The changing finance professional: The skills that will matter in the years ahead

The role of the finance professional is changing. Technical expertise remains at the heart of the profession, but today's finance teams are being asked to contribute across an increasingly broad range of issues, from business transformation and technology to data, regulation and strategic decision-making. ICAS partner Hays explores some of the skills that will matter in the years ahead.

For accountants, that evolution presents a significant opportunity. The profession's technical foundations remain enormously valuable, but the ability to combine them with commercial judgement, technology and data skills, and the confidence to influence decision-making is becoming increasingly important.

For employers, meanwhile, it raises a different question: do we continue looking for people who already possess every skill we need, or do we become better at identifying and developing potential?

Skills shortages are changing recruitment

The challenge is already visible in the recruitment market.

Our research found that 92% of accountancy and finance employers had experienced skills shortages, while 69% expected a shortage of suitable applicants in the year ahead. Against that backdrop, repeating traditional approaches to recruitment may not always produce a different result.

Encouragingly, employers appear increasingly open to an alternative. Some 77% of accountancy and finance employers said they would consider recruiting someone who did not possess every required skill, with the intention of developing them. That has important implications both for organisations and individual professionals.

Employers can benefit from being clearer about the distinction between the capabilities someone genuinely requires from day one and those that can be developed. Recruiting somebody who has performed an almost identical role may feel like the lowest-risk option, but overly prescriptive requirements can significantly narrow the available talent pool.

For professionals, it is a reminder not to think about career development purely in terms of qualifications or previous job titles. Transferable experience, learning agility and the ability to demonstrate the impact you have made can be equally important when taking the next step.

Technology is broadening the finance skillset

Technology is another important part of this change. Transformation programmes, Enterprise Resource Planning implementation and improvements to data and controls are among the areas influencing demand for specialist finance capability. Skills around data, modelling, systems, controls and reporting can also be difficult for organisations to source. For accountants, this does not mean abandoning traditional finance skills. It means complementing them.

Artificial intelligence (AI) is accelerating this shift. AI is increasingly automating routine processing, reconciliations and first-draft reporting, freeing finance teams to spend more time on analysis, insight and business partnering. Yet it also raises the bar: outputs must be questioned, validated and explained, while governance, controls and data quality become even more critical. The professionals who benefit most will be those who use AI to enhance their judgement, not replace it.

As technology becomes more embedded within finance, professionals who can understand the numbers and translate their meaning for colleagues across an organisation have an opportunity to become even more influential. Commercial awareness, communication, curiosity and stakeholder management therefore sit increasingly comfortably alongside technical accounting expertise.

The accountant of the future is unlikely to be defined by technology alone. Rather, it will be the combination of technical expertise, digital confidence and human judgement that creates value.

Retention requires more than a salary conversation

These changing expectations also influence how organisations attract and retain finance professionals. Pay remains important. Our research found that 90% of accountancy and finance employers had increased salaries, with an average increase of 3.4%, while 36% of accountancy and finance employees reported being unhappy with their salary or rate. However, the wider proposition matters too.

In our broader workforce research, benefits, workplace atmosphere and job security featured among the three most important considerations for permanent employees assessing a new opportunity. Meanwhile, 56% of professionals said they would not consider a job that did not offer hybrid working.

For employers, that means retention cannot be addressed through remuneration alone. Professionals also need to be able to see where their career is going, how their capabilities will develop and the contribution they can make.

The same applies to attracting new talent. An employer able to articulate the learning, leadership and career opportunities surrounding a role can present a much stronger proposition than one competing predominantly on salary.

What should finance leaders do differently?

There are four areas I believe finance leaders should consider.

Be clear about the skills that really matter. Distinguish between essential technical or leadership capabilities and experience that could reasonably be developed.

Recruit for capability and potential. Consider what somebody could bring to the organisation, rather than relying exclusively on evidence that they have already performed an identical role elsewhere.

Make development visible. Career development should not simply be discussed during an annual review. Employees should understand the experiences, skills and opportunities that will help them progress.

Look at the whole employment proposition. Competitive reward matters, but so do culture, flexibility, development, job security and the quality of the work itself.

An evolving role for Chartered Accountants

Despite the uncertainty organisations continue to navigate, there is good reason to be positive about the future of the profession.

Businesses still need strong financial stewardship, robust controls and high-quality technical expertise. But they increasingly also need finance professionals who can interpret complexity, harness technology and AI, challenge constructively and help organisations make better decisions. That creates opportunities for accountants at every career stage.

The challenge for professionals is to continue developing beyond their existing technical strengths. For employers, it is to create environments in which that broader capability can develop.

Those two things are closely connected. Organisations that invest in their people are more likely to build the skills they need, while professionals who continually broaden their capabilities will be better positioned to contribute as the role of finance evolves.

The fundamentals of the profession remain strong. What is changing is the breadth of opportunity around them.

This blog is one of a series of articles from our commercial partners, Hays. The views expressed are those of the author and not necessarily those of ICAS.