Yes, a Certified Public Accountant (CPA) can absolutely become a Chief Financial Officer (CFO), as the CPA designation provides a strong technical foundation in accounting, tax, and auditing. While about 36% to 45% of CFOs at large companies hold a CPA license, the role requires transitioning from technical compliance to strategic, forward-looking leadership, often requiring additional skills in operational management, capital raising, and communication.
Generally speaking, future CFOs begin their careers either by pursuing accreditation as accountants or by assuming a series of operational finance roles (typically without going on to obtain a CPA or equivalent designation).
While traditional accounting qualifications are valuable, they are not mandatory for becoming a successful CFO. The modern CFO job requirements demand a broader skill set—one rooted in leadership, commercial insight, and strategic thinking. Focus on developing those, and the role is well within your reach.
The U.S. Bureau of Labor Statistics (BLS) lists multiple professional certifications and licenses relevant to financial managers. Examples include chartered financial analyst, certified corporate financial planning analysis professional, and certified public accountant (CPA) credentials.
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.
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.
MBAs have firmly established dominance over CPAs in the CFO suite. As of August 2024, 51.42% of CFOs in Fortune 500 and S&P 500 companies hold MBA degrees, compared to just 37.63% with CPA credentials, according to a report from Crist|Kolder.
Can accountants make 300k? Yes, it is possible for accountants to make $300,000 a year or more, especially those working in public accounting or executive finance roles. However, salaries at this high level typically require extensive experience, professional qualifications, and a track record of success.
Experience in budgeting, forecasting and financial modeling is key. CFOs must have a strong background in accounting practices and the ability to analyze financial data to guide strategic decisions. An in-depth understanding of regulatory requirements and compliance issues relevant to the industry is also required.
What kind of job for a CPA can you get?
While ZipRecruiter is seeing salaries as high as $393,776 and as low as $51,319, the majority of Typical Cfo salaries currently range between $139,200 (25th percentile) to $394,800 (75th percentile) with top earners (90th percentile) making $394,761 annually in California.
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.
The share of US CFOs with an accountancy background is also decreasing. In 2012, 55% of S&P 2000 CFOs were licensed Certified Public Accountants (CPA), but by 2022 that number had dropped to 43%, according to data by recruitment agency Russel Reynolds.
While the professionals we analyzed took various paths to reach CFO, the data says that the most straightforward path to the CFO seat is: Go to a top 100 school, get a bachelor's degree in finance, and then get an MBA.
Accountants become CFOs through a combination of hard work, dedication, and the long-term pursuit of their career goals. To even be considered for the position, they must have experience in financial management and analysis, as well as professional certifications in the field.
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.
A CFO does not need to have a CPA, CFA, or MBA designation. But of the three, having a CPA designation does help dramatically .
CPAs Make Great CEOs
For John McKenzie, FCPA, FCMA, CEO of TMX Group, Meghan Roach, FCPA, FCA, President & CEO of Roots Corporation, and Alycia Calvert, FCPA, FCA, Chair & CEO of EY Canada, the answer is clear: their CPA designation.
A $400K salary job typically refers to a high-paying position in industries like medicine, law, finance, or technology. These roles often require advanced degrees, specialized skills, and years of experience. Examples include surgeons, top-level executives (CEOs, CFOs), investment bankers, and successful entrepreneurs.
A CPA's salary is often in the high five figures, with senior CPAs in management earning six figures. CPAs work in a variety of sectors, including forensic accounting, tax preparation, auditing, bookkeeping, and information technology, in both the commercial and public sectors, as well as for the federal government.
What's striking is how many people in the United States earn exceptionally high salaries. While just 0.79 percent of jobs in the country paid more than $500,000 per year, that's well more than 1 million positions.
The CPA Exam. You've heard the horror stories: It's derailed the careers of promising professionals. It's definitely harder than the BAR exam and maybe even some medical board exams. And it's nearly impossible to pass once you're a working professional.
Ramsey has no professional credentials. He isn't a licensed investment advisor, nor does he possess any professional credential like the Certified Financial Planner (CFP) designation. Ramsey isn't accountable for the advice he gives.
The basics: U.S. faces CPA shortage, with 124,200 new accounting jobs per year expect to open through 2034. Wiss expands recruiting beyond accounting majors and adopts AI tools.