Compensation for chief financial officers rose 9% in 2021 compared to the prior year, as CFOs helped their companies navigate the ongoing economic effects of the pandemic, including a tight labor market, backlogged supply chains and higher inflation.

Finance chiefs at S&P 500-listed companies last year made $4.7 million in median compensation, continuing an upward trajectory that began before the pandemic, according to data firm MyLogIQ. The data is based on proxy filings from 280 companies, or more than half of the index, according to the firm. Compensation for chief executive officers rose last year, as well, increasing for most by 11% or more, according to a Wall Street Journal analysis of MyLogIQ data.

A sharp increase in cash bonuses contributed to the overall rise in compensation for CFOs from the prior year, according to MyLogIQ. Median bonus pay for CFOs jumped 40% in 2021, to $700,000, according to the dataset. Some companies temporarily revised their formulas for annual cash bonuses in 2020 after the pandemic upended their forecasts. The stronger bonus pay comes as corporate earnings across industries remain strong.