Bridging the AI Skills Gap in Finance: Insights from OneStream’s Recent Study
Artificial intelligence is revolutionizing numerous industries, and finance is no exception. However, a recent study from OneStream, an enterprise finance management platform, unveiled a significant AI readiness gap between college finance students and seasoned professionals. In a time when AI-driven finance is essential for business growth, understanding this discrepancy becomes paramount.
The Shocking Findings of the Study
The study surveyed 2,504 participants, including corporate finance professionals and finance students from the U.S. and the U.K. The results revealed that while AI is becoming increasingly vital in finance, there is a noticeable skills gap and a growing generational divide that businesses must address.
AI Usage Among Finance Professionals
An impressive 66% of corporate finance professionals reported using AI in their daily tasks. Meanwhile, 86% of all respondents—both students and professionals—believed they would employ AI tools at least somewhat frequently in their future careers. Surprisingly, 33% expressed that they would rely significantly on AI tools.
Unclear Real-World Applications of AI
Despite the promising statistics, a concerning trend emerged; confidence levels in using AI were notably lower among experienced professionals. For instance, only 57% of current finance professionals believe that new hires should possess tech skills alongside traditional accounting knowledge. Additionally, only 11% wish they had AI or machine learning skills when beginning their careers.
Disparity in AI Confidence Levels
The OneStream study highlighted a stark contrast in AI skills readiness across different career stages. A remarkable 89% of finance students felt prepared to use AI at work. However, this number dwindles to 54% among senior professionals with ten or more years in the industry, and 63% among those with less than ten years’ experience.
Generational Divide and Its Implications
Further complicating matters, over 57% of finance professionals acknowledged a generational technology divide within their organizations. Those identifying a tech gap cited the AI skills shortfall (44%), a rapid pace of technological change (44%), and resistance to AI’s role in replacing tasks (40%) as primary concerns.
Statements from OneStream Leadership
Tom Shea, CEO of OneStream, emphasized the pressures finance teams face in managing these skill gaps while combating burnout. He acknowledged, “Today’s news tells us that finance teams are navigating skills gaps, AI readiness, and battling burnout—all while facing more pressure than ever to forecast faster and identify risks sooner.”
Gender Disparities in AI Adoption
Another alarming finding involves gender disparities within corporate finance. Women professionals lag behind their male counterparts in AI and technology use, despite eagerness to embrace these tools. 71% of men reported using AI frequently compared to only 61% of women. Moreover, only 56% of young female finance professionals felt ready to adopt AI compared to 69% of young males.
Young Women Face Unique Challenges
The study indicated that 30% of young women view automation and AI as the greatest challenge they will face over the next decade. This discrepancy is mirrored among finance students; only 12% of female students anticipate heavy reliance on AI in their careers compared to 68% of their male peers.
Career Aspirations and Realities
Despite the challenges, a career in finance continues to attract young talent. Key motivators include job stability (63%), high salaries (57%), and a transparent roadmap for career advancement (55%). However, significant perception gaps exist regarding workload and burnout.
Misalignment on Work Expectations
While 79% of students expect to work under 40 hours per week without burnout, 58% of current professionals work over 40 hours, and about 57% have encountered burnout firsthand. When asked about turnover reasons, finance professionals cited work-life balance issues (44%) and burnout (35%) as primary factors.
Skills Perception Among Finance Professionals
Only 51% of finance professionals believe that new graduates are adequately prepared for the rigorous demands of finance jobs. Critical skills deemed necessary by current professionals include technical acumen (22%), strong work ethic (21%), and business strategy and problem-solving (20%).
Closing the AI Skills Gap
Pam McIntyre, OneStream’s Senior Vice President and Corporate Controller, articulated the disconnect between expectations and reality: “If we want to keep great people in finance, we need to ensure they have the right skills to thrive.” Investing in early training programs and evolving finance practices can help close this skills gap, allowing professionals to focus on strategic decisions.
Conclusion: Preparing for the Future of Finance
As finance evolves in tandem with artificial intelligence, it’s crucial to address the prevailing skills gaps across generations and genders. Bridging the divide is critical for organizations not only to adapt but to thrive in an ever-changing environment. By equipping the next generation of finance leaders with the right skills, insights, and tools, businesses can cultivate confidence and drive innovation in this integral sector. While challenges remain, the future holds promise—if efforts to close these gaps are prioritized, there’s no limit to what the finance industry can achieve.
