A rising market and rising regulation have created a unique environment for pay in our study of S&P 500 CFOs. Key findings:

• Median total compensation for S&P 500 CFOs fell 3.1% in 2009, to $2.675 million, but bonuses were up a whopping 20.9%, with a median CFO bonus of $536,250
• Conglomerate CFOs have the highest median compensation, at $4.6 million, but the biggest rise in pay from 2008 to 2009 went to Consumer Goods CFOs, with a 9% increase
• While a majority of 2008 equity awards are underwater, those receiving grants in early 2009 saw major gains in intrinsic value as the market has recovered