Why the AI & Data Talent Shortage is a Growing Challenge for Finance Leaders

Jeremy Tiffin • March 19, 2025

Artificial intelligence (AI) and data analytics are transforming the finance industry. Companies are using these technologies to enhance financial forecasting, improve risk management, and drive strategic decision-making. However, there’s a significant challenge standing in the way: a growing shortage of AI and data talent in the finance sector. 


Finance leaders are feeling the pressure. The demand for professionals who possess both deep financial expertise and strong data analytics or AI skills is outpacing supply. This gap is not only slowing down digital transformation efforts but also putting businesses at a competitive disadvantage. Without the right talent, finance teams struggle to implement automation, leverage real-time data insights, and optimize financial performance. 


So, what’s behind this talent shortage? And more importantly, what can finance leaders do to address it? 


Why AI & Data Skills Are More Important Than Ever in Finance 


The role of AI and data analytics in finance has expanded dramatically. These technologies are no longer just supplementary tools; they are becoming essential for staying competitive in a data-driven business environment. 


Finance teams increasingly rely on AI and machine learning for tasks such as fraud detection, predictive forecasting, and financial modeling. AI-powered automation can streamline repetitive processes like reconciliation, reporting, and variance analysis, allowing finance professionals to focus on higher-level strategy and decision-making. 


The reliance on AI-driven insights is growing rapidly. A recent study by IBM found that 83% of Canadian businesses are progressing in their AI strategies, with 42% already seeing measurable returns on their AI investments. This trend suggests that AI and data analytics are no longer optional but rather fundamental to success in modern finance. 


Despite this clear need, many companies are struggling to find and retain professionals with the necessary expertise. 


The AI & Data Talent Shortage in Finance: What’s Causing It? 


There are several factors driving the shortage of AI and data talent in the finance sector. 


1. High Demand and Intense Competition 


AI and data science are among the most sought-after skills across industries, and finance is competing with tech firms, healthcare, retail, and government for a limited talent pool. Large technology companies often offer higher salaries, more flexible work environments, and exciting AI-driven projects, making it difficult for finance teams to attract top talent. 


A Vector Institute report highlighted a 37% increase in demand for AI-related skills in Canada between 2018 and 2023. However, the supply of skilled professionals has not kept up, leading to intense competition among employers. 


2. The Finance-AI Skills Gap 


Traditionally, finance professionals have not been trained in AI, machine learning, or advanced data analytics. While many have strong technical skills in areas such as financial modeling and Excel-based analysis, these are not enough to fully leverage AI-driven insights. 


At the same time, data scientists and AI specialists often lack deep financial expertise. Bridging this gap requires either hiring professionals with both skill sets—who are incredibly rare—or investing in upskilling finance teams to develop AI and analytics capabilities. 


3. Retention Challenges for AI Professionals in Finance 


Even when finance leaders manage to hire AI and data talent, keeping them is another challenge. Many professionals in this field seek out roles in industries where AI innovation is at the core of the business, such as fintech, SaaS, and major technology firms. 


Finance teams that fail to offer engaging projects, career growth opportunities, and competitive compensation often find that their AI specialists leave for more attractive roles elsewhere.


The Impact of the Talent Shortage on Financial Operations 


The shortage of AI and data professionals has serious consequences for finance teams and the businesses they support. 


  • Slower Digital Transformation – Without the right talent, companies struggle to implement AI-driven initiatives, delaying the adoption of automation and advanced analytics. 


  • Increased Workloads on Existing Teams – When skilled AI professionals are unavailable, existing finance teams must take on data-heavy tasks that could otherwise be automated, reducing efficiency and increasing burnout. 


  • Weaker Financial Forecasting and Risk Management – AI and predictive analytics are essential for accurate financial planning. A lack of expertise in these areas can lead to less accurate forecasts and higher exposure to risk. 


  • Competitive Disadvantages – Companies that lag in AI adoption may struggle to compete with industry leaders who have successfully integrated these technologies. 


For finance leaders, addressing this talent gap is no longer optional—it’s a business imperative. 


How Finance Leaders Can Overcome the AI & Data Talent Shortage 


To attract and retain AI and data professionals, finance leaders must rethink their talent strategies. While hiring experienced AI professionals is one solution, it’s not always feasible given the competition. A more sustainable approach involves a combination of upskilling, partnerships, and workplace innovations. 


1. Upskill Existing Finance Teams 


Investing in AI and data analytics training for current finance professionals is one of the most effective ways to close the skills gap. Many organizations are now offering in-house training programs, AI boot camps, and certifications to help their finance teams develop these capabilities. 


Providing opportunities for continuous learning not only strengthens internal expertise but also improves employee retention by offering career development pathways. 


2. Strengthen Partnerships with Universities and AI Institutes 


Finance leaders can collaborate with academic institutions and AI research centers to develop a pipeline of emerging talent. Programs like those offered by the Vector Institute provide training for AI professionals, and partnering with these institutions can help finance teams gain early access to skilled graduates. 


Internship programs, co-op placements, and sponsored research projects are all ways to build stronger connections with AI talent before they enter the job market. 


3. Offer Competitive Compensation and Career Growth Opportunities 


Attracting AI and data professionals requires more than just a competitive salary. While compensation is important, other factors such as career growth opportunities, remote work flexibility, and engaging AI-driven projects play a significant role in talent retention. 


Companies that position themselves as leaders in AI innovation within finance will have a better chance of attracting professionals who are passionate about working on cutting-edge solutions. 


4. Leverage Open-Source AI Tools and Automation 


For Canadian finance teams struggling to hire AI talent, open-source AI tools can provide valuable solutions. Platforms like IBM’s open source AI initiatives make it easier for companies to adopt AI without needing an extensive team of data scientists. 


By using these tools, finance leaders can implement AI-driven automation and analytics even with limited in-house expertise. 


The Future of AI in Finance: Act Now or Fall Behind 


AI and data analytics are not just buzzwords—they are the future of finance. Companies that successfully integrate these technologies will gain a competitive edge through better forecasting, stronger risk management, and more efficient operations. 


The talent shortage won’t resolve itself anytime soon. Finance leaders who act now—by investing in upskilling, building academic partnerships, and creating AI-friendly work environments—will be the ones who stay ahead. Those who wait risk falling behind as their competitors leverage AI-driven insights to outperform them. 


The question finance leaders must ask themselves is simple: Are we adapting fast enough to win the AI talent war? 


Horizon’s accounting and finance recruitment division is a trusted leader in Canada, connecting top financial talent with organizations across industries such as insurance, healthcare, manufacturing, mining, and more. Our expert team specializes in sourcing professionals who drive financial performance, compliance, and strategic growth. 


Discover how our tailored recruitment solutions can strengthen your finance team or connect with one of our experts today.


Share Blog
Latest Blogs

Why Soft Skills Give You a Competitive Edge in an Automated World

By Jeremy Tiffin • May 22, 2025
We hear a lot about the importance of technical skills - and for good reason. Technical expertise has always mattered - but in today’s environment, where automation is taking over the routine, it’s the human skills that are becoming the main point of differentiation. It’s no longer just leaders who need to think strategically, communicate clearly, and influence outcomes - those expectations are moving down into roles at every level. Communication. Adaptability. Emotional intelligence. Critical thinking. These are the abilities that help professionals stand out, especially as repetitive tasks get absorbed by technology. Soft skills are no longer supplementary - they’re essential. Automation Is Reshaping Roles, Not Just Replacing Tasks Across industries like finance, supply chain, and accounting, automation has changed the nature of work. AI systems now handle much of the data entry, reconciliation, and transactional processing that once consumed hours each week. In the accounting world, for example, firms are leveraging AI to pull data from receipts, invoices, and bank statements - eliminating the need for manual entry and dramatically improving speed and accuracy ( Invensis ). The result isn’t just increased efficiency - it’s a shift in focus. What’s being asked of professionals now goes beyond executing tasks. It’s about applying judgment, interpreting insights, and influencing decision-makers. These responsibilities require strong interpersonal and analytical abilities - things automation simply can’t replicate. Soft Skills Are Becoming the Differentiator A recent LinkedIn study shows that soft skills now rank among the most sought-after competencies in hiring decisions. Communication, leadership, and adaptability top the list, signaling a clear pivot in what employers value most. This growing emphasis reflects what organizations are dealing with every day: hybrid teams, fast-changing environments, and the need for strong collaboration across functions. In this context, professionals who can clearly express ideas, respond to change, and build alignment across departments are the ones who consistently create impact. Soft skills are also increasingly visible in how professionals navigate conflict, make decisions, and influence outcomes. These aren’t soft in the sense of being secondary - they’re powerful tools that create trust, drive clarity, and elevate execution. Leadership Expectations Are Evolving The profile of effective leadership is changing in lockstep with technology. While domain expertise and operational know-how are still important, they’re no longer enough on their own. Leaders today are being measured on how well they engage people, adapt to change, and manage complexity. Emotional intelligence, for instance, has emerged as a critical leadership skill. It includes self-awareness, empathy, and the ability to stay composed under pressure - traits that make a tangible difference in how teams perform. In fact, Forbes recently reported that emotional intelligence now ranks as the number one leadership skill for 2024. Today’s leadership isn’t about having all the answers. It’s about fostering alignment, communicating vision, and creating the kind of trust that allows teams to take initiative and follow through - even when the path forward isn’t perfectly clear. This shift is particularly relevant for those in cross-functional roles. Finance leaders need to communicate priorities to operations. Supply chain executives are collaborating with IT. HR professionals are influencing cultural transformation. None of this happens effectively without strong interpersonal capability. Soft Skills and Career Mobility For professionals aiming to grow their careers, soft skills offer a real and lasting advantage. They’re often the deciding factor between candidates with similar technical credentials. And in a world where tools and platforms evolve quickly, it’s these human strengths that carry over from one role - or industry - to the next. Research from Washington State University echoes this, noting that soft skills are now a cornerstone of long-term career development. As organizations evolve, they're increasingly prioritizing traits like adaptability, emotional intelligence, and resilience when making hiring and promotion decisions. The takeaway is simple: soft skills help people perform better, connect better, and lead better. They show up in the ability to listen carefully, manage a difficult conversation with tact, or adapt quickly when the landscape changes. These aren’t personality traits - they’re competencies that can be developed, practiced, and refined. Conclusion Technology will continue to change how we work - but not why we work or how we connect. The ability to influence, adapt, and communicate effectively has always been important. What’s changed is that now, it’s essential. As automation takes care of the transactional, soft skills will define who moves forward. The professionals who prioritize these capabilities won’t just stay relevant - they’ll become the ones who drive progress. In a world increasingly shaped by AI and automation, human connection, emotional insight, and critical thinking aren’t being replaced. They’re becoming the edge. Whether you're actively searching or just exploring your options, we support professionals like you in taking the right steps toward meaningful career growth. Search current opportunities.

Interim Roles: A Strategic Move to Fast-Track Your Career

By Jeremy Tiffin • May 22, 2025
For years, interim roles were seen as temporary fixes - gap-fillers until a full-time leader could be hired. But that perception has changed. Today, interim assignments, especially in Accounting & Finance and Supply Chain, are becoming strategic career accelerators. These are not just stopgap gigs. They’re high-impact opportunities that can move your career forward faster than a traditional path ever could. If you’re the kind of professional who enjoys variety, wants to build real influence, and thrives in environments where your work has immediate value - interim work could be a smart step forward. Here’s why interim roles are worth your attention. Access to High-Impact Projects and Decision-Makers Most interim professionals don’t come in to “help out.” They’re brought in because something important needs to get done - and it needs to happen soon. Whether it’s supporting a finance transformation, navigating a system upgrade, or optimizing supply chain performance, interim professionals are often trusted with responsibilities that are central to business success. As the Association of Executive Search and Leadership Consultants (AESC) notes, these assignments typically offer direct access to senior leaders. You’re working side-by-side with decision-makers, not watching from the sidelines. The result? You gain visibility. You’re involved in shaping outcomes. And when you show what you can deliver in those moments, it opens the door to lasting relationships and new opportunities. Companies are increasingly relying on interim finance talent during transactions and transitions - because the need is real, and the right person can make a measurable difference. Demonstrating Value in Evolving Business Environments One of the most rewarding aspects of interim work is the variety. Each engagement introduces you to new systems, teams, and goals - which means you're constantly stretching your skills and building new strengths. You’re not just showing up to do a job - you’re being brought in to improve processes, solve meaningful challenges, and add value quickly. Interim roles are a gateway to personal growth. Because each environment is different, you’re learning how to adapt, communicate, and contribute in ways that drive results across sectors and industries. Interim professionals often play multiple roles - a strategist, a builder, and a trusted partner - helping organizations get where they need to go with added clarity and momentum. Accelerated Learning and Hands-On Skill Development Interim roles are one of the fastest ways to grow as a professional. You’re regularly stepping into new challenges, learning different business models, and working with a wide range of tools and technologies. Rather than spending years in one environment, interim professionals collect diverse experience that builds real confidence - and a standout resume. According to a ScienceDirect study on interim leadership , these roles create powerful “situational learning” opportunities. You're constantly observing, adjusting, and applying what you know in ways that drive action, not just discussion. Interim leaders are often the ones helping companies improve, not just execute operations. That means your voice matters. You’re not just using systems - you’re shaping them. Each assignment becomes a way to refine your toolkit, add new capabilities, and expand your understanding of how to lead in the real world. Strategic Career Advancement and Future Flexibility Interim work also gives you something most traditional roles don’t - freedom to choose the path you want. Want to explore different industries? You can. Prefer to take on leadership responsibility without long-term bureaucracy? You’ll get that. Looking to build a network across several companies? That happens naturally in interim work. And when the right opportunity shows up - many interim professionals convert to full-time roles after demonstrating their value. Many professionals use interim roles to step into bigger, more influential positions over time. Because they’re already delivering results, the conversation around advancement becomes easier - and faster. Interim work is especially well-suited for people who want autonomy, impact, and meaningful contributions - without having to wait years for promotions or permission. Final Thoughts: Don’t Overlook the Power of Interim Interim roles aren’t about filling in - they’re about stepping up. If you’re a finance or supply chain professional looking to sharpen your skills, grow your network, and take on roles that matter, interim assignments can offer a powerful way forward. You’ll learn fast. You’ll build trust with senior leaders. And you’ll develop a portfolio that shows you’re the kind of professional who creates momentum - not just manages tasks. At Horizon Recruitment, we’ve seen it time and time again: professionals who step into interim roles often find themselves on a faster, more rewarding path than they expected. If you're open to that kind of growth - interim might be exactly the move your career needs. Search current opportunities.