Good morning.
Accountants are increasingly concerned about their companies’ ability to sustain margins and lead amid constant change and disruption.
For the first time in the survey’s 10-year history, geopolitics has emerged as the top global risk priority for accountants, according to the Q2 Global Economic Conditions Survey released this morning by the Association of Chartered Certified Accountants (ACCA) and the Institute of Management Accountants (IMA). The survey reflects a new phase of anxiety among accounting professionals—not only about external shocks like trade and policy, but also about internal resilience and adaptability.
Compared with Q1, accountants across sectors and geographies in Q2 expressed growing concern over internal vulnerabilities: governance gaps, cost fragility, workforce strain, and cultural and digital readiness.
The survey, conducted from June 3–25 with 420 respondents—all ACCA or IMA members and accounting and finance professionals, including CFOs—highlights these shifting concerns.
Among major regions, confidence in North America rose some in Q2 compared to Q1, reflecting some improvement in sentiment among U.S.-based accountants. However, it remains depressed by historical standards. By contrast, confidence fell sharply in Asia Pacific, erasing gains made in Q1. The deterioration in the backdrop for global trade, amid major changes in U.S. trade policy, was likely a key factor weighing on sentiment.
Looking specifically at CFOs, confidence among finance chiefs declined in Q2 and remains well below its historical average.
The proportion of North American respondents reporting increased operating costs eased slightly, according to Alain Mulder, senior director of Europe operations and global special projects at IMA. However, it remains historically high after the substantial increase seen in Q1.
“This raises the risk that firms may attempt to raise prices over the coming months,” Mulder said in the report.
Sheryl Estrada
sheryl.estrada@fortune.com
Leaderboard
Robert McMahon was named CFO of West Pharmaceutical Services, Inc. (NYSE: WST), effective Aug. 4. McMahon will succeed Bernard Birkett, CFO, who announced his intention to retire earlier this year. McMahon has been the CFO of Agilent Technologies Inc. since 2018. Before that, he was the CFO at Hologic, Inc. and spent 20 years with Johnson & Johnson, in executive financial roles of increasing responsibility.
Big Deal
The survey, conducted July 1–16 among 924 participants, included self-directed investors, those who fully delegate investment management to professionals, and those who utilize both approaches.
Despite growing optimism, inflation remains the top investor concern, though it dropped two percentage points to 39%. This is followed by tariffs (down two points to 33%) and market volatility (unchanged at 24%). Amid a shifting geopolitical landscape, a majority of investors (58%) are now interested in markets outside the U.S., up four percentage points from the previous quarter.
“While headwinds may be on the horizon, investors are holding their ground in sectors like tech and financials, while also looking abroad for new investment opportunities,” according to Chris Larkin, managing director and head of trading and investing at E*TRADE from Morgan Stanley.
Going deeper
"In-N-Out’s billionaire heiress is quitting California because it’s too difficult to raise kids and do business" is a Fortune report by Eleanor Pringle.
From the report: "Lynsi Snyder is a born and bred Californian, and makes no secret of her love for the state where her grandparents founded cult burger empire In-N-Out. But the CEO revealed she is leaving the Golden State for Tennessee, where the company is building a new eastern territory office, teasing a potential push to expand even further across the U.S.
While reaffirming In-N-Out’s California roots, Snyder cited family and business pressures in the state. She took over the West Coast chain at the age of 27, following in the footsteps of her grandfather, father and uncle who led the business prior to her succession. Snyder is now at the helm of the business with a net worth of $7.3 billion."
Overheard
"At age 73, after a career already spanning 51 years, I’m still working. Please, no standing ovation necessary. Nor, for that matter, pangs of pity, either. I plug away at my trade because I like to."
—Bob Brody, a consultant, essayist, and long-time health journalist, writes in a Fortune opinion piece that he believes working at his age is good for his health physically, mentally, and socially. Brody is the author of the memoir Playing Catch with Strangers: A Family Guy (Reluctantly) Comes of Age.
