More CFOs in Fortune 500 and S&P 500 companies hold hold a Master of Business Adminiustration (MBA) degree than industry-standard CPA credentials, according to a new report from Crist | Kolder.
The report found 51% of CFOs in Fortune 500 and S&P 500 companies hold MBA degrees, compared to just 38% with CPA credentials. More than 13% of CFOs hold both MBA and CPA credentials.
The trend towards MBA-credentialed CFOs has been building over the past decade. In 2017, the gap was much narrower, with 46% of CFOs holding MBAs and 35% holding CPAs.
The annual Crist | Kolder Volatility Report examines the backgrounds and measures the turnover of C-Suite executives in a portfolio of America’s leading companies made up by combining the Fortune 500 and the S&P 500.
The report also found:
- More CFOs (51%) have an MBA than CEOs (43%).
- The number of CEOs with an MBA has remained relatively steady over the last eight years at around 43%.
- The number of CFOs without MBAs or CPAs is decreasing annually.
- Harvard’s MBA program produces the most CEOs, while the University of Chicago produces the most CFOs.
A report by The CFO said the changing face of CFO credentials was mirrored by shifts in the demographic makeup of finance chiefs.
“Gender diversity among CFOs has nearly doubled over the past decade, with 17.8% of CFOs now being women, up from 10.6% in 2014. Similarly, ethnic and racial diversity has seen a marked increase, nearly tripling over the same period. As of 2024, 13.8% of CFOs are ethnically or racially diverse, compared to just 5.2% a decade ago.
The Crist | Kolder report also said while there was a slight dip in CFO-to-CEO promotions in the first half of 2024, the overall trend over the past decade has been upward with about 7% of CEOs promoted directly from the CFO role, down slightly from 8.4% in 2023 but up from 6.2% in 2014.
“The dominance of MBAs over CPAs is just one indicator of a broader shift towards CFOs who can combine financial acumen with strategic thinking and leadership skills,” THE CFO report said.
“For aspiring CFOs, the message is clear: while technical expertise remains important, it’s the ability to see the big picture and drive business strategy that will increasingly differentiate top candidates in the years to come.”
