The expected salary range for middle-market CFOs

CFOs at middle-market companies can expect a base salary of at least $350,000 a year, according to new research by executive search firm JM Search.

The most common base salary range for finance chiefs working at middle-market companies is between $350,000 and $399,000. Middle-market companies were defined in the survey as having annual revenue between $100 million and $500 million.

The 2025 CFO Compensation & Insights Study surveyed 312 finance chiefs across the country. About one-third of those surveyed were from the health care and life sciences sector, and more than 40% worked for middle-market companies.

Not surprisingly, the survey found that CFO base salaries increase with company size.

In small companies with revenues under $100 million, the most common base salary range is $250,000 to $299,000. Large companies with revenues exceeding $500 million offer the highest salaries. The most common range is $400,000 to $449,000, with 22% of respondents in this bracket earning $450,000 or higher.

CFO target bonus percentages also increased with company size. In middle-market companies, standard bonuses are in the range of 50% to 59% of base salary. In large companies, the target bonus is the same. In small companies, the target bonus is less than 50%.

Other findings in the survey:

• Experience is a top driver of CFO compensation, with salary and bonus amounts increasing as years in the role accumulate. For base salary, maximum increases are achieved at six to 10 years. For bonuses, it’s more than 10 years.

• Traditional finance paths (financial planning and analysis (FP&A) and controller/accounting) are the most common for CFOs, but a background in capital markets (private equity and investment banking) is gaining traction in certain sectors.

• As finance leaders build teams, they are making deliberate investments in roles that enable the most high-value contributions to organizational success. Respondents said that EBITDA growth (70%) contributes most to value creation for their business, followed by operational excellence (54%) and executive leadership (46%).

— To comment on this article or to suggest an idea for another article, contact Kevin Brewer at Kevin.Brewer@aicpa-cima.com.