Female chief financial officers at companies in the U.S. are paid an average of 16 percent less than males in similar positions, according to a new study conducted by consulting firm GMI Ratings.
According to Bloomberg, the analysis was based on the salaries of more than 1,900 CFOs at companies with market values between $100 million and $25 billion as of 2010. Approximately 150 of these finance chiefs were female.
Specifically, female CFOs were paid an average of $1.32 million per year in total compensation, compared to $1.54 million for their male counterparts. The compensation figures included base salary, bonuses, stock awards and retirement benefits.
"It’s a pretty strong argument that men and women are not being treated the same," Tom White, director of quantitative research for GMI and co-author of the report, told the news source. White added that the model was also able to accurately predict a CFO's gender.
ThinkProgress reports the CFO compensation figures support other research that has found women in America earn approximately 77.4 cents for every dollar brought in by their male counterparts.