Finance pros who identify as ‘business partners’ feel more secure, study finds

Finance and accounting professionals who see themselves as business partners have a much rosier view of their work, according to a new survey from AICPA and CIMA.

Among the six in 10 respondents who self-identifed as finance business partners, 84% were optimistic about the future of their profession. The 40% of respondents who didn’t see themselves as business partners had a much gloomier outlook: Just 15% said they were optimistic about the future of finance.

Why should finance business partners be optimistic? Because they have the data that leaders need to set strategies and develop business models

“As the demand for data-driven decision-making and sustainable business models accelerate, the demand for strategic value creating finance teams is set to grow," according to Andrew Harding, head of management accounting at AICPA and CIMA.

Finance business partners’ optimism faded when asked about automation: Two-thirds said they fear the technology will put them out of work. That fear was even greater among those who didn’t identify as business partners, 92% of whom believed automation could cost them their jobs.

Back to the good news. More accounting and finance professionals believe their role adds value to business than five years ago, according to the survey and its predecessor from 2019. The share of respondents who said finance teams improve cost efficiency grew 19%, while those who said they added value to analysis and insights rose 11%.

Yay ESG! (Sort of). Three out of five respondents said “ESG is becoming increasingly important to their organization’s business model,” and 56% agreed that “finance professionals will take a leading role in their organization’s ESG agenda.” The latter number, the report acknowledged, “suggests a lower level of agreement regarding the roles respondents will play in sustainability issues,” though “it presents an opportunity…to drive future sustainable and responsible decision-making.”