Yes, a Chief Financial Officer (CFO) does not need to be a qualified accountant (CPA/CA), although they must possess strong financial acumen. While historically dominated by accountants, the modern CFO role has evolved to prioritize strategic thinking, operational leadership, and M&A experience over pure bookkeeping, with many coming from banking, consulting, or engineering backgrounds.
No, you do not need an accounting background to become a CFO. But you do need to have a good understanding of accounting and accounting principles with the ability to think through finance and accounting problems/questions.
Historically, most finance chiefs started out as accountants. But, as its remit expands beyond traditional bookkeeping, the CFO position is attracting individuals from a variety of backgrounds, with non-traditional skills and experiences.
According to recent survey data shared by the Association of International Certified Professional Accountants and the Chartered Institute of Management Accountants (AICPA & CIMA), the top undergraduate major among CFOs is accounting. Additionally, of the 652 CFOs surveyed in that study, close to 45% are current CPAs.
An accountant analyzes financial records. A controller, or comptroller, oversees the accounting operations of a firm, including managing staff. Controllers typically earn larger salaries. Academically, there are no additional requirements to become a controller, but many have advanced degrees, such as an MBA.
A controller, on the other hand, is responsible for the overall financial management of a company. They typically have more experience and a higher level of education than an accountant.
The accounting pyramid organizes accounting-related job titles into a hierarchy that ranks them by responsibilities and deliverables, with bookkeepers at the bottom, accountants in the middle, and the Chief Financial Officer (CFO) at the top.
Can you make $500,000 a year as an accountant? It is possible, but labor market data suggests it is rare for accountants to earn such a lofty annual salary.
As of Jan 4, 2026, the average annual pay for a Cfo in California is $258,108 a year. Just in case you need a simple salary calculator, that works out to be approximately $124.09 an hour. This is the equivalent of $4,963/week or $21,509/month.
A CPA is less expensive than a CFO (but more expensive than an accountant or bookkeeper). This is because a CFO often has a decade or more of high-level financial and operational experience and proven track record of driving company success. A CPA, however, has less depth and breadth to their experience.
Yes, you can study financial management without knowing accounting. Accounting and financial management are connected, but they are not the same. You will learn some accounting as part of your course, but you do not need experience in it before you start.
In 2023, 42% of new CFOs at FTSE 100 companies didn't have an accounting qualification. In the US, CPA-certified CFOs dropped from 55% in 2012 to 43% in 2022. The trend is clear: Perfect credentials are overrated. Take Eric Kutcher, CFO of McKinsey & Company.
Many organizations will require CFO candidates to have an MBA. This degree program in particular helps fully prepare students for leadership roles in the workplace.
With that caveat, earning $250,000 per year means you're at least in a solid position to consider a $1 million house. If you're running the numbers and come to the conclusion a $1 million sticker price is a stretch for you, don't panic.
If you want to earn a high salary, look at some of the jobs that pay $300,000 a year to the top earners.
Their survey found 52.5% of CFOs had MBAs, while 38.5% were CPAs. The percentage of CFOs without either credential was 21.5%.
While both credentials offer specialized expertise, the best fit for a CFO position typically depends on your company's needs: a CPA brings a strong foundation in accounting and compliance, while a CFA delivers deep insights about investment management and financial strategy.
Most states require 150 credit hours for licensure, necessitating extra coursework beyond a bachelor's degree. The notoriously low CPA exam pass rate of 50% adds to the uncertainty, making students hesitant to invest in this career path. To attract more students, universities and the accounting profession must evolve.
The CFO has a more macro role in financial and regulatory compliance. The CAO authority is limited to the accounting department and technical financial matters. The CFO has a more overarching financial authority in the organization.