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The differences between board members and chief finance officers can be seen in a few details. Each job has different responsibilities and duties. It typically takes More than 10 years to become both a board member and a chief finance officer. Additionally, a chief finance officer has an average salary of $143,947, which is higher than the $70,751 average annual salary of a board member.
The top three skills for a board member include non-profit organization, financial statements and community outreach. The most important skills for a chief finance officer are payroll, CPA, and oversight.
| Board Member | Chief Finance Officer | |
| Yearly salary | $70,751 | $143,947 |
| Hourly rate | $34.01 | $69.21 |
| Growth rate | 6% | 6% |
| Number of jobs | 7,581 | 145,184 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 67% | Bachelor's Degree, 72% |
| Average age | 52 | 52 |
| Years of experience | - | - |
Board members are fiduciaries of an organization leading it to its sustainable development. They are elected by its board of directors or its supervisory committee. They remain true to the mission and vision of the company whenever there are conflicts. Outstanding board members have good qualities like meeting participation, supportive attitude, anxious feeling to better serve the committee, and passion for any kind of cause. Being a board member improves business, and strategic acumen enhances confidence, and heightens skills in corporate governance.
A chief financial officer is responsible for managing and reviewing the financial status of a company. Chief financial officers' duties include ensuring the accuracy of financial reports, monitoring the company's expenses and budget goals, providing recommendations to prevent financial loss and increase revenues, processing the company's tax obligations, and resolving financial disputes. A chief financial officer must have an impeccable knowledge of the financial industry, updated with the current market trend, and strong leadership and decision-making skills to support the organization's financial department.
Board members and chief finance officers have different pay scales, as shown below.
| Board Member | Chief Finance Officer | |
| Average salary | $70,751 | $143,947 |
| Salary range | Between $25,000 And $199,000 | Between $80,000 And $257,000 |
| Highest paying City | - | Washington, DC |
| Highest paying state | - | California |
| Best paying company | - | Baker McKenzie |
| Best paying industry | - | Construction |
There are a few differences between a board member and a chief finance officer in terms of educational background:
| Board Member | Chief Finance Officer | |
| Most common degree | Bachelor's Degree, 67% | Bachelor's Degree, 72% |
| Most common major | Business | Accounting |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between board members' and chief finance officers' demographics:
| Board Member | Chief Finance Officer | |
| Average age | 52 | 52 |
| Gender ratio | Male, 46.3% Female, 53.7% | Male, 71.9% Female, 28.1% |
| Race ratio | Black or African American, 3.7% Unknown, 3.9% Hispanic or Latino, 7.7% Asian, 7.6% White, 76.5% American Indian and Alaska Native, 0.6% | Black or African American, 3.8% Unknown, 3.9% Hispanic or Latino, 7.9% Asian, 7.7% White, 76.1% American Indian and Alaska Native, 0.6% |
| LGBT Percentage | 12% | 12% |