Executive Roles for Women and Racial and Ethnic Minorities
A Few Facts:
- Women made up 16% of CFOs in 2022, which is up from 6.3% in 2004;
- Racial and ethnic diversity among CFOs and CEOs has increased; the percentage of companies with diverse CFOs is about 10%, up from 5.2% in 2014 and 2.9% in 2004, and the percentage of companies with diverse CEOs tracks at about the same rate;
- Women make up 8% of chief executives, which is also an all-time high;
- In 2022, the number of CEOs who are women increased for the fourth consecutive year, most of them in the financial sector;
- That CFO-to-CEO trajectory is most common in the financial sector; about 26% of CEOs in the financial sector came directly from a CFO position, and the industrial, services and consumer sectors were next, each at 17%;
- CFOs who earn an undergraduate degree in business overwhelmingly major in accounting; 61% of CFOs graduated with an undergraduate degree in business and 45% of those majored in accounting.
Source: Kevin Brewer, The Number of CFOs Who are Women Hits an All-Time High, Journal of Accountancy, February 2, 2023,
Read more on this topic! Go to TXCPA's website for the article "Why Women are Critical for Your DEI Initiative."
