Globalisation, fluctuating demographics and significantly increased business complexity will be the three main challenges and opportunities for the finance professional in 2020.

ACCA, the Association of Chartered Certified Accountants, commissioned a research report to look into what the accountancy profession will look like in the future and how the trainees of today will develop to take on the challenges of tomorrow.

The survey warns that employers need to ensure they have the human capital required for business success in 2020 and beyond, coupled with recruitment policies and procedures which will attract and retain talent in the future.

Tony Osude, head of business relationships at ACCA, said: 'Employers must look ahead and be ready for the financial brave new world of 2020 and beyond. Our survey shows that in the future there will be more business complexity, more business compliance and more business risks. Business' human capital management policies and procedures will have to be future proofed.'

By 2020, the survey also reveals that the BRIC (Brazil, Russia, India and China) countries will have established themselves as significant economic powers. This in turn will shift significantly the balance of economic power eastwards, particularly as those economies move from competing on cost to knowledge and innovation.

Other findings for 2020 reveal that:

More complexity will bring more risk

As one respondent said, 'Complexity breeds risk, risk breeds regulation which in turn requires further investment in compliance.'

The fear is that such an environment will see the death of professional judgement to be replaced by stagnant rules-based decision-making with little room for innovative thinking. This would lead to less talented individuals being attracted into the finance profession, further exacerbating anticipated talent shortages.

Changing role of the finance professional

Over the next 15 years the role of the finance professional will have to change. Time will eventually see the demise of the process-focused finance professional, with most of their role being automated or outsourced. The financial generalist will be valued highly, someone whose understanding of a broad range of issues will make them able to act as a 'Navigator' in the business world.

Six types of finance professionals

This Navigator is one of six new role profiles identified in the survey, listed below:

• the Navigator: a generalist who helps the organisation steer through complexity
• the Centurion: a risk specialist who pervades all parts of the organisation
• the Entrepreneur: a leader who seeks opportunities and maximises value
• the Technical specialist: a professional with a highly discrete specialism
• the 'T' shaped professional: a professional with broad generalist, technical and business knowledge, complemented by a deep specialism
• the Technician: a non-professional with a process-driven role.

The future of career development

It is anticipated that finance professionals will develop a portfolio of roles throughout their career, most of which will reach across multiple parts of the organisation.

Additionally, the ability to manage uncertainty in a complex, ambiguous environment will be a most sought-after attribute.

The impact of demographics

The impact of demographics in developed countries – older populations with declining birth rates – will create a scarcity of talented finance professionals, which will drive up their value. But this in turn could be addressed through the employment of finance professionals in the BRIC countries, through immigration or offshoring.

New skills for finance professionals

The skills, knowledge and attributes required by the finance function will also be ramped up. Areas already being promoted, developed and offered by ACCA feature quite strongly. The ability to exercise professional judgement based on a foundation of ethics, broad but deep technical excellence, strategic awareness and communication will be key.

The growing importance of finance

And what of the finance function itself? It is expected to develop into a more central role within the organisation, providing strategic advice and decision support to all parts of the company, from operations to marketing.

It is also expected to respond to the recognition that risk emerges from all parts of the organisation – from HR to IT – and a second major facet of its role will be to manage these diverse risks.