Financial controllers foresee dynamic role transformation by 2030

Financial controllers globally are anticipating a significant transformation in their roles over the next five years, according to EY's inaugural DNA of the Financial Controller Report.

The survey, which gathered responses from more than 1,000 financial controllers across 28 countries, suggests an impending shift towards more dynamic responsibilities, with 86% of respondents expecting drastic changes in their duties by 2030.

The report highlights that 39% of financial controllers foresee their roles evolving to focus on "value creation," prioritising business growth over traditional cost optimisation and value protection. This shift reflects a broader transformation within the finance function, driven by technological advancements and changing business needs.

More than a quarter of those surveyed (26%) expect their future roles to require entirely new or "unknown" skills, reflecting the uncertainty surrounding the nature of these changes. Only 14% believe their responsibilities will remain similar to current expectations.

Myles Corson, EY's Global and EY Americas Strategy and Markets Leader, Financial Accounting Advisory Services, commented on the findings. He said, "The role of the financial controller is on the cusp of significant change, and while it is not clear exactly how this will play out, it is evident that financial controllers must now deliver at a high level on multiple challenges at once. They need to strike a balance between delivering short-term performance and enabling long-term value, and their responsibilities now stretch far beyond the balance sheet."

Corson added, "With the right level of support, however, there is a huge opportunity to shape the role and transform the function so that it can look to the future with confidence."

The use of artificial intelligence (AI) among financial controllers is also notable, with 67% already employing AI in their daily tasks. Additionally, 88% use data to provide strategic insights, an area where AI is expected to enhance effectiveness further. However, the survey reveals that many financial controllers are not receiving the necessary support to transition into these growth-oriented roles. One in five controllers (20%) report insufficient budgets, and 10% do not have adequate staffing.

There is also a discrepancy in priorities between financial controllers and senior leadership. Only 43% of financial controllers consider innovation to be a critical aspect of their role, compared to 51% of senior leaders who view it as important. This suggests a potential misalignment in strategic focus within organisations.

Despite the growing recognition of technology's importance, only 21% of respondents listed searching for opportunities to utilise technology as one of the top three methods for creating value. Instead, 73% cited driving company growth as their primary focus, indicating that many may underestimate the potential of technology to facilitate this growth.

The report also identifies a subgroup of financial controllers referred to as "confident controllers." This group, making up 25% of the overall sample, is already leveraging technology to drive value creation. Of these, nearly two-fifths (37%) lead on innovation, compared to just 25% of other respondents. However, only one-third (32%) of confident controllers aspire to become Chief Financial Officers (CFOs), indicating a possible talent gap at the senior level in the coming years.

An interesting trend noted in the survey is that financial controllers who wish to remain in their positions tend to value innovation more than those aspiring to ascend to CFO roles. For example, 73% of controllers aiming to stay in their current roles believe innovation is crucial, compared to only 51% of those looking to become CFOs.

Addressing the need for change, Corson stated, "The first step in any successful transformation is building recognition of the need for change. While it is clear this exists within most finance functions, financial controllers need to actively lead in developing the technological skills and knowledge needed to unlock their value-creating potential and enhance the brand of controllership with their leaders."

He concluded, "The divergence between 'confident controllers' and their peers when it comes to innovation, particularly their use of tech and data, is stark. These leaders provide the ideal model for less seasoned controllers to work toward in terms of skills and focus, and with the right support and approach, they can show how the role of the financial controller can be a force for true value creation and innovation."