TLDR: Finance professionals are increasingly turning to AI agents and automation as a strategic solution to combat the persistent shortage of Certified Public Accountants (CPAs) and broader finance talent. While some view the ‘shortage’ as a symptom of outdated processes, AI is seen as a way to enhance efficiency, reallocate human talent to higher-value tasks, and transform the future of accounting.
The finance industry is grappling with a significant talent deficit, particularly concerning Certified Public Accountants (CPAs), prompting a growing consensus among professionals that artificial intelligence (AI) agents offer a viable path forward. This perspective is gaining traction as the sector faces a projected gap of 3.5 million finance professionals, with an alarming 75% of current CPAs anticipated to retire by 2040. Furthermore, the number of students pursuing accounting degrees continues to decline, with a 7.8% drop in bachelor’s degrees in 2021-22, the sharpest single-year decline in nearly three decades.
While some experts, like those at Omniga, contend that the ‘CPA shortage’ is less about a lack of talent and more about ‘broken processes,’ they agree that AI and automation are critical to transforming the accounting workforce. Data indicates a significant decline in CPA exam candidates, plummeting 33% from 48,004 in 2016 to 32,188 in 2021, and a 20% decrease in total accounting graduates since 2010. Despite this, the employment of accountants and auditors is expected to grow by 4% from 2022 to 2032, with a projected shortage of over 200,000 by 2024.
AI-driven solutions are already making a tangible impact. More than half of global finance teams are reportedly utilizing AI-assisted Financial Planning & Analysis (FP&A) tools. Companies like Rocket Software are leveraging AI to eliminate countless hours of manual effort from budgeting, while Aurorium has seen improved forecast accuracy and increased confidence in financial guidance through AI-driven tools. These advancements allow finance professionals to focus on more strategic, higher-value activities.
Looking ahead, the concept of ‘autonomous finance’ is rapidly approaching. Eric Glyman, CEO of tech startup Ramp, predicts that within three years, corporate finance departments will be significantly transformed by AI agents. He envisions ‘expense agents clearing 99%+ of transactions without human touch,’ ‘treasury agents optimizing cash positioning,’ and ‘FP&A agents running real-time forecasts.’ Glyman emphasizes that this shift is not about replacing people but ‘redeploying them — up the value chain, into the work only humans can do.’
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Industry analysts echo this sentiment. Gartner forecasts that by 2028, 33% of enterprise software applications will incorporate agentic AI, a significant leap from less than 1% in 2024, with at least 15% of daily work decisions being made autonomously through this technology. Gartner analysts describe agents as a ‘paradigm shift’ in how AI systems interact with users and environments, advising companies to gain experience with single agents before scaling to multi-agent systems. This strategic adoption of AI is poised to redefine roles, with junior analysts evolving into ‘agent coaches’ and senior leaders making ‘a smaller number of higher quality decisions,’ ultimately addressing the talent crisis by enabling finance teams to achieve more with existing resources.
