By Dr. Sharon Price
All of the buzz about AI is central to every conversation these days. Even late adopters are intrigued by the possibilities in the race to implement this emerging technology in their respective fields. Accounting is no different. The consensus of how AI will impact the accounting profession may still need to be entirely determined, but changes are here for the accounting industry, and more will arise.
Students are asking great questions as they navigate the changing landscape. What accounting knowledge is still relevant to me for my future career plans? Will we even have an accounting profession? Is this technology capable of replacing the role of accounting in business?
Adapting to AI: The Future Skills for Accountants
Undoubtedly, the role of accounting is changing along with the skills necessary to be successful and relevant, but accounting remains a wonderful profession with incredible career opportunities.
The AICPA has suggested through its publication Reimagining Professional Accounting: The Impact of Artificial Intelligence on Knowledge and Educational Processes that in order to adapt to AI opportunities, accounting education must adjust its focus towards skills with the most impact in this transforming world:
- Technical skills in data analytics will require ongoing training and development.
- Business acumen will require a broader comprehension of the industry landscape and an increased understanding of strategy.
- Critical Thinking must be employed to analyze AI outputs concerning multiple stakeholders. AI is not without ethical considerations, and outputs must be reviewed regarding potential bias and fairness.
- Communication skills will continue to be a focus for those in the industry to relate complex financial information to those with less technical expertise.
Students with an accounting degree will be well prepared to add value to businesses with these skills. The Bureau of Labor Statistics estimates that the profession will continue to grow over the next ten years. At Amberton, we focus on developing the professional skills to help you succeed in tomorrow’s workplace. Your Amberton degree or certificate is a foundation for a future of lifelong learning as you excel amidst the AI evolution and beyond.
