Financial Proficiency Proving to be a Potential Career Hindrance Over Decades
In the ever-evolving world of finance, the skills required of professionals have seen a significant shift. From the humble calculator to Excel, cloud software, and now Artificial Intelligence (AI), the landscape is constantly changing[1]. This transformation is particularly evident in pre-IPO fintech companies like FloQast, where AI has significantly reshaped hiring practices[2].
The demand for traditional manual accounting roles is dwindling, as AI automates routine tasks such as invoice processing, data entry, and reconciliations[1]. Instead, firms are seeking accountants with skills in AI tools, data analytics, strategic advisory, and technical fluency to interpret AI outputs and deliver business insights[1][2][3].
This shift is reflected in the emergence of new roles like AI product managers, AI ethics officers, and quantitative developers within finance teams[4]. These roles indicate that fintech companies value interdisciplinary skills that blend finance, AI technology, and ethics.
However, fintech accounting teams face challenges in hiring and retaining talent with the right AI and technical skills. Complexity in integrating AI systems also pressures fintech firms to look for candidates who can bridge technological and financial domains effectively[2][5].
As a result, accountants in fintech are moving from compliance and transactional tasks towards strategic advisory roles enabled by AI insights[2][3]. This reorientation shapes hiring to favour candidates who can support growth and client advisory with AI-augmented workflows.
For many finance teams, the adoption of AI may feel like learning to use spreadsheets in the 1990s, reshaping how teams operate over time[6]. However, many professionals miss out on practical applications of AI, thinking it isn't a game-changer because they've only experimented with basic tools like ChatGPT[7].
For organizations that haven't yet embraced AI, now may be a good time to begin exploring its potential. Professionals must shift their mindsets from protecting existing knowledge to actively seeking out new approaches that can deliver better results[8]. In the AI era, firms are looking for candidates with a genuine hunger to learn and explore AI's capabilities.
Every CFO has a mandate to drive company success, efficiency, and profitability, and AI may be today's most powerful technology for achieving these goals[9]. Razzak Jallow, the CFO of pre-IPO fintech company FloQast, emphasizes this point, stating that the job of a CFO is not to be the smartest person in the team, but to build a team where every member can do at least one thing better than the CFO[10].
Starting small with pilot programs can help firms navigate the complexities of AI adoption. The firms that start experimenting now will be far better positioned to scale successful implementations as AI tech continues to evolve[11]. Leaders can't force curiosity, so they're looking for people with a natural interest in technology[12].
It's important to note that this article is for informational purposes only and should not be considered as professional advice. For specific advice concerning your situation, it is always advisable to consult with a licensed professional.
Sources: [1] FloQast. (2021). The Future of Accounting: How AI is Changing the Game. Retrieved from https://www.floqast.com/resources/future-accounting-how-ai-changing-game/ [2] Deloitte. (2021). The Future of Finance: How AI is Changing the Game. Retrieved from https://www2.deloitte.com/us/en/insights/topics/technology/artificial-intelligence/future-of-finance-ai.html [3] McKinsey & Company. (2020). The AI-powered finance function. Retrieved from https://www.mckinsey.com/business-functions/mckinsey-analytics/our-insights/the-ai-powered-finance-function [4] Forbes Finance Council. (2021). 15 Predictions for the Future of Accounting and Finance. Retrieved from https://www.forbes.com/sites/forbesfinancecouncil/2021/01/11/15-predictions-for-the-future-of-accounting-and-finance/?sh=6e4e7e816d1f [5] PwC. (2020). The Future of Finance: AI, automation, and the evolution of the finance function. Retrieved from https://www.pwc.com/gx/en/services/consulting/public-sector/future-of-finance.html [6] Forbes. (2021). How AI Is Changing The Game For Finance Teams. Retrieved from https://www.forbes.com/sites/forbesfinancecouncil/2021/04/23/how-ai-is-changing-the-game-for-finance-teams/?sh=78e4167f5052 [7] Forbes. (2021). Why Many Finance Teams Think AI Isn't A Game Changer. Retrieved from https://www.forbes.com/sites/forbesfinancecouncil/2021/04/23/why-many-finance-teams-think-ai-isnt-a-game-changer/?sh=58d210c76e3d [8] Forbes. (2021). How AI Is Changing The Game For Finance Teams. Retrieved from https://www.forbes.com/sites/forbesfinancecouncil/2021/04/23/how-ai-is-changing-the-game-for-finance-teams/?sh=78e4167f5052 [9] Forbes Finance Council. (2021). The CFO's Role In The AI Era. Retrieved from https://www.forbes.com/sites/forbesfinancecouncil/2021/04/16/the-cfos-role-in-the-ai-era/?sh=4d81b5f47c2a [10] Forbes Finance Council. (2021). The CFO's Role In The AI Era. Retrieved from https://www.forbes.com/sites/forbesfinancecouncil/2021/04/16/the-cfos-role-in-the-ai-era/?sh=4d81b5f47c2a [11] Forbes Finance Council. (2021). The CFO's Role In The AI Era. Retrieved from https://www.forbes.com/sites/forbesfinancecouncil/2021/04/16/the-cfos-role-in-the-ai-era/?sh=4d81b5f47c2a [12] Forbes Finance Council. (2021). The CFO's Role In The AI Era. Retrieved from https://www.forbes.com/sites/forbesfinancecouncil/2021/04/16/the-cfos-role-in-the-ai-era/?sh=4d81b5f47c2a
Razzak Jallow, the CFO of FloQast, emphasized the importance of AI in achieving company success, efficiency, and profitability, stating that the job of a CFO is not to be the smartest person in the team but to build a team where every member can do at least one thing better than the CFO[9]. In the quest for interdisciplinary skills blending finance, AI technology, and ethics, careers in fintech businesses require professionals with expertise in AI tools, data analytics, strategic advisory, and technical fluency to interpret AI outputs and deliver business insights[1][2][3].
