Companies around the world are under pressure to diversify their executive leadership, while facing skepticism about their efforts. In a new study, we examine women’s entry into and exit from the highest levels of corporate leadership.

Breaking in Sooner

Research has long documented that women and other minorities face persistent barriers to reaching senior corporate roles. Even when they succeed, women are often paid less than men in equivalent positions or leave under unfavorable circumstances.

At the same time, recent studies – primarily from the United States – have suggested the possibility of a “female premium.” Under certain conditions, women appear to advance more quickly than men, and in some cases receive higher compensation, particularly due to increased demand for female talent created by pressures from stakeholders. But how widespread is this so-called female premium? And what happens to women once they reach top executive positions?

In our recent study, we investigated this question using data from over 6,000 listed firms across 33 countries. We focused on “rookie” top executives, such as CEOs, CFOs, and other top executives who were making it to these positions for the very first time. To capture advancement speed, we compared the age at which men and women were gaining such appointments. We believe that age is a reasonable measure that reflects adequate time spent on education, training, family planning, and career advancements.

The results are clear: rookie women executives reached top executive positions, on average, 2.5 years younger than their male peers. This faster advancement was particularly pronounced in countries with larger gender gaps, as measured by the World Economic Forum’s Gender Gap Index.

The Short Tenure Trap

However, faster promotion did not translate into longer tenure. Our analysis reveals that rookie female executives were also more likely to exit their roles earlier than their male counterparts, with average tenures approximately one year shorter. Equally interesting, the same characteristic that facilitated early entry – being younger – appeared to become a liability once in office. Younger female executives were more likely to exit sooner.

One possible explanation is that these departures reflected more attractive opportunities at other companies. Yet our evidence does not support this view. Female executives who left their first executive positions were less likely than men to secure another top executive position in a listed firm and more likely to transition into non-executive roles such as independent directors. While such roles may be prestigious, they often come with lower compensation, reduced benefits, and considerably less influence over corporate strategy. Moreover, women were more likely to be demoted in subsequent roles – for instance, moving from CEO to CFO – rather than promoted. Finally, the likelihood that women left due to poor firm performance was comparable to that of men, suggesting performance-related dismissals do not explain the gender difference in tenure.

Taken together, these results suggest that women’s earlier exits cannot be attributed solely to upward career moves. Instead, they are consistent with voluntary departures into less powerful roles, shaped by doubts about their qualifications and the heightened demands women face as executives. Importantly, whereas accelerated promotion varied across countries, early exits occurred at similar rates worldwide.

What Real Progress Requires

The rise of women into senior corporate roles is often celebrated as evidence that barriers are finally being broken. However, our study shows that these gains are fragile. Women may be getting to the top faster, but they are also leaving sooner – often into less powerful positions. True progress will depend not just on opening the door, but on ensuring women can remain and lead once they are inside.

This post comes to us from professors Esha Mendiratta at Vlerick Business School, Shibashish Mukherjee at Emlyon Business School, and Jana Oehmichen at Johannes Gutenberg University Mainz. It is based on their recent paper, “Breaking Through Only to Break up: A Cross-Country Analysis of the Speed of Advancement and Exit of Female Executives,” available here.