Closing the Skills Gap: Key Strategies for the Next Wave of Finance Talent

The finance and accounting industry in 2025 faces a widening skills gap that threatens to disrupt businesses and slow innovation. With younger accountants aged 25 to 34 and mid-career professionals aged 45 to 54 leaving the profession in significant numbers, companies are struggling to attract and retain the finance talent they need to succeed.

According to the Future Ready Accountant Report, 42% of firms say they're struggling to attract the right talent, while 40% report issues retaining their workforce. For 41% of businesses, the most significant challenge is finding suitable candidates to fill essential roles. Combine this with the growing demand for advanced tech expertise, such as artificial intelligence (AI) and data analytics, and it's clear that addressing the skills gap is crucial for building resilient, future-ready teams.

The Scope of the Talent Crisis

The finance and accounting industry is undergoing a shift, driven by new technologies, stringent compliance requirements, and the changing expectations of younger generations. However, these changes have exposed a significant skills gap.

There is a significant shortage of skilled accountancy professionals available, with one estimate suggesting a deficit of 3.5 million. Businesses are having difficulty finding candidates with both finance knowledge and technical skills, such as AI, robotic process automation, and machine learning. Meanwhile, young finance professionals are rethinking their career paths, with a staggering 71% of financial professionals in the UK seeking jobs outside the industry.

For companies, this trend translates into a shortage of critical expertise, particularly in areas like advanced data analytics, automation, and strategic decision-making. Without immediate action, businesses risk falling behind in an industry increasingly dominated by technology.

Why Finance Talent is Leaving the Profession

To close the skills gap, it's important to understand why young finance professionals and mid-career employees are leaving the industry.

• Burnout and Work-Life Imbalance: Finance has long been associated with demanding workloads and tight deadlines. Younger employees are more likely to prioritise roles that offer better work-life balance.
• Lack of Growth Opportunities: The absence of clear career development paths often leaves employees feeling stagnant.
• Skills Mismatch: As automation and AI reshape the industry, many professionals feel unprepared to meet the demands of the future, leading them to explore other opportunities.
• Perceived Lack of Innovation: The finance sector is often seen as slow to adopt new technology, making it less appealing to tech-savvy professionals.

Addressing these issues requires a multi-faceted approach that focuses on attracting, developing, and retaining finance talent equipped with the finance skills of the future.

Finance Skills of the Future: Where the Gaps Are

The finance skills of the future are increasingly shaped by the adoption of AI and automation, creating new demands for professionals. Key areas where expertise is in short supply include:

• Advanced Data Analytics: With AI enabling real-time decision-making, professionals must be adept at interpreting large datasets and presenting actionable insights.
• AI and Automation Fluency: Familiarity with AI tools, robotic process automation (RPA), and machine learning is now a must-have for modern finance teams.
• Cybersecurity Knowledge: As financial processes become more digitized, understanding risk management and data protection is critical.
• Strategic Thinking and Leadership: As technology automates manual tasks, professionals need to shift their focus to long-term strategy and decision-making.

By investing in training in finance and accounting, companies can close these gaps and ensure their teams are prepared for the future.

Strategies for Closing the Skills Gap

Here are practical steps businesses can take to address the shortage of finance talent and build future-ready teams:

Upskill Existing Employees

Providing training in finance and accounting is one of the most effective ways to address the skills gap. Upskilling current employees not only fills technical knowledge gaps but also positively affects morale and retention.

• Invest in Tech Training: Offer courses on AI, RPA, and data analytics to ensure employees are equipped with right skills.
• Partner with Tech Providers: Collaborate with vendors to provide hands-on training in the latest tools and platforms.
• Develop Leadership Skills: As automation takes over routine tasks, encourage employees to focus on strategic thinking and decision-making.

Use Interim Talent for Specialised Projects

In the face of an urgent skills shortage, interim professionals can fill critical gaps while companies develop long-term solutions. Interim talent offers a flexible, cost-effective way to bring in specialist expertise for specific projects, such as AI implementation or compliance overhauls.

At Global Accounting Network, we connect businesses with qualified Finance, Accounting, and Finance transformation professionals with the skills and expertise to succeed in a wide variety of permanent and interim opportunities. Using interim talent, businesses can gain immediate access to the skills they need while building resilience for the future.

Create a Culture of Innovation

To attract young finance professionals, businesses must demonstrate that they're forward-thinking and tech-savvy.

• Adopt Cutting-Edge Tools: Highlight your use of AI, automation, and analytics tools in job postings.
• Promote Flexibility: Offer hybrid working models and other benefits that prioritise work-life balance.
• Celebrate Success: Showcase how employees' contributions are driving innovation and making a tangible impact.

A culture of innovation not only attracts top talent but also motivates employees to stay engaged and grow within the company.

Rethink Hiring Strategies

To compete for the best finance talent, companies need to modernise their hiring strategies. By creating hiring strategies that fit with the demands of the modern finance landscape, companies can secure the talent they need.

• Focus on Hybrid Skill Sets: Seek candidates who combine technical expertise with traditional finance knowledge.
• Offer Competitive Benefits: Salaries alone won't cut it; emphasise flexible work, professional development opportunities, and access to innovative tools.
• Hire for Potential: In a talent-short market, look for candidates who show adaptability and a willingness to learn.

Looking Ahead: Build a Resilient Finance Team

The skills businesses need from their finance talent are changing and businesses must act now to bridge the gap. By investing in training in finance and accounting, hiring interim staff for specific projects and creating a culture of innovation, you can build resilient teams that are ready to meet the challenges of 2025 and beyond.

At Global Accounting Network, we specialise in connecting businesses with the qualified finance and accounting talent they need to thrive in a changing world. Don't let the skills gap hold your business back. Contact us today to find out more.

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