A recent study by AccountsIQ, a SaaS accounting software company, found that 23% of senior finance professionals worry about losing their jobs due to AI, as 24% of financial organizations have started implementing AI-driven solutions. Additionally, 51% of financial institutions plan to adopt AI in the next year, sparking concerns about job security among senior management.

‍

However, junior colleagues, particularly those with three or more years of experience, welcome AI. 82% believe that generative AI tools like ChatGPT will benefit finance teams, as they spend a significant portion of their time on manual tasks that could be expedited with AI, especially in data collection.

‍

Despite some senior professionals' worries, many see AI as a positive force. Over 41% of senior professionals think AI will enhance their value to their businesses, and 24% expect it to save time and improve efficiency. Automation is also on the horizon, with 91% of financial functions planning to automate tasks, which will support junior professionals who still rely heavily on manual processes. Furthermore, 96% believe automation will reduce errors, with 30% of seniors and 28% of juniors attributing errors to a lack of automation.

‍