Why accounting may look completely different by 2040

Good morning. The accounting profession has spent decades looking backward. By 2040, it may be defined by how well it looks ahead. That’s the core message behind Rise2040: Shaping the Future of Finance and Accounting, a global initiative led by the AICPA and CIMA. Based on input from roughly 6,000 professionals across 25 countries, the report frames a profession at an inflection point—one shaped by AI shifting demographics, and an expanding mandate inside the enterprise. “We’re no longer just closing the books,” Tom Hood, EVP of business growth and engagement at the AICPA and CIMA told me. “Finance is being asked to forecast in an increasingly volatile environment.” That shift—from historian to futurist—is already underway, but unevenly. Early adopters and “visionaries,” as Hood described them, are embedding AI into workflows and elevating controllership into strategic advisory. Others risk falling behind. The report outlines a “transformation curve,” where laggards face what Hood bluntly called “a long decline into obsolescence.” Forces that underpin this transformation include technology—particularly generative AI—which is accelerating change at an exponential rate. Another is regulation, a steady, linear force that continues to expand alongside innovation. A third is demographics, where the profession faces a looming “silver tsunami.” By 2030, the last baby boomers will turn 65, triggering a wave of retirements from the largest cohort in the workforce. The result: a talent crunch that is forcing firms and companies to rethink both recruitment and development. “This is about attracting, retaining, and growing talent,” Hood said. “And the future professional will look very different.” That includes not only traditional accountants but also data scientists and technologists embedded within finance teams. It also requires a fundamental rethink of training. The AICPA and CIMA are investing in simulation-based learning where early-career professionals can build judgmen