As Executive Vice President and Chief Financial Officer at MICROSOFT CORP, Amy E. Hood made $19,626,234 in total compensation. Of this total $975,000 was received as a salary, $3,734,981 was received as a bonus, $0 was received in stock options, $14,792,679 was awarded as stock and $123,574 came from other types of compensation. This information is according to proxy statements filed for the 2020 fiscal year.
Executive Vice President and Chief Financial Officer
The chart on this page features a breakdown of the total annual pay for Amy E. Hood, Executive Vice President and Chief Financial Officer at MICROSOFT CORP as reported in their proxy statements.
Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. MICROSOFT CORP income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. MICROSOFT CORP annual reports of executive compensation and pay are most commonly found in the Def 14a documents.
Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year.
Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings.
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Amy E. Hood
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This report is not for commercial use. Thorough reviews have been conducted to assure this data accurately reflects disclosures. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement.
Use of Data / Disclaimer
The information shown here is a reporting of information included in the company's proxy statement. The proxy statement includes footnotes and explanations of this information plus other information that is pertinent in assessing the overall value and appropriateness of the compensation information. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. You may retrieve the full proxy statement by going to the Securities and Exchange Commission (SEC) website at www.sec.gov and entering the company's name and then looking in the first column for an entry of "Form DEF 14A" (or any similar code). You may also find the annual proxy statement by going directly to the company's website.
What is a proxy statement?
A proxy statement (or "proxy") is a form that every publicly traded U.S. company is required to file with the U.S. Securities & Exchange Commission (SEC) within 120 days after the end of its fiscal year. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. All proxy statements are public filings made available to the general public by the SEC. The proxy statement's main purpose is to alert shareholders to the annual meeting and provide them information about the issues that will be voted on during the annual meeting, including decisions such as electing directors, ratifying the selection of auditors, and other shareholder-related decisions, including shareholder-initiated initiatives. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives.
What's the Average Salary of a Chief Financial Officer (CFO)?
The average yearly salary of a chief financial officer (CFO) can vary based on a number of factors, but the median compensation for a CFO in the U.S. as of May 2021 was $393,377 per year, according to Salary.com. CFOs within the bottom 25th percentile should expect to earn $299,442 per year, while those in the 75th percentile should expect to earn $499,992 per year.
By way of comparison, according to the Bureau of Labor Statistics, the median weekly earnings of full-time workers in the U.S. was $984 as of June 2021, which is $51,168 per year. Thus, the average CFO makes almost eight times more than the average worker, making the CFO a very lucrative career by comparison.
- The Chief Financial Officer, or CFO, is an important executive for modern-day corporations. The CFO supervises company financials and accounting statements.
- The median annual CFO salary in the United States was $393,377, according to Salary.com.
- In addition to salary, CFOs may also be compensated in stock options, incentive bonuses, and other forms of compensation.
- CFO salaries vary widely depending on their experience, the size and type of company, and the city in which it is located.
- On average, CFOs make about eight times as much as the company's employees.
Salary, Benefits, and Perks of a CFO
The primary factors that impact the median salary of a CFO include geographic location, and the experience and personal qualifications of the person. Base salary and bonuses make up roughly 80% of the total compensation a CFO should receive within a given year. The other areas of compensation are bonuses and benefits, as well as perks.
When bonuses are included in salaries, the median total compensation for a CFO is $541,930 per year. Those within the bottom 25th percentile should expect to earn $375,642 per year, and those within the 75th percentile should expect to earn $792,957 per year. Additional CFO benefits include Social Security, 401(k), disability, healthcare, pension, and time off. The value of these benefits and perks for the average CFO is about 20% of total compensation.
Perks of the job can vary but can include the likes of a company car or driver, a hefty severance package—also known as a golden parachute, relocation expenses, use of a private jet or helicopter, and first-class flights. While healthcare is a typical perk, high-level executives such as CFOs have access to disability and life insurance. Workplace-related perks can include a dedicated parking space, large offices, and private bathrooms, among others.
When it comes to total pay, it not only varies by experience but also job location. In major metropolitan areas and “financial capitals of the world,” such as New York City, the pay will be higher. The table below lays out the base compensation and total compensation including annual bonuses for ten major metropolitan areas.
|CFO Salary and Bonuses for Ten Metro Areas|
|Top 10 Metro Areas||Base Compensation||Salary and Bonuses|
What It Takes to Become a CFO
Many CFOs have a decade or more of relevant work experience and often have a Master in Business Administration (MBA). In many cases, a CFO will also be a certified public accountant (CPA). Generally, CFOs have held previous positions such as controller or director of finance. Some may have worked in accounting departments.
Per Salary.com, roughly half of CFOs have a master's degree, while 45% have a bachelors' degree. Meanwhile, just 2% have a doctorate or associate's degree, and only 1% of CFOs have only a high school diploma. In terms of salary, there is not much differentiation between a CFO with bachelor's or master's degrees.
At the top of the proverbial food chain, in the corporate world, is the chief executive officer (CEO). The CFO generally reports directly to the CEO and the board of directors. The average CEO makes $771,165 per year, plus bonuses and benefits.
The CFO is generally responsible for all budgeting, financial goal setting, and related financial reporting—including financial statement construction and review. Arguably, there has always been a need for CFOs, however, the position really only came about in the 1960s. This comes as companies’ finances, accounting, and bookkeeping have become more complicated.
The Bureau of Labor Statistics estimates that the number of top executive jobs will grow by 4% from 2019 to 2029. The business of being a CFO will likely change a lot over the next decade, including navigating the rise of cybersecurity and the advancement of technology.
As well, the CFO position will see increased demand when it comes to regulatory compliance. This includes managing risks, whether it be taking risks or protecting against disruption.
Overall, CFOs will not only be managing finances and overseeing banking relationships, but they’ll also need to be able to manage big data—embracing artificial intelligence and data analytics.
Examples of a CFO Salary
CFO salaries depend on a number of variables, including geographic location, the size of the company, the candidate's degrees and experience, and the type of industry. Here are some examples from public companies:
Apple CFO Luca Maestri earns an annual salary of $1 million according to executive compensation tables in the company's public filings with the Securities and Exchange Commission. The majority of Maestri's compensation is in the form of stock incentives, which were worth over $21 million in 2020. His total compensation for 2020, including retirement benefits and other compensation, was worth $26,253,270.
Microsoft CFO Amy Hood earned a salary of $975,000 in 2020, according to the company's public filings. In addition, she earned $14,792,679 in stock incentives and $3,734,981 in non-equity compensation. Altogether, her total compensation in 2020 was worth $19,626,234.
CFO Salary FAQs
What Is the Salary of a Hedge Fund CFO?
According to ZipRecruiter, the average salary of a Hedge Fund CFO is $120,303. This figure may not include bonuses, incentives, or other compensation.
What Is the Average Salary for a CFO Working for a Non-Profit?
According to ZipRecruiter, the average salary for a non-profit CFO is $133,576, based on job postings and third-party data. This may not include other forms of compensation.
What Is the Average CFO Salary in the Healthcare Industry?
The average salary for CFOs in the healthcare industry is $154,399 in 2021, according to ZipRecruiter. This does not include stock options, bonuses, or other forms of compensation.
What Is the Average CFO Salary in the Banking Industry?
The average CFO Salary in the banking industry was $133,879 in 2021, according to Ziprecruiter. This does not include bonuses, options, or other compensation. These figures were derived from online job postings and third-party data sources.
The Bottom Line
The chief financial officer is an important executive in major companies. CFO salaries vary widely, according to their experience, industry, and the location of the company. In addition, many CFOs take the majority of their compensation in stock options, bonuses, or other variable compensation.
Average Chief Financial Officer (CFO) with Microsoft Office Skills Salary
Avg. Base Salary (USD)
The average salary for a Chief Financial Officer (CFO) is $122,641
What is the Pay by Experience Level for Chief Financial Officer (CFO)s?
An experienced Chief Financial Officer (CFO) with 10-19 years of experience earns an average total compensation (includes tips, bonus, and overtime pay) of $117,500 based on 8 salaries. In their late career (20 years and higher), employees earn an average total compensation of $126,413.
What Do Chief Financial Officer (CFO)s Do?
Chief financial officers (CFOs) oversee the financial operations of their companies and provide leadership and focus to accounting and finance departments to ensure that they operate efficiently and comply with applicable laws and company policies. Their work is essential to project a favorable company image while saving money in every way possible.
CFOs may oversee departments which are involved in purchasing, pricing, investments, tax, debt management, and accounts payable/receivable; they …Read more
Chief Financial Officer (CFO) Tasks
- Develop internal control policies, guidelines, and procedures for activities such as budget administration, cash and credit management, and accounting.
- Prepare or direct preparation of financial statements, business activity reports, financial position forecasts, annual budgets, and/or reports required by regulatory agencies.
- Provide leadership and coordination in the administrative, business planning, accounting and budgeting efforts of the company.
This data is based on 15 survey responses. Learn more about the gender pay gap.
Common Health Benefits
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