When Lizzie Hoerauf, MBA 24, joined Berkeley Haas, she had a vision of what she wanted to do post-graduation.
“My goal was to bring the finance and operations business acumen I gained from an MBA program back to organizations with missions I care deeply about,” said Hoerauf, who has a background in nonprofit management, including working for Yosemite National Park.
At Haas, Hoerauf found her calling in the Impact CFO program, an innovative initiative designed to create a new generation of CFOs equipped to lead foundations, nonprofits, and other social enterprises.
She’s not alone in this journey; Hoerauf is part of the inaugural cohort of 14 MBA students united by a goal to develop strong finance and analytical skills while having an impact on society.
Founded by Adjunct Professor Nora Silver, founder and faculty director of the Center for Social Sector Leadership (CSSL) at Haas, and Assistant Professor Omri Even-Tov of the Haas Accounting Group, the program offers a specialized curriculum that marries financial acumen with social impact.
(Hear about Impact CFO from a few students in video below.)
Workshops, speaker series, and networking events complement hands-on projects and industry mentorship, ensuring a comprehensive learning experience. Another key program feature is an internship that bridges impact and finance, helping students gain insights into the evolving role of a CFO in the social sector.
Raising the financial leadership bar
Silver emphasized the program’s unique approach: “Today’s social sector organizations need more than just accountants who can close the books; they need strategic thinkers with an MBA-level understanding.” This sentiment echoes throughout the program, raising the bar for financial leadership in the social impact realm, she said.
“Today’s social sector organizations need more than just accountants who can close the books; they need strategic thinkers with an MBA-level understanding.” — Nora Silver.
Even-Tov highlighted the diverse backgrounds of the program’s candidates: from seasoned finance professionals seeking meaningful impact to experienced nonprofit professionals aiming to amplify their fiscal expertise. “The program challenges its participants to balance the mission of the organization with financial stability,” he said. “Without wise business decisions, these organizations will not be able to achieve their social missions.”
CFOs in demand
Demand for such specialized financial talent is high, especially in California, a hub for the social impact sector, Silver said. “Of the 86,203 U.S.-based foundations, 22,347, or 26%, are located in California and hold assets of more than $722 billion,” she said. The base salary range for a senior finance manager or director in the sector is $120,000-$140,000.
Mentorship is a cornerstone of the Impact CFO program—and mentors in the Impact CFO program hail from industries including education, health care, impact investing, government, humanitarian aid, housing, art & culture, and philanthropy.
Hoerauf’s mentor, David Samuels, MBA 86 and CFO of REDF, exemplifies this. Interning at REDF, Hoerauf uses her MBA skills in a real-world setting, applying her learnings from courses like Strategic Management of Nonprofit Organizations and Social Sector Solutions.
A deeper understanding of the role
Yvonne Mondragón, BS 16, MBA 25, is blending her investment banking career with her nonprofit commitments. “Understanding the CFO role deeper will enrich my contributions to both sectors,” Mondragón, who serves on the board of the East LA Community Corporation, said.
Delphine Sherman, CFO of BRIDGE Housing, is mentoring Alex Weinberg MBA 24, who is interested in low-income housing, a field where BRIDGE Housing is a major player.
Sherman, the former CFO of Haas, said she believes that the Impact CFO program is not only shaping future leaders, but “molding a new financial paradigm in the social sector.”
“Impact CFO will fill a huge need for strategic, forward thinking, systematic, efficiency-driven, change agent CFOs in the social sector,” she said.
Looking ahead, Even-Tov and Silver envision building one of the largest networks of finance professionals in the social sector within a decade.
“We want the Impact CFO program to stand as a beacon, illuminating the path for future CFOs committed to making a difference,” Even-Tov said..