Accounting and finance professionals have long adapted to technology, from calculators and spreadsheets to cloud computing, but the emergence of generative artificial intelligence is creating both new challenges and opportunities for students looking to succeed in the world of finance.
A study last year by investment bank Evercore and startup incubator Visionary Future highlighted the disruption that generative AI will bring to the workforce. Analyzing 160 million U.S. jobs, the study found that service sectors such as law and finance are highly susceptible to disruption from AI, but are unlikely to see full job replacement.
Instead, generative AI is expected to improve productivity, especially for people in high-value roles who earn salaries of more than $100,000 a year, the study concluded.
However, for current students and graduates earning below this threshold, the challenge will be to navigate these changes and identify the skills that will be in demand in the future.
Generative AI is rapidly being integrated into finance and accounting by automating certain tasks. Stuart Tait, chief technology officer for tax and legal at KPMG UK, describes it as a “game changer for tax” because it can handle complex tasks that go beyond routine automation.
“Gen AI for tax audits and technical analysis provides efficiency gains comparable to the move from typewriters to word processors,” he said, adding that the tool can answer tax questions within minutes with more than 95 percent accuracy.
While these advances pose challenges for workers, such as the potential for some tasks and skills to become redundant, they also bring opportunities. “One way AI can help is by automating much of the manual data entry, saving time while allowing you to focus on higher-value, and often more interesting, tasks,” says Simon Stevens, Deloitte UK's AI lead for audit and assurance. He suggests that this could allow junior staff to take on more complex, judgment-intensive work earlier in their careers.
In response to these changes, finance training programs are evolving to place more emphasis on AI. “Financial education is absolutely essential to prepare students for this new world,” says David Shrier, professor of practice of AI and innovation at Imperial College Business School in London.
For example, HEC Paris is already training students to use generative AI for financial data analysis, and soon for decision-making, to prepare students for “the possibility that generative AI will replace spreadsheets,” notes Evran Orth, academic director of HEC's Master's in International Finance.
Similarly, Cambridge Judge Business School in the UK has introduced technology courses into its Masters in Finance programme, targeting professionals with work experience, and has recruited expert practitioners. Marwa Hammam, co-director of the programme, notes that all students now learn fundamental machine learning concepts and their practical applications in trading, asset management, accounting and auditing.
But beyond technical competencies such as data analysis, experts say soft skills such as critical thinking, leadership and networking are becoming increasingly important for finance professionals.
Angela Gallo, director of the MSc in Banking and International Finance at Bayes Business School in London, stresses the importance of interpersonal skills in an increasingly automated industry. “Automation has improved efficiency but sometimes at the expense of customer relationships,” she says. “AI has the potential to restore the importance of those relationships.”
Gérard Despinois, executive director of the Master's in Finance program at France's ESSEC Business School, suggests that finance graduates should strengthen their programming skills, particularly in VBA, Java, R and Python. Mastering these languages can help streamline financial analysis, automate routine tasks and develop new financial solutions, he says.
Students can acquire these skills through coursework, industry certifications, and online learning platforms. Andrew Harding, CEO of the Management Accounting division of the Association of International Certified Public Accountants, emphasizes the importance of lifelong professional development to stay competitive in an evolving job market. “Accounting and finance professionals will need to adapt their mindset to learn, unlearn, and relearn,” he says.
The integration of AI is also giving rise to new roles and career paths. Mark Chapman, career consultant at Essec, points to jobs such as algorithmic trader and AI financial analyst, which could use machine learning to sift through financial data to predict market trends and automate processes. “There should be some interesting career opportunities for banks as they look to use digitalisation to drive efficiencies,” Chapman says.
Looking to the future, experts stress the importance of long-term career planning and the ability to adapt to technological change. But finance students shouldn't neglect the basics. “The core competencies of accounting and finance professionals will remain important,” Harding says. “Technologies such as AI are tools that professionals use as powerful co-pilots, not replacements.”
In fact, many experts believe these technological advances should be seen as opportunities for growth. “AI is a long way from automating jobs. The future belongs to those who can use AI to do their jobs more efficiently and effectively,” says Feng Li, professor and head of information management at Bayes Business School in London.
