Are there any differences between Female and Male CFO's

As a successful executive, I am often asked about my experience as a woman financial executive. Was it harder for me to succeed because of my gender?  Do men have it easier than women in the corporate world?  Are women CFOs somehow different than Men?

Was it harder for me to succeed because of my gender? In some respect, it is difficult to separate out the struggles that I have has purely based on my gender versus normal struggles anyone encounters while trying to move up the ladder.  However, there are a couple of trends that are difficult to attribute to anything other than gender biases.

• Compensation — Part of the benefit or curse depending on how you look at it, of being in a financial role is that you are often aware of employee compensation packages. Based on that knowledge, I can say that women with similar work experiences and education have been and continue to be compensated at a lower level than male counterparts. This disparity tends to be more prominent for higher level positions (manager, director, and executive levels) versus staff positions.
• Training — As I have risen up the ranks, I have noticed that more males are sent to company level executive training programs. These individuals are usually picked by their bosses who see potential in them that will lead to future opportunities for upward mobility. While I am not able to say that males are chosen over women on purpose, It is a fact that since more males are already at the executive level, male executives are doing the selecting. I have always believed that people have to see you in a position in order to put you in that position. Therefore, unless the executive has had positive experiences with female executives, the chances of selecting visualizing a female who can be just as successful as a male are slim.

Do men have it easier than women in the corporate world? Companies experience financial and operating highs and lows all the time. Part of the answer to this question depends on the individuals involved and how they weather these peaks & valleys. There will be some executive colleagues & lower level staff that will skeptical of a female's ability to lead an organization through the bad times simply because of gender. Additionally, others will feel that since female executives (financial or other disciplines) are in the minority, the simple fact that a female has been able to garner the coveted executive position, that person must have special talents. Those expectations can be both beneficial and detrimental depending on how they are managed. In my experience, there are often higher expectations for women who are able to break through the "glass ceiling" with little room for error.  Depending on how women channel the stress involved with these higher expectations is a big factor in answering the lead question.

Are women CFOs somehow different than Men? Other than the obvious gender difference, I have not seen any evidence of the gender determining who will be successful as an executive. Leadership skills and the ability to garner staff respect and support is a better determination of success. The support must come from family, friends, bosses, and other colleagues.

According to Management-issues.com Feb 27^th article entitled Women & Work, there are three reasons for the rising gender gap in salaries between men and women MBA's (from a 16 year study 1990 thru 2006).

• Differences in training prior to MBA graduation
• Differences in career interruptions
• Differences in weekly hours

I am in agreement with these findings. I strongly believe that women looking for CFO or similar executive positions have to really think about what is involved.  Time commitment both prior to attaining the position and while holding the position is a big factor in determining success. Additionally, education & executive level training is always ongoing.

Advice that I would give to females hoping to make the leap to a CFO or other executive level position include:

• Take the initiative to seek out training opportunities & make it known to managers & supervisors of your goals (my experiences have shown that many women are slower to share their career goals versus their male counterparts).
• Take advantage of any opportunities you do get for training to also network, network, & network. Industry conferences are great opportunities training because of the variety of people and topics usually covered.
• Be willing to put in extra time for special projects (this gives you a great opportunity to expand leadership skill sets & stand out above others).
• Find a mentor within your organization
• Ask for opportunities to apply for open positions and don't wait for someone to ask you

Comments

[Scott Auer]

I would also suggest finding a mentor outside of your own organization. Find someone who is doing what you want to do that you can share ideas with or ask questions about how he/she handled a certain situation. The reason I would say outside your organization is that the "baggage" of ebing in the same company is not there and you can potentially get the perspective of outside looking in from an outsider.
Great blog, Kathy.