Page 34 - CMA Journal (July-August 2025)

Focus Section

Friend, Not Foe:

AI and the Future

Role of CMAs

A Shift in Mindset: From Fear to engineers in design
Opportunity simulations. It’s not
about replacing the
We have all heard conversations like, “AI is coming to take expert; it’s about
your job.” For many professionals, especially in finance, equipping them. In
that sounds like a real threat. But maybe it’s time to flip finance, think about
that around and analyze it realistically. What if AI isn’t everyday tasks:
coming to replace CMAs... but to empower them? What if appraising invest-
AI is here to make their jobs more efficient, impactful, ment projects, gener-
exciting, and future-ready? ating reports that
follow IFRS, checking
This shift in thinking is the real game-changer. It requires
for tax compliance, Sidra Nasir, ACMA
us to understand two things: first, what our actual role is
tracking approvals, or
as CMAs, and second, what AI can do—not as a tech
gimmick, but as a practical tool in our workflows, like even routine invoicing. Many of these can be partial-
many others. Too often we come across the statement, “I ly or fully automated with AI tools—saving time,
don’t know coding; how can I use AI?” But here’s the fact: reducing costs, and minimizing human error.
you don’t need to be a programmer to benefit from AI. One of AI’s greatest strengths is consistency: it does not
You just need to know your field well enough to guide get tired, it does not forget steps, and it does not take sick
the technology in the right direction. leave. No biases, no politics — just data- driven decisions
(if fed with the right data). That means better compliance,
AI as a Catalyst for Financial Innovation stronger audit trails, and cleaner processes.
and Insight
The Real Threat: Not AI, But Inaction
Let’s strip away the buzzwords and look at what AI can
actually do. AI is not just a robot answering emails or Here’s the reality check: the biggest threat isn’t AI
generating reports. It’s about automating tasks that are itself—it’s the failure to adapt. As CMAs, we’re trained to
rule-based, data-driven, or repetitive. Whether it’s be forward-thinking, to evaluate costs and benefits, to
forecasting, processing data, creating reports, or manage change. But if we ignore this transition, we risk
scanning through hundreds of transactions, AI can do it being left behind.
faster and often with fewer errors. Let’s be clear: not every finance task can (or should) be
And this is not limited to finance. AI is helping handed to AI. Tasks that rely on ethical judgment, complex
doctors with early cancer detection and supporting decision-making, or strategy still need a human mind.

32 ICMA’s Chartered Management Accountant, Jul-Aug 2025