Gain comprehensive insights into Chief Financial Officer (CFO) salaries in India, covering both entry-level positions and the highest compensation packages. A CFO, the Chief Financial Officer, typically earns a monthly salary that translates to between ₹1 crore and ₹3 crore per year. This compensation can vary significantly based on factors such as experience, the industry, and geographical location. In larger corporations, CFOs often command compensation well above the average salary.
Who is a CFO (Chief Financial Officer)?
A Chief Financial Officer (CFO) is the top executive in charge of a company’s money matters and financial game plan. They keep an eye on key areas like planning the budget, managing risks, crunching numbers, making investments, and following the rules. A CFO collaborates closely with the CEO and other senior leaders to make strategic choices that foster business growth and profitability while maintaining financial stability. Essentially, the CFO serves as the financial backbone of the organization, balancing long-term objectives with daily financial operations.
CFO Salary Per Year in India
The table below provides a general overview of CFO salaries in India:
| Particulars | Details |
|---|---|
| Average CFO Salary in India | ₹1 crore to ₹3 crore annually. |
| CFO Salary in Tech Industry | ₹1.5 crore and ₹4 crore per year |
| Entry-Level CFO Salary in India | ₹12-25 lakh per year |
| Senior and Experienced CFOs | More than ₹3 crore. |
Important Takeaways
The compensation for a Chief Financial Officer (CFO) in India varies significantly based on their experience, the industry they operate in, and the size of their company. CFOs typically earn between ₹1 crore and ₹3 crore each year. However, in fast-growing sectors like technology, they often command higher salaries, ranging anywhere from ₹1.5 crore to ₹4 crore. Conversely, entry-level CFOs, particularly in smaller companies or at the start of their careers, earn less, approximately ₹12–25 lakh per year. Highly experienced CFOs in major corporations can achieve compensation exceeding ₹3 crore. This reflects their critical role in strategic decision-making and financial leadership.
CFO Salary Per Month in India
The following table provides a detailed overview of CFO salaries per month in India:
| Particulars | Details (Per Month in INR) | Insights |
|---|---|---|
| Average CFO Salary | ₹8.3 lakh – ₹25 lakh | Typical range across industries for mid to large companies. |
| CFO Salary in Tech Industry | ₹12.5 lakh – ₹33 lakh | Tech and IT companies pay significantly higher due to scale and profitability. |
| Entry-Level CFO Salary | ₹1 lakh – ₹2 lakh | Found in smaller firms, startups, or early-career CFOs. |
| Senior/Experienced CFOs | ₹25 lakh+ | In top corporations and MNCs, salaries exceed this, often with stock options and bonuses. |
| Perks & Benefits | Varies (Bonuses, ESOPs, Profit Sharing) | Total compensation often much higher than fixed salary. |
In small corporations and startups, entry-level CFOs earn around ₹1 – 2 lakh per month. For large corporations and MNCs, the average CFO salary is ₹8.3 – 25 lakh per month, with figures often higher in tech or finance-heavy industries.
Components of CFO Salary in India
A CFO’s compensation in India is not solely a fixed monthly payment but a composite structure. The base salary is the fundamental component, which varies based on the company’s size and industry. CFOs also receive bonuses tied to their performance. These additional payments depend on achieving financial goals, generating profits, or contributing to company growth. Many businesses also offer profit-sharing or commissions, a common practice in sectors where the CFO plays a significant role in revenue generation and cost reduction.
In large corporations and multinational companies, CFOs receive more than just a paycheck. Their compensation package often includes additional benefits such as employee stock plans, retirement funds, health and life coverage, travel allowances, and other top-level perks. Long-term rewards, like stock options and yearly bonuses, can significantly boost their total pay, sometimes making it two or three times their base salary. These add-ons align the CFO’s objectives with the company’s plans for growth and long-term sustainability. All these components of a CFO’s pay serve not only as remuneration for their work but also motivate these critical executives to focus on the business’s long-term success. By tying a portion of their earnings to the company’s performance, it gives CFOs a vested interest in the firm’s sustained success.
CFO Salary by Industry
Industry plays a significant factor in determining CFO salaries in India. Certain sectors offer higher compensation, while others may provide comparatively lower salaries, particularly for entry-level roles. In the BFSI industry, CFOs usually earn between 1 and 3.5 Crore per year. In the technology industry, salaries can go up to 4 Crore a year. Within the manufacturing industry, CFOs generally earn less, with salaries ranging between 1 and 2.5 Crore per year. In the Pharma and Healthcare industry, CFOs can earn between 1.2 to 2.7 Crore a year. Lastly, in FMCG, CFOs earn between 1 and 3 Crore per annum.
CFO Salary in MNC vs Indian companies
A primary distinction in remuneration between CFOs at Multinational Corporations (MNCs) and their Indian company counterparts stems from differences in organizational structure and scale. In MNCs, the CFO typically commands higher compensation, generally ranging from ₹2 crore to ₹5 crore per annum, along with global exposure, stock options, and performance-linked incentives. While Indian companies pay salaries in the range of ₹1 crore to ₹3 crore per annum, with the upper strata and conglomerates capable of competing at MNC levels, Indian Companies emphasize fixed and its annual variable pay in contrast to MNCs, which place a greater emphasis on long-term incentives like ESOPs and international bonuses.
CFO Salary in Smaller Companies/Startups vs Larger Corporations in India (2025)
The following table offers a comparative overview:
| Particulars | Smaller Companies / Startups | Larger Companies / Corporations |
|---|---|---|
| Monthly Salary Range | ₹1 lakh – ₹2 lakh | ₹8.3 lakh – ₹25 lakh+ |
| Annual Salary Range | ₹12 lakh – ₹25 lakh | ₹1 crore – ₹3 crore+ |
| Compensation Structure | Higher fixed pay, limited incentives | Mix of fixed pay, bonuses, ESOPs, and perks |
| Growth Opportunities | Faster role expansion but lower pay scale | Slower hierarchy but higher financial rewards |
| Perks & Benefits | Basic allowances, limited ESOPs | Comprehensive perks, ESOPs, insurance, bonuses |
| Risk Factor | Higher risk due to instability of startups | Lower risk, more financial stability |
| Role Scope | More operational, wearing multiple hats | Strategic, governance-focused, global exposure |
10 Key Factors Affecting CFO Salary in India
Here are 10 key factors influencing CFO salaries in India by 2025:
- Company Size And Scale – Bigger companies and MNCs typically offer significantly higher compensation than small firms and startups.
- Industry/Sector – Higher pay is offered by tech, finance, and FMCG sectors compared to manufacturing or traditional sectors.
- Experience & Seniority – More years of experience leads to higher compensation, especially with a strong track record of achievements.
- Educational Background – Possessing an MBA, CA, CFA, or foreign qualifications in finance often leads to better remuneration.
- Performance & Achievements – Successful fundraising, cost-cutting, M&A, or improvement in profitability directly influences earning potential.
- Company Revenues & Profitability – CFOs in high-revenue, profitable firms often receive greater bonuses and incentives.
- Location/City – Metro cities such as Mumbai, Bangalore, Delhi NCR, offer higher salaries than smaller cities.
- Exposure: CFOs with global experience in cross-border finance often command higher salaries.
- Salary Structure: Pay packages for CFOs vary, including base salary, performance bonuses, stock options, and long-term incentives.
- Domain or Industry: Salaries are generally higher in growing industries where skilled CFOs are in demand.
CFO Salary in India by Experience and City
Beyond industry specifics, both experience level and geographical location significantly impact CFO salaries in India:
| Experience Level | Mumbai (Monthly) | Bangalore (Monthly) | Delhi NCR (Monthly) | Other Cities (Monthly) |
|---|---|---|---|---|
| Entry-Level CFO | ₹1.5 – ₹2 lakh | ₹1.2 – ₹1.8 lakh | ₹1.2 – ₹1.7 lakh | ₹1 – ₹1.5 lakh |
| Mid-Level CFO | ₹6 – ₹12 lakh | ₹5 – ₹10 lakh | ₹5 – ₹9 lakh | ₹4 – ₹8 lakh |
| Senior CFO | ₹20 – ₹30 lakh+ | ₹18 – ₹28 lakh+ | ₹15 – ₹25 lakh+ | ₹12 – ₹20 lakh+ |
Highest CFO Salary in India
In India, top CFOs at major corporations and conglomerates can earn ₹30 crore or more annually. This comprehensive package typically comprises their base pay, bonuses, stock options, and other incentives. For instance, Tata Sons’ CFO, Saurabh Agarwal, reportedly earns around ₹30 crore per year. Another notable example is Pathamadai Balachandran Balaji, CFO of Tata Motors, who made ₹16.73 crore in FY23. This placed him among the highest-earning CFOs within the Tata Group. Generally, CFOs in India, particularly at large firms or in fast-growing fields, often have base salaries between ₹1 and 4 crore each year. When factoring in performance bonuses, stock or RSU grants, and other benefits, their total compensation can be much higher.
The following table highlights some of the leading CFO compensations in India:
| CFO | Company | Reported / Estimated Annual Compensation | Remarks |
|---|---|---|---|
| Saurabh Agarwal | Tata Sons | ~ ₹30 crore | Total compensation including all perqs. |
| P. B. Balaji | Tata Motors | ~ ₹16.73 crore | FY 2023-24 total package. |
| Nilanjan Roy | Infosys | ~ ₹10.61 crore | Includes base + restricted stock units etc. |
| Sample CFOs (large corporates) | Various industries | ₹1-4 crore to ₹30+ crore | Depends heavily on industry, scale, performance, equity component. |
| Average/typical CFOs | General population | ~ ₹3.7 million/year base; up to ~ ₹9 million in top 10% | Based on Payscale data for CFO roles. |
Note that in many cases the “salary” includes base pay + bonuses + equity/stock options etc., making total compensation much higher than base salary alone.
Essential CFO Qualifications
Most Chief Financial Officers (CFOs) possess a formal educational background in finance, accounting, or business administration. Common qualifications among these executives include a Chartered Accountant (CA) degree, a Cost Accountant (CMA) degree, a Chartered Financial Analyst (CFA) certificate, or a Master of Business Administration (MBA) in Finance or advanced business/finance programs. These programs equip aspiring CFOs with expertise in critical and intricate aspects of a corporation, such as financial planning, risk assessment, accounting, corporate governance, as well as strategic and advanced decision-making essential for navigating an institution’s complex financial obligations.
How to Become a CFO in India?
Entering the C-level suite is a significant milestone for anyone pursuing a career in finance and accounting. Most individuals aspiring to this role in India typically start by mastering fundamental principles of business, finance, or accounting and gaining experience in corporate roles such as a financial analyst, accountant, finance manager, or even controller. Accumulating practical experience is crucial, particularly in areas like budgeting, forecasting, risk assessment, and strategic finance within an organization. Many ambitious professionals pursue specialized certifications in accounting and finance, such as CA, CMA, or CFA, to enhance their expertise.
Advancing to a CFO position requires a consistent demonstration of leadership, strategic insight, and a deep understanding of business dynamics. Typically, professionals transition from roles like finance manager or director to positions such as VP of Finance or Finance Head before reaching the CFO level. Building a strong network, seeking mentorship, and gaining experience across various business areas can significantly accelerate this career path. Furthermore, working in high-revenue or multinational companies often provides opportunities for enhanced compensation and broader strategic influence.