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Aspiring finance chiefs missing Ivy League levels can take some consolation in a latest examine which discovered that Huge Ten colleges educated extra sitting CFOs than another U.S. sports activities convention, in response to the chief search agency Crist|Kolder Associates’ Volatility Report.
Of the 657 present finance chiefs with recognized undergraduate academic backgrounds in Fortune 500 and S&P 500 firms this yr, the most important share of CFOs (14%) got here from worldwide establishments, whereas 10% and 9%, respectively, got here from Huge Ten and Atlantic Coast Convention establishments, and almost 8% hailed from the Ivies, in response to the most recent situation of the examine which reviewed information from public filings and different sources by means of Aug. 15.
When it got here to the CEO seat, the Ivy League — comprised of eight establishments which are among the many nation’s most prestigious and selective universities reminiscent of Harvard, Yale and Princeton universities — rose to the highest within the U.S. Of the 662 sitting CEOs within the Fortune 500 and S&P 500 this yr with recognized academic backgrounds, the most important chunk (16%) hailed from worldwide colleges, whereas the Ivy League (10%) educated extra chief executives than another home sports activities convention, adopted by Huge Ten colleges (9%).
The Huge Ten’s sturdy displaying within the CFO seat didn’t come as a serious shock to specialists in company finance. The convention — composed of 14 largely public universities together with Pennsylvania State College, Michigan State and Ohio State College — usually have extra sturdy accounting applications than Ivy League and another non-public colleges, they mentioned.
“Among the greatest accounting applications within the nation are from public universities. And that’s nonetheless the most typical main for CFOs to have studied in class, even whether it is altering,” mentioned Jack McCullough, founder and president of the CFO Management Council.
“Whereas Ivy league colleges completely deserve their reputations, not many college students go there for accounting,” he mentioned. “The most well-liked majors are economics, laptop science and social sciences. Nice fields of examine, however not an apparent place to begin for a future CFO.”
The examine discovered that the highest 5 public colleges that produced sitting CFOs are: (1) College of Virginia with 11; (2) Pennsylvania State College with 10; (3) College of Texas at Austin with 9; (4) Indiana College with 8; and (5) College of Connecticut with 8. The highest 5 non-public colleges that graduated sitting CFOs are: (1) College of Pennsylvania with 15; (2) College of Notre Dame with 12; (3) Duke College with 12; (4) Stanford College with 10; and (5) Harvard College with 8.
The wide-ranging Crist-Kolder examine was initially launched late final month, previous among the drama that arose this week as U.S. Information & World Report printed its intently scrutinized and infrequently criticized rankings of undergraduate schools.
The publication shook up its methodology, and a few colleges’ locations within the rankings this yr, because it put better emphasis on social mobility by including such metrics as commencement charges of scholars with federal Pell Grants, which goal low- and moderate-income populations, Business Dive sister publication Greater Ed Dive reported.
The higher CFO displaying of the Huge Ten colleges might partly replicate the extra egalitarian nature of the job during which abilities and acumen play a giant function. “CFOs are anticipated to have particular monetary and accounting abilities, which will be objectively evaluated by means of expertise and {qualifications},” mentioned Nick Araco Jr., founding father of The CFO Alliance, a community of greater than 9,000 CFOs and monetary executives. “Due to this fact the main target for CFO choice is usually on their skilled experience somewhat than their alma mater.”
Nonetheless, the truth that general a slim majority of each CEOs (57%) and CFOs (55%) hailed from public establishments somewhat than non-public schools or universities was a shock to some.
“I am truly completely satisfied to see that,” mentioned Jack Castonguay, an assistant professor in accounting at Hofstra College in New York, noting that he was considerably stunned to listen to that the general public college graduates maintain so many CEO and CFO spots. “It reveals public universities are doing the work and getting folks to the highest with out the title!”
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