CFO - Commercial Services

CFO COMPENSATION IN PE-BACKED COMMERCIAL SERVICES FIRMS

We analysed compensation data from 106 CFOs operating within Private Equity-backed Commercial Services businesses across North America.
The data is segmented by revenue size to illustrate how CFO compensation, incentive structures, and equity participation evolve as platforms scale and financial complexity increases.

RESPONDENT BREAKDOWN

31% from firms backed by PE funds under $500M AUM
38% from firms with $50M–$150M revenue
31% from firms with over $150M revenue

BASE SALARY

Firms < $50M Revenue

Lowest: $100,000
Median: $225,000
Highest: $300,000

Firms $50M–$150M Revenue

Lowest: $190,000
Median: $300,000
Highest: $365,000

Firms > $150M Revenue

Lowest: $250,000
Median: $350,000
Highest: $400,000+

BONUS STRUCTURE

91% of CFOs at firms < $50M receive a bonus of 50% or less
84% of CFOs at firms $50M–$150M receive a bonus of 50% or less
76% of CFOs at firms > $150M receive a bonus of 50% or less

Key insight: Even at scale, CFO bonus structures remain tightly capped, reflecting PE’s preference for predictability in cash compensation and alignment through equity rather than variable pay.

EQUITY & PROFIT PARTICIPATION

46% of CFOs at firms < $50M receive carry or profit/partner share
58% of CFOs at firms $50M–$150M receive carry or profit/partner share
71% of CFOs at firms > $150M receive carry or profit/partner share

Equity participation increases materially with scale, reinforcing the CFO’s central role in value creation, capital structuring, M&A execution, and exit preparation.

KEY TAKEAWAYS

CFO base salaries scale consistently with revenue, rising from a $225K median in sub-$50M firms to $350K in businesses exceeding $150M.
Bonus structures remain conservative, with the majority of CFOs capped at ≤50% bonus targets across all revenue tiers.
Equity becomes a primary lever for upside at scale, particularly in larger platforms where CFOs are deeply involved in enterprise value creation.
Compensation standardisation increases beyond $150M revenue, with narrower dispersion around median pay levels.

Bottom Line

CFO compensation in PE-backed Commercial Services firms is disciplined, equity-aligned, and scale-driven.
As businesses grow, CFOs are rewarded less through variable cash incentives and more through ownership participation tied to long-term value creation and exit outcomes.

Looking to benchmark CFO compensation or hire a proven Commercial Services finance leader for your portfolio company?
Connect with kaj.coffey@raw-selection.com

Raw Selection | De-Risking Executive Search for Private Equity firms across Europe & North America

All insights in this salary report are derived from Raw Selection’s proprietary data.