The accounting and finance professions have long adapted to technology – from calculators and spreadsheets to cloud computing. However, the emergence of generative artificial intelligence presents new challenges and opportunities for students who want to make a name for themselves in the world of finance.
Research from investment bank Evercore and startup incubator Visionary Future last year points to workforce disruption caused by generative AI. Analyzing 160 million US jobs, the study reveals that service sectors such as legal and finance are highly susceptible to AI disruption, although complete job replacement is unlikely.
Instead, generative AI is expected to increase productivity, the research concludes, especially for those in high-value roles paying more than $100,000 a year.
However, current students and graduates earning below this threshold will be challenged to navigate these changes and identify skills that will be in demand in the future.
Generative AI is rapidly being integrated into finance and accounting by automating specific tasks. Stuart Tait, technology director for tax and legal at KPMG UK, describes it as a “game changer for tax” because it is able to handle complex tasks beyond the scope of normal automation.
“Gen AI for tax research and technical analysis will bring efficiency gains similar to the transition from typewriters to word processors,” he says. The tools can answer tax questions in minutes with more than 95 percent accuracy, Tait says.
While these advances present challenges for workers, including the potential redundancy of some tasks and skills, they also offer opportunities. Simon Stephens, head of audit and assurance AI at Deloitte UK, says: “One way this will help is by automating large parts of manual data entry, saving time and allowing people to focus on higher value-added and often more interesting tasks .” He suggests that younger employees may engage in more complex and demanding work earlier in their careers.
In response to these changes, financial training programs are being developed that place a much greater emphasis on AI. David Shrier, Professor of the Practice of AI and Innovation at London’s Imperial College Business School, notes: “We absolutely need financial education to produce students who are competent in this new world.
HEC Paris, for example, is already training students to use generative artificial intelligence to analyze financial data. Soon it will also be used for decision-making. The point is to prepare them for “the possibility that gen-AI will replace spreadsheets,” notes Evran Örs, academic director of the HEC Master in International Finance program.
Similarly, Cambridge Judge Business School in the UK has introduced technical courses and recruited practice specialists for its Master of Finance degree, aimed at professionals with work experience. Marwa Hammam, co-director of the program, notes that all students now cover the fundamental concepts of machine learning and its practical applications in trading, asset management, accounting and auditing.
But in addition to technical skills like data analysis, soft skills like critical thinking, leadership and networking are increasingly important for finance professionals, experts say.
Angela Gallo, director of the MSc Banking and International Finance at Bayes Business School in London, highlights the continued importance of interpersonal skills in an increasingly automated sector. “While automation has improved efficiency, it has sometimes sacrificed client relationships,” he says. “AI could restore the importance of these relationships.”
Gérard Despinoy, executive director of the Master in Finance at France’s Essec Business School, suggests that finance graduates strengthen their programming skills, especially in VBA, Java, R or Python. Mastering these languages can streamline financial analysis, automate routine tasks and enable the development of new financial solutions, he says.
Students can acquire these skills through courses, industry certifications and online learning platforms. Andrew Harding, Executive Director of Management Accounting at the Association of Certified Professional Accountants International, emphasizes the importance of lifelong professional development to remain competitive in an evolving job market: “Accounting and finance professionals need to adapt their thinking to learn, unlearn and relearn teach,” he says.
The integration of AI is also creating new roles and career paths. Marc Chapman, career consultant at Essec, lists jobs such as algorithm trader and AI financial analyst where machine learning can be used to dig deeper into financial data, predict market trends and automate processes. “There should be interesting career opportunities in banks that are looking to increase efficiency through digitization,” says Chapman.
Looking to the future, experts emphasize the importance of long-term career planning and adaptability to technological change. But finance students shouldn’t discount the basics. “The core competencies of accounting and finance professionals will continue to be important in the future,” says Harding. “Technologies like AI are tools that professionals can use as powerful co-pilots, not replacements.”
Indeed, many experts agree that these technological advances should be viewed as growth opportunities. As Feng Li, Professor and Chair of Information Management at Bayes Business School in London notes, “AI is a long way from automating tasks. The future belongs to those who can use AI to do their jobs more efficiently and effectively.”