While there are not that many women holding the top positions in corporate America, this did not stop them from earning more than their male counterparts last year.
According to the latest statistics, compensation for women who hold the position of Chief Financial Officer at S&P 500 companies outdid that of male CFO’s last year, following closely in the footstep of the same trend that has been occurring with female Chief Executive Officers over the past several years.
Last year, saw the median pay for female Chief Executive Officers rise by close to 11%, bringing it up to $3.32 million. This is a fraction higher that the average median compensation for male CFO’s which rose by 7 percent in 2014 to reach $3.3 million. This trend of increasing pay has been ongoing for both women and men and can be seen as a reflection of the fact that over the past several years, the responsibilities of a Chief Financial Officer have expanded significantly, including higher visibility for the position.
The Role of a Sample Size
The analysis which determined the median pay took into consideration several factors, among them salary with all bonuses, stock awards and options. However, it needs to be noted that the fact that there are so few female CFO’s in the S&P 500 companies which qualified and were included in the analysis, 60 women compared to 437 men, could mean that the sample size has skewed the final numbers.
A similar issue can be seen with the study of the pay of female Chief Executive Officer’s. According to a study performed last year, median pay for female CEO’s came out at $15.9 million for 2014, significantly higher than $10.4 million for their male counterparts. However, the number of women in CEO positions is under 20.