CFO (2024)

There is a wide range in CFO salaries between different industries and employers. According to Salary.com, CFOs earn an average of around $434,000 per year. On the lower end, some CFOs earn about $80,000 a year, but others earn a lot more. The top 25% of CFOs earn more than $557,000 per year, and some may earn upwards of $700,000.

factors that impact CFO salary

The main factor that affects your salary will be the size of the business you're managing. CFOs at small startups often make far less than CFOs at a Fortune 500 company. Those with a lot of responsibilities who are managing vast sums of money earn high salaries. CFOs also earn more when they work in fields like manufacturing, science, and technology.

CFO job benefits

CFOs also earn a lot of valuable benefits on top of their salary. This job often provides bonuses based on how the company performs. During a good year, your bonus could be more than six figures. Other lucrative benefits available to CFOs include:

• retirement accounts
• healthcare
• pensions
• vacation time
• stock options

Would you like to know what a CFO earns? Where the highest salaries are paid for a CFO? Then check out this CFO salary page and find out all about the salary of a CFO in the USA.

Here are some of the common types of CFO positions that employers hire.

• startup CFOs: These CFOs work for small companies just starting. They mainly focus on fundraising and may choose to get paid in stock options.
• growth CFOs: These are the most common types of CFOs. They work at established, mid-sized companies and help them further expand the company.
• turnaround CFOs: These are CFOs that help struggling companies with things like filing for bankruptcy or making drastic budget cuts.
• acquisition CFOs: These CFOs help companies through mergers and sales. They specialize in handling transactions and easing transitions.
• public company CFOs: These CFOs are the high-earners who handle massive businesses and are responsible for vast sums of money.

• CFO job description

  There's no simple, short answer to, "What does a CFO do?" Managing a business's finances is complex, and your daily responsibilities often shift to react to the company's needs. Depending on where you work, you may end up handling several of these tasks:

  • managing finance departments: You could potentially end up overseeing a finance team. This job includes assigning tasks, checking work, and hiring new employees.
  • financing projects: If the company needs more funds, you're typically the person who will strategize ways to get them. This may involve acquiring loans from banks or seeking out new investors.
  • deciding on financial strategies: You'll work alongside other C-suite executives to find achievable financial goals for the company. This involves setting achievable metrics and suggesting ways the company can reach these goals. When collaborating with executives to set realistic financial benchmarks, you’ll create metrics and initiatives that help lead to success.
  • preparing reports: As the CFO, you’ll need to put together detailed reports covering strategies and the company’s financial status. These could be annual or periodic analyses and forecasts based on key financial indicators. Executives will use your reports to help make sound financial decisions.
  • stakeholder management: Effectively managing stakeholders will be a major part of your role as CFO. It’s important to build positive relationships with investors, financial institutions, and other stakeholders. To garner trust and ensure stability, you’ll use your communication abilities to explain strategies, address issues, and align stakeholders with the company’s vision.
  • ensuring regulatory compliance: It's your responsibility to make sure the business follows all guidelines set by the SEC and other regulatory bodies.

• CFO work environment

  For the most part, you'll be working in an office environment and spending lots of time reviewing data, reports, and more on a computer. Expect to also attend regular meetings, often via video calls. While being onsite at the office is often required, the trend for remote work has opened up some opportunities for CFOs to work from home as well.

  Being a CFO involves a lot of networking, so you can expect to travel outside the office periodically. CFOs must often visit banks or go to other businesses to discuss financial matters with investors or partners.

• who are your colleagues?

  You'll spend time with a lot of C-suite executives, such as CEOs and COOs, and you'll also work closely with many other managers and directors. Depending on the industry, your colleagues might include specialists like compliance officers and loan processors. You'll also work with a variety of people in the financial department. Accountants, financial managers, and financial planners may work with you frequently.

• work schedule

  Since this position has so much responsibility, it usually demands a busy work schedule. On average, they work around 50 hours to 60 hours a week. During busy times, such as the end of the quarter or when traveling to attend meetings with investors, you can expect to work even more. Sometimes, you'll end up working as much as 90 hours a week.

  CFOs tend to have fairly non-traditional business hours. You'll usually need to be in the office during the day on weekdays. However, you'll also need to be available on nights and weekends. Even if you aren't in the office during these times, you might be answering business calls or going to business dinners. If you work for a company that does business globally, expect occasional early or late-night conference calls to accommodate different time zones.

  See Also

  3 Things to Know About Kraft Heinz’s New 29-Year-Old CFO

• job outlook for CFO

  The need for highly qualified CFOs is very high. The Bureau of Labor Statistics predicts a 16% increase in financial manager jobs over the next decade. This means that CFOs can expect to have a lot of positions to choose from.

  In addition to all the exciting job opportunities, the CFO field is also very promising because it offers excellent promotional opportunities. Having such an impressive leadership role in a company lets you network with others and gain more executive experience. CFOs often become CEOs or COOs eventually. Some choose to launch their own business or become the Chairman or President of a company.

• benefits of working for randstad as a CFO

  Working through Randstad offers you a range of benefits:

  • being paid weekly
  • flexibility
  • always a contact person you can fall back on and ask for help from
  • many training opportunities
  • a range of jobs in your area

  Want a permanent contract? But you wonder why it would be interesting for you to work with a staffing company? A temporary job as a CFO is often a stepping stone to an attractive permanent job. Every year, thousands of people earn a permanent contract with great employers thanks to a temporary job found through Randstad. What's more, many companies recruit their permanent employees through Randstad too!

Almost all CFO positions will require at minimum a bachelor's degree in finance, accounting, or another related field. You'll need to show that you have the right education for the tasks ahead of you. It's also common for CFO jobs with bigger companies to require a master's degree. The most popular option is a Master's of Business Administration (MBA). This degree provides you with a broad range of analytical, financial, and marketing fundamentals.

To get a good CFO job, experience is another critical component. Most companies want a CFO who has worked in leadership roles before or has first-hand experience working with a business's finances. People often get experience by being an accountant or a financial manager before transitioning to a CFO position. Many companies will ask for potential CFO candidates to have at least 10 years of experience.

skills and competencies

To do well as a CFO, you need these essential skills:

• interpersonal communication: CFOs need to be persuasive, effective communicators who share information accurately and clearly with both internal and external stakeholders.
• leadership: The best CFOs are comfortable taking on a leadership position. You’ll use your leadership qualities as you delegate to others and motivate the team to get the best work out of them.
• proficiency in accounting: Being proficient in creating and managing budgets is essential to forecasting your company’s financial future. You’ll also use your financial acumen as you analyze data trends, develop strategies, and make decisions.
• business acumen: It's crucial to understand how a business works. You’ll often use your expertise in business economic trends as you create budgets and develop strategies to reach financial goals.
• ethical judgment: When creating financial reports and strategies, ethical decision-making is as important as your understanding of accounting principles. You’ll also need to stay up to date on laws and regulations to ensure your company complies with financial legal requirements.
• strategic thinking: For a CFO, strategic thinking comes into play daily as you seek to achieve long-term financial goals. You’ll think strategically as you analyze KPIs, negotiate with vendors, identify ways to lower risk, and more.
• crisis management: When inevitable crises or issues develop, you’ll use your management skills to find solutions. It’s also important to be flexible to changing business landscapes as you manage unexpected challenges.

• what's the difference between an accountant and a CFO?

  While both positions involve tracking a company's finances, CFOs have more responsibility than an accountant. They look at the big picture and suggest business strategies that can improve the company's financial situation. Unlike an accountant, they usually don't concern themselves with day-to-day operational details like organizing expense receipts.

• is being a CFO a hard job?

  This sort of executive-level job comes with some challenges, but it's very rewarding. As long as you're willing to work long hours and be responsible for large sums of money, being a CFO is very interesting and exciting.

• how much can you make as a CFO?

  This job's reputation for being lucrative is quite accurate. The average CFO commands a six-figure salary, and very experienced ones can earn even more. Some CFOs even make millions of dollars each year.

• how long does it take to become a CFO?

  The typical CFO position requires at least a bachelor's degree and a few years of experience in the field. At a minimum, it takes around eight years to become a CFO. Becoming a CFO for a larger company can take around 10 to 15 years of effort.

• what certifications do CFOs need?

  Certifications aren't always a requirement, but they do make your resume more competitive. Many CFOs choose to get a Certified Public Accountant credential. Some other popular certifications include Chartered Financial Analyst, Certified Financial Planner, and Certified Management Accountant.

• how do I find a job as a CFO?

  Applying for a CFO job is easy: create a Randstad profile and search our CFO jobs for vacancies in your area. Then simply send us your CV. If you do not have a resume, no worries. Just check out our resume builder. This state of the art tool will help you to create your own resume. Need help with your application? Check out all our job-hunting tips!