The question at the top of every finance professional’s mind today is, Artificial intelligence — what are the risks and opportunities for my career? The theme echoed through my recent travels to India, China, and Indonesia, and dominated conversation at our ENGAGE Asia, Africa, Europe, and UK & Ireland conferences. It will doubtless reverberate throughout CGMA Week (3-9 November), which is our worldwide festival celebrating members and promoting the designation and our profession.
AI is rapidly changing finance. Driven by a plethora of new platforms and tools, it is unlocking opportunities for finance functions to automate processes, harness the power of data to drive better decision-making, and create new roles and career paths.
However, for many of us, letting go of routine tasks in our comfort zone, such as producing monthly reporting, feels uncomfortable. Yet, failing to embrace change, especially the rise of AI, puts you at the top of the career relevance risk register.
According to Gartner, 79% of CFOs believe finance employees need to update the way they see their jobs if they are to modernise their finance function. For finance and accounting professionals, ignoring AI is simply not an option, at least not if they want to remain relevant, competitive, and in demand.
Take accounting roles within finance. Tasks such as reconciliation and month-end closure are ripe for automation, and chances are this transformation is already underway in your organisation. For those working in shared services or finance controller roles, for example, the focus must shift from primarily administering processes to understanding how to simplify and improve the flow of information across systems and to stakeholders.
For FP&A professionals, it is no longer just about running budgeting and forecasting routines. These roles now demand the ability to leverage insights and data and analytics to quantify and seize growth opportunities — as well as proactively manage risks across products and services.
Make no mistake — even senior roles are at risk of replacement. Critically, finance directors and CFOs must evolve from being compliance guardians to strategic enablers — becoming the impetus behind investment and growth decisions for the organisation.
This means leading transformation by adopting technology solutions and talent strategies to reduce time and resources spent on transactional activities and redirecting efforts toward high-value work that drives sustainable business growth.
Whilst change feels uncomfortable, it is both inevitable and essential. The focus must shift from what we have done to what we can do.
Today’s finance function is fast becoming a blend of talent: Those who can oversee AI-driven automation, and those who can solve complex business problems using AI to deliver agile, innovative solutions.
Finance leaders must become finance transformation leaders — professionals whose role is to challenge ways of working, upskill teams, embrace technology, and redefine finance roles to deliver value to the business.
Remember that with change comes opportunity, new career paths, and growth prospects. AI is unlocking finance from the shackles of process to become drivers of growth and innovation. If you haven’t already jumped on the AI bandwagon, now’s the time.
Andrew Harding, FCMA, CGMA, is chief executive–Management Accounting at the Association of International Certified Professional Accountants.
