Chief financial officers at Irish companies are forecasting strong growth for their organisations this year, according to the annual EY CFO survey.

An average growth of 9% is projected by the 200 finance leaders who took part in the study, which has been published to coincide with EY Ireland's CFO Summit.

For the third successive year, CFOs and finance leaders in Ireland are upbeat and optimistic about growth despite the complex global landscape marked by geopolitical uncertainty, rapid technological advancements, and evolving regulatory requirements.

Talent retention and upskilling are the top priorities for growth and capital investment has gained momentum, with 22% citing it as a priority for the year ahead, more than twice the share of respondents who said so last year.

CFOs are noticeably less focused on cost control than in previous years – down to 54% from 69% last year – as a focus on seizing opportunities becomes more commonplace.

Some 28% of respondents cited expansion into new markets as a top priority for driving growth in the year ahead, compared to just 13% who said so last year.

EY said that may be reflective of a build-up of capital in businesses that is now available for deployment in growth investment and other areas such as expansion into new markets and talent development.

About 47% said rising costs and inflation were the top risk facing businesses over the next 12 to 24 months, followed closely by talent acquisition and retention (46%).

Changing technology and advances in AI were picked by a third (31%) as a top challenge, but just 12% of respondents said they had leveraged AI for any aspects of their role or across their finance team in the past year.

“Finance leaders are optimistic about strong growth in their organisations this year and are focused on directing resources towards strategic initiatives like expansion into new markets and upskilling staff that will help deliver real impact to the bottom line as they navigate an increasingly uncertain global landscape," said Vickie Wall, financial accounting advisory services leader at EY Ireland.

"Notably, there’s a decline in emphasis on cost reduction – the perennial number one on the CFO’s priority list - suggesting an increased willingness to invest to drive revenue growth rather than cutting costs to improve margins.

"It is also pleasing to see Irish CFOs focus on exploring new markets - a crucial step in gaining a competitive edge in today's challenging global environment.”

Half (50%) of the respondents said investing in new talent is a top priority for driving growth in the year ahead, while 61% said developing future leaders, people management and talent retention is a top area of focus for the next two years, a considerable increase from 44% last year.

The AI and technology agenda presents strong evidence in terms of roles that will be required in the finance team in the next two years.

While qualified accountants still form the majority of finance teams and account for 62% of the roles in the organisations surveyed, the growing presence of data and AI professionals (32%)) is a noteworthy trend.

“Attracting and retaining the right people into the finance team continues to be a top area of focus for CFOs in Ireland as demand for skilled people at all levels continues to exceed supply," said Katie Burns, consulting partner at EY Ireland.

"The CFO and the finance function sit at the intersection of strategic growth and operational efficiency. Therefore, it’s imperative that finance teams evolve.

"Skills in areas like AI and ESG reporting are in short supply and organisations will have little option but to help their existing people to acquire them, either through new hires or upskilling their teams.”

Seven in 10 (69%) respondents have increased investment in cybersecurity training in the past two years, up from 56% in 2024, while 52% have increased investment in security tools, up from 39% last year.

Just 17% of the respondents cited cybersecurity as a key risk and only 8% said it would be an area of focus for the next two years, suggesting a relatively high degree of confidence in the controls that have been put in place.

“Cyber plans and risk mitigation measures may now be a business-as-usual topic, but there is absolutely no room for complacency," said Puneet Kukreja, cyber security leader for EY UK & Ireland.

"The evolving cyber threat landscape — driven by AI-powered attacks and an increasingly complex regulatory environment with NIS2, the AI Act, and the Cyber Resilience Act demands continuous vigilance.

"Organisations must not only adapt to emerging threats but also proactively address compliance and resilience, as cyber risks continue to grow in scale and impact.”

(Pic: Getty Images)