CFOs (Chief Financial Officers) may hold either CPAs or CFAs, but neither is strictly required. While many CFOs have a CPA (Certified Public Accountant) for technical accounting expertise—increasingly common in startups—others hold a CFA (Chartered Financial Analyst) for investment expertise. Recently, many CFOs, particularly in larger firms, are increasingly coming from non-accounting backgrounds, such as MBAs with experience in investment banking or operations.
A CFO does not need to have a CPA, CFA, or MBA designation. But of the three, having a CPA designation does help dramatically . I've passed the CPA, and I can say that it is the most important designation to have if you're considering being a startup CFO.
While it may seem logical that all CFOs would possess these qualifications, in reality, there are many successful CFOs who do not hold a CPA or CFA designation. This is because there are various paths to becoming a CFO, and having these certifications is just one of them.
Statistics bear this out. In 2022, 34.9% of CFOs at large public companies were CPAs, according to the CristKolder Volatility Report, while 51.5% had MBAs. Statistics from Korn Ferry data cited in the Wall Street Journal show the percentage of large-company CFOs with CPA licenses fell to 36% in 2019 from 46% in 2014.
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.
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.
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.
If a career primarily focused on finance falls into their strengths, desires, and career growth, a CFA designation would be the better choice. Alternatively, if they want to explore career advancement opportunities that revolve around accounting duties, they should be looking at a CPA certification.
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.
In 2012, 55% of S&P 2000 CFOs had CPA designations. By 2022, that figure was down to 43%.
CFA is considered more rigorous and specialized, requiring you to complete 3 comprehensive exams focused on investment analysis, portfolio management, and financial markets.
2,390 of the total 204,000 CFA Charterholders work at RBC, the highest number for any single employer worldwide.
Most students aim for 120 to 126 correct answers, which is around 67% to 70%, as this aligns with the general CFA Level 1 pass criteria. Understanding the concept of the CFA Level 1 passing marks helps candidates set realistic targets. Knowing how many questions to get right gives clear goals.
How Is the CPA Exam Scored? The Discipline sections (BAR, ISC, TCP) were introduced under the updated (2024) CPA Exam structure. Each section is scored on a scale of 0–99, with a score of 75 required to pass.
Absolutely. With its global recognition, high demand, and strong salary prospects, the CFA remains one of the most valuable finance credentials in 2025.
Well, the CPA designation is often considered a bit more than just another professional title. It's a powerful career credential that represents trust, technical expertise, and a commitment to high ethical and professional standards in the world of accounting and finance.
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.
Fast-forward a few years, and Erica now runs an accounting practice making over $200,000 yearly—on less than 15 hours of work per week.
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.
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.