The Growing Gap in AI Preparedness Among Finance Professionals
Recent research conducted by the Onestream corporate finance management platform highlights a significant divide in artificial intelligence (AI) preparedness among finance professionals and students. This gap is alarming, especially at a time when AI-driven financial strategies are crucial for business growth and innovation.
Study Overview
The study surveyed 2,504 participants, including finance professionals and students from the United States and the United Kingdom. It reveals a concerning trend: while AI and related technologies are increasingly integral to the finance sector, many professionals feel ill-equipped to utilize these tools effectively. This skills gap poses challenges for businesses eager to leverage AI for competitive advantage.
Current Utilization of AI in Finance
Remarkably, two-thirds (66%) of finance professionals report utilizing AI in their daily work. Furthermore, a substantial 86% of all respondents—comprised of both students and professionals—anticipate using AI tools in their careers. One-third (33%) envisions relying heavily on these technologies. This optimism, however, is complicated by uneven levels of confidence and experience in AI capabilities across different career stages.
Trust and Experience in AI
Despite growing up in a tech-savvy environment, many new graduates comprehend the complexities of AI’s application in finance. Only 57% of current finance professionals believe that new hires should possess technological skills alongside essential accounting knowledge. Additionally, a mere 11% expressed a strong desire for skills in AI and machine learning when entering the workforce.
Generational Challenges in AI Competence
The disconnect becomes even more evident as career growth progresses. An impressive 89% of finance students feel adequately prepared to leverage AI in the workplace. In contrast, only 54% of seasoned finance professionals (with 10 or more years of experience) share this confidence. Moreover, 57% of finance professionals cite a generational technological gap as a significant pain point, identifying deficits in AI skills (44%) and the fast pace of technological change (44%) as primary challenges.
The Gender Disparity in AI Preparedness
The study also sheds light on a troubling gender gap regarding AI adoption in finance. Female finance professionals are slower to adopt AI compared to their male counterparts, with 71% of men reporting AI usage against only 61% of women. Furthermore, 69% of young male professionals feel ready to deploy AI, compared to just 56% of young women. These discrepancies are mirrored among finance students, where only 12% of women expect to rely heavily on AI, compared to 68% of male students.
Career Aspirations vs. Reality
In today’s uncertain economic climate, a career in finance remains appealing, primarily due to factors like job stability (63%), high salaries (57%), and a clear path for career advancement (55%). However, students’ perception of work-life balance contrasts sharply with that of current finance professionals. While 79% of students expect to work less than 40 hours per week, 58% of seasoned professionals indicate they regularly exceed this threshold, with many facing significant burnout.
Addressing the Skills Gap for Future Finance Leaders
As the finance landscape evolves, it is crucial that educational programs equip the next generation of finance leaders with relevant technical skills. Only half (51%) of professionals believe that recent graduates are adequately prepared for the realities of financial roles. Essential skills sought after by employers include technical proficiency (22%), a strong work ethic (21%), and problem-solving capabilities (20%).
“As new talent enters a rapidly evolving market, there’s a growing disconnect between expectations and job requirements,” asserts Pam McIntyre, Vice-President Director and Corporate Controller at Onestream. “To retain top talent in finance, we must ensure they possess the skills necessary to thrive.”