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We are pleased to share our 2025 PE CFO Report, our 10th annual edition tracking compensation, recruitment trends, and the evolving CFO landscape. We surveyed 1,300 CFOs of PE-backed companies worldwide to understand their perspective on compensation, governance, mobility, and the working relationship with their sponsors.

TRENDS WORTH WATCHING

COMPENSATION FLAT BUT STABLE

Target compensation (base and bonus) is largely unchanged, though actual compensation declined 4% driven by an 11% decrease in bonus payouts. Expected equity returns at liquidity have stabilized after growing at a 5% CAGR since 2018. CFOs taking on new roles continue to see a 10% "move premium" in cash compensation. We expect increases in 2026 as exit activity rebounds.

MAJORITY OF CFOs NOW WORK OUTSIDE HQ

Only 42% of CFOs work from headquarters and just 8% relocated in 2025 (vs. 28% historically). 30% of all PE CFOs now "commute" from a city other than where their job is located. There is a strong correlation between size and work location: two-thirds of CFOs in companies over $500M revenue remain on-site. For sponsors, this shift has implications for culture, team dynamics, and candidate expectations.

DEMAND REMAINS ROBUST

CFOs report receiving an average of 2+ opportunities monthly from investors and recruiters. First-time CFOs now represent 24% of appointments, up from 15% in 2024. This shift reflects a 60% expansion in PE portfolio companies since 2022, creating opportunities for Controllers and VPs of Finance despite "PE CFO experience" remaining the preferred qualification.

EXIT SLOWDOWN EXTENDING TENURE

On an annualized basis, 2025 has seen fewer exits than any year since 2017, resulting in fewer CFOs being "priced to market." Average CFO tenure is up 10% to 3.33 years. Only 40% report operating results meeting or exceeding the initial investment thesis, though 61% expect improved results in 2026.

ANALYTICAL FOCUS INTENSIFIES

Two-thirds of respondents will invest in FP&A this coming year. 21% cited AI as a leading disruptor of their current business model. The swing toward analytics and away from people management is likely a contributor to the remote CFO trend.

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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.