AI is coming for accountants’ jobs and graduates should think about careers in medicine and IT instead, according to former conservative Chancellor of the Exchequer, Jeremy Hunt.
In a podcast chat with 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!
Following the comments, Bruce Cartwright, CEO of ICAS, has written an open letter to Hunt expressing his disappointment at the comments. Here is that letter in full:
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 AI’s 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 Accountancy, far from being an outdated profession, is at the heart of the modern economy, providing essential services to businesses, governments, and individuals alike.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 ‘end of accountancy’. However, I and many others firmly believe that simply isn’t 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.
AI’s 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 it’s 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 – keeping pace with advances in technology, data and sustainability – empowering Chartered Accountants to lead the economies of tomorrow.
Thank you for taking the time to consider my response.
Sincerely,
Bruce Cartwright CA
CEO
Institute of Chartered Accountants of Scotland (ICAS)
