Financial directors, or CFOs, based in UK and Ireland earn well above the global average – taking home around €176.300 per year, research from recruitment specialist Michael Page finds. The research involved 2,800 CFOs from a number of different countries, and highlights that the average salary of financial directors differs greatly between regions.
Middle East and the United Kingdom
The research discovers that CFOs in the Middle East earn the most. A financial director in the region earns on average €197.800 per year – €50,000 more than the worldwide average salary for CFOs, while the average bonus awarded in the Middle East accounts for 14.8% of their yearly salary. The UK and Ireland have the second highest average, with an average salary of €176.300 and the highest average bonus at 18.4% – with particularly the British banking sector contributing to the high bonus average.
Asian CFOs too earn well, making €174,400 on average and a bonus of 17%, while North American CFOs take in an average of €166,500 and a bonus of 13.9%. Some regions have relatively depressed CFO income, at least, below the global average, which stands at €145,000. Dutch CFOs for instance, earn €128,300 per year, which is €4,500 lower than the European average and €15,000 less than the global average – the average bonus in the Netherlands of 16.3% is however above the average bonus of 15.6%. African and South American CFOs fare the worst from a financial perspective, earning around €114,000 with bonuses at 12.7% and 13.9% respectively.
Finding better salaries
The research also investigated which sectors enjoy the highest salaries and bonuses. The public sector pays CFOs on average the least, while banking and real estate CFOs generally make the most. According to Michael Page, around 40% of CFOs are willing to move overseas for a higher salary. 37% of those surveyed would even be willing to move to the other side of the ocean if it would mean an increase in their annual salary.