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The differences between chief finance officers and finance vice presidents 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 vice president takes usually requires 6-8 years. Additionally, a finance vice president has an average salary of $147,603, which is higher than the $143,947 average annual salary of a chief finance officer.
The top three skills for a chief finance officer include payroll, CPA and oversight. The most important skills for a finance vice president are CPA, financial analysis, and oversight.
| Chief Finance Officer | Finance Vice President | |
| Yearly salary | $143,947 | $147,603 |
| Hourly rate | $69.21 | $70.96 |
| Growth rate | 6% | 17% |
| Number of jobs | 145,184 | 111,219 |
| Job satisfaction | - | 5 |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 75% |
| 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 vice president of finance is one of the highest-ranking executives in a company. He/She or she works under the chief financial officer, and both have similar duties that are often interchangeable. This executive's primary function is to oversee the company's financial records and project future financial plans and investments. The finance vice president ensures that the company's finances are managed suitably and effectively. This role's responsibilities include leading the team towards achieving the company's financial mission, monitoring the financial performance, preparing and presenting financial reports, and conducting audits on financial expenditures, assets, and liabilities.
Chief finance officers and finance vice presidents have different pay scales, as shown below.
| Chief Finance Officer | Finance Vice President | |
| Average salary | $143,947 | $147,603 |
| Salary range | Between $80,000 And $257,000 | Between $98,000 And $222,000 |
| Highest paying City | Washington, DC | San Francisco, CA |
| Highest paying state | California | Alaska |
| Best paying company | Baker McKenzie | Baltimore City Community College |
| Best paying industry | Construction | Manufacturing |
There are a few differences between a chief finance officer and a finance vice president in terms of educational background:
| Chief Finance Officer | Finance Vice President | |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 75% |
| Most common major | Accounting | Accounting |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between chief finance officers' and finance vice presidents' demographics:
| Chief Finance Officer | Finance Vice President | |
| Average age | 52 | 46 |
| Gender ratio | Male, 71.9% Female, 28.1% | Male, 73.7% Female, 26.3% |
| 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, 7.6% Unknown, 4.1% Hispanic or Latino, 14.5% Asian, 10.1% White, 63.4% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 12% | 11% |