Chief Financial Officer Average Salary in Norway 2021
How much money does a Chief Financial Officer make in Norway?
LOW
584,000
NOK AVERAGE
1,270,000
NOK HIGH
2,020,000
NOK
A person working as a Chief Financial Officer in Norway typically earns around 1,270,000 NOK per year. Salaries range from 584,000 NOK (lowest) to 2,020,000 NOK (highest).
This is the average yearly salary including housing, transport, and other benefits. Chief Financial Officer salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Chief Financial Officer Salary Distribution in Norway
The median, the maximum, the minimum, and the range
Salary Range
Chief Financial Officer salaries in Norway range from 584,000 NOK per year (minimum salary) to 2,020,000 NOK per year (maximum salary).
Median Salary
The median salary is 1,370,000 NOK per year, which means that half (50%) of people working as Chief Financial Officer(s) are earning less than 1,370,000 NOK while the other half are earning more than 1,370,000 NOK. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.
Percentiles
Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of Chief Financial Officer(s) are earning less than 880,000 NOK while 75% of them are earning more than 880,000 NOK. Also from the diagram, 75% of Chief Financial Officer(s) are earning less than 1,830,000 NOK while 25% are earning more than 1,830,000 NOK.
What is the difference between the median and the average salary?
Both are indicators. If your salary is higher than both of the average and the median then you are doing very well. If your salary is lower than both, then many people are earning more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary
Chief Financial Officer Salary Comparison by Years of Experience
How does experience and age affect your pay?
The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher your wage. We broke down Chief Financial Officer salaries by experience level and this is what we found.
A Chief Financial Officer with less than two years of experience makes approximately 663,000 NOK per year.
While someone with an experience level between two and five years is expected to earn 885,000 NOK per year, 34% more than someone with less than two year's experience.
Moving forward, an experience level between five and ten years lands a salary of 1,310,000 NOK per year, 48% more than someone with two to five years of experience.
Additionally, Chief Financial Officer(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 1,600,000 NOK per year, 22% more than someone with five to ten years of experience.
If the experience level is between fifteen and twenty years, then the expected wage is 1,740,000 NOK per year, 9% more than someone with ten to fifteen years of experience.
Lastly, employees with more than twenty years of professional experience get a salary of 1,880,000 NOK per year, 8% more than people with fifteen to twenty years of experience.
Chief Financial Officer average salary change by experience in Norway
| 0 - 2 Years | 663,000 NOK | |
| 2 - 5 Years | +34% | 885,000 NOK |
| 5 - 10 Years | +48% | 1,310,000 NOK |
| 10 - 15 Years | +22% | 1,600,000 NOK |
| 15 - 20 Years | +9% | 1,740,000 NOK |
| 20+ Years | +8% | 1,880,000 NOK |
Typical Salary Progress for Most Careers
Chief Financial Officer Salary Comparison By Education
How do education levels affect salaries?
Displayed below is the average salary difference between different Chief Financial Officer(s) who have the same experience but different education levels.
We all know that higher education equals a bigger salary, but how much more money can a degree add to your income? We broke down Chief Financial Officer salaries by education level in order to make a comparison.
When the education level is High School, the average salary of a Chief Financial Officer is 813,000 NOK per year.
While someone with a Certificate or Diploma gets a salary of 957,000 NOK per year, 18% more than someone having a High School degree.
A Bachelor's Degree gets its holder an average salary of 1,390,000 NOK per year, 45% more than someone with a Certificate or Diploma.
Professionals who hold a Master's Degree are rewarded with an average salary of 1,820,000 NOK per year, 31% more than someone with Bachelor's Degree.
Chief Financial Officer average salary difference by education level in Norway
| High School | 813,000 NOK | |
| Certificate or Diploma | +18% | 957,000 NOK |
| Bachelor's Degree | +45% | 1,390,000 NOK |
| Master's Degree | +31% | 1,820,000 NOK |
Is a Master's degree or an MBA worth it? Should you pursue higher education?
A Master's degree program or any post-graduate program in Norway costs anywhere from 255,000 Norwegian Krone(s) to 765,000 Norwegian Krone(s) and lasts approximately two years. That is quite an investment.
You can't really expect any salary increases during the study period, assuming you already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.
Many people pursue higher education as a tactic to switch into a higher paying job. The numbers seem to support the thoery. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.
If you can afford the costs of higher education, the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.
Typical Salary Difference by Education for Most Careers
Chief Financial Officer Salary Comparison By Gender
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male Chief Financial Officer employees in Norway earn 4% more than their female counterparts on average.
| Male | 1,300,000 NOK | |
| Female | -4% | 1,240,000 NOK |
Salary Comparison By Gender in Norway for all Careers
Chief Financial Officer Average Annual Salary Increment Percentage in Norway
How much are annual salary increments in Norway for Chief Financial Officer(s)? How often do employees get salary raises?
Chief Financial Officer
Chief Financial Officer(s) in Norway are likely to observe a salary increase of approximately 15% every 15 months. The national average annual increment for all professions combined is 9% granted to employees every 15 months.
Norway / All Professions
The term 'Annual Salary Increase' usually refers to the increase in 12 calendar month period, but because it is rarely that people get their salaries reviewed exactly on the one year mark, it is more meaningful to know the frequency and the rate at the time of the increase.
How to calculate the salary increment percentage?
The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 ÷ Increase Frequency
Annual Increment Rate By Industry 2020
| Banking | 9% | |
| Energy | 9% | |
| Information Technology | 9% | |
| Healthcare | 9% | |
| Travel | 9% | |
| Construction | 9% | |
| Education | 9% |
Listed above are the average annual increase rates for each industry in Norway for the year 2020. Companies within thriving industries tend to provide higher and more frequent raises. Exceptions do exist, but generally speaking, the situation of any company is closely related to the economic situation in the country or region. These figures tend to change frequently.
Worldwide Salary Raises: All Countries and All Jobs
Chief Financial Officer Bonus and Incentive Rates in Norway
How much and how often are bonuses being awarded?
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A Chief Financial Officer is considered to be a high bonus-based job due to the generally limited involvement in direct revenue generation, with exceptions of course. The people who get the highest bonuses are usually somehow involved in the revenue generation cycle.
12% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 88% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 5% to 9% of their annual salary.
| Received Bonus | 88% | |
| No Bonus | 12% |
Types of Bonuses Considered
Individual Performance-Based BonusesThe most standard form of bonus where the employee is awarded based on their exceptional performance.
Company Performance BonusesOccasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.
Goal-Based BonusesGranted upon achieving an important goal or milestone.
Holiday / End of Year BonusesThese types of bonuses are given without a reason and usually resemble an appreciation token.
Bonuses Are Not Commissions!
People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.
What makes a position worthy of good bonuses and a high salary?
The main two types of jobs | |
| Revenue Generators | Supporting Cast |
Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business. | Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations. |
Example: | Example: |
Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.
Bonus Comparison by Seniority Level
Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.
Chief Financial Officer Average Hourly Wage in Norway
610 NOK per hourThe average hourly wage (pay per hour) in Norway is 610 NOK. This means that the average Chief Financial Officer in Norway earns approximately 610 NOK for every worked hour.
The hourly wage is the salary paid in one worked hour. Usually jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fix amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.
Chief Financial Officer VS Other Jobs
The average salary for Chief Financial Officer is 53% more than that of Executive and Management. Also, Executive and Management salaries are 35% more than those of All Jobs.
Salary comparison with similar jobs
| Job Title | Average Salary |
| Account Coordinator | 545,000 NOK |  -57% |
| Administration Manager | 659,000 NOK | -48% |
| Area Manager | 617,000 NOK | -51% |
| Asset Protection Associate | 750,000 NOK | -41% |
| Assistant Director | 662,000 NOK | -48% |
| Assistant Manager | 754,000 NOK | -41% |
| Assistant Operations Manager | 805,000 NOK | -37% |
| Assistant Project Manager | 673,000 NOK | -47% |
| Assistant Section Head | 572,000 NOK | -55% |
| Assistant to CEO | 642,000 NOK | -49% |
| Assistant Vice President | 756,000 NOK | -40% |
| Associate Director | 745,000 NOK | -41% |
| Bid Manager | 772,000 NOK | -39% |
| Branch Manager | 808,000 NOK | -36% |
| Business Development Manager | 857,000 NOK | -32% |
| Business Operations Associate | 677,000 NOK | -47% |
| Business Operations Lead | 743,000 NOK | -41% |
| Campaign Manager | 761,000 NOK | -40% |
| Chairman of The Board | 1,360,000 NOK |  +7% |
| Chairman Office Manager | 861,000 NOK | -32% |
| Chief Corporate Officer | 1,040,000 NOK | -18% |
| Chief Executive Officer | 1,360,000 NOK | +7% |
| Chief Financial Officer | 1,270,000 NOK | +0% |
| Chief of Staff | 648,000 NOK | -49% |
| Chief Operating Officer | 982,000 NOK | -23% |
| Chief Risk Officer | 840,000 NOK | -34% |
| Client Services Manager | 901,000 NOK | -29% |
| Commercial Project Manager | 737,000 NOK | -42% |
| Commodity Broker | 550,000 NOK | -57% |
| Corporate Affairs Executive | 793,000 NOK | -38% |
| Corporate Compliance Director | 906,000 NOK | -29% |
| Corporate Director | 917,000 NOK | -28% |
| Corporate Officer | 626,000 NOK | -51% |
| Corporate Partnerships Officer | 620,000 NOK | -51% |
| Country Manager | 1,090,000 NOK | -14% |
| Deputy Director | 911,000 NOK | -28% |
| Director | 1,050,000 NOK | -17% |
| Director of Accreditation | 909,000 NOK | -28% |
| Director of Catering Services | 786,000 NOK | -38% |
| Director of Client Services | 875,000 NOK | -31% |
| Director of Facilities Management | 766,000 NOK | -40% |
| Director of Operations | 909,000 NOK | -28% |
| Director of Process Simplification | 713,000 NOK | -44% |
| Director of Project Management | 958,000 NOK | -25% |
| Director of Revenue Management | 823,000 NOK | -35% |
| Director of Training and Development | 833,000 NOK | -34% |
| Distribution Manager | 948,000 NOK | -25% |
| Division Manager | 802,000 NOK | -37% |
| Duty Manager | 762,000 NOK | -40% |
| Engagement Manager | 937,000 NOK | -26% |
| Executive Director | 1,310,000 NOK | +3% |
| Executive Manager | 1,120,000 NOK | -12% |
| Franchise Manager | 1,190,000 NOK | -6% |
| General Manager | 1,000,000 NOK | -21% |
| Global Master Data Manager | 906,000 NOK | -29% |
| Head of Middle Office | 822,000 NOK | -35% |
| Head of Projects | 920,000 NOK | -28% |
| Head of Sustainability | 735,000 NOK | -42% |
| Housing Manager | 693,000 NOK | -45% |
| HSE Manager | 726,000 NOK | -43% |
| Key Account Manager | 760,000 NOK | -40% |
| Knowledge Manager | 828,000 NOK | -35% |
| Location Manager | 816,000 NOK | -36% |
| Logistics Manager | 717,000 NOK | -44% |
| Management Consultant | 723,000 NOK | -43% |
| Management Executive | 979,000 NOK | -23% |
| Manager | 907,000 NOK | -29% |
| Managing Director | 1,050,000 NOK | -17% |
| MIS Executive | 940,000 NOK | -26% |
| Ocean Services Manager | 917,000 NOK | -28% |
| Operations Assistant | 664,000 NOK | -48% |
| Operations Director | 1,050,000 NOK | -17% |
| Operations Executive | 955,000 NOK | -25% |
| Operations Manager | 975,000 NOK | -23% |
| Operations Supervisor | 837,000 NOK | -34% |
| Policy Administration Executive | 780,000 NOK | -39% |
| Private Sector Executive | 812,000 NOK | -36% |
| Product Development Manager | 882,000 NOK | -31% |
| Product Executive | 750,000 NOK | -41% |
| Production Executive | 907,000 NOK | -29% |
| Production Manager | 893,000 NOK | -30% |
| Production Supervisor | 747,000 NOK | -41% |
| Program Manager | 945,000 NOK | -26% |
| Programme Coordinator | 646,000 NOK | -49% |
| Project Control Manager | 975,000 NOK | -23% |
| Project Coordinator | 573,000 NOK | -55% |
| Project Management Officer | 659,000 NOK | -48% |
| Project Manager | 649,000 NOK | -49% |
| Project Portfolio Manager | 717,000 NOK | -44% |
| Quality Manager | 745,000 NOK | -41% |
| R/D Director | 799,000 NOK | -37% |
| Regional Director | 1,220,000 NOK | -4% |
| Regional Manager | 906,000 NOK | -29% |
| Relationship Manager | 935,000 NOK | -26% |
| Retail District Manager | 617,000 NOK | -51% |
| Revenue Manager | 744,000 NOK | -41% |
| Risk and Capital Manager | 973,000 NOK | -23% |
| Risk Officer | 693,000 NOK | -45% |
| Safety Manager | 667,000 NOK | -47% |
| Section Head | 679,000 NOK | -47% |
| Service Manager | 750,000 NOK | -41% |
| Shift Supervisor | 541,000 NOK | -57% |
| Solutions Manager | 612,000 NOK | -52% |
| Supervisor | 561,000 NOK | -56% |
| Supply Chain Manager | 996,000 NOK | -22% |
| Surveyor | 601,000 NOK | -53% |
| Technical Manager | 831,000 NOK | -35% |
| Territory Manager | 893,000 NOK | -30% |
| Validation Manager | 751,000 NOK | -41% |
| Vice President | 1,060,000 NOK | -16% |
| Zone Manager | 969,000 NOK | -24% |
Salary Comparison By City
| City | Average Salary |
| Oslo | 1,410,000 NOK |
| Stavanger | 1,290,000 NOK |
| Tromso | 1,160,000 NOK |
| Trondheim | 1,310,000 NOK |
Government vs Private Sector Salary Comparison
Where can you get paid more, working for a private company or for the government? Public sector employees in Norway earn 5% more than their private sector counterparts on average across all sectors.
| Private Sector | 596,000 NOK | |
| Public Sector | +5% | 628,000 NOK |
