US CFOs out-earn European counterparts: survey

Dive Brief:

Average salaries for U.S.-based finance executives far exceed those of the same executives in Europe, a survey by French fintech startup Spendesk found.
The average U.S.-based finance executive earned about $184,714, while similarly-ranked workers in France bring in €82,500 ($100,978). German finance leaders bring in €104,000 ($127,293), and British CFOs earn €125,000 ($152,996), Spendesk found.
Regardless of borders, the salary gap widens with experience; CFOs with more than 15 years of experience earn twice as much as those at the beginning of their careers; the survey found a 24% salary gap between CFOs with fewer than 5 years experience and those with 10 years experience. The gap widens further, to 52.5%, between those with 10 to 15 years of experience.

Dive Insight:

The survey was conducted among members of Spendesk’s CFO Connect community, with responses from about 300 finance leaders, mainly in the U.S., U.K., Germany and France, Spendesk said. About half of the respondents worked in the software or information technology industries.

Company size plays an important role in executive compensation, across countries, Spendesk found. As much as a 67% pay gap may exist between a finance leader at a small company (fewer than 50 full-time employees) and one at a business with 250 to 500 employees.

Finance executives’ salary largely does not depend on the sector, the survey found, with the exception of the automotive industry, where the average salary is 14.5% higher than peers.

Perks and extra compensation also fluctuate by country. The survey showed 78% of finance executives in the U.S. receive stock options, outpacing 59.5% in the U.K. In Germany, 71% of CFOs received stock options and in France, 70% of CFOs did, according to the survey.

While 54% of all respondents receive a bonus as part of their compensation, 60% in the U.S. do, compared to just 38% of U.K. finance leaders.

Amid the pandemic, nearly all (97%) of respondents said they were able to work remotely. But in France, only 27% of finance teams reported having that option, compared to more than half in Germany and the U.K., and 80% in the U.S.

When it comes to pension plans for CFOs, U.S.-based companies trail the U.K., with 70% giving the perk, compared with 83%, respectively, the survey said. As for transit costs, only 15% of U.S.-based companies offer reimbursement to CFOs, while 82% of French counterparts do, per the survey.