Are Finance Jobs on Borrowed Time? 57% of CFOs Think So…
Imagine walking into work one day and finding your role transformed—or even replaced—by a machine. For many in finance, this isn’t just a wild fantasy but a real possibility.
According to a recent survey by FP&A Software solution Datarails, over half (57%) of finance leaders believe artificial intelligence (AI) is poised to shrink the workforce in their departments. But what’s truly at play? Is this fear justified, or are we simply witnessing the birth of a new kind of finance professional?
But before panic sets in, there’s a more nuanced story to tell—a story about adaptation, opportunity, and the evolving role of finance professionals.
AI and Job Reductions - Fear or Reality?
The headline-grabbing statistic paints a sobering picture of more than half of CFOs think AI will lead to a reduction in finance roles by 2026. But before jumping to conclusions, it’s worth noting the broader sentiment. Many leaders don’t view AI as the executioner of jobs but as a tool that will shift priorities and create opportunities for those who adapt.
Leaders emphasize that those who adapt—mastering AI tools and integrating them into their skillsets—will not only survive but thrive.
The survey reveals that finance professionals see AI as particularly valuable in automating processes like:
Financial Reporting (26%) - By handling repetitive tasks like consolidating reports, AI frees finance teams to focus on strategic analysis.
Analytics (22%) - AI tools can sift through vast amounts of data to identify trends and insights at speeds humans can’t match.
Risk Assessment and Management (21%) - With predictive analytics, AI is improving how companies identify and mitigate financial risks.
These areas aren’t just candidates for AI integration—they’re proof that technology is redefining how finance departments operate. While some roles may become redundant, others will evolve, requiring professionals to move toward higher-level functions.
Why CFOs Are Doubling Down on AI Skills
The rise of AI isn’t just about tech – it’s about talent. A striking 85% of finance leaders are actively advancing their AI knowledge. This isn’t just a box to check—it’s a strategic move to remain competitive in the field. Among these, more than half are putting in “significant” or “extensive” effort, recognizing that understanding AI is critical not just for their departments, but for their personal career growth.
Here’s why:
AI Skills Enhance Market Value - Ninety-one percent of respondents believe AI expertise boosts their value as CFOs.
CEO Aspirations Fuel the Push - Nearly all finance leaders (97%) aspire to become CEOs, and 52% already feel ready to step into the role. AI is increasingly seen as a must-have skill for anyone eyeing the C-suite.
This data underscores a simple truth, AI proficiency is no longer optional. It’s the new currency of career advancement in finance.
CFOs Are Putting Their Money Where Their Mouths Are
Finance leaders are putting their money where their priorities are. When assessing new technology, CFOs rank AI features as their top consideration, even above price. That’s a significant shift from past years, where cost-effectiveness often reigned supreme.
Smaller organizations are particularly keen on leveraging AI to overcome challenges. With fewer resources, these companies see AI as a way to level the playing field, streamlining manual processes and enhancing productivity.
The Numbers Speak Volumes
And the trend is only growing. Seventy percent of CFOs plan to invest in generative AI for their departments in 2025, with adoption rates even higher in larger companies rising to 91% among companies with over 1,000 employees.
For organizations looking to stay competitive, AI isn’t just a “nice-to-have”—it’s a necessity.
Finance leaders are already leveraging AI tools, with 93% of respondents using AI in some form. Microsoft Excel with Copilot is the standout favorite, used by 49% of leaders to streamline processes. This adoption underscores the versatility of AI, even in legacy tools like Excel.
What’s Driving This AI Push?
Why is AI adoption accelerating so quickly in finance? The survey points to several factors:
Automation and Efficiency
By reducing time spent on manual tasks, AI allows teams to focus on strategic initiatives.
Data-Driven Decision-Making
AI-powered analytics tools provide insights that drive better business decisions.
Competitive Pressure
As more companies adopt AI, lagging behind could mean losing a competitive edge.
CFOs also see AI as a way to improve collaboration across teams and enhance the overall value of finance departments within their organizations. With automation reducing repetitive work, finance professionals are better equipped to serve as strategic partners rather than just number crunchers.
How Finance Professionals Can Stay Ahead
If you’re in the finance field, the prospect of AI might feel daunting. But the survey also offers a roadmap for navigating this new terrain.
Invest in Learning
The majority of finance leaders are already advancing their AI skills—are you? From online courses to certifications, there’s no shortage of resources to help you stay ahead.
Focus on Strategic Thinking
As AI takes over routine tasks, the demand for strategic insights and big-picture thinking will only grow.
Embrace Change
Resisting AI is not an option. Instead, think about how you can use it to enhance your role and make yourself indispensable.
Adaptation Is Key
The introduction of AI into finance isn’t just a trend—it’s a transformation. While some roles may be lost, others will emerge, requiring new skills and offering fresh opportunities. The key is to adapt.
AI is less about replacing people and more about reimagining roles. For finance professionals willing to embrace change, the future is bright.
As one CFO put it, “Adapt or die.” It’s not just a slogan; it’s a strategy for an era where the only constant is change.
Based on the survey, the finance leaders of tomorrow will be those who embrace AI, not as a threat, but as a tool for innovation and growth. Whether you’re a CFO eyeing the CEO’s chair or a finance analyst looking to climb the ranks, one thing is clear: the future is here, and AI is leading the charge.
Here are some key takeaways from the survey:
1) CFO spend on Finance and Accounting software hits $63,598 - CFOs at companies generating $800m in annual revenue spent an average of $63,598 in 2024 on their finance stack. Not far behind, CFOs at companies of 50-250 employees spent $55,149. This rose to $55,735 among CFOs at companies with between 251 and 500 employees.
2) CFOs value AI features above all else, including price, ease of use, and recommendations -More than one-fifth (21%) of strategic finance leaders put AI features as their top consideration when buying Finance and Accounting software. Price (16%) came second in the buying equation followed by research or analyst recommendations in third place. (15% of CFOs prioritize analyst recommendations in choosing their CFO tech stack.)
3) 85% of finance leaders are actively advancing their AI knowledge - Finance leaders know that AI skills will help them to advance their careers and enable them to thrive in their current roles. 85% are actively advancing their AI skills. Going further, more than half of CFOs (51%) say their efforts are significant or extensive in the field of AI.
4) 91% agree that AI skills enhance their market value as a CFO - 97% of finance leaders have aspirations to become CEOs in their career, and 52% say that they feel confident they could take on that role today. To boost their market value, AI skills have become crucial, with 91% saying AI skills enhance their market potential.