How CFOs Can Thrive Amid Transformation

The accounting profession is in the midst of transformation, and the waves of change are getting bigger and coming faster. Finance leaders must adapt if they are going to attract the right talent, navigate the evolving demands of their role or implement new technologies responsibly.

In my #FutureReadyLive show, I spoke with some incredible leaders who are tackling these challenges head-on. Here are some of the ways they are adapting to change and what we can do about it.

Rewriting the Talent Pipeline Narrative

The shortage of finance talent (CPAs & CGMAs) is real. It’s the most pressing issue facing our profession, and unfortunately, it’s not going to remedy itself anytime soon. I spoke with Neil M. Brown , executive director of the Controllers Council , and Lindy Antonelli, CITP.CPA , a partner at Armanino and board chair of the Controllers Council, about what their organization is doing to address it.

Neil shared how the Controllers for a Cause Scholarship Fund, in partnership with the AICPA Foundation, is providing financial support to aspiring CPAs. This scholarship helps cover the costs of the CPA exam, including fees and prep courses. This initiative is about more than scholarships — it’s about changing perceptions and raising awareness of the rewarding career paths available in accounting.

 Lindy highlighted how firms like Armanino are tackling the issue through externships, internships and campus recruiting. Programs like these give students a hands-on introduction to accounting, helping to build a stronger talent pipeline.

Attracting talent requires a fresh perspective today. Our National Pipeline Advisory Group has recently released a full report with some great ideas. Consider partnerships with organizations that support the next generation of accountants, implement internship programs or even take on an apprentice. And we cannot overlook the importance of advocating for accounting as part of STEM education. We need to show young people that accounting is a forward-thinking, dynamic career that leads to leadership opportunities.

Being a controller is one of the “hottest jobs in business today” according to Neil and I agree!

Redefining Leadership Roles

The role of CFOs and controllers has never been more exciting or more challenging. Jennifer Cryder , president and CEO of the PICPA , recently released findings from the 2024 Corporate Finance Report that looked at the skills CEOs and hiring managers want most from their finance team. It confirmed what many of us have already been seeing – CFOs are no longer just stewards of financial reporting. CEOs are looking for strategic partners. They want leaders who can use financial insights to drive growth and add enterprise value.

Jen pointed out several skills you need to thrive in this evolving role including:

1. Forward-focused financial acumen. Shift your focus from historical reporting to predictive insights and strategic planning.
2. Adaptability. The pace of change demands that we continually learn, unlearn and relearn.
3. Growth mindset. CEOs want leaders who can drive strategy, manage talent and lead innovation, not just oversee compliance.

Some of the other skills needed are critical thinking, talent management, collaboration, storytelling and emotional intelligence. Controllers are on a similar path, too, as that role is evolving into a stepping stone to the C-suite. Controllers who embrace strategic responsibilities are positioning themselves for CFO and even CEO opportunities. 

The days of being “just” a finance leader are over.

To stay relevant, you need to layer strategic and leadership skills onto your technical expertise. Think of it as becoming a “T-shaped professional” —someone with deep technical knowledge and broad strategic capabilities.

Embracing Ethical Innovation

Technology is reshaping every aspect of accounting, and generative AI is leading the charge. As AI becomes more common across industries, we have to get it right. That responsibility goes even further for finance leaders.

AI is going to revolutionize our profession as it automates our routine, soul-sucking tasks and unlocks new insights we didn’t have before. Jeff Easley , general manager of the Responsible AI Institute , says this power must be used responsibly. Ethical AI adoption requires transparency, accountability and fairness. Luckily, these principles align perfectly with the values of our profession. Even if the regulatory landscape isn’t fully defined, Jeff believes we need to act now.

Don’t wait for regulators to tell you how to manage AI. Start now by implementing governance frameworks that prioritize ethical practices. Work with your teams to ensure that AI tools are used to enhance, not compromise, trust and integrity.

Finance leaders are uniquely positioned to lead in this area. Our expertise in compliance, data management and risk mitigation will help us ensure that AI is both effective and responsible.

It’s a Great Time to be a Finance Professional

As I often say, there has never been a better time to be a finance professional. The challenges we face are real, but so are the opportunities. Reflecting on my conversations with these leaders, I believe every CFO and financial professional should:

• Innovate your talent strategies. The CPA shortage is real, but address it with innovative approaches.
• Expand your skill set. The roles of CFOs and controllers are evolving rapidly. To thrive, focus on building strategic, adaptable and growth-oriented competencies.
• Take the lead in ethical technology: Generative AI is not going away. Harness its potential by prioritizing ethical frameworks and governance. It’s how you’ll safeguard your organization.

Embrace change and lead with purpose. It’s how you’ll transform our profession and demonstrate value in all new ways. Together, we can navigate these changes and build a future-ready profession.