Are you looking for the salary of Chief Financial Officer (CFO) of a small company ? This article is all about cfo salary of a small company.
The average salary for a chief financial officer (CFO) of a small company is $130,000.
This number varies depending on the company’s size, location, and industry.
For example, if the company is in New York City, it will pay more than a company in rural Nebraska. In addition, if the company is in the technology industry or healthcare industry and has been around for decades, it will also pay more than a startup in fashion or food delivery services.
Salary for cfo of small company
A person working as a Chief Financial Officer in Nigeria typically earns around 689,000 NGN per month. Salaries range from 344,000 NGN (lowest) to 1,070,000 NGN (highest).
This is the average monthly salary including housing, transport, and other benefits. Chief Financial Officer salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Chief Financial Officer Salary Distribution in Nigeria
The median, the maximum, the minimum, and the range
- Salary RangeChief Financial Officer salaries in Nigeria range from 344,000 NGN per month (minimum salary) to 1,070,000 NGN per month (maximum salary).
- Median SalaryThe median salary is 689,000 NGN per month, which means that half (50%) of people working as Chief Financial Officer(s) are earning less than 689,000 NGN while the other half are earning more than 689,000 NGN. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.
- PercentilesClosely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of Chief Financial Officer(s) are earning less than 465,000 NGN while 75% of them are earning more than 465,000 NGN. Also from the diagram, 75% of Chief Financial Officer(s) are earning less than 878,000 NGN while 25% are earning more than 878,000 NGN.
Chief Financial Officer Salary Comparison by Years of Experience
How does experience and age affect your pay?
The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher your wage. We broke down Chief Financial Officer salaries by experience level and this is what we found.
A Chief Financial Officer with less than two years of experience makes approximately 413,000 NGN per month.
While someone with an experience level between two and five years is expected to earn 547,000 NGN per month, 32% more than someone with less than two year’s experience.
Moving forward, an experience level between five and ten years lands a salary of 731,000 NGN per month, 34% more than someone with two to five years of experience.
Additionally, Chief Financial Officer(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 872,000 NGN per month, 19% more than someone with five to ten years of experience.
If the experience level is between fifteen and twenty years, then the expected wage is 941,000 NGN per month, 8% more than someone with ten to fifteen years of experience.
Lastly, employees with more than twenty years of professional experience get a salary of 1,010,000 NGN per month, 7% more than people with fifteen to twenty years of experience.
Chief Financial Officer average salary change by experience in Nigeria
| 0 – 2 Years | 413,000 NGN | |
| 2 – 5 Years | +32% | 547,000 NGN |
| 5 – 10 Years | +34% | 731,000 NGN |
| 10 – 15 Years | +19% | 872,000 NGN |
| 15 – 20 Years | +8% | 941,000 NGN |
| 20+ Years | +7% | 1,010,000 NGN |
Percentage increase and decrease are relative to the previous value
Chief Financial Officer Salary Comparison By Education
How do education levels affect salaries?
We all know that higher education equals a bigger salary, but how much more money can a degree add to your income? We broke down Chief Financial Officer salaries by education level in order to make a comparison.
When the education level is High School, the average salary of a Chief Financial Officer is 518,000 NGN per month.
While someone with a Certificate or Diploma gets a salary of 590,000 NGN per month, 14% more than someone having a High School degree.
A Bachelor’s Degree gets its holder an average salary of 800,000 NGN per month, 36% more than someone with a Certificate or Diploma.
Professionals who hold a Master’s Degree are rewarded with an average salary of 1,010,000 NGN per month, 26% more than someone with Bachelor’s Degree.
Chief Financial Officer average salary difference by education level in Nigeria
| High School | 518,000 NGN | |
| Certificate or Diploma | +14% | 590,000 NGN |
| Bachelor’s Degree | +36% | 800,000 NGN |
| Master’s Degree | +26% | 1,010,000 NGN |
Percentage increase and decrease are relative to the previous value
