Web3 Finance Salary Report - Salaries Up To 128% Higher Than In Traditional Finance
TL;DR intro
- CFO Average Salary:$181,000 (17% higher than traditional finance roles)
- Web3 Accountant Salary:Up to $114,000 (over 100% increase)
- Financial Analyst Salary in Web3:Around $108,000
- Financial Controller Salary in Web3:$134,000
- Gender Pay Gap:Women earn 46% less on average
Imagine a financial world where your knowledge of blockchain technology earns you a top salary, and your pay includes both regular money and crypto. This vision is coming true within the web3 ecosystem.
In web3, finance experts are growing in demand, earning much more lucrative packages than those in traditional finance. The 'Web3 Finance Compensation Report 2024' that was just released by the Web3 Finance Club shows a strong increase in salaries in this innovative area, offering hope for those thinking about moving into blockchain-based finance careers.
Here's the breakdown of the report:
Compensation Overviews and Trends
According to the recent study and report put out by the Web3 Finance Club, Chief Financial Officers (CFOs) in the web3 sector earn an average salary of $181,000 per year, which is about 17% higher than those in traditional finance roles. The earning potential for accountants and finance managers is even more impressive, with increases of over 100% compared to similar positions outside the web3 ecosystem. For instance, web3 accountants earn up to $114,000, a significant increase from their counterparts in traditional roles who earn considerably lower salaries.
In broader finance roles, the report indicates that financial analysts in Web3 can expect to earn around $108,000, while their counterparts in traditional sectors earn approximately $75,000. Financial controllers in the web3 space have an average salary of $134,000 compared to $96,000 in conventional roles. These numbers highlight the significant financial rewards available to those willing to transition to the blockchain and cryptocurrency sectors.
Addressing the Gender Pay Gap
The report reveals a concerning gender pay gap within the web3 finance sector. On average, women in these roles earn 46% less than their male counterparts, with an average salary of $106,000 compared to $155,000 for men. This gap is much larger than those reported in more traditional industries, highlighting the need for fairer compensation practices in this rapidly growing field.
To address this issue, the report suggests implementing transparent salary bands, strengthening HR policies, and launching initiatives to promote diversity and inclusion in the workplace. Closing this gap isn't just about fairness; it could also boost productivity and innovation by bringing in a broader range of perspectives and ideas.
The Impact of Cryptocurrency Payments
Despite the attractive offers, around 87% of web3 finance professionals still receive their pay in regular currencies. However, there's a gradual move towards getting paid in cryptocurrencies, showing the industry's focus on technology. This change reflects how compensation structures are evolving in industries heavily influenced by digital and blockchain technologies.
Companies like Kronos Research, Blockdaemon, Glean, and Binance are leading this shift. They offer various roles with good salaries and unique benefits. For example, the Binance Accelerator Programme in Thailand gives early career talents practical experience in the growing Web3 field, along with chances to network and develop skills important for future career growth.
The Future Landscape
As web3 keeps expanding, the need for skilled finance professionals is expected to rise, pushing salaries up even more. Advanced technologies like artificial intelligence and machine learning will continue to change the finance world, bringing both new opportunities and challenges for professionals.
