The accounting profession could look dramatically different by 2040, according to a new report from the AICPA and CIMA that explores how emerging technologies, changing business needs, and evolving workforce expectations will reshape the future of finance and accounting. 

According to Accounting Today, the report, Rise2040: Shaping the Future of Finance and Accounting, suggests that many traditional compliance-focused activities will become increasingly automated, allowing accountants to concentrate on higher-value responsibilities such as strategic planning, AI oversight and advisory services. According to Tom Hood, executive vice president of business engagement and growth at the AICPA and CIMA, “Effectively, we’re saying compliance will be gone,” though professionals will continue to oversee those processes and apply judgment to technology-driven outputs. 

The report envisions accountants taking on expanded roles that include supervising AI systems, interpreting complex data, conducting scenario planning, and providing the human insight and trust that technology alone cannot deliver. As a result, technical expertise will remain important, but skills such as critical thinking, communication, leadership and professional judgment are expected to become even more essential. 

The findings are based on input from nearly 6,300 participants across 25 countries and represent the latest in a series of long-term visioning projects conducted by the profession. While concerns about artificial intelligence were common early in the process, participants ultimately expressed optimism about the opportunities ahead, with roughly 80% reporting they were somewhat or very optimistic about the future.  

One of the report’s most notable conclusions is that the greatest barrier to progress may not be technology itself, but the profession’s willingness to adapt. As automation accelerates and expectations evolve, the report argues that accountants who embrace change will be best positioned to maintain their relevance and strengthen their role as trusted advisors.