Welcome to our 2025 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 survey of PE-backed CEOs, this report helps 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 December 2025 of 353 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.

Methodology

In an online survey, we asked participants to provide compensation data from 2024 for bonuses and 2025 for base compensation. All data collected is self-reported by CFOs and has been aggregated to evaluate trends in compensation packages, including base salary, bonus, equity or long-term incentives, and joining bonuses.

Market context

Private equity (PE) firms raise unprecedented levels of capital, yet a prolonged period of valuation misalignment, muted initial public offering (IPO) activity, and a quieter strategic environment constrains new deal formation. As a result, sponsors have shifted their focus toward extracting value from existing portfolio companies, many of which were acquired under pre- or mid-pandemic assumptions that have been difficult to realize amid post-Covid-19 dislocation, tariff uncertainty, and broader macro volatility.

In this environment, CFO leadership has become a primary lever for value creation. With longer hold times and limited exit optionality, PE backers are increasingly willing to change CFOs mid-hold to accelerate performance, support strategic pivots, or reset execution discipline. A move once viewed as disruptive is now seen as necessary, particularly as the scope and complexity of the CFO role has expanded.

In our experience, the prevalence of hybrid roles is higher than in prior cycles, with meaningful implications for compensation design. As value creation has become more operationally intensive, the CFO is increasingly positioned as the strategic and operational execution engine of the business who is responsible not only for financial stewardship but also for transformation initiatives, systems build-out, integration, and scalability.

This shift has raised the bar for CFO capability. Sponsors are placing greater emphasis on candidates with broader skill sets and leadership range, including the ability to step into enterprise-wide operational decision-making. Notably, approximately 19% of current Fortune 500 CEOs now have prior CFO experience, reinforcing the expanding mandate and elevated expectations for the role. As companies grow or their strategies shift, not all incumbent CFOs are equipped to or interested in evolving alongside the business.

Looking ahead, we anticipate a gradual improvement in the deal environment, assuming macroeconomic conditions remain relatively stable. Speculation points to increased exit activity as IPO markets reopen, strategic buyers re-engage, and valuation expectations between buyers and sellers continue to converge. While this improvement is unlikely to shorten hold periods materially, it should lead to greater transaction volume as long-held assets begin to trade.

In that context, demand for high-impact CFOs is expected to remain strong. Some exits will reflect improved outcomes driven by leadership changes made during the downturn, while others will be driven more by market normalization. In either case, as realized capital is redeployed and new acquisitions resume, CFO hiring will increasingly shift from performance-driven replacements toward leadership builds aligned with new investment theses and that continue to support expansion in role scope, expectations, and compensation for top-tier PE-backed CFO leaders.

Download the full report PDF.

About the authors

Gustavo Alba (galba@heidrick.com) is co-global managing partner of the Private Capital Practice; he is based in the Miami and New York City offices. 

Stephen Schwanhausser (sschwanhausser@heidrick.com) is co-global managing partner of the Private Capital Practice; he is based in the Stamford office.

Sachi Vora (svora@heidrick.com) is a partner and global leader of the Financial Officers Practice; she is based in the New York office.

Elizabeth Simpson (esimpson@heidrick.com) is a partner and a member of the Financial Services and Financial Officers practices; she is based in the New York office.

Will Moynahan (wmoynahan@heidrick.com) is a managing partner of the Private Equity Practice across Europe & Africa; he is based in the London and Dublin offices.