CFO success: Inspiring change in female mid-market leadership

This is a significant moment for women in leadership. With 34.0% of all senior management positions now held by women globally, it’s crucial to understand what’s driving progress in certain positions – and how these gains can be replicated across the C-suite. 

In this article, we explore how the rise of the female CFO is not only reshaping finance leadership but also how it can help increase female representation across all senior positions, ensuring businesses don’t miss out on another generation of female talent. 

The impact of global shifts on the CFO position 

To help other roles follow suit, the forces behind this increase in female CFOs need to be explored. We see two key factors at play: firstly, the impact of macroeconomic events on the CFO role and secondly, the impact of increased female participation in education. 

Macroeconomic motivators

The surge in female CFOs in the mid-market has coincided with a series of major macroeconomic disruptions. In the period following the 2008 financial crash, businesses have felt the impact of a series of shocks, from the Eurozone debt crises to China’s economic slowdown, and from the pandemic to surging energy prices following Russia’s invasion of Ukraine. 

Our Women in Business research shows that the biggest increases in global CFO figures all align with crucial moments for the global economy. For example, in the years following Brexit, the global economy saw trade agreements shift globally, new leadership enter into power in major economies and the start of the #MeToo movement. This correlates with the data where we have seen the percentage of women holding the CFO role increase by 15pp from 2017-2019. [1]

While these major economic events affected many aspects of a business, the role of the CFO has likely received particularly high levels of scrutiny. [2] With this resulting pressure causing higher turnover among CFOs, and creating space for a more diverse talent pool to rise, this is opening the doors for women to step into these roles and lead. 

As current events reshape the world and present new challenges, firms should evaluate if and how they can turn these challenges into opportunities. Businesses that proactively review succession planning and recruitment during times of change will be better positioned to improve gender balance at the top.

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Education participation – growing the talent pool  

The rise in the number of women in senior management has followed rapid growth in female participation in tertiary education. Consequently, more women have advanced qualifications, which can be particularly important for senior financial positions such as CFO. 

According to the Association to Advance Collegiate Schools of Business (AACSB) [3] female enrolments in the US on finance masters degrees rose 41% year-on-year in 2021/22, and 70% year-on-year for the rest of the world.

In Vietnam, where 68.2% of CFOs are women, women now account for 54% of tertiary education graduates. [4] We found this to be a common factor across other countries where women dominate the CFO role. 

The message is clear: Mid-market businesses need to continue to bridge the gap between education and leadership, ensuring women have clear pathways from the classroom to the boardroom. 

Catalyst for change  – pull up and step up

The increase in female CFOs is not only good news for that particular position, but it’s a launchpad for broader change. 

Higher levels of female CFOs can be a catalyst for increasing the number of women in other senior management positions. They can ‘pull up’ other women, supporting or mentoring them to fulfil their potential, helping them rise through the ranks to senior and board level roles. 

Female CFOs are also well positioned to ‘step up’ into the Chief executive officer (CEO) position, where women’s levels of participation remain at stubbornly low levels (21.7%). The CFO to CEO transition is a well-trodden path with [5] 40% of all global CEOs stepping into the role directly from being either a CFO, COO or head of division. This increase in the CFO numbers could therefore help shift this balance. 

Ripples throughout the C-suite

A strong female presence at the CFO level can challenge boardroom biases, influence governance practices, and foster a culture where women thrive in senior roles. The CFO’s rise shows what’s possible—and what could be next. 

But to truly capitalise on this breakthrough, mid-market firms must act with intention. To help firms increase the number of women holding senior roles, read our 2025 Women in Business report to learn how you can be part of the change.

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1. The question on roles was not asked in 2018, so this is an increase over 2 years
2. Chief financial officers leaving at the fastest rate in six years
3. Business schools make progress on gender balance
4. Leading to Success: The business case for women in business 
5. From CFO to CEO: the essential leadership skills