Global confidence among accountants and finance professionals hit its lowest point since mid-2020 during the first quarter of 2025, according to ACCA and IMA’s Global Economic Conditions Survey.
The GECS data shows that North America is experiencing the sharpest decline with confidence among US-based accountants falling to its second-lowest level on record. Respondents to the survey cited trade policy uncertainty and recent government spending cuts as major contributors.
Conversely, confidence in Asia Pacific and Western Europe improved, rebounding from previous sharp drops. However, cost pressures remain elevated in Western Europe and have risen notably in North America.
Various risk priorities were identified in the survey:
⚠️ Risk Priorities Identified
Economic Risks: Remained the highest priority for the second consecutive year.
Talent Scarcity: Particularly emphasised in Asia Pacific and Western Europe.
Regulatory Change and Cybersecurity: Cybersecurity was the top concern in Central and Eastern Europe, while regulatory changes were a significant concern across multiple regions.
Despite the current downturn in confidence, the accounting profession is undergoing a transformation, with advancements in AI and global market dynamics reshaping it into a more strategic and technology-driven field. This evolution is attracting a new generation of professionals and may contribute to renewed confidence in the future.
There are some key trends in this evolution, which although not necessarily new and groundbreaking, may shift confidence in the accounting profession in an upward direction in upcoming surveys:
📈 Trends Shaping the Modern Accountant
Automation and AI:
This means that accountants need to move away from transactional work toward strategic advisory and interpretation roles.
Greater demand for strategic advisors:
The accountant is evolving into a business partner, helping drive decisions rather than just reporting on them.
Globalisation and regulatory complexity:
Multinational operations mean accountants must understand international accounting standards (IFRS, GAAP, etc.). More complex regulatory and tax environments (e.g., digital services taxes, ESG reporting requirements) will require specialized knowledge.
Rise of ESG and sustainability accounting:
Demand is growing for accountants to measure and report on Environmental, Social, and Governance (ESG) metrics.
Cybersecurity and data privacy:
Accountants handling sensitive financial data must understand cybersecurity basics and comply with evolving data privacy regulations (e.g., GDPR, CCPA).
Back to the ACCA and IMA survey, it’s worth noting that while there is resilience in the profession and the key trends identified are paving the way to a positive evolution and shift in confidence, the longer that confidence remains depressed, the greater the risk that a self-reinforcing negative cycle could develop.
As the report states, "With firms pulling back on orders, capital expenditure and hiring, fuelling a material slowing in global growth. Unfortunately, with global trade tensions stepping up markedly since the survey was completed, and given the large falls in stock markets, the downside risks to the global economy have increased significant”.
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