A new study by finance management platform OneStream has found that companies with women chief financial officers (CFOs) consistently outperform industry benchmarks, yet the number of women in these roles has remained stagnant for over a decade.
The research, which analysed Global Fortune 500 and FTSE 100 companies across the US, UK, and Europe, revealed that firms with female CFOs delivered an average annual shareholder value increase of 4.5 percent—0.2 percent higher than their respective industry averages. In underperforming companies, the appointment of a woman CFO led to a 10 percent improvement in total shareholder return compared to their predecessors, Fortune reported.
Despite this outperformance, the percentage of female CFOs has remained fixed at 25 percent since 2011.
The study also found regional variations in revenue growth following the appointment of women CFOs: US companies saw a 7.3 percent increase, while those in Europe and the UK recorded even stronger growth at 10.6 percent and 12.8 percent, respectively. Sector-wise, energy firms with women CFOs outperformed the market by 2.8 percent, and health sector firms by 4.7 percent.
OneStream examined the LinkedIn profiles of 346 CFOs—86 of them women—and surveyed 700 senior finance professionals to understand career trajectories and leadership styles. Women were more likely to identify with “financial guardian” and “strategic architect” personas, which emphasise risk tolerance, transparency, and long-term planning. Male CFOs leaned towards “digital operator” and “resilient reformer” archetypes, focused more on technology and transformation.
Hope King, founder of Macro Talk, noted that women are often appointed during times of crisis. “They’re seen as detail-oriented, thoughtful in their approach, and relentlessly hard-working,” she said.
The study also highlighted the role of automation in reshaping career paths. While it typically takes women three years longer than men to reach the CFO chair—18 years versus 15—83 percent of women CFOs said AI and automation could help diversify access to leadership roles. Nearly 70 percent felt these technologies were already supporting their personal career growth.
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