saw their assets under management jump. In 2014, 53% of total respondents had an average of $4.2 billion in AUM, up from $3.5 billion in 2012.

Total compensation was highest for equity portfolio managers, multi-asset portfolio managers and executives, such as CEOs and chief operating officers. The lowest compensation was for portfolio analysts, buy-side risk analysts, compliance and regulatory professionals and those who work in marketing and product development.

The research also notes that two-thirds of respondents hold other degrees and designations in addition to an undergraduate degree and the CFA designation. The MBA is the most popular secondary designation, with 22% of respondents having one; 17% held other master’s degrees; 7% are chartered investment managers; 6% are chartered accountants; 5% are certified financial planners; and 5% are financial risk managers.

Environics Research Group conducted the online survey for CFA Societies Canada between April 28 and May 25, using the input of 2,606 CFA designation holders.