Future of finance (2024)

FAQs

What will be the future of finance? ›

AI and machine learning will determine the future of finance. AI and machine learning will become crucial segments of the finance industry. They will enable a faster, more accurate, and more precise analysis of data, improved risk management, and the development of advanced financial products and services.

AI and machine learning are the bedrock of the current fintech evolution, enabling personalized financial services and improving decision-making processes. Big data analytics, driven by these technologies, help us in understanding customer patterns and offering more tailored products.

Finance degree jobs can provide relatively high pay, stability, opportunities for advancement and consistent demand projections. Careers in finance may also offer flexibility for employees by allowing them to work remotely or in hybrid environments.

Future of finance – the future is now

Today, regulators, boards, commercial functions and external stakeholders expect finance to be a true business partner. Why? Because finance is in a unique position to provide the insights needed to drive real-time decision making and elevate business performance.

In 2024, we can expect to see more applications of blockchain in the financial sector. In particular, blockchain has numerous potential applications in regulation technology (also known as regtech). That's because blockchain can provide a high degree of data security.

The U.S. Bureau of Labor Statistics (BLS) projects that business and finance jobs will be in demand from 2022 to 2032, with 911,400 openings on average each year. Certain roles within finance, like financial examiner, are expected to grow over six times faster than the rate for all occupations nationwide.

Finance degrees are in much demand worldwide, with many different career path options and great monetary benefits. The Bureau of Labor Statistics forecasts finance-related jobs to grow 7% from 2021 to 2031, with an expected increase of about 715,100 new jobs and about 980,200 openings from growth and replacement needs.

The "Big Five" Crises: Spain (1977), Norway (1987), Finland (1991), Sweden (1991), and Japan (1992), where the start- ing year is in parentheses.

The future of finance roles

This means that finance professionals must adapt to these changes and embrace the complementary nature of humans and technology. While some tasks may become automated or delegated to AI systems, this does not mean human jobs will be replaced entirely.

What is the hardest finance job to get? ›

1. Investment Banker. Roles in investing banking are highly sought after. For investment bankers, it's often a higher competition to land a role in one of the largest firms.

Is finance harder than accounting? Accounting relies on precise arithmetic principles, making it more complex, whereas finance requires a grasp of economics and accounting without as much mathematical detail.

The future of finance and accounting involves minimizing human interference in tasks that can be automated. Senior executives and human resources must lead the change and encourage employees to develop the competencies and mindset that will prepare them for finance transformation and the digital world.

The finance function continues to evolve as technology and business environments change. As finance professionals embrace digital transformation, data analytics, and a strategic mind-set, they will continue to play a critical role in driving business success.

Future value (FV) is the value of a current asset at a future date based on an assumed growth rate. Investors and financial planners use it to estimate how much an investment today will be worth in the future. External factors such as inflation can adversely affect an asset's future value.

Finance is moving into the digital era with increased use of data analytics. Predictive & real-time data is used to create relevant insights. How do you make sure you have the right insights available at any point in time? Also a change in workforce, a new talent and a fitting culture are required.

Forecast changes

For 2025, we anticipate an inflation rebound and a modest economic acceleration that strengthens as the year progresses. We have revised our expected dollar depreciation into year-end 2024 and now expect continued dollar strength through 2025.