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The differences between chief finance officers and finance leaders can be seen in a few details. Each job has different responsibilities and duties. While it typically takes More than 10 years to become a chief finance officer, becoming a finance leader takes usually requires 6-8 years. Additionally, a chief finance officer has an average salary of $143,947, which is higher than the $117,284 average annual salary of a finance leader.
The top three skills for a chief finance officer include payroll, CPA and oversight. The most important skills for a finance leader are financial analysis, financial management, and business development.
| Chief Finance Officer | Finance Leader | |
| Yearly salary | $143,947 | $117,284 |
| Hourly rate | $69.21 | $56.39 |
| Growth rate | 6% | 17% |
| Number of jobs | 145,184 | 93,582 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 69% |
| Average age | 52 | 46 |
| Years of experience | - | 8 |
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.
The duties of a finance leader depend on one's place or industry of employment. Typically, their responsibilities revolve around monitoring the sales and financial operations in a company, preparing financial reports and statements, finding new sales opportunities, identifying the market and client needs, and maintaining records of all financial transactions. There are also instances where a finance leader may set and allocate budgets, perform audits in costs and expenditures, all while implementing the company's policies and regulations.
Chief finance officers and finance leaders have different pay scales, as shown below.
| Chief Finance Officer | Finance Leader | |
| Average salary | $143,947 | $117,284 |
| Salary range | Between $80,000 And $257,000 | Between $78,000 And $174,000 |
| Highest paying City | Washington, DC | San Francisco, CA |
| Highest paying state | California | Oregon |
| Best paying company | Baker McKenzie | Apple |
| Best paying industry | Construction | Finance |
There are a few differences between a chief finance officer and a finance leader in terms of educational background:
| Chief Finance Officer | Finance Leader | |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 69% |
| Most common major | Accounting | Accounting |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between chief finance officers' and finance leaders' demographics:
| Chief Finance Officer | Finance Leader | |
| Average age | 52 | 46 |
| Gender ratio | Male, 71.9% Female, 28.1% | Male, 60.0% Female, 40.0% |
| Race ratio | 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% | Black or African American, 7.5% Unknown, 4.1% Hispanic or Latino, 14.2% Asian, 10.0% White, 63.8% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 12% | 11% |