CFOs are surprisingly split on the issue, with most leaning toward “optimism”.
Tongues have been wagging for months over a potentially game-changing scenario in the corporate finance realm – will artificial intelligence take the jobs of company finance team members?
Now, corporate tax services giant KPMG is weighing in on the matter in its latest “Ai in Audit Survey” released last month.
The survey of corporate financial executives at organizations with over $1 billion in revenue and over 500 employees was largely designed to track companies to see how their financial reporting functions were handling AI rollouts – planned and already executed.
In an interesting wrinkle, the study temporarily veered off into the immersion of AI into the company finance realm and how that immersion impacts the career prospects of financial team members.
“Increased use of AI is expected to attract more talent to grow and augment accounting and auditing teams,” the study notes. “In fact, just over half (55%) of senior financial leaders surveyed don’t believe AI will shrink financial reporting teams. Yet 39% of company financial executives say AI will reduce team size due to increased efficiency.”
Additionally, 21% expect team size will grow because its value “will be enhanced” by AI.
Transformative, But In a Good Way
Financial execs are also split over how AI will transform their teams.
52% of respondents say they expect the technology will “help them attract more talent to the financial reporting function” while 42% say the technology is as likely (or even more likely) to take jobs away from human team members.
KPMG execs say the responses about AI and career shifts and add there’s more upside than downside in those responses.
“(We’re) pleasantly surprised” that so many financial decision makers believe AI should augment but not replace human corporate finance staffers, says KPMG National Managing Partner-Audit Operations Tim Walsh in comments to CFO Dive.
Citing the “optimism” among rank-and-file finance executives, Walsh was also bullish about how KPMG would be using AI inside the company.
“That is similar to how we view the value of AI to our own workforce — that it will free up our people to focus on areas of higher risk and not supersede the kind of professional judgment that really only humans can provide,” he told CFO Dive.
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.
