Finance salaries can be hard to find and are not talked about often, due to cultural norms and a relatively opaque industry. If you’re looking to benchmark or gain insight into compensation trends, you’ve come to the right place – This article sheds light on the salaries for financial teams in the UK, EU and US.

This article is the summary of a report, in which 937 finance professionals were surveyed in 2023, predominantly in the SaaS industry and members of the CFO Connect Community. The key findings are below:


Geography impacts both current salary and salary growth

Firstly, we see a continued significance geography plays in determining the salary of finance professionals.

Notably, the gap between French and German salaries has narrowed from 30% in 2022 to 21% in 2023, indicating a convergence in compensation levels. While German salaries still surpass the EU + Swiss average, the difference has diminished from 19% to 12.8%.

EU salaries grow, UK stagnates

In contrast, UK finance salaries have experienced stagnation, with only a marginal 0.3% increase observed in 2023 compared to the previous year. This follows a 2% decline in 2022 relative to 2021. Meanwhile, the average EU salary has seen a robust 7.6% increase, with France leading the region with a rise of over 9%.

US continues to soar

The US continues to demonstrate substantial salary growth in the finance sector, outpacing its EU and UK counterparts with an impressive 11.1% increase from 2022 to 2023. Notably, six out of the ten highest reported salaries originate from the United States, including the highest reported salary of €1,023,000.


The gender pay gap persists

Another interesting aspect to consider is the gender pay gap. While there has been a marginal decrease in the overall gender pay gap from 13% in 2022 to 12% in 2023, it remains persistent. This highlights the ongoing need to strive for an equitable distribution in compensation within the finance industry.

Curiously, when specifically looking at CFO salaries, the difference between men and women drop to just €2,000 more for men. With increased awareness and efforts towards achieving gender equality in the workplace, we can hope that these disparities are trending in the right direction.


More experience? Higher earnings

Unsurprisingly, CFOs with extensive experience command higher salaries. Average annual finance salary clearly increases with age.

However, exceptions exist: some professionals aged 40-50 had lower salaries, while those aged 25-40 secured more of the highest salaries. This suggests age isn't the sole factor determining salary; other variables like experience and performance also play crucial roles.


Company stage makes a large difference

Startup employees generally earn the least within each age bracket, likely compensated by potential stock options or equity instead. The exception is for those aged 51 and above, who can earn more than their counterparts in scaleups and private enterprises.

However, the most striking observation is the substantial salaries of senior professionals in publicly listed companies, particularly those aged 40 or older, who earn upwards of €200,000. There were no finance professionals aged 18-30 in publicly listed companies.

The highest reported salary was USD $1,100,000 for the CFO of a publicly listed construction company in the US with over 5,000 employees. The second-highest salary, €810,000, was earned by the Head of Finance of a private French software company, underscoring the significant salary differentials across different company stages and industries.


Salaries increase with seniority

The trend of rising salaries as professionals progress up the corporate ladder is expected.

However, the notable aspect lies in the year-over-year rate of change, which varies across different roles.

For instance, while CFO salaries increased by 5.6% from 2022 to 2023, and Finance Director salaries saw an 8% increase.

The most significant increases were observed in Manager-level roles, with both Finance and FP&A Managers experiencing salary hikes of over 20%. However, Financial Controllers and Accountants witnessed salary decreases, alongside Heads of Accounting/Controlling and VPs.


Geographical differences more pronounced for CFOs

The impact of the country of employment on earnings is emphasised when considering CFO positions only, with significant disparities between markets.

For CFOs, the gap in salary between different countries is notably larger compared to the average for all roles. For instance, the difference between the average French CFO's salary and that of an American CFO is a staggering 109%, surpassing the average difference of 104% across all roles between these two countries. Similarly, the 41% difference between French and German CFO salaries contrasts with the overall average difference of 21%.


CFOs earn much more in larger companies

Just as we saw with age, the size of the company - and likely the size of the finance team they lead - directly correlates their compensation.

Notably, there is a connection between company size and the age of the CFO. Only 4.5% of respondent CFOs were aged 18-30, with none of them in companies with more than 250 employees. The largest group of young CFOs, comprising 8.5%, were overseeing the smallest companies with 1-50 Full-Time Equivalents (FTEs).

These observations underline the interplay between company size, the age distribution of CFOs, and their corresponding compensation levels, suggesting that larger companies may offer higher compensation packages and typically employ more seasoned finance professionals in leadership roles.

In conclusion

CFO salaries in 2023 were impacted by various factors, ranging from geography and company stage to experience and gender. Seasoned CFOs with extensive experience tend to earn higher salaries and experience more significant salary growth. The location of the job also plays a crucial role, with financial hubs offering higher pay and greater potential for career advancement.

CFOs and finance professionals should carefully consider these factors and chart their courses accordingly to secure a successful and rewarding financial career.


Data info

  1. Job Titles:

    • 141% are CFOs.

    • 13% are Finance Directors.

    • 16% are Heads of Finance.

    • 7% are VPs Finance.

  2. Geographical Distribution:

    • Majority work in Europe, particularly in France, Germany, and the United Kingdom.

    • 13% are from the United States.

    • A total of 41 countries are represented.

  3. Gender Distribution:

    • 68% identify as male.

    • 31.5% identify as female.

    • 0.5% identify as either non-binary or prefer not to answer.

  4. Industry Representation:

    • SaaS/software is the most represented industry, with 32% of respondents.

    • 18% work in IT.

  5. Business Type:

    • 43% identify their businesses as Scaleups.

    • 27% are Startups.

    • 26% are in Private Enterprise.

    • 4% are in Public Enterprise.

  6. Company Size:

    • Approximately one-third work in companies with fewer than 50 employees.

    • 45% work in companies with 51-250 employees.

    • 17% work in companies with 251-1000 Full-Time Equivalents (FTEs).

  7. Survey Timing:

    • Data was collected during April and May 2023.

  8. Read original report here by Spendesk


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Copyright @ 2024 Bound

All testimonials, reviews, opinions or case studies presented on our website may not be indicative of all customers. Results may vary and customers agree to proceed at their own risk.

Bound (Bound Rates Limited) is a limited company registered in England & Wales under number 13036275 with registered offices at 16 Great Chapel Street, London W1F 8FL

Bound Rates Limited (FRN 966723) is authorised and regulated by the Financial Conduct Authority to act as an Investment Firm.​

For clients based in the European Economic Area, payment services are provided by CurrencyCloud B.V.. Registered in the Netherlands No. 72186178. Registered Office: Nieuwezijds Voorburgwal 296 - 298, Mindspace Nieuwezijds Office 001 Amsterdam. CurrencyCloud B.V. is authorised by the DNB under the Wet op het financieel toezicht to carry out the business of an electronic-money institution (Relation Number: R142701).

Payment services in the United States are provided by Visa Global Services Inc. (VGSI), a licensed money transmitter (NMLS ID 181032) in the states listed here. VGSI is licensed as a money transmitter by the New York Department of Financial Services. Mailing address: 900 Metro Center Blvd, Mailstop 1Z, Foster City, CA 94404. VGSI is also a registered Money Services Business (“MSB”) with FinCEN and a registered Foreign MSB with FINTRAC. For live customer support contact VGSI at (888) 733-0041.

For clients based in the United Kingdom and rest of the world, payment services (Non MIFID related products) are provided by The Currency Cloud Limited. Registered in England and Wales No. 06323311. Registered Office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ. The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199).

Stay up to date with insights and events

Enhance your finance skills by learning from our network of top industry experts

Currency hedging technology with unrivalled speed and flexibility

Copyright @ 2024 Bound

All testimonials, reviews, opinions or case studies presented on our website may not be indicative of all customers. Results may vary and customers agree to proceed at their own risk.

Bound (Bound Rates Limited) is a limited company registered in England & Wales under number 13036275 with registered offices at 16 Great Chapel Street, London W1F 8FL

Bound Rates Limited (FRN 966723) is authorised and regulated by the Financial Conduct Authority to act as an Investment Firm.​

For clients based in the European Economic Area, payment services are provided by CurrencyCloud B.V.. Registered in the Netherlands No. 72186178. Registered Office: Nieuwezijds Voorburgwal 296 - 298, Mindspace Nieuwezijds Office 001 Amsterdam. CurrencyCloud B.V. is authorised by the DNB under the Wet op het financieel toezicht to carry out the business of an electronic-money institution (Relation Number: R142701).

Payment services in the United States are provided by Visa Global Services Inc. (VGSI), a licensed money transmitter (NMLS ID 181032) in the states listed here. VGSI is licensed as a money transmitter by the New York Department of Financial Services. Mailing address: 900 Metro Center Blvd, Mailstop 1Z, Foster City, CA 94404. VGSI is also a registered Money Services Business (“MSB”) with FinCEN and a registered Foreign MSB with FINTRAC. For live customer support contact VGSI at (888) 733-0041.

For clients based in the United Kingdom and rest of the world, payment services (Non MIFID related products) are provided by The Currency Cloud Limited. Registered in England and Wales No. 06323311. Registered Office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ. The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199).