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REPORT | Despite Receiving Higher Compensation Than in Traditional Finance, Almost All Web3 CFOs Are Paid in Fiat

A recent analysis on 2024 remuneration by Request financial, a shard of BitKE, indicates that the Web3 industry is growing more profitable, with financial professionals receiving larger salary packages than their counterparts in traditional businesses. Accountants, CFOs, COOs, finance directors, managers, FP&A executives, fractional CFOs, and other finance roles employed by Web3 companies were interviewed for the study.

In comparison to their web2 counterparts, CFOs (+17%), Finance Managers (+17%), and Accountants (+128%) earn significantly more in Web3 salaries, according to the report.

“With an average yearly salary of $181,000, CFOs are the highest paid professionals in Web3 finance, with an overall average salary of $145,000.”

Experience and geography do, however, play a major role in pay, with 58% of American respondents making over $200,000 and those with more than 20 years of experience earning an average of $174,000—more than twice as much as those in their early careers. Status inside an organization has an impact on salaries as well. Since they hold the highest position in the financial hierarchy, CFOs inevitably have the highest average compensation ($181,000). Although the average salary for all Web3 finance roles is $145,000, there are large variations in the data. Seven respondents make more than $300,000 annually, with the lowest basic pay being $15,000. Of them, 91% have worked for more than six years.

  • The compensation is typically done in Fiat currencies, with 87% of respondents fully or partially paid in Dollars, Euros, or other fiat currencies.
  • 79% of CFOs earn more than $100,000 each year, and almost 36% earn more than $200,000
  • Nearly half of Web3 finance professionals receive some or all of their remuneration in cryptocurrencies, with 42% of respondents being paid at least partly in crypto, such as stablecoins and/or company tokens
  • Among the few who receive stablecoins, 78% receive USDC
  • Cryptocurrency pay is low across the board, but it’s even lower for CFOs. Nearly all of them are paid in fiat, with only a few receiving part of their compensation in crypto.

  • Majority of the professionals surveyed work for startups and small and medium-sized businesses (SMB)
  • Women earn 46% less than men in Web3 finance roles
  • Remote working is also the standard for web3 CFOs, with 55% working only remotely and 92% doing so at least partially.

The vast majority of respondents are in their thirties when it comes to the age profile of finance workers in Web3. In this survey, professionals over 50 and under 30 are underrepresented.

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