With finance careers in decline, CFOs increasingly depend on artificial intelligence to change the dynamic.
Fewer career professionals are opting for a career in finance, with 90% of companies reporting skill shortages, according to a 2023 study by Caseware International, which surveyed 6,000 accounting industry professionals.
“Nearly 35% of accountants cite finding the right talent among their three biggest practice management issues over the past year, compared to just 14% of accountants who cited it last year ‐ making finding talent the fastest-rising industry challenge,” the study noted. “More than 90% of accountants and 95% of auditors surveyed find it either challenging or extremely challenging to hire skilled talent. When retaining talent, more than 85% of accountants and 90% of auditors said it is either somewhat or extremely difficult.”
AI Can Be the “Heartbeat” of the Company Finance Function
Artificial intelligence can attract new blood into the corporate finance sector, business experts say. All companies have to do is invest in it.
“It’s becoming apparent that this technological revolution isn’t just about tools; rather, it’s about cultivating an environment that encourages the next generation to contribute their creativity and expertise to the evolving world of finance,” said Matthew Rodgers, executive vice president, EMEA at OneStream Software in a new research post.
That’s where AI-driven solutions can streamline operations and even add new finance talent to in-need organizations. “80% of leaders believe it will enable increased productivity and efficiency; it also creates more varied roles for interest, ushering in a new wave of talent who not only want to have a hand in finance but also innovative technology,” Rodgers said.
Artificial intelligence should “plug the skills gap” within the finance and accounting realm and help finance leaders “look beyond the balance sheet and apply themselves more within core business operations to spearhead strategic initiatives,” Rodgers noted.
OneStream says 72% of companies believe artificial intelligence will generate new jobs in the corporate finance field.
Finance professionals surveyed also believe AI will give staffers more time on “innovative” tasks like creating new products. Meanwhile, tasks assigned to AI, like compliance and financial reporting, will “save money” while freeing finance team members to focus on more revenue-driven projects.
That trend should “generate capacity for business leaders to be more strategic in the face of economic change,” Rodgers noted. “Those who leverage AI tools will be (the) most resilient.”
Brian O’Connell, a former Wall Street bond trader and best-selling author, is a prominent figure in the finance industry. With a substantial background as an ex-Wall Street trader, he has authored two best-selling books: ‘The 401k Millionaire’ and ‘CNBC’s Creating Wealth’, demonstrating his profound knowledge of finance and investing.
Brian is also a finance and business writer for esteemed national platforms and publications, including CNN, TheStreet.com, CBS News, The Wall Street Journal, U.S. News & World Report, Forbes, and Fox News.
