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Chief Financial Officer Average Salary in Norway 2021

How much money does a Chief Financial Officer make in Norway?

Average Yearly Salary
1,270,000 NOK
( 106,000 NOK monthly)


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

Median and salary distribution yearly Norway Chief Financial Officer
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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?

Salary comparison by years of experience yearly Norway Chief Financial Officer
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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.

On average, a person's salary doubles their starting salary by the time they cross the 10 years* experience mark.
* Based on the average change in salary over time. Salary variations differ from person to person.

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
Percentage increase and decrease are relative to the previous value

Typical Salary Progress for Most Careers

Salary Comparison By Experience Level
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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.

Salary comparison by education level yearly Norway Chief Financial Officer
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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
Percentage increase and decrease are relative to the previous value

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

Salary Comparison By Education Level
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Chief Financial Officer Salary Comparison By Gender

Salary comparison by gender yearly Norway Chief Financial Officer
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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.

1,300,000 NOK
1,240,000 NOK
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Norway for all Careers

Salary comparison by gender yearly Norway
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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.

Annual Salary Increment Rate Norway Chief Financial Officer
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The figures provided here are averages of numbers. Those figures should be taken as general guidelines. Salary increments will vary from person to person and depend on many factors, but your performance and contribution to the success of the organization remain the most important factors in determining how much and how often you will be granted a raise.

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

The average salary increase in one year (12 months) in Norway is 7%.

Annual Increment Rate By Industry 2020

Information Technology

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

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Chief Financial Officer Bonus and Incentive Rates in Norway

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Norway Chief Financial Officer
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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
No Bonus

Types of Bonuses Considered

Individual Performance-Based Bonuses

The most standard form of bonus where the employee is awarded based on their exceptional performance.

Company Performance Bonuses

Occasionally, 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 Bonuses

Granted upon achieving an important goal or milestone.

Holiday / End of Year Bonuses

These 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 GeneratorsSupporting 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.

A graphics designer working for a graphics designing company.

A graphic designer in the marketing department of a hospital.

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.

Try to work for companies where your skills can generate revenue. We can't all generate revenue and that's perfectly fine.

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 hour

The 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.

Hourly Wage = Annual Salary ÷ ( 52 x 5 x 8 )

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

Salary Comparison Between Chief Financial Officer and Executive and Management yearly Norway
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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 TitleAverage Salary
Account Coordinator545,000 NOK-57%
Administration Manager659,000 NOK-48%
Area Manager617,000 NOK-51%
Asset Protection Associate750,000 NOK-41%
Assistant Director662,000 NOK-48%
Assistant Manager754,000 NOK-41%
Assistant Operations Manager805,000 NOK-37%
Assistant Project Manager673,000 NOK-47%
Assistant Section Head572,000 NOK-55%
Assistant to CEO642,000 NOK-49%
Assistant Vice President756,000 NOK-40%
Associate Director745,000 NOK-41%
Bid Manager772,000 NOK-39%
Branch Manager808,000 NOK-36%
Business Development Manager857,000 NOK-32%
Business Operations Associate677,000 NOK-47%
Business Operations Lead743,000 NOK-41%
Campaign Manager761,000 NOK-40%
Chairman of The Board1,360,000 NOK+7%
Chairman Office Manager861,000 NOK-32%
Chief Corporate Officer1,040,000 NOK-18%
Chief Executive Officer1,360,000 NOK+7%
Chief Financial Officer1,270,000 NOK+0%
Chief of Staff648,000 NOK-49%
Chief Operating Officer982,000 NOK-23%
Chief Risk Officer840,000 NOK-34%
Client Services Manager901,000 NOK-29%
Commercial Project Manager737,000 NOK-42%
Commodity Broker550,000 NOK-57%
Corporate Affairs Executive793,000 NOK-38%
Corporate Compliance Director906,000 NOK-29%
Corporate Director917,000 NOK-28%
Corporate Officer626,000 NOK-51%
Corporate Partnerships Officer620,000 NOK-51%
Country Manager1,090,000 NOK-14%
Deputy Director911,000 NOK-28%
Director1,050,000 NOK-17%
Director of Accreditation909,000 NOK-28%
Director of Catering Services786,000 NOK-38%
Director of Client Services875,000 NOK-31%
Director of Facilities Management766,000 NOK-40%
Director of Operations909,000 NOK-28%
Director of Process Simplification713,000 NOK-44%
Director of Project Management958,000 NOK-25%
Director of Revenue Management823,000 NOK-35%
Director of Training and Development833,000 NOK-34%
Distribution Manager948,000 NOK-25%
Division Manager802,000 NOK-37%
Duty Manager762,000 NOK-40%
Engagement Manager937,000 NOK-26%
Executive Director1,310,000 NOK+3%
Executive Manager1,120,000 NOK-12%
Franchise Manager1,190,000 NOK-6%
General Manager1,000,000 NOK-21%
Global Master Data Manager906,000 NOK-29%
Head of Middle Office822,000 NOK-35%
Head of Projects920,000 NOK-28%
Head of Sustainability735,000 NOK-42%
Housing Manager693,000 NOK-45%
HSE Manager726,000 NOK-43%
Key Account Manager760,000 NOK-40%
Knowledge Manager828,000 NOK-35%
Location Manager816,000 NOK-36%
Logistics Manager717,000 NOK-44%
Management Consultant723,000 NOK-43%
Management Executive979,000 NOK-23%
Manager907,000 NOK-29%
Managing Director1,050,000 NOK-17%
MIS Executive940,000 NOK-26%
Ocean Services Manager917,000 NOK-28%
Operations Assistant664,000 NOK-48%
Operations Director1,050,000 NOK-17%
Operations Executive955,000 NOK-25%
Operations Manager975,000 NOK-23%
Operations Supervisor837,000 NOK-34%
Policy Administration Executive780,000 NOK-39%
Private Sector Executive812,000 NOK-36%
Product Development Manager882,000 NOK-31%
Product Executive750,000 NOK-41%
Production Executive907,000 NOK-29%
Production Manager893,000 NOK-30%
Production Supervisor747,000 NOK-41%
Program Manager945,000 NOK-26%
Programme Coordinator646,000 NOK-49%
Project Control Manager975,000 NOK-23%
Project Coordinator573,000 NOK-55%
Project Management Officer659,000 NOK-48%
Project Manager649,000 NOK-49%
Project Portfolio Manager717,000 NOK-44%
Quality Manager745,000 NOK-41%
R/D Director799,000 NOK-37%
Regional Director1,220,000 NOK-4%
Regional Manager906,000 NOK-29%
Relationship Manager935,000 NOK-26%
Retail District Manager617,000 NOK-51%
Revenue Manager744,000 NOK-41%
Risk and Capital Manager973,000 NOK-23%
Risk Officer693,000 NOK-45%
Safety Manager667,000 NOK-47%
Section Head679,000 NOK-47%
Service Manager750,000 NOK-41%
Shift Supervisor541,000 NOK-57%
Solutions Manager612,000 NOK-52%
Supervisor561,000 NOK-56%
Supply Chain Manager996,000 NOK-22%
Surveyor601,000 NOK-53%
Technical Manager831,000 NOK-35%
Territory Manager893,000 NOK-30%
Validation Manager751,000 NOK-41%
Vice President1,060,000 NOK-16%
Zone Manager969,000 NOK-24%

Salary Comparison By City

CityAverage Salary
Oslo1,410,000 NOK
Stavanger1,290,000 NOK
Tromso1,160,000 NOK
Trondheim1,310,000 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
Percentage increase and decrease are relative to the previous value

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