Grant Thornton Finds Increased CFO Optimism in Post-Election Survey

A new survey from Grant Thornton has revealed a dramatic surge in optimism among chief financial officers (CFOs), following the resolution of the recent U.S. election. The Q4 2024 CFO survey, which gathered insights from more than 250 senior finance leaders, found that uncertainty surrounding the election has given way to renewed confidence in the U.S. economy and business growth. In fact, 68 percent of CFOs expressed optimism—the highest level recorded since the third quarter of 2021.

This shift in sentiment marks a stark contrast to the uncertainty that clouded decision-making in previous quarters. The survey also found significant increases in confidence across multiple business areas, including:

• Growth projections (65 percent) – The highest level in 13 quarters

• Increased demand expectations (64 percent) – Reflecting stronger consumer and business activity

• Cost control goals (62 percent) – Indicating a renewed focus on financial efficiency

• Labor needs (60 percent) – Suggesting improved hiring and workforce stability

Tax Policy Uncertainty Looms, But CFOs Are Preparing

While optimism is on the rise, CFOs remain focused on the potential impact of upcoming tax policy changes. With many provisions of the Tax Cuts and Jobs Act (TCJA) set to expire at the end of 2025, 33 percent of survey respondents identified tax policy as the most significant election-related factor likely to affect their business in the coming year.

Although the exact details of future tax legislation remain uncertain, CFOs are already exploring strategic planning measures. Key areas of focus include interest and research expense planning, Pillar 2 implementation, transfer tax planning, and fixed asset strategy adjustments. Proactive planning in these areas will help businesses quickly adapt when policy details become clearer.

Businesses Are Investing in the Future

With greater clarity following the election, many CFOs are shifting their focus to growth and investment. The survey found that 45 percent of respondents plan to increase or accelerate investments, while only 15 percent are holding off on certain spending decisions. This willingness to invest signals confidence in long-term business expansion and stability.

AI and Digital Transformation Are Delivering Strong ROI

One of the biggest areas of investment is digital transformation, particularly in artificial intelligence (AI). The survey found that organizations leveraging AI are already seeing substantial returns on investment (ROI):

• 87 percent of generative AI users have calculated the full cost of implementation, including setup, training, and third-party advisory services.

• 68 percent of AI users reported at least a twofold return on investment from their AI initiatives.

• The top applications for AI include data analytics and business intelligence (73 percent), cybersecurity and risk management (63 percent), and customer experience management (61 percent).

However, as AI adoption accelerates, CFOs recognize the need to strengthen governance. The survey revealed that the percentage of CFOs reporting that their board of directors is actively involved in AI governance dropped to a six-quarter low of 41 percent. Additionally, the number of organizations with formal AI training programs fell to 48 percent, down from 58 percent in Q2.

Cybersecurity Investment Reaches Record Highs

As organizations ramp up their AI and digital initiatives, cybersecurity remains a top priority. The survey found that 69 percent of CFOs expect cybersecurity spending to increase over the next 12 months—a 16-quarter high and a 16-percentage-point jump from Q3.

This heightened focus on cybersecurity aligns with the increasing use of AI for risk management. Among finance leaders whose organizations are leveraging AI, 63 percent reported using it for cybersecurity and risk management, up from 55 percent in Q3.

Derek Han, principal and Cybersecurity and Privacy leader for Risk Advisory Services at Grant Thornton Advisors LLC, emphasized that CFOs are looking for cost-efficient ways to enhance security. “The increased cyber spend doesn’t mean they’re necessarily going to add more people,” Han explained. “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.”

Looking Ahead: Confidence, Investment, and Strategic Planning

As CFOs move forward into 2025, their renewed optimism is fueling investment, digital transformation, and proactive tax planning. With a clearer economic and political landscape, finance leaders are focused on long-term growth strategies, risk management, and innovation.

By leveraging AI, strengthening cybersecurity, and preparing for tax policy changes, CFOs are positioning their organizations for success in an evolving business environment. The coming year will be one of strategic decision-making and digital acceleration, with finance leaders playing a crucial role in driving sustainable, profitable growth.

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