The Accountant 2, a sequel to the 2016 action thriller, has sparked renewed interest in the portrayal of accountants in popular media. Traditionally, Hollywood has portrayed finance professionals as pure number crunchers. Often, action-flick accountants are dragged into complex schemes or left at the mercy of criminal elements.
In the much-anticipated sequel, Christian Wolff navigates high-stakes financial crimes with cinematic flair. The movie inadvertently highlights a real-world problem in the financial sector — a global shortage of qualified accounting and finance professionals.
If you hold a finance leadership position, you know firsthand that the talent gap is all too real.
The Talent Shortage by the Numbers
The finance and accounting profession is dealing with a major workforce deficit. The number of people sitting for the CPA exam has been declining and is showing no signs of bouncing back. In 2022, the AICPA reported the lowest number of CPA exam takers since 2006.
This shortage translates into operational strain for your finance team. As a controller or CFO, it’s up to you to bridge the gap and avoid potentially catastrophic delays that could derail your organization’s financial health.
However, temporary staffing and outsourcing are simply “stopgap” solutions for many businesses. While you can implement these tactics for temporary relief, you need a longer-term strategy.
Hollywood’s Take vs. Reality
The Accountant 2 portrays its hero as a financial savant. Ben Affleck’s character uses his analytical powers and willingness to take risks to unravel complex schemes.
Obviously, the film is heavily dramatized. After all, moviegoers don’t want to spend the better part of two hours watching Affleck sift through financial records and conduct deep dive audits. They want action.
While dramatized, the depiction does underscore the growing demand for specialized skills in finance and forensic accounting. However, unlike Wolff’s solitary genius, real-world finance teams require collaborative, adaptable professionals who can navigate evolving tech and regulations.
Take a moment to consider your team. Do they fit the bill, or is it time to make some strategic investments to increase their capabilities and address ongoing challenges like burnout? Chances are that there are some areas where your finance department excels, as well as opportunities to get better.
Strategies to Bridge the Gap
Here are three key approaches to address a talent shortage.
1. Upskilling Existing Teams
Before taking a deep dive into the talent pool in hopes of finding new staff, look at your existing team and take advantage of opportunities to make them better. Investing in continuous learning is critical.
For instance, you can implement training programs focused on high-demand skills such as data visualization or advanced ERP system proficiency. Upskilling staff on the latest tools helps them get more done while reducing your reliance on external consultants.
2. Embracing Automation
“Automation” is a recurring theme in the finance industry, and for good reason. Modern automation tools powered by machine learning and AI can eliminate “simple” tasks and make hard tasks easy. With the right mix of human talent and automation capabilities, your business can also take on mountains of work with smaller, more nimble teams.
You’ll also need to account for concerns that automation tools will replace your team. Be upfront about your intention to automate additional processes and outline how those changes will help your organization get more done.
3. Building a Talent Pipeline
Once you’ve taken steps to make the most of your existing team, turn your attention outward. To attract new talent, you must rebrand the profession as dynamic and impactful.
Highlight the role of financial professionals as strategic assets rather than number crunchers. You can partner with universities and create internship programs to diversify your candidate pool and expand your talent pipeline. Offering flexible work arrangements and competitive compensation also helps.
The Role of Leadership
You can’t expect your team members to rethink how they work every day unless the leadership team is willing to do the same.
As a CFO or controller, you play a pivotal role in navigating the talent crisis. This means advocating for cultural shifts within the organization and encouraging everyone to unlock their true potential through development and training opportunities.
You should also create an environment that values continuous learning and technological adaptation. By aligning your talent strategies with bigger business goals, you can turn a shortage into an opportunity to innovate and become more nimble.
Looking Ahead and How to Adapt
The Accountant 2 thrilled audiences with its portrayal of financial heroics and its genius protagonist. The real-world talent shortage demands less flash but more substance. As a corporate finance leader, you must act decisively by upskilling teams, leveraging automation, and building robust talent pipelines.
The next time you hear about Christian Wolff’s exploits, consider the unsung heroes in your finance team. Their ability to adapt and innovate makes them invaluable assets that should be supported.
