Former Chancellor Jeremy Hunt caused consternation recently when he said the professionâs days were numbered because of AI. Here are some of the responses.
Jeremy Hunt, the former Chancellor of the Exchequer, recently went on a podcast that looks at jobs for the future, and said he would steer people away from careers like accountancy because artificial intelligence will be able to do much of what they do. He felt young people would be better suited to look for careers elsewhere. This, as you can imagine, has not gone down well with the profession.
Here is just some of what is being said:
Former Chancellor is misguided
The former chancellorâs statement that he would âsteer people awayâ from the accounting and finance profession âbecause of AI advancementsâ is misguided and isnât a true reflection of reality, says Andrew Harding, FCMA, CGMA, Chief Executive â Management Accounting, AICPA & CIMA Harding explained: âWhile itâs true that technology, including AI, is transforming the profession â itâs certainly not eliminating the need for accounting and finance professionals.
In fact, it is quite the opposite according to the research and advisory company, Gartner, or the global staffing and recruitment company, Robert Half.
âThe profession is undergoing a paradigm shift, quickly moving from being information curators to value creators, from controllers to trusted business advisors. The ability to interpret data, make strategic decisions, and use critical thinking to give personalised advice needed to drive business growth requires a balance of judgment, professional scepticism, creativity, and social intelligence that AI cannot replicate. This is what accounting and finance professionals are now being trained to do, and this is playing out in the marketplace where demand for the right professionals with the right skills continues to grow.
âAI is a tool for accounting and finance professionals to use as a powerful co-pilot, not a replacement for human judgement and intelligence. It is delivering new opportunities for profession, not fewer.
âMr Huntâs view seems simplistic and misinformed, sending a dangerous message about a profession that enables economic growth, delivers career opportunities, and drives social mobility. Our profession is fast changing and thriving, not dying on its feet.â
AI will make accountancy more exciting!
Malcolm Bacchus, ICAEW President, said: âJeremy Hunt clearly hasnât read anything Iâve written or anything Iâve said in my speeches across the country as ICAEW President. I quite agree that if your job is basic tax compliance, basic tax advice, simple accounting, budgeting or simple forecasting, AI will take your job. But not only isnât that anywhere near what we all do as accountants, it doesnât take into account the whole new area of sustainability management, accounting, reporting and assurance which is becoming ever more important.
âIt doesnât take into account the increasing demands in terms of ensuring businesses are resilient and properly deal with risks â areas which have become even more important since Covid and the war in the Ukraine. It doesnât take into account the increasing importance of good corporate governance. Or the increasing role in data analysis. Or the increasing need to ensure that data, in a world of fake data, can be relied upon on.
âRather than killing the profession, it is likely to make it more exciting and more attractive as it frees us up from mundane tasks to deal with the more important issues.
âI am happy to invite Mr Hunt to lunch at Chartered Accountants Hall to explain to him personally, why he is wrong.â
AI offers huge opportunities
Abdul Goffar, Director of ACCA UK, said: âWe think AI technologies offer huge opportunities for accountants to build further on their central role in driving business success. Advances in technology over time have freed accountants from more mundane tasks, and AI will supercharge this further. It will enable them to contribute much more effectively to analysis, interpretation, strategy- setting and decision-making. AI is also driving the development of new business models and better ways of doing things, and accountants have a central role in enabling this. Their focus on ethics means they also have an important role in ensuring that AI is used responsibly and its risks are properly managed.â
A letter to Mr Hunt
ICAS CEO Bruce Cartwright wrote an open letter to Jeremy Hunt, which we have reproduced here:
Dear Mr Hunt, I write to express my disappointment in response to comments attributed to you in The Times (24 March), where you suggest that graduates should avoid entering the accountancy profession.
As someone who has worked in accounting for almost 40 years and has seen firsthand, in my roles at PwC and ICAS (Institute of Chartered Accountants of Scotland), the positive impact this career can have on both individuals and the economy, I feel compelled to respond to these statements.
While there are valid concerns to be addressed regarding the potential impact of AI on accountancy and other professions, I strongly disagree with your assertion that AIâs impact makes accounting an unviable career path for graduates. Accountancy, far from being an outdated profession, is at the heart of the modern economy, providing essential services to businesses, governments, and individuals alike.
We in the profession have often heard that AI could mean the âend of accountancyâ. However, I and many others firmly believe that simply isnât the case. Accountants play a crucial role in maintaining financial transparency, ensuring compliance with regulation, and contributing to business growth and innovation. All of which you will be more than aware are important to Government and the public interest. While AI will likely mean fundamental changes on the number crunching side, it will ultimately add value to business and allow accountancy professionals to focus on more strategic activity.
AIâs evolution in accountancy means that accountants will likely spend less time on producing numbers (continuing the longstanding trend with the evolution of calculators, internet, etc.) and focusing even more time explaining them and determining where the numbers take us. This will enhance what we already do: provide valuable strategic advice, enhance operational efficiency, and support ethical business practices. That is where the real value of the profession comes to the fore.
The accountancy profession is, and will continue to be, a major exporter of talent in the UK and itâs important to highlight that accounting offers graduates a diverse range of career paths. Whether in practice, industry, corporate finance, government, or not-for-profit organisations, accounting provides opportunities for career progression in all manner of roles and businesses. It also allows for continuous learning, professional development, and indeed, the global demand for accountants remains high, with skilled professionals sought after in every corner of the world.
The accounting profession has much to offer and dismissing it as a career choice for graduates is both short-sighted and could be detrimental to the future of the industry and the broader economy. In a world increasingly focused on sustainability, digital transformation, and risk management, accounting professionals are more important than ever before.
I would like to take this opportunity to invite you to a meeting with ICAS, where we would be delighted to walk you through our new CA syllabus. Launched last year, it is specifically designed to be future-fit â keeping pace with advances in technology, data and sustainability â empowering Chartered Accountants to lead the economies of tomorrow.
Thank you for taking the time to consider my response.
