The accountancy profession has railed against claims that the profession will soon be replaced by machines.
Former Conservative Chancellor of the Exchequer Jeremy Hunt recently claimed graduates should think about careers in medicine and IT instead of accountancy, if they want fulfilling and long-lasting professional careers.
In a podcast chat – Jimmy’s Jobs of the Future – Hunt told the host Jimmy McLoughlin he would “steer people away” from accountancy because computers are going to be able to do a huge amount of the work that is currently done by them.
He went on to suggest: “There are certain markets where you think if you go into this market, you’re pretty dead.” It would appear Hunt thinks the accountancy profession is one of those!
ICAS CEO Bruce Cartwright has written an open letter to Hunt expressing his disappointment at the comments. He said far from being an outdated profession, accountancy is at the heart of the modern economy, providing essential services to businesses, governments and individual alike.
And, while AI will mean fundamental changes on the number-crunching side, it will ultimately add value to business and allow accountants to focus on more strategic activity.
Cartwright accused Hunt of being short-sighted and felt his views could be detrimental to the future of the industry and broader economy.
Director of ACCA UK, Abdul Goffar, said without doubt AI will increasingly revolutionise the world of accountancy, bringing opportunities, risk and change.
He also stressed accountants will need to upskill if they are going to be successful – including in their current roles. Goffar feels ultimately AI will enable accountants to contribute much more effectively to analysis, interpretation, strategy- setting and decision-making.
Meanwhile, Andrew Harding, Chief Executive – Management Accounting, AICPA & CIMA, said Hunt was misguided and his views just aren’t a reflection of reality.
He explained: “While it’s true that technology, including AI, is transforming the profession it’s 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.”
