How much does a CFO earn?

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monira444
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Joined: Sat Dec 28, 2024 4:38 am

How much does a CFO earn?

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In this new context, the professional works alongside the CEO and other executives such as the COO ( Chief Operating Officer ) or the CIO ( Chief Information Officer ) to guide the organization's digitalization process . To do so, they must have managerial and economic skills, but also knowledge related to technological innovation and its applications in the company.

Establishing how much a CFO earns is not easy . In fact, their salary can vary greatly depending on the type and size of the company. But remuneration is calculated taking into account various elements: the professional career and experience acquired, the number of resources/areas that they must coordinate and for which they have direct responsibility, the objectives achieved and the length of time in the position.

According to Glassdoor research , the average salary for a CFO in Spain is €38,774 , but it can rise significantly, with peaks of over €200,000-€300,000 in multinationals. In countries with larger companies and more mature markets, the average salary can rise dramatically, especially in publicly traded companies.

CFO remuneration often consists of a fixed part plus a germany whatsapp data variable part related to economic and financial performance. The sectors that offer the highest salaries are pharmaceutical, financial and banking, while CFOs working in retail are those who, on average, earn the least.

Why work in finance?
A career in finance is a career that helps build the future . There are excellent examples of CFOs who have led the transformation of large companies, bringing change to society as a whole. These leaders have shown that they are not only skilled at managing numbers, but can also drive change and grow organizations, overcoming the challenges that inevitably arise.

In addition, professionals with a Master’s degree in Financial Management , who have gained experience abroad, or who have spent years on the board of a multinational, are in all likelihood able to rise to the position of CEO . Among the CFOs who have achieved this is Indra Nooyi, who headed PepsiCo from 2006 to 2019, after serving as CFO in previous years. Meanwhile, Shou Zi Chew, CEO of TikTok, was head of finance at subsidiary ByteDance, while Peter Voser led the finance team at oil giant Shell and later became its CEO.

How to become a CFO
The path to becoming a CFO can be long and winding. On average, it takes at least 10 to 15 years of experience to reach the position, predominantly in accounting and finance. Strong leadership, strategic vision and management skills are also required to fill this role, as well as knowledge of the sector in which the company operates. Education usually includes a university degree in economics, management, finance or accounting, but the best way to train and specifically understand what a CFO does is to acquire a specialization, for example with a Master's degree in finance .

Postgraduate studies and courses in management, business and economics are also increasingly in demand. However, academic training is not enough. It is equally important to complete a period of field work experience in a professional office, company or auditing firm. In fact, this is a high-level position that can be achieved after a long professional career, but which can be very satisfying to develop.
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