How many CFOs are not CPAs?

A significant portion of CFOs are not CPAs, with recent data (2023-2024) showing roughly 60-62% of CFOs in large U.S. companies lack the CPA designation, as more hold MBAs or come from diverse financial backgrounds, though this varies by company size and industry. While the percentage of CPA CFOs has declined (from over 50% in 2012 to around 38-43% in recent years for S&P 500/Fortune 500), the role's focus has shifted to strategy and leadership beyond traditional accounting.

What percent of CFOs have a CPA?

In 2012, 55% of S&P 2000 CFOs had CPA designations, the study found. By 2022, that figure was down to 43%. The bad news: You don't have an accounting degree. This hit me like a Mack Truck my first days in office.

Can you be CFO without CPA?

A CFO does not need to have a CPA, CFA, or MBA designation. But of the three, having a CPA designation does help dramatically . I've passed the CPA, and I can say that it is the most important designation to have if you're considering being a startup CFO.

What percent of CFOs are CFAS?

According to an Accounting Today article, MBAs were preferred over CPAs when hiring for CFO roles. Their survey found 52.5% of CFOs had MBAs, while 38.5% were CPAs. The percentage of CFOs without either credential was 21.5%.

How many Fortune 500 CFOs are CPAs?

Did you know 38% of CFOs in Fortune 500 and S&P 500 companies are CPAs? The certification equips you with in-demand skills like Financial Reporting, Tax Planning, and Business Regulation—exactly what top firms like Deloitte, KPMG, and PwC look for.

How to Start a Fractional CFO Firm in 2026

Is a CPA harder than a bar?

There's no definitive answer, as it's subjective, but many who've taken both find the CPA Exam harder due to its four distinct sections, breadth of technical accounting knowledge, and the need to pass all within 18 months (a marathon), while the Bar Exam is often seen as a more intense, physically demanding sprint over two days testing broad legal concepts. The CPA's difficulty often comes from its multifaceted nature and the challenge of mastering different accounting/tax areas, whereas the Bar's challenge lies in the sheer volume of legal information and mental stamina required over consecutive days. 

What is the most common degree for a CFO?

While some CFOs graduated with degrees outside of finance, a large percentage of these financial experts completed their masters in business administration (MBA). An MBA might increase your chances of securing the CFO title, but it's not the only degree that matters.

Is CFA harder than CPA?

While both are tough, the CFA is generally considered harder due to significantly lower pass rates (around 13.5% for all levels) and much greater study time (300+ hrs/level vs. 80-120 hrs/section for CPA), requiring mastery of vast financial concepts, whereas the CPA (around 50% pass rate) focuses more on accounting principles and has fewer, though still demanding, sections (4 parts) with generally higher passing chances. The difficulty depends on your background: the CFA tests new, broad finance topics, while the CPA covers a breadth of accounting areas, making each challenging in different ways. 

Can you be called an accountant without CPA?

Not all accountants are CPAs (certified public accountants), but all CPAs are in the accounting profession. Typically, an accountant has achieved a bachelor's degree in accounting. A certified public accountant earns this designation after completing specific educational and work requirements and passing a CPA exam.

What is the 80/20 rule for financial advisors?

The 80/20 rule (Pareto Principle) for financial advisors means 80% of results come from 20% of efforts, primarily applying to client revenue (top 20% clients generate most profit) and activities (20% of tasks drive 80% of success), leading advisors to focus on high-value clients, crucial activities like strategic planning, and identifying the 20% of investments that yield 80% of returns. It emphasizes prioritizing the most impactful actions and clients to maximize business growth and efficiency, even applying to personal finance for things like focusing on high-interest debt or high-growth investments.
 

What is a typical CFO salary?

The average CFO salary varies significantly by industry, company size, and location, but generally ranges from around $260,000 to over $400,000 annually for base pay, with total compensation (including bonuses, equity, etc.) often reaching $500,000 to over $1 million for senior roles in large companies. Tech and Financial Services CFOs typically command higher salaries (often $400k+) than those in other sectors. 

Can you make $500,000 a year as an accountant?

Yes, an accountant can make $500k a year, but it's rare and typically requires reaching top-tier positions like partner at a large firm, C-suite executive (like CFO) at a major corporation, or owning a highly successful firm, often involving significant experience, high-leverage skills, business development, and substantial sacrifice, far beyond typical staff accountant roles. 

What is the average age of first time CFO?

Globally, the average appointment age for CFOs sits in the early 50s, suggesting that financial leadership is often seen as a culmination of long-term executive development.

Why are CPA pass rates so low?

A common complaint from CPA candidates concerns the enormity of the exam material. Since accounting concerns itself with frequently changing statutes and laws, there are many details one has to commit to memory. Another way to put it is that there are more than 600 key points packaged into representative tasks.

Is MBA better than CPA?

Neither a CPA nor an MBA is inherently "better"; the best choice depends on your career goals: a CPA is ideal for deep accounting expertise and public accounting (auditing, tax), while an MBA suits broader business leadership, management, or pivoting to roles like consulting or investment banking, though you can pursue both for maximum flexibility and earning potential. Choose CPA for specialized technical finance, MBA for general management and strategy, or both if you aim for high-level finance/leadership roles. 

What is the most common degree for CEOs?

Economics, business administration, and engineering are the most popular subjects studied by top CEOs. On average, 34.6% of top CEOs have a master's or doctorate degree and. 22.3% of top CEOs have a Master of Business Administration (MBA), 16.4% of top CEOs studied abroad; and.

Is an accounting degree useless without CPA?

No, an accounting degree is not useless without a CPA; it opens many doors in corporate, government, and non-profit sectors (like financial analysis, management accounting, and internal audit), but a CPA is often essential for public accounting (especially auditing), high-level management roles (like CFO/Controller), and roles requiring public attestations, with the CPA providing a significant career boost, higher earning potential, and faster advancement, according to Bellevue University, Franklin University, Post University, and SuperfastCPA. 

Is it illegal to call yourself a CPA?

They should secure a valid CPA certificate and a license from their states to become eligible to use the designation on their business card and resume, with their name in a directory, or with their signature on written communication.

Do CPAs make more than accountants?

CPA vs Accountant Salary

CPAs with less than one year of experience earn $70,000 annually, while those with more than 20 years of experience earn $150,000. In fact, according to the Bureau of Labor Statistics, CPAs earn 10% to 25% more than non-certified accountants.

Which pays more CFA or CPA?

CFAs typically have a higher earning potential than CPAs. CPAs often work with financial decisions that companies have already made, such as preparing tax documents and audits, while a CFA typically helps their clients make these financial decisions and plan for financial success.

Is 67% enough to pass CFA?

A 67% score is generally considered strong and likely enough to pass a CFA exam, especially if you have strong scores in key weighted topics, but it's not a guarantee as the Minimum Passing Score (MPS) varies by exam difficulty, with experts recommending aiming for 69% or higher (e.g., 70%+) for a comfortable pass on Level 1 and Level 2 to be safe. While 67% is above the historical average for some levels (like Level 2's 66% average), the MPS can fluctuate, so focus on strong performance across all areas, especially weighted ones like Fixed Income or Ethics. 

Is CFA harder than bar?

CFA Exams Pass Rates

The CFA exams are perhaps the most challenging exams out there. They are often referred to as “bar none” the toughest exams—even harder than medical school or law school exams—with pass rates that hover around 50% and were much lower during the recent pandemic.

What credentials do most CFOs have?

Top Chief Financial Officer Certifications

• Chartered Financial Analyst (CFA) ...
• Certified Public Accountant (CPA) ...
• Certified Management Accountant (CMA) ...
• Certified Financial Services Auditor (CFSA) ...
• Chartered Global Management Accountant (CGMA) ...
• Financial Risk Manager (FRM) ...
• Certified Treasury Professional (CTP)

What is the typical CFO salary?

A typical CFO salary varies widely, but generally ranges from around $200k to over $500k+ in base pay, with public companies and high-growth sectors like tech offering significantly more, often including substantial bonuses, equity, and stock options, leading to total compensation easily reaching over $1 million in top roles, while mid-market private firms might see averages closer to $240k base salary. Key factors influencing pay are company size, industry, location (major hubs pay more), and experience level.
 

Is being a CFO a big deal?

Becoming a Chief Financial Officer (CFO) is a significant career achievement that represents the pinnacle of the finance profession. CFOs oversee growth plans, raise capital, manage cash, forecast revenue, support other executives, and the list goes on… Being a CFO isn't just a title, it's a massive responsibility.