Good morning. Women executives who reach the top in finance are reshaping the profession while creating newfound value for their companies, according to Boston Consulting Group (BCG).
“Women CFOs Say the Climb Is Worth It” is a new BCG report by Anna Oberauer, partner, and Alexander Roos, global leader of BCG’s Center for CFO Excellence. Over the past year, they spoke with about a dozen women CFOs who’ve made it to the top despite challenges.
“Their stories reveal valuable lessons for aspiring female leaders—and for companies eager to build a more inclusive, high-performing workforce,” according to the report.
One of the top findings is that women who have reached the CFO seat share a common passion—they love their work. Conversations revealed that the women have thrived in challenges and complexity, and desired to have an impact on steering their companies. Another commonality is these women are widely respected, well-compensated, and influential.
What the CFOs interviewed also have in common is they broke down barriers by claiming a place in the room, which included speaking up and taking risks. That reminded me of a recent conversation I had with Betsy Ward, who retired from her role as CFO of MassMutual at the end of 2024. She was the first woman to become CFO at the Fortune 500 company.
Ward’s poignant piece of career advice—make it known that you are ready and willing to take on new challenges. “I do think it’s important that people understand your intellectual curiosity, your energy and passion, your broader interests, and that you aren’t just in love with what you do now,” she explained. Your manager may not always ask you where you want to take your career, she added. "You have to let it be known," Ward said.
BCG asked the CFOs interviewed to offer advice for the next generation of women. For starters, dive in, even if you’re not ready, they said. "Study after study shows that women wait until they feel 100% confident that they have the requisite skills before putting themselves forward for a new position," the authors write.
Earlier this month, Christine Dorfler, EVP and CFO of the National Football League shared with me the best career advice she’s received: “Do the things that scare you a little because that’s how you grow,” she said.
An important aspect that BCG addresses in the report is that women remain underrepresented in finance management roles. Regarding big firms, the annual Crist Kolder Associates Volatility Report takes a look at 671 Fortune 500 and S&P 500 companies. In 2024, 17.6% of CFO roles were held by women. That’s up from 10.6% in 2014. It’s progress but more is needed. However, there may be a greater representation of women CFOs in mid-market and privately-owned companies.
BCG also noted that inclusive companies see increased employee performance, engagement, and retention, "slashing attrition by as much as 50%."
“The finance function is evolving,” Margarita Salvans, CFO of Mango, told BCG. “Excellence today requires strong team-building skills, empathy, and negotiation and diplomacy—areas where women naturally excel.”
You can read the report here.
