The salary of a chief financial officer (CFO) is typically among the highest in a company, as the CFO is responsible for managing the financial operations and strategy of the organization. According to data from the Bureau of Labor Statistics (BLS), the median annual wage for a CFO was $140,530 in 2020. The lowest 10% of CFOs earned less than $83,480 per year, while the highest 10% earned more than $208,000 per year.
CFO salaries can vary based on a number of factors, including the size and industry of the company, the location, and the individual’s education and experience. For example, CFOs working in large companies or in industries such as finance and insurance tend to earn higher salaries than those working in smaller companies or in other industries.
The hiring process for a CFO can be competitive, as companies typically seek candidates with strong financial expertise and leadership skills. Many CFOs have advanced degrees in finance or business, and many also have professional certifications such as the Certified Public Accountant (CPA) or the Certified Management Accountant (CMA).
CFOs can work either full-time or part-time, depending on the needs of the company. Full-time CFOs typically work 40 hours or more per week and may be responsible for managing a team of financial professionals. Part-time CFOs may work fewer hours per week and may have a more focused role within the organization. The salary of a part-time CFO may be lower than that of a full-time CFO, as the part-time CFO will typically work fewer hours per week. The hourly rate for a part-time CFO may range from $50 to $150 per hour, depending on the individual’s qualifications and experience.
CFOs can specialize in a particular area, such as financial planning and analysis, corporate finance, or investor relations. Specializations may affect the salary of a CFO, as certain areas may be in higher demand or require more specialized skills.
In summary, the salary of a CFO can vary significantly depending on the specific role and responsibilities, the size and industry of the company, and the individual’s education and experience. CFOs can work either full-time or part-time, and may specialize in a particular area of finance. Hiring a CFO typically requires a strong financial background and leadership skills, and the hiring process can be competitive.
