The chief financial officer (CFO) or chief financial and operating officer (CFOO) is a corporate officer primarily oversees and manages the financial risks of a company or organization. CFO is also responsible for financial planning and record-keeping, as well as financial reporting to higher management. However, Chief Financial Officer (CFO) Salary in the UAE and in other countries may differ according to years of experience.
What is the difference between CEO , CFO and COO?
Some might get confused to find the difference between these titles, so here is a brief explanation:
CEO – Chief Executive Officer – They are the head of management for an organization. They report to the board of directors.
COO – Chief Operating Officer – This person is the senior manager who is responsible for the day to day operations or an organization. However, not all companies have one. This person could be thought of as the second in command behind the Chairman or CEO.
CFO – Chief Financial Officer – This person manages the corporation’s financial risk. They deal with data analysis, financial planning and record keeping. Although they report to the CEO, they may also sit on the board of directors.
As for the Chief Financial Officer (CFO) Salary in the UAE, we introduce you below to a number of figures of different sources:
According to Morgan McKinle website, in “UAE Salary Survey 2015″, a Chief Finance Officer (CFO) of Finance & Operations would be paid 100,000 – 110,000 for 3-5 years’ experience, while 5-8 years’ experience CFOs would be paid 110,000 – 130,000. On the other hand, CFOs with more than 8 years’ experience would be paid $ 128,000 +.
Another source is “Robert Half 2016 Salary Guide in the UAE”. It mentioned that a CFO in a large company was paid $ 240,000 – $600,000 in 2015, but in 2016, this figure raised to $ 247,500 – $ 618,500 . However, Small and medium-sized companies and firms, pay CFOs about $ 228,500 – $ 509,000 in 2016.
On the other hand, and according to Pay Scale website, the average salary for a Chief Financial Officer (CFO) in Dubai can reach up to AED 626,754 annually. A skill in Accounting is associated with high pay for this job. Most people in this job have more than five years’ experience in related jobs.