Navigating the Future:
The Impact of the
Changing Role of
Finance and Accounting
on College Educators
by Tom Hood, CPA/CITP, CGMA, EVP, Business Engagement & Growth,
Association of International Certified Professional Accountants
Disclaimer: The contents of this publication do not necessarily reflect the position or opinion of the American Institute of
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subject covered. It is distributed with the understanding that the authors are not engaged in rendering legal, accounting or
other professional services. If legal advice or other expert assistance is required, the services of a competent professional
should be sought.
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ii Navigating the Future
Contents
2
Executive Summary
Introduction
3
The Changing Landscape
of Finance and Accounting
Competition from other disciplines
Changing role of accounting and
finance professionals in business
and public accounting
4
Poll Results and Brainstorm Analysis
Ways to build students’ skills
6
Recommendations
7
Conclusion
7
AICPA & CIMA resources
1
Executive Summary
The rapidly changing trends and evolving landscape of accounting and finance
have significant implications for college educators. As the talent shortage in
accounting and finance continues,¹ colleges and universities not only seek ways
to increase their relevance and value, they also play a larger role in recruiting
students to their accounting and finance programs.
This white paper aims to provide the latest market insights into the changing
roles and responsibilities of college educators. These insights are based on
brainstorming sessions and the results of comprehensive polls conducted among
educators, students, and industry experts during the 2023 AAA Management
Accounting Section (MAS) Midyear Conference in Atlanta. The findings suggest a
need for innovative approaches to teaching that emphasize technology and data
analytics and underscore the importance of practical experience in the rapidly
evolving world of accounting and finance.
Introduction
In recent years, the global field of accounting and finance has undergone
substantial transformation, driven primarily by technological advancements,
regulatory changes, and burgeoning efforts to report on environmental, social,
and governance (ESG) factors. In addition, declining college and university
enrollments in accounting and finance — exacerbated by competition from other
majors — have led to a severe talent shortage in the profession. According to
the latest Robert Half Talent Solutions Report, of the 62% of accounting and
finance managers who are actively hiring, nearly 9 of 10 face challenges finding
skilled talent.² As a result, college educators need to adapt both their approach to
teaching and their curricula to remain relevant and effective.
1
Tom Hood, “The case for accounting and finance as a high-demand occupation,” Linkedin, March 2, 2023.
2
“In-Demand Roles: Finance and Accounting Hiring Trends,” Robert Half Talent Solutions, accessed July 18, 2023.
2 Navigating the Future
The Changing Landscape
of Finance and Accounting
The following list comprises “hard trends,” in other
words, trends that are predictable, underway,
and inevitable, whether we like it or not:
• Demographics. Since 2010, college enrollment has
declined 9.6%. The U.S. birth rate, moreover, has been
falling for well over a decade, a trend that is expected to
continue. These two facts mean that, in coming years,
the United States will have fewer traditionally collegeaged adults (that is, those aged 18–24), fewer of whom
might wish to enroll in institutions of higher learning.
• Technological advances. The proliferation of
technologies like artificial intelligence (AI), machine
learning, and blockchain will continue to revolutionize
accounting and finance, automating many tasks
and changing the way professionals approach their
work. These trends are developing at an exponential
pace as processing speed, data storage, and
bandwidth continue to grow. Futurist Daniel Burrus
suggested that between 2021 and 2023 — a period
that overlapped with the COVID-19 pandemic —
technology accelerated by an average of five years.
• Regulatory changes. Increased regulatory oversight
and a focus on transparency and accountability
have led to changes in financial reporting,
auditing, and corporate governance practices.
This oversight has expanded to include ESG
requirements, previously outside the profession’s
field of responsibility but now firmly within the
profession’s goal to measure and facilitate corporate
decision-making on nontangible value.³
• Globalization. Global integration and the
increasing complexity of international financial
markets have created new challenges and
opportunities in accounting and finance.
Competition from other disciplines
In addition to the hard trends, shifts in the business
environment (like a new bull market on Wall Street)
and demand for data analytics and programming
have led to the need for more finance, data analytics,
and IT majors, all of which competes directly
with traditional accounting jobs and careers.
Changing role of accounting and finance
professionals in business and public accounting
The swift evolution of the accounting profession is
concurrent with the acceleration of technology and
with the hard trends referenced earlier. The terms
value-added accounting and finance business
partner capture the expanded role of accountants
as basic transaction work of the past becomes
automated. Gartner estimates that 55% of CFOs
are aiming for an automated, touchless close by
2025.4 Our own research shows that the changing
shape of finance and accounting arising from
automation and outsourcing will require fewer
entry-level accounting positions and a different mix
of skill sets for those entry-level positions.5,6,7The
good news? The need for educators is critical.
3
Accounting for the Sustainable Development Goals, AICPA & CIMA, November 2021
4
“Gartner Finance Survey Shows 55% of Functions Aiming for a Touchless Close by 2025,” Gartner, September 22, 2022.
5
“Changing Competencies and Mindsets,” AICPA & CIMA, June 4, 2018.
6
“The Changing Shape of the Finance Function,” AICPA & CIMA, June 2, 2018.
7
“The Changing Role and Mandate of Finance,” AICPA & CIMA, June 3, 2018.
3
Poll Results and Brainstorm Analysis
With this background and context, we polled accounting
educators at the AAA-MAS Midyear Conference
in Atlanta. The following key themes emerged:
Embracing technology. College educators must stay
abreast of the latest technologies and integrate them into
their teaching methods to equip students with the skills
future jobs will require.
Expanding curricula. To reflect the evolving landscape,
educators should expand curricula to include emerging
topics like finance business partnering, data analytics,
cybersecurity, and ESG factors. (Apart from ESG,
these topics are incorporated into the CGMA Finance
Leadership Program [FLP]; ESG will be covered in the
next FLP iteration. The CGMA FLP supports academics
with the latest technical and nontechnical content,
allowing them to explore pedagogies and assessments
for other skills identified herein.)
Developing practical skills. Educators should place
greater emphasis on real-world experience, internships,
and case studies to help students develop practical skills
and to better prepare them for their future careers.
4 Navigating the Future
Responses to our survey of the educators at
the conference were consistent with those of
accounting and finance leaders in both public
accounting and business and industry. Based
on the survey results, accounting and finance
students need the following skills for the future:
1. Communication and storytelling skills
2. Strategic and critical thinking skills
3. Technical accounting and finance skills
(functional and domain expertise)
4. Facility with data and technology
5. Collaboration and integrated thinking skills
6. Agile mindset and work skills
7. Strong ethical foundation
Ways to build students’ skills
A brainstorming exercise asked conference
participants to identify ways to build the skills
students need to be successful accounting
professionals in the 4th Industrial Revolution. Here
are their responses ranked by number of votes:
1. Develop analytical skills: Corporate accounting and
finance professionals need to be able to analyze
and interpret financial data to make informed
decisions. Students can develop these skills through
coursework and through experiential learning
opportunities such as internships and case studies.
Students should also recognize the importance
of nonfinancial data, be able to analyze it, and
present it with the financials to give the whole
story. The increasing importance of nonfinancial
data to an organization’s overall performance is
central to the role of the finance business partner.
• Business games using past CGMA casestudy exam materials can be found here:
Business games (no-cost registration at
thiswaytocpa.com required to access).
2. Emphasize the importance of soft skills: In
addition to technical skills, it is important that
accounting and finance professionals have strong
communication, problem-solving, and collaboration
skills. Professors can incorporate exercises and
activities that help students develop these skills.
• Classroom activities can be found here:
Classroom activities (no-cost registration at
thiswaytocpa.com required to access).
8
3. Focus on ethics: Ethics are important in the
accounting and finance profession, as financial
decisions can have significant impacts on
individuals, organizations, and society.
• Classroom resources on ethics can be
found here: Ethics (no-cost registration at
thiswaytocpa.com required to access).
4. Build applied technology skills: In addition to
analytical skills, it is important for corporate finance
professionals to have strong technical skills, such
as proficiency in Excel, PowerBI, financial modeling,
and data analysis. Students can build these skills
through coursework and by seeking out opportunities
to work on projects that require these skills.
• Teaching tips and projects requiring technology skills
can be found here: Technology resources (no-cost
registration at thiswaytocpa.com required to access).
5. Build adaptability and resilience skills: Finance
and accounting professionals will work in
a rapidly changing environment that will
require awareness of the context they are
operating in and the ability to adapt.
6. Develop strong communication skills: Corporate
finance professionals often work with a variety of
stakeholders, including investors, executives, and
other finance professionals. To effectively present
complex financial concepts and ideas — to succinctly
convey the story that clients hire accounting and
finance professionals to tell — students must
combine what they learn from course materials
with clear visualizations from data analytics.
Frictionless Finance: Driving Data to Value, Deloitte, Workday, AICPA, 2022
5
• Business games can help students develop
these skills as they work in teams to recommend
solutions to business issues found in their
assigned case studies. Business games using
past CGMA case-study exam materials can be
found here: Business games (no-cost registration
at thiswaytocpa.com required to access).
• Data analytics games and classroom activities,
including teaching tips, can be found here:
Data analytics (no-cost registration at
thiswaytocpa.com required to access).
7. Encourage networking and professional
development: Encouraging students to network
with professionals in the industry and to engage
in professional development opportunities,
such as earning professional certifications, can
help better prepare them for their careers.
• The CGMA FLP offers academics in the Americas
opportunities to incorporate FLP learning in their
syllabi to undergraduate and graduate students.
Contact Nora Luquer for more information.
8. Build collaborative relationships
across the organization.
• Teaching tips and collaborative activities can be
found here: Collaboration (no-cost registration
at thiswaytocpa.com required to access).
6 Navigating the Future
Recommendations
Partnerships between academic institutions,
industry stakeholders, and AICPA & CIMA should
be encouraged to facilitate knowledge exchange,
improve curricula, and provide students with
access to internships and job opportunities.
• Invest in educator training programs to ensure
academics are equipped with the skills and knowledge
needed to teach emerging technologies and topics.
• Develop training programs to ensure academics
have the skills and knowledge needed to teach
nontangible value articulated through ESG.
• Regularly review and update curricula to
ensure they remain relevant and reflect the
latest industry developments. The CGMA
FLP is a great resource for the latest global
developments in accounting and finance.
• Encourage internships, industry collaborations,
and hands-on projects to help students develop
practical skills and gain valuable work experience.
• Foster a culture of continuous learning among
educators and students to promote the development
of future-proof skills and lifelong learning.
Conclusion
Although it is undergoing a period of rapid
transformation, the future of the profession is bright.
The skills and knowledge accounting and finance
professionals have always possessed remain
essential. As college and university educators, you
play a critical role in inspiring the next generation of
accounting and finance professionals. By embracing
technology, expanding curricula, developing practical
skills, and fostering industry collaboration, you
can ensure your students carry into the future
the skills they will need to succeed and thrive.
AICPA & CIMA
resources
Video interviews
Follow me here on Linkedin to access semimonthly video
interviews (click on “Follow” or “Connect with me”). Stay
connected to our work by following #FutureofFinance.
• The library of past episodes (blionline.org/linkedin-live),
where you can find, among other videos, the following:
An update on What’s the Future of Finance:
Highlights from AICPA & CIMA Future of
Finance Summit from December 2022
Claire Bramley, ACMA, CGMA, CFO of the
U.S. software company Teradata, on the
Changing Role of Finance Today
8
Shifra Kolsky, CPA, controller at U.S. financial
services company Discover Financial Services,
on Making the Shift to Value Partner
Graham Collins, FCMA, CGMA, VP of
investor relations at British multinational BP,
on What is the Future of Finance?
• For future episodes, follow
#FutureReadyLive on Linkedin.
Podcasts
“Future of Finance takeaways: Talent, transformation,
trust,” Journal of Accountancy, December 14, 2022.
“CPA leader takeaways: Listening,
self-awareness, flipping the pyramid,”
Journal of Accountancy, December 14, 2021.
Articles
“AICPA & US DOL announce registered apprenticeship for
finance & accounting,” Linkedin, November 16, 2022.
“The impact of ChatGPT and Gen AI on the
Future of Finance,” Linkedin, April 18, 2023.
Find the latest research and whitepapers at Management
Accounting & Finance resources and articles at
Journal of Accountancy – Management Accounting
Contact us:
Tom.Hood@aicpa-cima.com
Ash.Noah@aicpa-cima.com
Joanne.Fiore@aicpa-cima.com
Nora.Luquer@aicpa-cima.com
Ken.Witt@aicpa-cima.com
Jan.Taylor@aicpa-cima.com
Deloitte, Workday, AICPA & CIMA, Frictionless finance: Driving data to value, 2022.
7
“Management accounting certainly
needs to evolve from a core focus on
costs, largely based on manufacturing
models. The future (and the now!)
demands management accounting
professionals and systems that partner
with organization leaders to define,
measure, and manage value creation
based on the organization’s specific
strategy and environment needs. This
is an exciting time to be part of the
management accounting evolution.”
Monte Swain
Deloitte & Touche Professor of Accountancy
Marriott School of Business
Brigham Young University
“We can’t fight technology. Instead,
it is important to help our students
embrace technology and use
technology to support them in their
work, especially in relation to analyzing,
interpreting, and communicating data,
and using data to problem-solve.”
Khim Kelly
KPMG Professor of Accounting
Kenneth G. Dixon School of Accounting
University of Central Florida.
8 Navigating the Future
“I think [management accountants] were
once number crunchers, but I’ve observed
a shift to how management accountants
now play a much more strategic role in
supporting business functions across
the organization. I think this has created
a demand for management accountants
to have a broader skillset, especially
in their ability to interpret and share
insights from the numbers. I also hear
from students working in controller
office positions that they are now
being asked to do things like quantify
a firm’s sustainability performance,
which introduces new and exciting
challenges for management accounting.”
Shane DiKolli
Bank of America Associate Professor
of Business Administration
Darden School of Business
University of Virginia
Founded by AICPA and CIMA, the
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Professional Accountants powers leaders
in accounting and finance around the globe.
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