The accounting and finance professions have long adapted to technology – from calculators and spreadsheets to cloud computing. However, the rise of generative artificial intelligence presents both new challenges and opportunities for students looking to advance in the financial world.
Research last year by investment bank Evercore and Visionary Future, which incubate new ventures, highlights the workforce disruption caused by generative AI. The analysis of 160 million US jobs shows that service industries such as legal and finance are highly susceptible to disruption from AI, although complete job replacement is unlikely.
Instead, generative AI is expected to increase productivity, the study concludes, especially for those in high-value positions that pay more than $100,000 annually.
But for current students and graduates earning below this threshold, the challenge will be navigating these changes and identifying the skills that will be in demand in the future.
Generative AI is quickly being integrated into finance and accounting, automating specific tasks. Stuart Tait, Chief Technology Officer for Tax and Legal at KPMG UK, describes it as a “game changer for tax” as it is able to perform complex tasks beyond routine automation.
“Gen AI for tax research and technical analysis will deliver efficiency gains comparable to moving from typewriters to word processors,” he says. The tools can answer tax questions in minutes, with more than 95 percent accuracy, Tait says.
While such developments pose challenges for workers, potentially rendering some tasks and skills redundant, they also present opportunities. Simon Stephens, AI lead for audit and assurance 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 more value-added and often more interesting tasks.” He suggests that junior employees could take on more complex and demanding work earlier in their careers.
In response to these changes, financial training programs are evolving to place a much sharper emphasis on AI. David Shrier, professor of practice in AI and innovation at Imperial College Business School in London, notes: “We absolutely need financial education to produce students who are fit for purpose in this new world.”
For example, HEC Paris is already training students to use generative AI for financial data analysis. 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 HEC’s Master in International Finance program.
Similarly, Cambridge Judge Business School in Britain has introduced technical courses and recruited specialist practitioners for its Master of Finance degree, aimed at professionals with work experience. Marwa Hammam, co-director of the program, notes that all students now master the fundamental concepts of machine learning and its practical applications in trading, asset management, accounting and auditing.
In addition to technical skills such as data analysis, soft skills such as critical thinking, leadership and networking are becoming 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 relevance of interpersonal skills in a more automated sector. “While automation has improved efficiency, it has sometimes sacrificed customer relationships,” she says. “AI could restore the importance of those relationships.”
Gérard Despinoy, executive director of the Master in Finance at France’s Essec Business School, suggests that finance graduates should strengthen their programming skills, especially in VBA, Java, R or Python. Mastery of 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, CEO of Management Accounting at the Association of International Certified Professional Accountants, emphasizes the importance of lifelong professional development to remain competitive in an evolving job market: “Accounting and finance professionals must adapt their mindset to learn, unlearn and relearning,” he says.
The integration of AI also creates new roles and career paths. Marc Chapman, career advisor at Essec, mentions jobs such as algorithmic trader and AI financial analyst, in which machine learning can be used to search financial data, predict market trends and automate processes. “There should be interesting career opportunities at banks that want to increase efficiency through digitalization,” says Chapman.
Looking ahead, experts emphasize the importance of long-term career planning and the ability to adapt to technological changes. But finance students should not neglect the basics. “The core competencies of accounting and finance professionals will still be important in the future,” says Harding. “Technologies like AI are tools that professionals can use as powerful co-pilots, not as replacements.”
Many experts agree that these technological advances should be viewed as opportunities for growth. As Feng Li, professor and chair of information management at Bayes Business School in London, notes, “AI is a long way from automating jobs. The future belongs to those who can use AI to do their work more efficiently and effectively.”