Welcome to our 2024 Private Equity–Backed Chief Financial Officer Compensation Survey, an analysis of compensation in both the United States and Europe for this critical role. Together with our surveys of PE-backed CEOs and PE investment and operating professionals around the world, these reports help to create a comprehensive picture of the compensation that key executives are currently receiving in a wide range of positions.

For this report, Heidrick & Struggles compiled compensation data from a survey fielded in summer 2024 of 317 senior financial officers, mostly in the United States and Europe. While most carried the title of chief financial officer (CFO), the survey group also included top or lead financial executives with other titles.

We hope you enjoy reading the survey, and we welcome suggestions, so please feel free to contact us questions and comments.

Key findings

As private equity has become a more significant part of the economy, and particularly as exit activity has dropped off, demand for experienced leaders for portfolio companies continues to increase as more and more firms are seeking to drive value creation over longer time periods. In that context:

• It’s notable that two-thirds of respondents to this survey have 10 or fewer years of experience at PE-backed companies. This suggests that PE firms are continuing to increase their interest in leaders who have not previously worked at PE-backed companies.¹  
• Compensation remains strong for CFOs at PE-backed companies, in base, bonus, and equity. Respondents in the United States with less than five years of CFO experience reported significantly higher total compensation, underscoring the increasing competitiveness even for first-time CFOs. 
• A notably higher share of respondents expect an exit in just one to two years than did so in our 2022 survey, suggesting that hold times may be shortening. In the longer run, that may affect the market. 
• Finally, the findings suggest that hybrid work models are here to stay and may be another incentive for at least some leaders: 69% of respondents are remote or hybrid, with only 18% saying that they are fully back in the office.

For more, download the full report. 

About the authors

Alyse Bodine (abodine@heidrick.com) is a partner in Heidrick & Struggles’ Philadelphia office and co-head of the Financial Officers Practice. She is also regional managing partner of the Corporate Officers Practice in the Americas. 

Susie Clements (sclements@heidrick.com) is a partner in Heidrick & Struggles’ London office and regional managing partner of the Corporate Officers Practice in Europe & Africa.

Stephen Schwanhausser (sschwanhausser@heidrick.com) is a partner in Heidrick & Struggles’ Stamford office and the global managing partner of the Private Equity Practice.

Elizabeth Simpson (esimpson@heidrick.com) is the partner in charge of the Heidrick & Struggles’ New York and Stamford offices and a member of the Financial Services and Financial Officers practices.

Sachi Vora (svora@heidrick.com) is a partner in Heidrick & Struggles’ New York office and co-head of the global Financial Officers Practice; she is also a member of the CEO & Board of Directors Practice.

Reference

¹ We first noted this trend in relation to CFOs in our 2022 report. For more, see Alyse Bodine, Stephen Schwanhausser, and Elizabeth Simpson, 2022 Private Equity-Backed CFO Compensation Survey, Heidrick & Struggles, August 2, 2022, heidrick.com. For our most recent report examining CEOs at PE-backed companies, see Jeffrey Sanders and Stephen Schwanhausser, 2023 Private Equity–Backed Chief Executive Officer Compensation Survey, Heidrick & Struggles, August 2, 2023, heidrick.com.