Average compensation for CFOs jumped 18% from 2011 to 2012 at financial institutions with assets of $25 million to $2 billion, according to an analysis by Chicago-based accounting and consulting firm BDO USA.
Banking CFOs had the highest percentage compensation increase among CFOs and CEOs among seven different industries analyzed by BDO. However, CFOs at non-banking financial services firms—insurance firms, payday lending companies, currency exchanges, microloan organizations—received a comparatively meager 1% compensation increase last year.
Banking CEOs received an average 10% wage increase, while CEOs at non-banking financial services firms saw a modest pay increase of 3%, BDO said in the report released Sept. 26. CEO pay in banking and financial services was sluggish and remained solidly at the bottom of both categories.
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