The finance world is seeing a dramatic shift. New data shows 59% of finance professionals plan to launch their own businesses within the next two years. This surge in entrepreneurial drive comes as many seek more control over their careers and work-life balance.
ACCA (Association of Chartered Certified Accountants) recently surveyed over 8,000 finance professionals globally. Their report reveals this growing trend isn’t limited to any one region. From London to Singapore, finance experts are trading corporate ladders for startup adventures.
“Finance professionals possess a unique advantage when launching businesses,” says Jamie Lyon, head of skills, sectors and technology at ACCA. “Their financial literacy and ability to understand business fundamentals gives them an edge many entrepreneurs lack.”
The motivation behind this shift extends beyond simply making more money. When asked why they wanted to start businesses, respondents cited personal fulfillment (48%), better work-life balance (42%), and the chance to pursue passion projects (39%).
This entrepreneurial wave couldn’t come at a better time. Small businesses drive economic growth, creating jobs and spurring innovation. Government initiatives across many countries now offer support to new entrepreneurs through tax incentives and startup grants.
The finance industry itself is evolving rapidly. Traditional banking faces disruption from fintech innovations and changing consumer expectations. Many professionals see opportunity in these shifts. Rather than fearing change, they’re positioning themselves at the forefront of finance evolution.
Technology plays a crucial role in this trend. Remote work tools and cloud-based accounting platforms have reduced startup costs significantly. A financial consultant can now launch a global practice from a home office with minimal overhead.
“The pandemic accelerated this shift,” explains Marcus Thompson, financial analyst at Bloomberg. “When finance professionals realized they could work effectively from anywhere, many began questioning why they weren’t building something for themselves instead.”
Women in finance show particularly strong entrepreneurial intentions. The ACCA survey found 64% of female finance professionals plan to start businesses, compared to 54% of male counterparts. This could help address the gender imbalance in business ownership over time.
Specific sectors attracting finance entrepreneurs include sustainable investing, financial literacy education, and specialized consulting services. Many are leveraging their corporate expertise to create businesses that fill gaps they observed from within larger organizations.
Not everyone succeeds in this transition. The study notes that 31% of finance professionals who attempted entrepreneurship returned to corporate roles within three years. Common challenges include underestimating marketing needs, difficulty attracting clients, and cash flow management.
Educational institutions are responding to this trend. Business schools report increased enrollment in entrepreneurship courses specifically tailored to finance professionals. These programs focus on bridging the gap between financial expertise and startup skills like marketing and product development.
Large financial institutions have mixed reactions. Some see this entrepreneurial exodus as a talent retention challenge. Others have created intrapreneurship programs, allowing employees to develop new business ideas while maintaining job security.
The Federal Reserve Bank of New York’s small business survey confirms this trend extends beyond finance professionals. Their data shows a 22% increase in new business applications across all sectors since 2019, suggesting a broader entrepreneurial awakening in the economy.
Regulatory environments remain a significant factor in success rates. Countries with streamlined business registration processes and supportive regulatory frameworks see higher success rates among finance entrepreneurs. Singapore, Estonia, and the UK consistently rank as favorable locations.
Client acquisition strategies differ from traditional corporate advancement. Finance entrepreneurs must develop personal brands and marketing capabilities rarely needed in established firms. Social media presence and thought leadership content creation become essential skills.
This entrepreneurial shift could reshape the finance industry’s future. As more professionals launch specialized firms, larger institutions may evolve toward partnership models rather than traditional employment structures. The lines between employment and entrepreneurship continue blurring.
For those considering this path, current entrepreneurs recommend starting side businesses
