The 2024 DNA of the Financial Controller Report Released by EY

86% of Financial Controllers Expect Their Roles to Transform Significantly Within the Next Five Years

EY has unveiled the 2024 Global DNA of the Financial Controller Report, highlighting the evolving responsibilities of financial controllers in an increasingly data-driven world. The report reveals that 86% of financial controllers foresee significant changes to their roles by 2030, with 26% expecting to develop entirely new and unfamiliar skill sets.

Key Insights from the Report

Based on responses from over 1,000 financial controllers and 280 senior finance leaders across 28 countries, the report outlines the following key findings:

• Technological Adoption:
  Financial controllers are rapidly embracing AI and data analytics, with 67% already integrating AI into daily operations and 88% leveraging it for strategic insights.
• Transforming Focus:
  By 2030, 39% of financial controllers anticipate shifting towards value creation, while 46% currently focus on cost optimization.
• Challenges Ahead:
  Despite their readiness for change, many financial controllers face obstacles, including inadequate staffing (10%) and limited budgets (20%), which hinder their ability to fully leverage emerging technologies.
• The Rise of Confident Controllers:
  A subset of financial controllers, termed “confident controllers” (25% of respondents), is already leading innovation in the sector. These leaders prioritize technology-driven value creation and innovation, offering a roadmap for their peers to follow.

Barriers to Technological Integration

The report highlights a gap in fully capitalizing on advanced technology:

• Only 21% of respondents rank exploring technological opportunities among their top three priorities for creating value.
• 73% state they use technology to drive company growth, but budget and resource constraints limit broader implementation.

Future Outlook for Financial Controllers

While the role of financial controllers is set to extend beyond traditional balance sheet responsibilities, only 32% of confident controllers aspire to become CFOs. This may signal a looming talent gap at the top levels of finance leadership.

Expert Commentary

Ozan Özarıkça, EY Turkey’s Partner of Financial Accounting and Advisory Services, commented:
“The role of the financial controller is on the brink of significant transformation. They must balance short-term performance with long-term value creation, and their responsibilities now extend far beyond the balance sheet. Embracing innovation, especially in technology and data utilization, is essential for unlocking their full potential. Confident controllers set an ideal example for their peers, demonstrating how to harness the financial controller role as a force for innovation and value creation.”

Access the Full Report

The complete EY 2024 DNA of the Financial Controller Report is available on the EY website.