Despite how the number of college students choosing to major in accounting is slowly rising, CFOs are understandably concerned about the potential effects of the ongoing talent shortage on finance-department workflows.
In a recent Deloitte survey of finance chiefs at North American companies with at least $1 billion in annual revenue, only 15% of the 200 respondents said they’re not experiencing a shortage of accountants or other finance talent.
Asked to identify their three biggest worries related to the pipeline of young accountants, the top response, selected by 44% of those polled, was “increased workload for existing employees.” Several other possible pitfalls, including “loss of credibility with institutional or private investors,” trailed closely behind, portraying a wide spectrum of potential damage.
“Such consequences can put CFOs squarely in the hot seat,” Deloitte wrote in its survey report. The “burning question,” according to the report: “How do you operate an efficient and effective finance department — one that meets its remits on any number of fronts — in the face of a skills and experience shortage?”
Most corporate finance leaders are looking to AI for a rescue from the worsening situation. In fact, 79% of the survey participants said they likely will use generative AI to help bridge the skills gap in their departments over the next two years.
If that expectation becomes reality, it will represent a big leap from a virtually standing start, as a Deloitte survey in 2024 found that only 9% of 900-plus accounting analysts, managers, directors, controllers and CFOs were using generative AI.
The technology “may be suited for taking over maximum-effort, minimum-impact tasks” such as data entry, Deloitte noted. In addition, according to the report, recent advances such as agentic AI, which utilizes autonomous AI agents, “may soon be able to handle tasks higher up the value chain,” like enabling internal stakeholders to access and analyze data with minimal human intervention.
Still, companies may struggle with getting buy-in from employees: almost half (48%) identified “staff resistance to using new technology” as a key challenge in meeting C-suite expectations for the finance department.
Aside from technological solutions, more than a third (35%) of the recently surveyed CFOs said they are identifying candidates through human resourcing firms, while the same percentage are importing talent from elsewhere in the company.
“Recruiting talent from functions outside of finance may be a reflection of the shift in skill sets now needed in finance,” Deloitte opined.
In addition, though, a third (34%) of CFOs said they are taking a greater role in the hiring process themselves.
