Still Only 12% of Fortune 500 CFOs are Women

The gender pay gap may be narrowing, but the bigger question remains: Why aren’t more women appointed to the CFO position?

Women Make More Than Men in This C-Level Position

by Valentina Zarya, Fortune December 2015

Ruth Porat took over the CFO title at Google, moving over from Morgan Stanley this year.Photograph by Chip Somodevilla — Getty ImagesThe numbers add up.

As a rule, men out-earn women in the U.S., making about 77 cents for every dollar a man makes. Yet when it comes to the salaries of corporate finance leaders, it’s the men who have catching up to do.

A new study by executive compensation firm Equilar and the Associated Press found that female CFOs at S&P 500 companies made more than their male counterparts in 2014, according to the AP. On average, women finance chiefs made about $200,000 more than men, with a median salary of $3.32 million.

Female CFOs’ salaries are also growing faster than those of male CFOs; last year, women’s earnings increased by 11%, while men’s earnings increased by 7%, according to the report.

The highest paid female CFO is Google’s (and parent company Alphabet’s) Ruth Porat, who was paid $14.4 million in 2014 (she was Morgan Stanley’s CFO at the time). Porat made her first appearance on Fortune‘s list ofMost Powerful Women this year, coming in at No. 26. When Google announced Porat’s hire, the company’s market cap rose by $65 million—so it’s probably safe to say she isn’t budging from the top-earner list.

J. P. Morgan Chase’s Marianne Lake, who took home $9.1 million in 2014, is the second-highest paid female CFO. No. 31 on our list of Most Powerful Women, Lake has held the CFO post at J.P. Morgan Chase for nearly three years now, overseeing a balance sheet with $2.4 trillion in assets.

Before we all start celebrating, however, it’s important to note that while they may out-earn men, women CFOs are still greatly outnumbered: There were only 60 female CFOs in the S&P 500 last year, reports theAP.