Why accounting's shift from historian to futurist is already here

The accounting profession has spent decades looking backward. By 2040, it may be defined by how well it looks ahead.

That is 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 Fortune. "Finance is being asked to forecast in an increasingly volatile environment."

That shift – from historian to futurist – is already underway, 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 judgment and decision-making skills in controlled environments rather than through repetitive transaction work that AI will increasingly handle.

In the near term, employers will bear much of the burden. Academic curricula are slow to adapt, leaving CFOs and firm leaders to upskill talent in real time. Initiatives like the organization's AI Accelerator and Profession Ready initiative aim to close that gap, combining technical training with what Hood calls "success skills," such as strategic thinking.

The urgency is clear – and internal. One of the report's key findings is this: "What many of us have known for the last 20 years is that the biggest barrier to our success is not an external force, it's ourselves," Hood said.

Still, there is optimism. Roughly 80% of respondents said they feel positive about the future, reflecting a growing recognition that disruption brings opportunity. Increasingly, finance leaders are being positioned as stewards of trust, not just over financial statements, over data, models, and AI-driven insights.

To support that shift, the AICPA and CIMA have launched the Rise Navigator, an AI chatbot that is now taking the pulse of the global accounting profession and projecting where it needs to be by 2040. The Rise2040 report is based on data from onsite polling at global workshops and early use of the Rise Navigator. All of that input was then run through the tool to rapidly assess the findings. The goal is not just to identify trends, to translate them into action, whether for a CFO at a multinational or a partner at a small firm.

I haven't personally been able to try the chatbot yet. Let me know what you'd like me to ask it when I do and I'll report back.

CFO Moves

Amit Banati was appointed EVP and CFO of Mondelēz International, effective July 1. Following Banati's appointment, current CFO Luca Zaramella will continue as EVP and chief operating officer, focusing his leadership on the company's commercial operations. Banati most recently served as CFO of Kenvue Inc. Before that, he was vice chair and CFO of Kellanova, formerly Kellogg Company. He began his career at Kellogg as president for the Asia Pacific, Middle East and Africa region. Before Kellogg, he held financial and strategic leadership roles at Procter & Gamble, Cadbury Schweppes and Mondelēz predecessor Kraft Foods following its acquisition of Cadbury.

Andrew Farag was appointed EVP, CFO and treasurer of The Lovesac Co., a direct-to-consumer furniture retailer, effective immediately. He succeeds Keith Siegner, who has stepped down from the role will remain with the company for a transition period. Farag brings more than 20 years of experience. Most recently, he served as managing director at Riveron. Prior to his consulting roles, Farag held CFO and COO positions at Net Retailers, Inc. and Dynamic Communities.

Brian Tabolt was promoted to CFO of Newmont Corporation effective July 1. Tabolt, who most recently served as Newmont's chief accounting officer and group head, finance, will bring over 20 years of experience. Since joining Newmont in 2021, he has held a series of strategic leadership roles including group head, financial planning and analysis and interim CFO. Before Newmont, Tabolt served as VP, controller and chief accounting officer at Molson Coors Beverage Company.

A key finding is that AI is changing career ladders, especially for entry-level workers. In occupations heavily exposed to AI, many of the repetitive tasks that once served as training grounds for junior employees are being automated away. As a result, employers increasingly expect new hires to demonstrate skills that were traditionally associated with more experienced workers, such as decision-making, leadership, and strategic thinking.

The annual Fortune Southeast Asia 500 list launched this morning. No. 1 on the list is the Trafigura Group, one of the world's largest physical commodities trading companies. The commodity and energy giants that have anchored the ranking since its 2024 debut still generate a substantial share of the list's 2025 revenues of $1.88 trillion and $150 billion in profits. Further down the ranking, growth is accelerating.

"In the AI era, those that actively manage how expectations are created, shaped, and transferred will be better positioned to protect trust, loyalty, and long-term growth. Brands that don't reclaim that influence risk letting the algorithm write their reputation for them."

–Teresa Mackintosh, CEO at Aven Hospitality, writes in the Fortune opinion piece, "AI is making promises your brand never made. Hotels are paying the price."