The four most common CEO pathways (and their hidden pitfalls)

By Carolyn Dewar, McKinsey & Company senior partner and co-author of The New York Times bestseller, CEO Excellence: The Six Mindsets That Distinguish the Best Leaders from the Rest, and the forthcoming book, A CEO for All Seasons: Mastering the Cycles of Leadership. Blair Epstein, is a McKinsey & Company partner and a leader of our CEO excellence work.

Not long ago, an ambitious young executive asked us, “What’s the best next role to set me up for becoming a CEO?” It’s a natural question - one that assumes there’s a clear, linear path to the top. But if there’s one thing we’ve learned from advising leaders, it’s this: there’s no guaranteed formula.

A Spencer Stuart study of 1,300 CEO transitions confirms that while certain roles are more common launchpads, none ensure success. In fact, each of the four most common feeder roles has built-in blind spots that can trip up even the most seasoned executives.

The real question isn’t just “How do I get there?” but “How do I make sure I’m ready when I do?”

The four most common CEO pathways and their hidden pitfalls

According to Spencer Stuart’s research, most new CEOs come from one of these four roles. But each has a catch:

1) COOs: From execution to influence

COOs are masters of operational efficiency, ensuring things run like clockwork. But as CEO, the job isn’t just about getting things done, it’s about getting others to want to do them. The risk? Staying too deep in the weeds instead of shaping vision, culture, and long-term strategy. The best COOs-turned-CEOs learn to lead with influence, not just action.

2) Divisional CEOs: From running a business to running the business

Divisional CEOs are used to competing for resources, talent, and market share. But as CEO, they have to stop fighting for their “business unit” and start thinking enterprise-wide. The risk? Over-indexing on their old turf and failing to unify the company. Those who succeed start leading beyond their division long before they get the top job.

3) CFOs: From numbers to narrative

CFOs bring financial discipline and risk management skills–great qualities in a CEO. But here’s the problem: protecting the downside isn’t enough. CEOs have to play to win. The risk? Over-relying on numbers instead of connecting with employees, customers, and investors through vision and storytelling. Future-ready CFOs develop strategic boldness and an ability to inspire, not just analyze.

4) Leapfrog leaders: From specialist to generalist

Some of the most successful CEOs (like Satya Nadella at Microsoft) didn’t come from the C-suite at all. The challenge? Scaling leadership overnight. The risk? Limited boardroom exposure, a narrower enterprise perspective, and difficulty shifting from deep expertise to broad leadership. Those who thrive proactively build cross-functional experience and seek out high-stakes leadership moments before they get the call.

No matter your path, here’s how to be a strong CEO candidate

Success isn’t about which role you come from, it’s about how well you prepare. The best future CEOs follow three key steps years before the selection process begins:

1) Conduct a brutally honest self-assessment

Before chasing the top job, ask yourself:

• Why do I want to be CEO? If the answer is prestige, rethink. The job is relentless, and only deep purpose will sustain you.

•  Am I prepared for what the role actually demands? It’s not just decision-making, it’s leading through ambiguity, inspiring people, and shouldering the weight of an entire enterprise.

 2) Elevate your perspective while delivering results

Being great at your current role is table stakes. To stand out as a CEO candidate, you need to:

• Gain exposure beyond your function and see the whole enterprise.

• Lead bold, strategic initiatives that demonstrate transformational leadership.

• Think beyond optimization—great CEOs don’t just make things better; they reimagine what’s possible.

3) Round out your profile with humility

No one enters the CEO role fully formed. The strongest candidates recognize their gaps before they become liabilities. For example:

• If you’re execution-heavy, build strategic acumen.

• If you’re finance-heavy, develop storytelling and influence.

• If you’re a specialist, broaden your leadership scope.

You can aim to be a great CEO candidate; the rest is fit and timing, which are out of your hands.

No single role guarantees the CEO spot. But what does?

A willingness to challenge your own assumptions, actively close your leadership gaps, and shift your mindset from “getting the job” to “being the strongest candidate possible.”

And if the call doesn’t come this time? It may simply mean another race, a different company, or a different moment is better suited to your strengths.

We would love to hear your thoughts:

• If you’ve led at the top level, what was the biggest shift you had to make?

• If you’re developing future CEOs, what’s the most underappreciated skill or experience they should focus on?

• What’s the best piece of CEO succession advice you’ve ever received or given?

For more insights like this on navigating the four distinct phases of CEO leadership, preorder your copy of A CEO for All Seasons: Mastering the cycles of leadership.