Study: Corporations Pay Women CFOs 16 Percent Less Than Men

 At the moment, women in America earn about 77.4 cents for every dollar earned by their male counterparts, and as we’ve been noting, the pay gap extends to even the most lucrative of industries. In the financial sector, women earn about 55 to 62 centsfor every dollar made by men, while women who head major lobbying firms make about 57 cents to the dollar.

According to a study by the corporate governance firm GMI Ratings, the pay gap is also quite large for women who are the chief financial officers for major companies. In fact, women CFOs make about 16 percent less than their male colleagues, which in the highly-paid corporate world shakes out to about $215,000 per year:

Female chief financial officers at U.S. companies are paid an average of 16 percent less than their male counterparts of similar age at companies with comparable market values, according to a study. [...]

Female CFOs received on average $1.32 million a year in total compensation, compared with $1.54 million for their male counterparts, according to a model based on the analysis. Compensation included base salary, bonuses, grant-date value of stock awards and stock option grants and retirement benefits. [...]

Using the model, White and Gladman found that, even after accounting for other factors that might affect CFO pay, including market capitalization and chief executive officer pay levels, the average female CFO would earn about $215,000 more if she were male.

A pay gap like this, even with the stratospheric pay that occurs at the top echelon of corporate America, should be unacceptable (and persists despite recent effortsto close it). Due to the gender pay gap, women with the same education doing the same job as men earn far less over their working lifetimes, costing a woman with a college degree $723,000 over a 40-year career.

AlterNet / By Pat Garofalo

Posted at April 2, 2012, 5:17am

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