How Finance Careers Will Transform Over the Next Decade
How Finance Careers Will Transform Over the Next Decade
The finance industry is not disappearing, but rather maturing. Over the next decade, the types of jobs available in finance will change dramatically; not because of a reduction in the need for "numbers" by businesses, but rather due to an increase in their expectations of how those numbers will be created, interpreted, and ultimately used. This transformation will not be about the loss of positions, but rather the beginning of more significant growth in expectations.
For decades, the primary function of a finance professional has been preparing reports, closing books, and ensuring compliance with accounting standards. This foundational work is still important and continues to be an essential part of a finance professional's job responsibilities, but today it is only a portion of what will be required of finance professionals in the future. The finance professional of tomorrow will be judged not as much on how accurate their reports are, but rather how effectively they used those reports to drive business decisions.
With this evolution, the career paths, daily activities, and knowledge required to continue a successful career in finance will continue to change. Those finance professionals who are able to adapt quickly to the evolution of the finance industry will succeed; while those finance professionals who resist evolving will experience a decline in their current role. With this perspective in mind, let’s discuss how finance careers will likely evolve over the next ten years and what this means for those who want to have a long career in finance.
1. Finance Will Shift From Historical Reporting to Forward-Looking Insights
Finance historically operated on fixed cycles (monthly closes, quarterly reviews, annual budgets). Going forward, while we’ll still have these cycles, they won’t be the defining elements of the value that Finance teams bring to the organization.
With the introduction and acceptance of real