Capability unlocked: Strategic and critical thinking

Accounting and finance professionals now operate in an environment defined by accelerated technological change, rising scrutiny, regulatory complexity and shifting workforce expectations. 

Technical expertise remains essential, but it is no longer sufficient on its own.

This six-part series of articles shines a spotlight on the critical capabilities professionals must unlock to remain relevant, trusted and future-ready. 

Unlock strategic and critical thinking

As technology accelerates decision-making and automates routine analysis, attention is turning to higher value human skills that define the modern finance professional. 

Strategic and critical thinking are emerging as powerful capabilities that help accountants turn insights into action and drive long-term business success.

While strategic thinking describes the ability to look beyond day-to-day tasks and make decisions that support an organisation’s long-term goals and competitive position, critical thinking is about objectively analysing information, questioning assumptions, evaluating evidence and making well-reasoned judgements. 

Jason Robinson FCPA, director and co-founder of Future Advisory and a member of CPA Australia’s Victoria Divisional Council describes these skills as key differentiators between humans and machines.

“As artificial intelligence [AI] gets better at answering questions, our job requires that we ask better questions of our clients,” he says. “That is where we add value. As strategic advisers, we bring the human element and the valuable strategic and critical thinking.”

Why are strategic and critical thinking skills important for the future?

Strategic thinking is a key leadership quality, with a Deloitte report showing that CFO expectations in the Asia-Pacific region are shifting from cost management to strategic business partnership. The report also notes a greater expectation for CFOs to drive the finance department’s transition from traditional accounting to value creation.

“The finance professional of the future is not a reporter of numbers, but a shaper of direction,” says Jenelle McMaster, EY regional deputy CEO and people and culture leader, Oceania.

The growing demand for strategic and critical thinking is driven by factors such as tighter regulatory oversight and the increased expectation of finance professionals as trusted advisers rather than technical specialists. The rise in AI is also a key driver. 

 

"This means getting into the habit of questioning and constructively challenging assumptions, not just accepting the first answer that looks plausible. For example, before accepting an AI output, ask: ‘What would have to be true for this to be wrong?’"

 

The global AI in accounting market is currently valued at US$3.08 billion (A$4.41 billion) and is projected to more than triple within the next decade. As the technology becomes more embedded in professional work, strategic and critical thinking will become even more central to accounting work. 

“Clients will use AI to generate reports quickly and model scenarios, but what AI cannot do well is weigh up competing stakeholder priorities or apply commercial judgement shaped by lived experience,” Robinson says. 

“We also take accountability for decisions. AI has no empathy, no accountability and no understanding that what is best for a business might not be best for the individual owner, their purpose and motivations.” 

What do strategic and critical thinking skills look like in practice?

These two skills are required in day-to-day professional life. Finance professionals fire up their strategic minds when converting financial data into high impact business advice or evaluating long-term business decisions. They need critical thinking skills to check AI outputs, question assumptions or analyse financial anomalies.

McMaster says these skills are becoming an expectation of finance professionals. At EY, for example, roles are being redesigned to elevate judgement, and hiring now has a focus on curiosity, learning agility and adaptability. Promotions are based on enterprise thinking, not just technical mastery.

“The aim is to use AI to automate more routine tasks so our people can focus on interpretation, judgement and better outcomes in complex conditions,” she says.

What can happen if this skill is lacking?

Strategic and critical thinking skills not only help career trajectory, they can also help to manage ethical and organisational risks — especially around AI.

“If you take the first answer from an AI tool when forecasting or modelling and do not challenge it, the danger is huge,” Robinson says. “You could make a major decision based on an output that is completely wrong, simply because you did not apply critical thinking.”

 

"If you take the first answer from an AI tool when forecasting or modelling and do not challenge it, the danger is huge. You could make a major decision based on an output that is completely wrong, simply because you did not apply critical thinking."

 

Professional ethics also require accountants to maintain professional competence, exercise due diligence and maintain the principle of integrity. AI outputs may not always reflect current regulations, tax rules or accounting standards. By examining data with a critical eye, assumptions are questioned, results are validated and accountants maintain full responsibility for interpreting outputs.

McMaster adds that if teams “outsource thinking to AI”, they may become operationally efficient but risk becoming strategically fragile. 

“Over time, capability atrophies,” she says. “Without strategic thinking, organisations risk losing sight of the bigger picture. They stop connecting the dots across the business and start treating issues in isolation, even when the data looks sophisticated.”

How can you build strategic and critical thinking skills?

McMaster says that building these vital skills into everyday practice begins with curiosity.

“This means getting into the habit of questioning and constructively challenging assumptions, not just accepting the first answer that looks plausible,” she says. “For example, before accepting an AI output, ask: ‘What would have to be true for this to be wrong?’” 

McMaster also suggests exploring alternative viewpoints when making important decisions and applying structured thinking tools. For example, “red teaming” is a systematic way of making critical and contrarian thinking part of the strategic planning process by challenging plans, assumptions and systems to identify their strengths and weaknesses. 

“Pre-mortems” are another structured exercise where individuals or teams imagine that a project has failed, identify the possible reasons in advance and revise their strategy to improve the results. Scenario thinking can also help by analysing different possible future situations and their financial impact.

As AI becomes more embedded in professional work, strategic and critical thinking skills will continue to evolve. Accountants will focus more on interpreting AI-generated financial insights and advising decision-makers. Roles will shift further from “reporting what happened” to “planning what could happen next”. 

“AI might automate compliance work from start to finish, but you still need to understand why something happened — not just how it happened,” Robinson says. “That curiosity and willingness to challenge processes is a good thing and can help in the development of strategic and critical thinking.”

Capability-building tip

“A big part of developing these skills is getting in the room where the conversations are happening. Junior accountants should be sitting in on high-level finance meetings and strategy sessions — even if they are just a fly on the wall. 

“If you are in a firm where those opportunities are not automatically offered, you need to ask for them. It is better to speak up and access the training you need than stay quiet and fall behind.”

Jason Robinson FCPA, Future Advisory