With a changed regulatory environment and intense competition, companies are in hot pursuit for quality CFOs. Executive search firms said there is an urgency to fill such posts which may have fallen vacant. The resultant spike in demand has pushed up CFO salaries incrementally over the past few years.
Usually, a CFO's salary is about 30% of the CEO's compensation. But it has risen incrementally to 33% in 2011 and 34% 2012, according to Moorthy K Uppaluri, CEO, Randstad India.
Earlier, corporates were run on a steady state basis with some growth planned every year in their regular business. Increasingly, however, corporates are looking to grow exponentially and at times in new unrelated areas, triggering the need to look for alternative sources of funding.
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