Former Chancellor of the Exchequer is wrong about the future of the profession

The former chancellor’s statement that he would “steer people away” from the accounting and finance profession “because of AI advancements” is misguided and isn’t a true reflection of reality, says Andrew Harding (pictured), FCMA, CGMA, Chief Executive – Management Accounting, AICPA & CIMA

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.

“The 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.

“AI 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. Mr Hunt’s 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.”