Chief Financial Officer (CFO) Salary
Company Confidential is a desirable employer for Chief Financial Officers where the median salary comes in around $197K, beating the field's national median of $127K annually. The information for this snapshot was generated by responses to the PayScale salary survey.
Job Description for Chief Financial Officer (CFO)
Chief financial officers (CFOs) oversee the financial operations of their companies and provide leadership and focus to accounting and finance departments to ensure that they operate efficiently and comply with applicable laws and company policies. Their work is essential to project a favorable company image while saving money in every way possible.Read More...
CFOs may oversee departments which are involved in purchasing, pricing, investments, tax, debt management, and accounts payable/receivable; they may oversee all such transactions and record them in books or databases. This information may then be presented in reports to upper management, so strong public speaking and presentation skills are highly beneficial. CFOs must also conduct research and audits to ensure that all departments are following IRS guidelines.
Strong computer skills are important in this position in order to create calculations and reports, and advanced knowledge of accounting, budgeting, and finances is essential. Some travel may occasionally be necessary. A bachelor’s degree in finance or accounting is generally required by employers, and years of prior work experience may also be required. Basic managerial duties relating to hiring, human resources, and employee direction and discipline may also be part of the job.
Chief Financial Officer (CFO) Tasks
- Develop internal control policies, guidelines, and procedures for activities such as budget administration, cash and credit management, and accounting.
- Prepare or direct preparation of financial statements, business activity reports, financial position forecasts, annual budgets, and/or reports required by regulatory agencies.
- Provide leadership and coordination in the administrative, business planning, accounting and budgeting efforts of the company.
Common Career Paths for Chief Financial Officer (CFO)
For Chief Financial Officers, progressing to a Chief Executive Officer role may result in a significant raise. On average, a Chief Executive Officer can earn $170K annually. A common career progression for a Chief Financial Officer is to become a VP of Finance or Chief Financial Officer or a Chief Operating Officer. Compared to Chief Financial Officers, the first group earns $9K more on average, and the second group earns $2K more.
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Popular Skills for Chief Financial Officer (CFO)
Survey takers working as Chief Financial Officers report using a large range of professional skills. Most notably, facility with Leadership, Strategic Planning, and Financial Modeling are correlated to pay that is significantly above average, leading to increases of 43 percent, 26 percent, and 19 percent, respectively. Those listing General Ledger Accounting as a skill should be prepared for drastically lower pay. Human Resources and Budgeting also typically command lower compensation. The majority of those who know Financial Analysis also know Senior Financial Management and Accounting.
Pay by Experience Level for Chief Financial Officer (CFO)
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Chief Financial Officers with a lot of experience tend to enjoy higher earnings. Although employees with less than five years' experience earn around $95K on average, the five-to-10 year group has a much higher, six-figure median of $112K. Chief Financial Officers claiming one to two decades of experience make an estimated median of $142K. Chief Financial Officers with more than 20 years of experience report incomes that are only modestly higher; the median for these old hands hovers around $154K.
Pay Difference by Location
Above-average salaries for Chief Financial Officers can be found in New York, Chicago, and Los Angeles, the three largest cities in the United States.
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