Grant Thornton CFO survey: Optimism surges post-election

— 68% of CFOs are optimistic about the economy
— 65% are confident that they will meet their growth projections
— 33% expect tax policy to have an impact on their business
— 69% expect cybersecurity expenses to increase in the next 12 months

CHICAGO--(BUSINESS WIRE)--A new survey from Grant Thornton, one of America’s largest brands of professionals providing end-to-end audit, assurance, tax and advisory services, revealed a dramatic surge in confidence and optimism from chief financial officers (CFOs).

Grant Thornton’s Q4 2024 CFO survey engaged more than 250 senior finance leaders and found the uncertainty associated with the election in November has given way to unrestrained optimism about the U.S. economy and meeting business goals. In fact, that optimism rose to 68% — the highest mark since the third quarter of 2021.

Compared with the previous quarter, the rises in optimism and some key confidence metrics are unmatched in the four years that this survey has been conducted. Respondents reported 13-quarter highs in their confidence in meeting growth projections (65%), increased demand (64%), cost control goals (62%) and labor needs (60%).

Paul Melville, national managing principal of CFO Advisory for Grant Thornton Advisors LLC, said the reduction of uncertainty that defined a contentious election period is fueling CFO optimism.

“The fact that the election was clear one way or another has CFOs feeling a sense of relief,” said Melville. “Now finance leaders can proceed with more confidence.”

Keeping an eye on tax policy changes

With the expiration of much of the Tax Cuts and Jobs Act set to take place at the end of 2025, and following the November vote, 33% of respondents said tax policy is the election-related factor that will have the biggest impact on their business in the coming year.

Despite the lack of specificity related to taxes, Dana Lance, national Tax Solutions leader for Grant Thornton Advisors LLC, suggested that there are important tax considerations an organization can start assessing now. Interest and research expense planning, Pillar 2 implementation, transfer tax planning and fixed asset strategy implementation can put an organization in a favorable position while awaiting more specific policy details.

“Doing this can help a business get ready so that, as soon as the policy direction clears up, leadership can act quickly to get the best result from the changes,” said Lance.

With that, 45% of respondents will be increasing or accelerating investments as a result of the election, while just 15% are holding off on some investments.

Digital transformation and AI adoption surge

The rapidly accelerating use of artificial intelligence (AI) reflected in the survey has been accompanied by a substantial return on investment (ROI) for many organizations. Eighty-seven percent of the respondents who are using generative AI said they have calculated the total cost of implementation, including setup, training and third-party advisory costs.

More than two-thirds (68%) of generative AI users said they have realized returns of at least double their investment. They’re deploying the technology for data analytics and business intelligence (73%), cybersecurity and risk management (63%) and customer experience management (61%).

The survey shows that many organizations might need to reinforce AI guardrails, as the portion of CFOs who said their board of directors has taken an active role in understanding governance fell to a six-quarter low of 41%.

Meanwhile, CFOs who said their organization has formal training in place on generative AI fell to 48%, down from 58% in Q2.

“Boards are engaging in thoughtful discussions about AI with management, particularly around generative AI and where experimentation with these new tools could lead to risks,” said Mike Notarangelo, partner and Private Equity Audit & Assurance leader at Grant Thornton LLP. “They want to understand how it’s being used, how risks are being addressed, and how spend is being managed as part of maintaining an appropriate AI governance framework.”

Beefing up cybersecurity

Cybersecurity is the second-highest focus area for CFOs, just slightly behind cost optimization. The dramatic rise in use of generative AI and other technology has CFOs determined to make substantial commitments to cybersecurity upgrades.

The survey showed that 69% of respondents expect cybersecurity expenses to increase over the next 12 months — a 16-quarter high and an increase of 16 percentage points over Q3.

Additionally, 63% of finance leaders whose organizations are using generative AI are deploying it for cybersecurity and risk management — up from 55% in Q3.

Derek Han, principal and Cybersecurity and Privacy leader for Risk Advisory Services at Grant Thornton Advisors LLC, said the pairing of cost optimization with cybersecurity is significant, as CFOs are looking for budget-friendly ways to manage risks.

“The increased cyber spend doesn’t mean they’re necessarily going to add more people,” Han said. “They might actually be looking at reducing the overall labor cost but using the funding to invest in more automation to improve the efficiency and accuracy of their controls.”

To see additional findings from Grant Thornton’s Q4 2024 CFO survey, visit: https://www.grantthornton.com/insights/survey-reports/cfo-survey/2024/election-rate-cuts-have-cfos-primed.

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