{"id":109381,"date":"2021-11-01T11:47:45","date_gmt":"2021-11-01T15:47:45","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=109381"},"modified":"2023-02-16T15:56:58","modified_gmt":"2023-02-16T20:56:58","slug":"what-percentage-of-cfo-caos-are-women","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/what-percentage-of-cfo-caos-are-women\/","title":{"rendered":"What percentage of CFO\/CAOs are Women?"},"content":{"rendered":"\n

The post “What percentage of CFO\/CAOs are Women?” first appeared on Alpha Architect Blog<\/a><\/em><\/p>\n\n\n\n

In this original research, Elisabetta and I study data across 29 global markets and provide empirical data on the following question:<\/p>\n\n\n\n

What percentage of CFO and CAO roles do women fill in the global marketplace?<\/p><\/blockquote>\n\n\n\n

Global Median Statistics<\/strong><\/h2>\n\n\n\n

We analyzed 27,276 functional positions for the CFO and CAO roles in 29 countries and calculated the global medians as points of reference.  The countries included 25 developed markets and the 4 BRICs.  All public and private firms in the finance industry were included regardless of market capitalization or other exclusions. <\/p>\n\n\n\n

We found the global medians of 23% for CFOs and 28% for CAOs are among the highest in terms of female representation in C-suite roles we have studied to date.<\/p>\n\n\n\n

Remarkably, we noticed a fairly strong relationship across European countries with high representation in both of the 2 roles.  Nine of 29 countries (31%) were above the median on both the CFO and CAO roles, simultaneously, and 6 of those 9 were European countries.  Kudos to Austria, France, Norway, Finland, Sweden, and Luxembourg!<\/p>\n\n\n\n

The Chief Financial Officer (CFO)<\/strong><\/h2>\n\n\n\n

In 2020, the annual Crist|Kolder Volatility Report disclosed a doubling of the number of female CFOs in a sample of America\u2019s leading companies over the period 2004-2020.  For financial services, the news was even more encouraging as the sector stood out with a higher than the median score for female representation.<\/p>\n\n\n\n

We analyzed 24,796 positions of Chief Financial Officer globally and as shown in graph 1, the country with the highest female CFO representation was China at 43%, while the country with the lowest female representation was Greece at 0%. While the number 1 position goes to China, 9 European countries plus the United States, Hong Kong, Russia, and Singapore scored above the global median.  <\/p>\n\n\n\n

Graph 1: CFO gender representation ranked from highest to lowest<\/strong><\/h4>\n\n\n\n
\"What<\/figure>\n\n\n\n

Data: SPGlobal, Professional Data, public and private firms<\/em><\/p>\n\n\n\n

The Chief Accounting Officer (CAO)<\/h2>\n\n\n\n

We analyzed 2,480 positions of Chief Accounting Officer in the finance industry. The global median is 28% and surprisingly, Russia at 79%, as shown in graph 2, was the country with the highest female representation. Japan, Brazil, and Belgium reported no women in the CAO position.<\/p>\n\n\n\n

One observation stands out: Sweden, Russia, Finland, Norway, and Luxembourg appear to have more female than male CAOs.<\/p>\n\n\n\n

As with CFOs, two BRICs score at or above the global median (Russia and China) while the other two (Brazil and India) are well below the median.<\/p>\n\n\n\n

Nine European countries along with the United States again scored well above the median.<\/p>\n\n\n\n

Results from other published research present varying <\/a>pictures of the CAO role depending on the sector and size of the firms included in the study.<\/p>\n\n\n\n