Female Finance Chiefs Paid 16 Percent Less than Males

Female Finance Chiefs Paid 16 Percent Less than Males

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.