Chief Financial Officers (CFOs) are experiencing a surge in their salaries as firms aim to mitigate the impact of their steadily increasing workload.
According to exclusive research from financial operations platform, BlackLine, nearly 80 per cent of finance chiefs saw an increase in compensation in 2024, reflecting their growing and intensifying responsibilities, as reported by .
In recent years, the role of financial officers has expanded beyond managing accounts and handling budgeting and forecasts, to encompass broader company oversight.
BlackLine reports that CFOs are now involved in strategic planning, technology implementation as more firms seek to enhance their digital capabilities, and closer collaboration with CEOs.
Over half of chief financial officers secured a pay rise in their base salary over the past 12 months, while 35 per cent received additional compensation through bonuses.
Phillipe Omer Decugis, senior vice president and general manager for Europe at BlackLine, commented: "The rising compensation for CFOs reflects the growing expectations and pressure on their role."
On average, in 2024, º£½ÇÊÓƵ-based CFOs earned an annual salary of £147,880, up from £146,000 in 2023.
More expectations, more pay
However, 83 per cent of CFOs now anticipate a pay rise in 2025, a higher proportion than any other c-suite executive, due to predictions of their enhanced role in overall company strategies.
Furthermore, a greater number expect to receive additional compensation via bonuses, with 49 per cent favouring this approach, whilst 52 per cent anticipate it will arrive through base salary, representing a marginal drop from 2024.
Alongside the extensive range of responsibilities many CFOs report fulfilling, over the coming five years, 28 per cent expect they will be charged with operational management and talent planning.
At the same time, a quarter anticipate they will shortly be handling external communications.
Decugis remarked, "CFOs are now expected to be a master of all trades."
CFO departures also hit their peak level in six years across the º£½ÇÊÓƵ, with average tenure falling from 6.2 to 5.8 years in 2024, owing to mounting pressure.
