Women CFO Progress Stalls: Global Percentage Drops for First Time Since 2020
The percentage of women serving as CFOs dropped globally for the first time since 2020, according to new research. Women had made major progress in the CFO role, with their representation nearly doubling to 13.6% by 2023.
Women's progress in reaching chief financial officer positions has hit a roadblock. For the first time since at least 2020, researchers documented a global drop in the percentage of women serving as CFOs, according to MSCI's Women on Boards and Beyond report.
The decline marks a concerning reversal after years of steady gains. Women in C-suite roles had made major progress since 2015, especially as CFOs where their representation had almost doubled to 13.6% in 2023. The CFO position showed the strongest improvement of any C-suite role, reaching 14% globally with particularly strong representation in Singapore and Australia at 30%, and 20% in both the US and Europe.
The stakes are high for companies. Research shows that businesses with gender-diverse boards deliver 2-5% higher annual returns than companies with fewer women in leadership. Despite progress in CFO roles, women remain underrepresented in CEO positions across most markets.
The data suggests that momentum toward gender equality in executive leadership may be slowing or stalling entirely. This trend affects not just individual career opportunities but also company performance and broader economic outcomes.
This reversal threatens years of progress toward equal representation in top business roles. Companies with gender-diverse leadership deliver 2-5% higher annual returns, meaning this trend could hurt business performance and limit career opportunities for women.
Watch for 2024 year-end data to see if this represents a temporary setback or the start of a longer trend.
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