The pay gap between CEOs and their C-suite counterparts is narrowing. In 2022, the average base salary increase for CEOs was 4.4%. Meanwhile, CFOs received a median pay raise of 5.5%, more than a full percentage point higher.

As C-suite responsibilities have grown, the career trajectory for finance leaders has evolved to match. Today, many senior finance employees look beyond their current organization for growth opportunities, and some successfully level-up to CEO positions. These factors, along with increased retention efforts across industries, have all contributed to the rise in CFO pay. More than any other C-suite leaders, CFOs are taking responsibilities off CEOs' plates and demonstrating their strategic value in steering companies through challenging macroeconomic landscapes. As a result, the traditional boundaries between the CEO and CFO roles are blurring — leading organizations to rethink the ideal CFO profile (and paycheck).

From back office accountants to strategic leaders

While CFOs and CEOs have historically had close relationships born from constant collaboration over financial projections and business strategy, there was a clear divide in their responsibilities, areas of expertise, and visibility across the company. As company lifers, CFO turnover was rare — as was their involvement in business areas outside of financial planning.