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How difficult will it be to get an accounting career?

I understand that AI in businesses is on the rise, especially in jobs that focus on numbers - like accounting. I have had several people, including my father, tell me to be cautious about continuing in my current field of study. Are these fears warranted?

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Danni’s Answer

It depends on how far you would like to presume as an accounting professional. If you want to become a partner, certification and experience are the two credentials. AI is a tool to improve efficiency on work. Here is a list of requirements to become aa accounting professional:

Educational Requirements: Accounting programs can be challenging, especially the upper-level courses. A strong foundation in introductory courses is crucial . You'll need to be prepared for rigorous coursework in areas like financial accounting, taxation, auditing, and business law .

Certification: Many accounting roles require certifications such as CPA (Certified Public Accountant), which involves passing a series of exams and meeting work experience requirements. This can be demanding but is highly valued in the field .

Job Market: The demand for accountants is generally strong, offering good job security. However, competition can be intense for top positions, and having additional certifications or specializations can give you an edge .

Skill Set: Success in accounting often requires strong analytical skills, attention to detail, and proficiency with numbers. Good communication skills are also important, as accountants need to explain financial information clearly to clients and colleagues .

Continuous Learning: The field of accounting is always evolving with new regulations and technologies. Lifelong learning and staying updated with industry changes are essential
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Kate’s Answer

This is actually a pretty big misconception about accounting in general! Most people think that we are a data-oriented job, and we spend all of our time crunching numbers. And while that’s true to some degree, accounting is actually a LEGAL profession more than a technical one. Accountants are primarily concerned with ensuring that financial data is tracked, managed, and presented in accordance with the law. We do not often sit at our computers and process large amounts of repetitive data, like a data scientist would. Instead, we methodically apply legal guidelines to financial transactions.

AI is excellent at certain things: language-based tasks, managing and aggregating large data sets, and automating tedious processes. But these aren’t the kinds of things that accountants actually do. It can’t do things like translating an expense report into a journal entry. A human accountant is required to do that.

One thing that AI has been notoriously unable to get very good at is anything related to law. I’ve asked ChatGPT questions about CPA exam topics just to see if it was correct; the answer it gave me was wrong! So, legal professions are pretty safe from AI at this point. It is a long, long way from being able to do these kinds of high-level critical thinking tasks. Perhaps in our lifetime, AI will be able to manage simple bookkeeping. But I am doubtful it will ever replace accounting professionals.
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David’s Answer

Working in a larger organization in Information Technology, I've found that the best accounting and finance people I've worked with are ones excited to understand the business and the problems we're trying to solve. That can't easily be replaced by AI. Look for ways to integrate into the core of an organization and understand what they do and how they do it so it's not just about the numbers.
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Nishant’s Answer

For accountants, the risk from AI is like the risk we saw with Excel in the 1990s. AI will make repetitive tasks easier, giving accountants more time for problem-solving and decision-making. This means AI will create more opportunities for accountants to advance their careers.
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Rosanna’s Answer

There are many aspects to the accounting profession that AI can solve, but exercising professional judgment, understanding the business, building client relationships and solving for business problems - will not always be solutioned for by AI. AI should enhance and streamline our careers, not replace them.
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Daniel’s Answer

Technology and AI are here to stay. I think instead of looking at it as something that can hurt you--try to think of it as a tool that you can learn, leverage, and provide value through it. Someone needs to direct AI, right?
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Cyndi’s Answer

There is a very wide spectrum of various job opportunities in the accounting field and every company must manage their finances. It is crucial to their survival. The field is ever growing and AI is only adding another layer.
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Molly’s Answer

While AI can be helpful to accountants, I don't think there is much threat that AI will replace people. AI still can't interpret data in meaningful ways like people can. This seems to be a pattern repeated in our culture - that the next wave of technology will replace humans doing the work, but many times it just isn't true! Sometimes it can change jobs for humans, but more often than not they are positive changes that allow us to work on more fulfilling and meaningful work.
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Canyon’s Answer

The accounting field offers many exciting career paths, giving you lots of ways to succeed. While AI can help make some accounting tasks easier, there's still a big demand for smart and skilled people to look at data, understand it, and see risks in ways that AI can't. Accounting remains a fantastic profession with lots of opportunities.
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Joben’s Answer

Great question! There may be certain limited instances in companies where accounting clerk jobs such as performing routine cash reconciliations etc, might be more dependent on an AI generative system that was originally done by an accountant as technology advances. However, for the most part, especially in public accounting, AI tools are actually already being used to help with tasks such as data entry. This doesnt mean we dont need those people that were performing those tasks before. It just means that those accountants have more time to focus on more value added work since newer staff are the ones to do most of the data entry heavy lifting. Hope this helps.
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Jake’s Answer

Like with any profession AI is a risk. However, there is still certain problem solving and client communication that will still need to be done by us.
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Amanda’s Answer

It's understandable to have concerns about the impact of AI on accounting careers. While AI is indeed transforming the industry, it doesn't necessarily mean that accounting jobs are disappearing. Here are some key points to consider:
Current Job Market Trends

High Demand for Accountants: Despite the rise of AI, there is still a strong demand for skilled accountants. The unemployment rate for accountants and auditors remains low, and many accounting roles are in high demand.

Shortage of Accountants: There is a critical shortage of accountants due to fewer students entering the field and many professionals retiring or leaving for other opportunities. This shortage can actually work in your favor, as it increases job security and potential salary offers.

Impact of AI on Accounting

Automation of Routine Tasks: AI is primarily automating repetitive and mundane tasks, such as data entry and basic financial reporting. This allows accountants to focus on more strategic and value-added activities, like financial analysis, advisory services, and decision-making

Enhanced Efficiency: AI tools can enhance efficiency and accuracy in accounting processes, making it easier for accountants to handle complex tasks and provide deeper insights into financial data.

Complementary Role: AI is seen as a tool that complements accountants rather than replaces them. Human skills such as judgment, creativity, and emotional intelligence are still crucial and cannot be fully replicated by AI.

Skills to Focus On
To thrive in the evolving accounting landscape, consider developing the following skills:

Technical Proficiency: Stay updated with the latest accounting software and AI tools used in the industry.

Analytical Skills: Enhance your ability to analyze financial data and provide strategic insights.

Communication Skills: Strong communication skills are essential for explaining complex financial information to clients and stakeholders.

Adaptability: Be open to learning new technologies and adapting to changes in the industry.

Conclusion
While AI is changing the accounting profession, it also presents opportunities for growth and innovation. By focusing on developing both technical and soft skills, you can position yourself for a successful career in accounting. Your concerns are valid, but with the right preparation, you can navigate these changes effectively.
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