EY CFO Survey: Optimistic Irish CFOs forecasting strong growth for the year ahead, with talent, new markets and capital investment prioritised over cost reduction

• CFOs and finance leaders forecasting an average growth of 9% in their organisations for this year
• Almost a third (28%) say expansion into new markets a top priority for driving growth, more than double the figure from last year (13%)
• Nearly a quarter (22%) cite capital investment as a priority for the year ahead, doubling since last year
• Half (50%) identify investing in new people / talent as a top priority for driving growth followed by upskilling existing people / talent (47%)
• Just 12% of CFOs say they have integrated AI into the finance function in the past year
•  69% have increased investment in cybersecurity training in the past two years

Dublin, 06 March 2025 – Irish CFOs are forecasting a strong growth outlook in their organisations this year, with 9% growth projected for 2025 among the 200 finance leaders surveyed for the annual EY CFO Survey, published today ahead of EY Ireland’s CFO Summit. The research reveals that for the third consecutive 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.

The research finds that talent retention and upskilling are top priorities for growth while capital investment has gained momentum with 22% citing it as a priority for the year ahead — more than twice the respondents who said so last year. Encouragingly, 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. 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, which may be reflective of a build-up of capital in businesses that is now available to be deployed for investment in growth and other areas such as expansion into new markets and talent development.

Meanwhile, 47% cited rising costs and inflation as the top risk facing businesses over the next 12 to 24 months, followed closely by talent acquisition and retention (46%). Adapting to a fast-changing technology landscape and advances in AI was also high on the list of challenges for almost a third (31%) of respondents. However, just 12% of respondents said they had leveraged AI for any aspects of their role or across their finance team in the past year.

Vickie Wall, Financial Accounting Advisory Services leader at EY Ireland said:

“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. 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.”

Talent tops the priorities

Half (50%) of the respondents say investing in new talent is a top priority for driving growth in the year ahead, while 61% say 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 - who now represent 32% of roles - is a noteworthy trend.

Katie Burns, Consulting Partner at EY Ireland said: “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. 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.”

Shaping the future of finance with AI

Almost a third (31%) of respondents indicated that a top challenge facing the finance function in the next five years is adapting to the fast-changing technology landscape and advances in AI. Just 12% of respondents said they had leveraged AI for any aspects of their role or across their finance team in the past year, while 11% are cautiously exploring potential AI usage and investment through pilot projects and trials.

However, one in five respondents agree that investment in technology infrastructure, advanced AI and data analytics is a priority area for driving growth, so while many organisations are still at early or even experimental stages of AI deployment, there is recognition of its future integration. In the coming year, 24% of respondents say most time will be devoted to developing stronger understanding of these areas, while 10% will facilitate AI adoption across the organisation.

Vickie Wall said: “AI holds enormous transformative potential for every function in an organisation, especially finance but despite this, its adoption is still in its infancy here. Our latest research reveals a gap between potential and actual use of AI that could provide a significant opportunity for those ready to embrace AI to not only streamline operations, but also to gain a competitive edge in financial intelligence and innovation. While organisations are all at different stages in their AI journey, our advice to the finance function is always to start, and to begin experimenting so you can understand how it can be integrated into your business. Because the future won’t wait.

Building better cyber defence amid AI acceleration

As organisations ramp up their adoption of AI, they need to proactively strengthen their cybersecurity strategies to address any potential risks. 69% of respondents say they have increased investment in cybersecurity training in the past two years to improve cybersecurity for the finance function, 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 protocols, processes and controls that have been put in place in recent years.

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

About the survey

The EY Ireland CFO Survey 2025 was conducted during December 2024 and January 2025, involving 200 CFOs or senior financial decision-makers across a wide range of organisations and a diverse range of sectors that included Consumer and Health, Industrial and Energy, Government and Infrastructure, and Telecommunications, Media, and Technology. Respondents included CFOs, financial controllers, managing directors, finance directors, operations directors, and business owners.

For more key insights about CFO survey, visit here.