Accounting Profession Set for Significant Transformation by 2040
The accounting profession is projected to undergo substantial changes by 2040, influenced by artificial intelligence, increasing regulatory complexity, and demographic shifts. A global initiative called Rise2040, led by the AICPA and CIMA, suggests a fundamental shift from a historical, backward-looking function to a more predictive and strategic advisory role within organizations. This evolution will necessitate new skill sets, including data science and technology expertise, and a reevaluation of traditional training methods to address an anticipated talent crunch.
The accounting profession is poised for a significant transformation by 2040, moving from a focus on historical data to a forward-looking, predictive role. This outlook is detailed in Rise2040: Shaping the Future of Finance and Accounting, a global initiative by the AICPA and CIMA.
The report, based on input from approximately 6,000 professionals across 25 countries, identifies three primary forces driving this change: the acceleration of technology, particularly generative AI; the steady expansion of regulation; and demographic shifts, specifically a looming "silver tsunami" of retirements by 2030. This demographic trend is expected to trigger a talent crunch, requiring firms to rethink recruitment and development strategies.
Tom Hood, EVP of business growth and engagement at the AICPA and CIMA, noted that finance teams are increasingly being asked to forecast in volatile environments, shifting their role from historian to futurist. While some early adopters are integrating AI into workflows and elevating controllership to strategic advisory, others risk falling behind, potentially facing a "long decline into obsolescence."
The future professional in accounting is expected to be diverse, including traditional accountants alongside data scientists and technologists embedded within finance teams. This requires a fundamental rethink of training, with the AICPA and CIMA investing in simulation-based learning to build judgment and decision-making skills, rather than focusing on repetitive tasks that AI can handle.
Employers will largely bear the responsibility for upskilling talent, as academic curricula are slow to adapt. Initiatives like the organization’s AI Accelerator and Profession Ready aim to bridge this gap, combining technical training with "success skills" such as strategic thinking. Despite challenges, roughly 80% of respondents expressed optimism about the future, recognizing that disruption presents opportunities.
Finance leaders are increasingly being positioned as stewards of trust, not only for financial statements but also for data, models, and AI-driven insights. To support this evolution, the AICPA and CIMA have launched the Rise Navigator, an AI chatbot designed to assess the global accounting profession's current state and future needs.
(Source: Fortune)
