Elevating Women in Finance: A CFO’s Perspective

According to recent data from the U.S. Department of Labor, women make up nearly 60% of accountants and 53% of finance managers in the United States.

Clearly, women today occupy roles in accounting and finance at significantly high rates. Recent research also shows that the majority of graduates with accounting majors are women, highlighting that it continues to be a promising career track for female professionals. As a result, many of us working in finance now have strong networks and supportive colleagues, including numerous talented women who have mentored or worked alongside us and fostered a deep sense of community.

Unfortunately, despite comprising a large portion of the finance workforce, women remain underrepresented in senior leadership positions. Women held 17.6% of CFO roles in Fortune 500 and S&P 500 companies in 2024. This is an increase in female CFOs compared to previous years, though there’s clearly still some work to be done.

Personally, I’ve always felt well-supported in my career path. That’s why I believe so strongly in the importance of mentorship and coaching the next generation of emerging finance leaders. As I observe young professionals, particularly women, entering and advancing in finance, I know how important it is for all of us to support their growth. We must make sure they have access to the peer and mentor networks, technology, training, and insights that will help accelerate their career progression.

An Unconventional Path to Finance Leadership

I took a unique route to becoming a CFO. I’m not a CPA; instead, I started as a management consultant with degrees in mathematics and economics, followed by a Masters in Business Administration (MBA). These fields traditionally have lower female participation—in my MBA program, about 30% of the students were women. I then spent eight years in private equity. Although the firm where I worked made significant efforts to support women in leadership, it was still part of a broader industry known for having one of the lowest representation rates for women. Throughout my career, I’ve often found myself as the only woman in meetings, on panels, or in strategic discussions. 

My path to becoming a CFO was shaped by strategic experiences rather than traditional accounting roles. This journey has made it even more rewarding for me to connect with fellow CFOs to learn about their careers and approaches to solving challenges, strategic decision-making, and building high-performance finance teams. I believe, as senior female finance leaders, it’s essential to not only claim those “seats at the table” but also create opportunities for others within our teams to elevate their learning and growth.

One way to do that is to openly share perspectives on the challenges and successes within the accounting and finance industry. Here are three insights that I’ve found particularly useful in my own career—many of which are spoken about by other senior female leaders I admire.

#1: Use Technology to Your Advantage

One notable trend I’ve observed, especially within the office of the CFO, is the significant advancements in technology available today compared to 10 years ago.

Leading professionals—many younger and rapidly advancing in their careers—are recognizing this shift and are best equipped to take advantage of the trend. They’re stepping forward with a technology-first mindset that resonates with their experience as millennials or digital natives, allowing them to harness new technology to their advantage.

For anyone passionate about tech, embracing these advancements and becoming an expert in your finance team can help elevate your role. The future of finance is increasingly tech-driven, which offers a great opportunity for women to use their natural skill sets, shape their career trajectories, and get more involved in automation projects within their organizations.

#2: Invest in New Skills

As you advance into leadership roles in accounting and finance, being overly specialized in one area becomes less viable. Instead, focus on building a comprehensive understanding of numerous areas within the function. 

Look for opportunities to cross-train with your peers. Volunteer to take over some projects or take on an interim role to learn something outside your primary domain. There are countless examples of the Revenue Accountant becoming an FP&A expert or the GL Accountant learning treasury.

The more you round out your skill set, the more valuable you are to your current and future organizations. And in many cases, you end up in an area of finance that is more well-suited to your long-term goals.

#3: Create Your Own Board of Directors

One concept that resonates with me when thinking about mentors is the idea of creating my own personal board of directors. For me, this board includes three types: Peers, Champions, and Mentors.

Champions are the most common. These people are directly in your line at your current company and help champion your growth and learning throughout the organization. It could be your manager or someone more senior to them, but these folks are people you are close to, and they can give feedback on your current work and growth aspirations.

Peers are hugely valuable and often overlooked. These are people in your company, a past company, or a similar role to yours and, therefore, face similar challenges. You are each building your career at the same time, so the challenges and successes you will face are similar to each other. These are safe people to bounce ideas off of, and you can celebrate each other over the years. Remaining in touch with groups of professional colleagues from past organizations (or schooling) who are building their careers at the same time is one of the best ways I have continued to network and grow.  

Finally, you have Mentors. The classic person who is 10+ years ahead of you in a career or role that you aspire to be in. These are busy, senior professionals, and you don’t expect to speak with them often. But when you really need seasoned advice, they are there for you. The insights drawn from people who have made the journey before and have come out the other side can help you accelerate and avoid pitfalls. 

Elevating Women as Finance Leaders

While providing career insights is a great way to share knowledge with emerging finance leaders, it’s also important to seek out other ways to uplift the women on your team.

For example, if you plan to attend an event, consider inviting other women who may not have received an invitation. By including more team members, finance leaders can make sure new voices are heard and can help them secure their own seats at the table.

Throughout my career, it’s been rewarding to see my employees grow and make an impact across our organization. As a finance leader within my team and part of a company that serves other finance leaders, I’m excited that Tipalti supports International Women’s Day in a bold way and is continuing to celebrate the contributions of women finance leaders within our community.