Breaking Barriers: How Women CFOs Are Reshaping Corporate Finance
Gender equality has emerged as one of the most powerful drivers of sustainable and profitable business growth. Numerous studies underscore that when women hold senior leadership roles—particularly in finance—companies benefit from stronger innovation, higher productivity, and more robust bottom-line results. The upside of inclusive finance is undeniable. Companies in the top quartile for executive-team gender diversity are 25% more likely to outperform on profitability, while those with more diverse leadership teams may see 19% higher innovation revenue. Yet despite decades of advocacy, women remain underrepresented in corporate finance: as of 2024, only 17.6% of CFO roles in Fortune 500 and S&P 500 companies are held by women. Overall, The World Bank calculates that the global economy loses about US$160 trillion due to gender wage disparities, and McKinsey estimates that closing this gap could add US$12 trillion to global GDP by 2025.
The Evolving Role of the CFO
Historically, CFOs focused on controlling costs and balancing the books. Today, the modern CFO is at the epicenter of redefining how businesses define value and what adds to that value. This shift makes CFOs uniquely positioned to advance gender equality. They are a strategic architect, shaping organizational transformation, championing cross-functional collaboration, and embedding values like inclusivity into corporate DNA.
“The CFO role used to be about controlling costs; now, it’s about value creation and navigating transformation. Empathy, adaptability, and strategic insight are key—and I believe women naturally bring a strong people-centric approach to that.”— Nive Bhagat, CFO of Capgemini
Women CFOs at the Helm
At Workiva, Jill Klindt transitioned from an early-stage employee to Chief Financial Officer by leveraging her deep institutional knowledge and a collaborative approach:
“I joined the company on day one when there were only a handful of employees—you do everything in a startup. As we grew, I started to focus more on finance and accounting, and I eventually became CFO in 2021. Looking back, I can see that my ability to build relationships positioned me perfectly for the role. The trust and connections I had formed over the years gave me a deep understanding of the people, the company's history, and its path forward. — Jill Klindt, CFO of Workiva
Klindt believes that having more women in senior finance roles fosters collaboration and better decision-making: “I think that women have a critically necessary perspective. Often it’s more collaborative, allowing people to rise and succeed within a group. That diversity in viewpoints is crucial for problem-solving and driving growth.”
Meanwhile, Bhagat took a global path—India, the US and the UK, and finally France—combining tax and audit experience with technology consulting. This journey ultimately led her to Capgemini’s top finance role:
“A pivotal moment was a conversation I had with a chairman of a global group who said, ‘IT makes the world go round.’ That realization flipped a switch for me. I became fascinated by the transformative power of technology and how it underpins everything we do. The decision to move from application development and software solutions to the systems and technology that support and run them — cloud platforms, networks, and IT infrastructure at Capgemini. It was outside my comfort zone – and I used to joke that I was going to the dark side. But in many ways, it was career-defining.”
Bhagat believes women’s leadership in finance boosts performance and culture:
“The data speaks for itself—companies with diverse executive teams are more profitable, more innovative, and have stronger cultures. But beyond the stats, women in senior roles model different leadership behaviours—greater empathy, collaboration, and inclusivity.” — Nive Bhagat, CFO of Capgemini
Invest in Women: The Multiplier Effect
From pay equity audits to sustainability-linked bonds that include gender criteria, CFOs hold critical levers to mainstream inclusivity. The International Finance Corporation (IFC) estimates a US$1.5 trillion global credit gap for women-owned SMEs—an enormous opportunity to drive economic growth. By directing capital toward these ventures, CFOs can catalyze broad-based development with an outsized positive impact.
“Investing in women is just smart business. When we engage women-led suppliers or support women’s career growth, we’re creating a multiplier effect—job creation, household incomes, local economies, and innovation all benefit.”— Jill Klindt, CFO of Workiva
Overcoming the Readiness Gap
Both Klindt and Bhagat note that women often wait until they feel 100% qualified before stepping into more senior roles, potentially limiting the talent pool. Bhagat advises women to trust their abilities and seize opportunities:
“Don’t wait for someone else to notice your potential—you have to own your story. Advocate for yourself, speak up, and don’t be afraid to ask for what you deserve. And stay curious—be a lifelong learner. The world is changing fast, and your ability to flex, pivot, and evolve will be your greatest strength.” — Nive Bhagat, CFO of Capgemini
The CFO Coalition for the SDGs: “Invest in Women”
Recognizing the transformative power of inclusive finance, the CFO Coalition for the SDGs has launched the “Invest in Women” initiative. This program aligns finance leaders with SDG 5 (Gender Equality) and encourages them to set targets for women in leadership, integrate gender-based KPIs into corporate reporting, and invest in women-led enterprises.
“I think we’re past the point of asking ‘Why invest in women?’ The better question is, ‘Why wouldn’t we?’” — Jill Klindt, CFO of Workiva
By championing the “Invest in Women” initiative and empowering female leaders to rise, finance executives can deliver measurable value—strengthening resilience, bolstering innovation, and driving sustainable prosperity for businesses and communities alike. Through these efforts, CFOs aren’t just breaking barriers; they’re reshaping corporate finance for the better.
