Are you a current CFO trying to determine whether you are getting paid fairly for your work?
Or perhaps you are interested in getting onto a career ladder that will take you to CFO, and you want to know more before making the leap.
Here, we will discuss the following:
- The current average CFO UK salary
- What causes this figure to change
- How this compares to other countries
The Current Average CFO Salary in the UK
According to Indeed.com, a CFO can expect to earn anywhere from £110,000 to £170,000 working as a CFO, depending on your location.
CFOs are also renowned for having performance-based bonuses tied into their contract, so you can earn even more on top of that already lucrative base salary.
How this compares to other countries
That sounds like a pretty great wage, right?
Well, if you were willing to take your services abroad, you might be able to earn even more as a CFO. In America, for example, a CFO can expect to earn anything from $300,000 to $550,000.
In UK talk, that’s between £240,000 and £440,000.
And if you are headed to the other side of the world, expect to earn anywhere from $200,000 to $250,000 as a CFO in Australia.
That’s about £110,000 to £130,000. So while you wouldn’t necessarily get a pay rise, you would get the beautiful weather and sandy beaches!
Causes for a UK CFO Salary to Change
As with other jobs, the average Chief Investment Officer salary in the UK is impacted by several influences.
Inflation
A term you have likely heard discussed a lot in the news in recent months; inflation is one of the biggest influencers on the average salary paid in the UK for a Chief Financial Officer.
In recent years, we have seen one of the largest inflation spikes of all time (thank you, Liz!), which in turn has left lots of people, regardless of their job title, searching for a raise at work, or a new job, to try to keep up with the increasing food, energy, mortgage, and rent prices.
Companies are also aware of the impact of inflation.
They will either be willing to increase their CFO’s salary to match these changes or will get forced to offer a more lucrative salary to attract the best candidates for a vacant CFO role.
As a result, both of these outcomes increase the average CFO salary across the UK.
Location
Another significant influence on how much someone gets paid as a CFO in the UK is where they are located.
For example, on average, a CFO working in the northeast of England will get paid less than a CFO working in the centre of London.
That’s not to say that there aren’t many lucrative CFO roles available in the north, but on average, due to the higher cost of living in London, their CFO salaries tend to reflect that.
Job sector
Which sector you work in also heavily influences the amount you can expect to earn as a CFO.
If you are a CFO for a publicly funded company or even a charity of some kind, don’t expect to earn the same salary as a CFO in the private sector at a large corporation.
Profits often dictate salaries at all levels of business, and it is no different for the Chief Financial Officer.
If anything, profits have even more of an impact and will certainly impact the bonus payments and other benefits on offer.
Job performance
Finally, job performance also heavily impacts the salary you can expect to earn as a CFO.
Do a good job? Expect to see that reflected in your salary!
The Chief Financial Officer of any company has plenty of high-level responsibilities. With that can come plenty of stress and long hours, which is less than ideal.
However, it also means that within your role, it is very easy to see your tangible impact on the business and how much profit your actions have – or have not – made.
As a result, it is then easy for a CFO to argue their case for a raise, which inturn will increase the average CFO salary across the UK.
2023/24 CFO Salaries in the UK: The Final Verdict
As you can see, working as a CFO has a lot of financial incentives. Not only does it bring with it the potential to earn a high yearly salary, but it also comes with many other benefits, such as large bonuses, plenty of job satisfaction and influence on the direction of the company, and the opportunity to make a real difference.
If you are searching for opportunities to take the step up to become a CFO, or you have realised you may be underpaid at your current business, and you are interested in earning what you are worth, contact us today.
Our team of experts will be more than happy to discuss CFO opportunities with you and help you find your dream job.
Frequently Asked Questions About UK CFO Salaries
What is the salary package of a CFO in the UK?
The average Chief Financial Officer salary in the UK is anywhere from £120,000 to £250,000. These numbers increase when focusing solely on London and drop slightly when London is not included in the data.
How much does a CFO make in London?
As of 2022, it is estimated that the average Chief Financial Officer salary in London is around £300,000 a year, ranging from £200,000 to £400,000.
Where do CFOs make the most money?
As you would imagine, and as is the case with most jobs, CFOs make the most money working in London compared to the rest of the UK.
he rest of the UK.