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We’re pleased to share our 2025 PE CFO Report, the 10th annual edition of our ongoing research into compensation, recruitment trends, and the evolving role of the CFO in private-equity-backed companies.

This year’s findings are informed by the perspectives of more than 1,300 CFOs worldwide, all operating in PE-backed environments. Their responses offer a clear, sometimes sobering, view of how compensation, governance, mobility, and sponsor relationships are evolving in a market still working through an extended exit slowdown.

At long last—thank you for your patience—we’re pleased to make this report available ahead of its official release next week.

Below are several trends that stood out most to our partners and colleagues at Vardis.

Trends Worth Watching

Compensation: Flat Targets, Softer Outcomes—for Now

Target compensation (base salary plus bonus) remains largely unchanged year over year. However, actual compensation declined by 4%, driven primarily by an 11% decrease in bonus payouts.

That said, the longer-term story remains more stable than volatile. Expected equity returns at liquidity have leveled off after growing at a 5% CAGR since 2018, and CFOs stepping into new roles continue to capture a ~10% “move premium” in cash compensation.

Looking ahead, we expect upward pressure on compensation in 2026 as exit activity begins to recover and CFOs are re-priced to market.

The CFO Is No Longer Anchored to HQ

Only 42% of CFOs now work from headquarters, and just 8% relocated in 2025, compared to a historical average closer to 28%. Notably, 30% of PE CFOs now commute from a city different from where their company is based.

This flexibility is not evenly distributed. Two-thirds of CFOs at companies exceeding $500M in revenue remain on-site, underscoring a strong correlation between company scale and physical presence.

For sponsors and boards, this shift carries implications for culture, leadership accessibility, and future candidate expectations—especially as remote norms harden.

Demand Remains Robust—Even Without Exits

Despite fewer liquidity events, CFO demand remains strong. Respondents report receiving two or more inbound opportunities per month from investors and recruiters.

A notable structural shift is underway: first-time CFOs now account for 24% of new appointments, up from 15% in 2024. This reflects a 60% expansion in PE-backed portfolio companies since 2022, creating meaningful opportunity for Controllers and VPs of Finance—even as prior PE CFO experience remains the gold standard.

Exit Slowdown Is Extending Tenure

On an annualized basis, 2025 has seen fewer PE exits than any year since 2017, resulting in fewer CFOs being “priced to market.”

Average CFO tenure has increased 10% to 3.33 years, though performance pressures remain real. Only 40% of CFOs report results meeting or exceeding the original investment thesis, yet 61% expect improved outcomes in 2026, suggesting cautious optimism despite macro constraints.

Analytical Rigor Takes Center Stage

Two-thirds of respondents plan to increase investment in FP&A over the coming year, reinforcing the CFO’s expanding analytical mandate.

Meanwhile, 21% cited AI as a leading disruptor of their business model, and the continued swing toward analytics—away from traditional people management—may help explain the sustained rise of the remote CFO model.

Download the Report Here

About Vardis: Vardis is a global executive and board search firm dedicated to serving private equity and growth equity firms and their portfolio companies. Our compensation surveys and original research are fundamental to our core recruiting process.