Breaking barriers in the UK: Women in finance leadership

In a notable step forward for gender equality in leadership, 36% of senior management positions in the UK are now held by women. 

This is slightly above the global average of 34%, underscoring both the progress made in breaking barriers and the distance still to go to achieve true parity.

The rise of women in finance is particularly striking. According to Grant Thornton’s Women in Business 2025 [ 22657 kb ] research, 45% of mid-market businesses in the UK now have a female Chief Financial Officer (CFO). This milestone puts the CFO role on the cusp of gender parity and makes it the second senior management position to surpass the 40% milestone globally, following HR Directors and HR Officers in 2019. 

This isn’t just a win for finance; it could be a launchpad for broader change. With 40% of global CEOs stepping into the role from senior financial or operational positions, the CFO is a proven pathway to the top. Increasing the number of female CFOs could be the tipping point in closing the gender gap at the highest level, where women still hold just 24% of CEO roles in the UK.

The latest figures demonstrate that meaningful progress is already underway. But what’s fuelling this momentum in the UK and across markets? And how can businesses build on it to embed gender diversity throughout the business?

Image

Global percentage of businesses with a female CFO

Source: Grant Thornton International Business Report (IBR) 

Two catalysts for change

Our research points to two forces driving the global rise of female CFOs:
1

Macroeconomic shifts have reshaped leadership roles and priorities.

2

The education revolution has created a deeper talent pool of qualified women. 

Macroeconomic shifts: Opening doors to diverse leadership 

The rise of female CFOs has coincided with major global economic events and businesses have felt the impact of a series of shocks, from energy price surges, the pandemic and geopolitical tensions. These disruptions have significantly reshaped leadership priorities, increasing scrutiny on the CFO role. As a result, turnover in these positions has risen, opening doors for a more diverse pool of talent to step in.

The numbers tell the story:

  • In the UK, between 2016 to 2020 during post-Brexit uncertainty, female CFO representation increased by 21 percentage points; 
  • and between 2020 and 2022 during covid and the post-inflation surge, female CFO representation increased by 7 percentage points

These trends highlight how periods of economic disruption have created opportunities to challenge traditional leadership models and bring fresh perspectives to the table.

At a time when businesses need new ideas and innovative thinking, diverse leadership has become a necessity, not a luxury. The challenges brought on by these global shifts have encouraged organisations to reimagine their leadership structures, ensuring they are more resilient, inclusive, and future-ready.

“The rise of women in leadership roles has coincided with major macroeconomic shifts, largely because businesses have had to rethink traditional leadership models to navigate crises effectively. CFOs perform a crucial role in these moments, and when businesses are seeking fresh ideas and perspectives, they often bring more diversity into their teams to help respond to challenges.”
Michelle Watson Chief Financial Officer at Grant Thornton Australia

Education evolution: Learning fuels leadership 

The rise of women in leadership is also driven by another powerful force: education. Globally, women make up a growing proportion of graduates in finance-related fields, creating a robust talent pipeline for senior financial roles. 

For example, enrolments in finance master’s degrees among women surged by 70% year-on-year globally in the 2021/22 academic year, with a 41% increase in the US alone. In the UK, women now make up 57% of all UK higher education graduates, and their representation in business and finance-related degrees has steadily increased over recent years.

Education is a game-changer. But to turn it into leadership, mid-market businesses must bridge the gap with mentorship programs, upskilling initiatives, and clear career pathways. 

The UK’s front-runners: CFOs leading the way in gender diversity

 

UK progress 

45%

of UK mid-market CFOs are women. 

36%

of senior management positions in the UK are held by women. 

24%

of CEOs in the UK are women. 

In the UK, the finance function is leading the way nationally for gender diversity in senior leadership, with 45% of mid-market CFOs now women, slightly ahead of the global average of 44.6%. While there's still some distance to go, this shifting momentum highlights how UK businesses are embracing the business case for diversity and driving meaningful change. 

From mandatory gender pay gap reporting to industry-led diversity initiatives, the UK has created a supportive framework for female leaders to thrive. These efforts have not only increased transparency but also motivated organisations to take proactive steps to close gender gaps. 

However, challenges remain - particularly at mid-career, a critical juncture when many women consider stepping into leadership roles. According to Grant Thornton UK’s EmpowHer research, 63% of women at this stage cite barriers such as:

  • Fear of income loss (38%)
  • Feeling too old (27%)
  • Parental responsibilities (23%)

To retain and advance women in the workplace, UK businesses must double down on creating inclusive cultures that address these barriers. Key actions include:

  • Creating working policies that align with the growing demand for flexible career options in today’s economy.
  • Support for initiatives like the Working Families Flexible Working Accreditation, which helps organisations remove barriers to balancing childcare with professional careers.
  • Targeted training and sponsorship programmes focused on high-demand skills such as AI, big data, cyber security, and resilience.
  • Mentoring and coaching to help women articulate transferable skills and confidently pivot into new roles.
  • Hands-on opportunities to apply new skills in varied contexts.

The UK is uniquely positioned to lead by example, championing bold actions that inspire markets worldwide to follow. 

Jenn Barnett photo
“UK businesses are proving that diversity is a competitive advantage. Gender-balanced teams are more innovative, resilient, and better positioned to navigate disruption. But to sustain this progress, organisations must actively support women to overcome any unique barriers they face in progression."
Jenn Barnett Head of Equity, Diversity & Inclusion (ED&I) and ESG

The future of female leadership
What’s next for the C-suite?

The rise of women in CFO roles clearly signals the potential for greater gender diversity across all senior leadership. But progress doesn’t happen by accident. 

Mid-market businesses must take strategic, intentional action to sustain this momentum – keeping the three drivers of diversity highlighted in our Women in Business Report in mind: 

Be bold and set ambitious targets 

Businesses must have a clear target for the percentage of women in senior management positions and consider setting targets for specific positions they would like to see women occupy. 

Support every stage of a woman’s career 

Firms need to establish targets in key areas that support women throughout their career journey, not just at the leadership level, and better facilitate their professional development. If they lose talented female staff, they miss out on potential growth. 

Exert pressure on external partners 

Exert pressure on external partners to increase the gender balance of their teams. Firms that invest in, partner with, or are clients of other mid-market firms have a significant impact on driving businesses to adopt strategies and targets.  

Through these actions, we can ensure this isn’t just a moment but a movement.

Image
Read the full report

Read the full report

To learn more about the trends driving change and how your organisation can lead the way, download our Women in Business 2025 report today. 

Download PDF [22657 kb]

Related content

listing image
Report Women in business 2025
Explore our analysis of women in senior management roles in the mid-market, and strategies to accelerate action on gender equality.
Read more
listing image
Podcast Accelerating action for female entrepreneurs
Three entrepreneurs share their journeys in our new podcast episode for International Women's Day.
Read more
abstract background image
Report EmpowHer:  Career pivots and future skills for professional women
Grant Thornton surveyed 600 women who have 10-25 years' experience in a professional role about their career experiences. We found that nearly two-thirds of women in the middle of their professional career are considering embarking on a new path.
Read more
Pink abstract image
Report Mid-Career Momentum: Giving women in professional services the flexibility to succeed
Find out why women's career progress is still stalling at senior levels – and how flexible working can improve parity.
Read more
Gender at Grant Thornton
Read more