From enhancing predictive analytics and forecasting to expanded planning and analysis – and much more, there are plenty of tasks that artificial intelligence can handle for the FP&A corner of the financial management sector.
Certainly, financial companies and corporate finance departments that delve into the FP&A arena see the opportunity to develop and expand AI best practices. According to the FP&A Trends Survey 2023, “7% of organizations already make use of AI/ML, and 54% of organizations are planning to use it in the next few years.”
Yet some industry experts say FP&A specialists are slow on the draw in engaging with AI – possibly to the detriment of their own careers.
That’s the takeaway from Drew Murphy, co-founder of the FP&HEY, a virtual community for FP&A professionals in an expanded research note in CFO Dive on September 19.
“If you are anti-AI, you are about to get a bucket of ice water dumped on your head,” Murphy states. “That’s because your future job prospects in this acronym-filled career path depend on it.”
It’s increasingly obvious that AI and ancillary tools like ChatGPT are helping finance professionals “save time and raise the quality of their work”, Murphy says.
“For example, some FP&A analysts, managers, and executives are already using ChatGPT to draft outlines for standard operating procedures, presentations, and emails, create learning plans for professional development, or answer specific questions on modeling,” he notes.
Even so, over 50% of the FP&A specialists in Murphy’s orbit “have zero clue as to how to wield AI’s power.”
“Yet over half of the FP&A professionals I come into contact with have zero clue as to how to wield AI’s power,” he says. “It’s time for us to wake up and pay attention to AI.”
As Murphy points out, as recently as 1993 the internet wasn’t fully functioning and big data didn’t land on the corporate financial scene until the early 2000’s. Even in 2006, Excel only had an effective capacity of 65,000 rows.
17 years later, Excel allows financial professionals to expand their analytical datasets to more than one million rows.
There’s a lesson in those technology advancements, and it’s one that should soon be applicable to AI financial planning and management advancements.
“Nowadays, office phones have been replaced with email and video chat, and library research has been replaced by Google searches,” Murphy says. “All of these technological advances were not fads – they took over and changed the way people work. These technological advances didn’t destroy jobs, instead, they changed them. And if you didn’t adapt, you were likely replaced by someone who did.”
Murphy’s advice to financial professionals who are on the fence about AI and how to start using it.
For starters, educate yourself and start using the technology so you’re comfortable with AI as it grows exponentially.
“Do your homework: look for books, podcasts, and websites to learn about AI applications for everyday life,” he says.
A great place is today’s super popular AI tool ChatGPT.
“ChatGPT is free, works just like Google search, and can help lay the foundation for your own AI revolution,” he adds. “Use it just like you would the internet – responsibly.”

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.