Page 60 - CMA Journal (July-August 2025)

Focus Section

Reforming Finance

Education for the

Fintech Era

The finance industry is undergoing one of the most rapid almost overnight.
transformations in modern history. Technology is no Remote banking
longer just a tool to support banking and accounting; it became the norm.
has become the driving force behind new financial Robo-advisors gained
systems, innovative products, and revolutionary business widespread adoption.
models. Fintech startups are disrupting conventional Regulatory technology
banking by offering faster, cheaper, and more (RegTech) helped firms
customer-focused solutions. Cryptocurrencies challenge meet compliance
the concept of state-backed money, while central banks demands in a digital
explore Central Bank Digital Currencies (CBDCs). Artificial environment. These
intelligence (AI) is transforming investment decisions, sudden shifts exposed
fraud detection, and customer interactions. Blockchain the shortcomings of
enables decentralized transactions and smart contracts, conventional finance
reducing reliance on traditional intermediaries. curricula, which were Ali Raza Sattar, ACMA
Meanwhile, big data and advanced analytics allow firms designed for an analog Program Leader,
to provide highly personalized financial services. world. GBS Dubai, UAE
These developments mean that the skills required of This paper analyzes the gaps in finance education,
finance professionals are shifting dramatically. Where outlines the skills needed for the fintech era, and
success once depended on mastering accounting rules, proposes a transformation model for universities,
discounted cash flow (DCF) models, or traditional professional bodies, and regulators. It examines global
portfolio theory, today’s professionals must also best practices, identifies obstacles to change, and
understand digital assets, algorithmic trading, provides recommendations to build a future-ready
cybersecurity, and data visualization. Old skills are not finance education system. The goal is to ensure that
entirely obsolete, but they are no longer sufficient on finance graduates and professionals are both
their own. employable and capable of driving innovation in a
technology-driven industry.
The problem, however, is that finance education has not
kept pace with these technological advances. Literature Review
Universities and professional bodies continue to
emphasize traditional banking and accounting Research over the past decade highlights a persistent
frameworks, often neglecting emerging trends such as gap between finance education and industry needs. A
digital payments, AI-powered risk management, and 2020 survey found that over 70% of finance graduates
fintech entrepreneurship. As a result, many graduates had little knowledge of blockchain, and only 30% were
enter the workforce without the necessary skills to proficient in basic data analytics. Employers in banking,
succeed in a digital-first financial world. auditing, and consulting report deficiencies in
programming, fintech applications, and emerging
The COVID-19 pandemic further accelerated digital regulatory knowledge.
transformation. Contactless payments replaced cash

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