Across the board, women in finance are earning substantially less than their male counterparts. This, according to a new survey by CareerBank.com.
Based on responses to an E-mail survey from 2,575 finance staffers, CareerBank.com’s 2002 Salary Survey Report found that on average, women make $19,000 less than men. Alarmingly, as women move up the chain, the earnings gap actually gets wider: Female senior accountants make almost $12,000 less than their male counterparts. Women CFOs earn an average $35,000 less than their male peers. These numbers represent a difference of 30 to 40 percent between men and women.
The survey only focused on salary, and did not factor in benefits such as flex-time or child care provisions. Taking such components of the compensation package into consideration would only make up about half the difference, however, says CareerBank.com President Robert Epstein.
Aside from the traditional arguments for ethics and fair pay, the gender gap in pay is simply bad business, insists Epstein. He points out that there are now more female graduates in accounting and finance than men. “If over 50 percent of your employees are underpaid,” says Epstein, “it’s just not a good long-term business plan” for employee retention.
Other findings of the survey:
CFOs on the Move
Sharlene Abrams was named CFO of software maker Opsware Inc. Abrams was most recently CFO of Mercury Interactive Corp. … Housing manufacturer Champion Enterprises Inc. named Phyllis A. Knight EVP and CFO. Knight was previously president of the mortgage services division of Conseco Finance Corp. … MGP Ingredients Inc., a maker of wheat-derived proteins and starches, named Brian Cahill VP of finance and administration and CFO. Cahill had been serving as general manager of the company’s Pekin, Ill., operations.