Yes, it is entirely possible to become a Chief Financial Officer (CFO) without a Certified Public Accountant (CPA) license. While a CPA background is helpful, many modern CFOs, especially in fast-growing sectors, focus more on strategy, fundraising, and forecasting than on technical accounting. Success depends more on financial leadership, operational experience, and business acumen.
You do not need to be a qualified accountant to become a CFO, but having financial expertise is essential. While CFO required qualifications often include certifications like CPA or CFA, many successful CFOs come from broader business, strategy, or operations backgrounds.
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.
Applicants typically need to have ten to fifteen years of experience in finance functions before they can take the position of CFO, particularly if they have experience in working for a broad range of finance functions and firms as well.
A typical CFO salary varies significantly, with U.S. averages often cited around $200k-$400k+ in base pay, but reaching $500k+ total compensation for public companies, plus substantial bonuses and equity, heavily depending on company size, industry (tech & finance pay more), location (NYC, SF high), and experience, with top earners exceeding $1M.
Yes, a CFO (Chief Financial Officer) is a higher-level executive role than a CPA (Certified Public Accountant), as a CFO focuses on overall financial strategy and leadership, while a CPA is a licensed professional specializing in accounting, auditing, and compliance; many CFOs are CPAs, but they add business strategy and operations to their accounting expertise, making the CFO position a more senior, big-picture role.
Can a Master's Degree or MBA Speed Up How Long It Takes to Become a CFO? Yes — an advanced degree can shorten the time it takes to become a CFO by making you more competitive for promotions and strategic roles. According to one global data set, 51% of CFOs hold a master's, and some even hold doctorates.
And if you've started poking around at job postings, college programs, or professional goals, you might be wondering: Do I need to be a CPA to be an accountant? The short answer? No, you don't! While becoming a CPA is one path in the accounting world, it's not the only one.
Obtaining professional certifications, including a Certified Public Accountant (CPA) or Chartered Financial Analyst (CFA), can further enhance qualifications for the role. Many organizations will require CFO candidates to have an MBA.
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.
Work Qualifications to Become a CFO
Most commonly, someone will have 8-10 years of experience in a senior role at a company before getting promoted to CFO. This amount of work is usually required to prove that you have the right skills and knowledge you need to do the job.
Absolutely, most CFO's these days are not CPA's. My last two CFO's had finance backgrounds and would run circles around me all day, every day, and twice on Sundays. Your ability to get along with people, find mentors to teach you and develop a professional network will carry you much farther than any license.
CFOs increasingly face challenges across business functions, from cyber risk to talent gaps to maintaining rigorous finance and accounting controls. How much does all that weigh on their mental health? As a C-Suite executive, the CFO is in a position of immense responsibility and, typically, stress.
Steve Gallucci, US and global CFO program leader at Deloitte, sees things similarly, citing economic uncertainty, cyber and tech risk, and talent management as the biggest external concerns on CFOs' minds this year.
Average base salary
The average salary for a chief financial officer is $167,949 per year in the United States and $22,500 profit sharing per year. 4.7k salaries taken from job postings on Indeed in the past 36 months (updated January 12, 2026).
It is difficult to determine which of these careers offers a higher salary, as the salary of a CA or CPA can differ based on several factors. However, generally, CAs tend to earn more than CPAs in India.
Best CFO Certifications Shortlist
Firing a CFO is one of the most sensitive and high-impact actions a CEO or board can take. Given the CFO's strategic role, financial oversight, and access to confidential information, mishandling their dismissal can cause internal disruption, legal challenges, and external reputational damage.