AI in Financial Modeling: Better Than Ever, Still Not There, and the Fatigue Factor

In this episode of The Mod Squad, Paul Barnhurst, Ian Schnoor, and Giles Male share their real experiences using AI in financial modeling. They discuss what works, what doesn’t, and how finance professionals can best use AI today. From testing different AI tools to running a “bake-off” on a real financial model, the conversation highlights the practical challenges, hallucinations, and creative approaches to working with AI in FP&A.

Expect to Learn

• Where AI actually adds value in modeling and finance workflows
• Why AI outputs still need careful checking and guidance
• How different AI tools compare when building real models
• Why instructions, structure, and human oversight improve AI results

Here are a few quotes from the episode:

• “Most companies don’t have AI governance yet, and that’s where real risk comes in.” - Ian Schnoor
• “Automation is great, but you still need to audit and understand every step.” - Giles Male

AI is powerful, but it is not a shortcut to quality work. It still needs guidance, structure, and strong fundamentals. The people who benefit most are those who understand both the tools and the work behind them. For now, the best approach is simple: test it, guide it, and never trust it blindly.

Follow Ian:

LinkedIn - https://www.linkedin.com/in/ianschnoor/

Follow Giles:

LinkedIn - https://www.linkedin.com/in/giles-male-30643b15/

In today’s episode:

[00:05] – Trailer

[03:06] – AI Progress Update

[05:00] – Mental Load & AI Pace

[08:03] – Busting AI Hype

[12:30] – Training & Business Demands

[17:57] – AI “Eye of the Storm”

[24:13] – Testing AI Models

[30:52] – Fixing vs Building AI Models

[35:15] – Challenging Misleading AI Claims

[38:41] – Improving AI with Instructions

[42:59] – Final Thoughts & Takeaways