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What accounting jobs will become "extinct" within the next ten-ish years?
Hello, I am a senior in high school and I plan on majoring in Accounting but it is hard to keep up with careers that are going to be automated and those that are not. Which accounting jobs don't have a future? Thank you
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9 answers
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Michael’s Answer
I understand your concern about job security in the face of advancing automation technology. While it's challenging to predict the future with certainty, there are certain accounting roles that may be more at risk of becoming automated in the next decade.
For example, jobs that involve routine and repetitive tasks like bookkeeping, data entry, and some aspects of tax preparation could potentially be replaced by automated tools and software. However, this does not mean that these jobs will disappear altogether. Instead, these changes may require accounting professionals to adapt their skills and take on new responsibilities in areas such as data analysis, strategic planning, and client relations.
On the other hand, roles that require a high degree of human judgment, critical thinking, and communication skills, such as financial planning, consulting, and auditing, are likely to remain in demand. These roles are less likely to be fully automated and require a combination of technical expertise and interpersonal skills that are difficult to replicate with technology.
As you consider your future career path, I encourage you to seek assistance from your high school guidance counselor or academic advisor to explore options for majoring in accounting and any additional coursework or certifications that may be beneficial. Additionally, it's a good idea to speak with an employment counselor at your local department of labor to learn more about career paths in accounting and how to best prepare for changes in the industry. They can provide guidance on job searches, connect you with training and education opportunities, and offer valuable insights on the job market.
Remember, pursuing a career in civil service fields related to accounting can offer a stable and rewarding career path with opportunities for growth and advancement. By staying informed about industry changes and seeking assistance from qualified professionals, you can set yourself up for success in the accounting field.
For example, jobs that involve routine and repetitive tasks like bookkeeping, data entry, and some aspects of tax preparation could potentially be replaced by automated tools and software. However, this does not mean that these jobs will disappear altogether. Instead, these changes may require accounting professionals to adapt their skills and take on new responsibilities in areas such as data analysis, strategic planning, and client relations.
On the other hand, roles that require a high degree of human judgment, critical thinking, and communication skills, such as financial planning, consulting, and auditing, are likely to remain in demand. These roles are less likely to be fully automated and require a combination of technical expertise and interpersonal skills that are difficult to replicate with technology.
As you consider your future career path, I encourage you to seek assistance from your high school guidance counselor or academic advisor to explore options for majoring in accounting and any additional coursework or certifications that may be beneficial. Additionally, it's a good idea to speak with an employment counselor at your local department of labor to learn more about career paths in accounting and how to best prepare for changes in the industry. They can provide guidance on job searches, connect you with training and education opportunities, and offer valuable insights on the job market.
Remember, pursuing a career in civil service fields related to accounting can offer a stable and rewarding career path with opportunities for growth and advancement. By staying informed about industry changes and seeking assistance from qualified professionals, you can set yourself up for success in the accounting field.
I appreciate this, thank you for the advice.
Ivana
Updated
Vamshee’s Answer
Great question and good thinking about impact of automation.
Which accounting job doesn't have future?
Jobs which need manual work can be automated easily, some job roles will be reduced ... on the other side if you can learn computer/Automation skills, you would be in demand in modern Accounting/finance jobs.
Choosing the right minor can look really good on an application to grad school or a resume for your first accounting job. You can opt for computer science as your minor for accounting. These days every business seeks out job candidates who have computer skills. As an accountant, you would likely have to learn various types of accounting software for the job. These programs can range from simple word processing and spreadsheet apps to more complex tax calculation and specialized accounting apps. These days, much of the accounting work is done using a computer instead of by hand, so you are going have to get computer skills like using tools/automating easy tasks/using database or running reports etc.
You can research about jobs like Financial Advisor, Financial Analyst, Business Analyst, Financial Modeler, Investment Adviser and try to learn skills/subjects that would help for the job.
Pursuing CPA is a good option as they are always demand for CPAs and one can work for company or start your own practice.
Hope this helps!! Good Luck for your future endeavors!
Which accounting job doesn't have future?
Jobs which need manual work can be automated easily, some job roles will be reduced ... on the other side if you can learn computer/Automation skills, you would be in demand in modern Accounting/finance jobs.
Choosing the right minor can look really good on an application to grad school or a resume for your first accounting job. You can opt for computer science as your minor for accounting. These days every business seeks out job candidates who have computer skills. As an accountant, you would likely have to learn various types of accounting software for the job. These programs can range from simple word processing and spreadsheet apps to more complex tax calculation and specialized accounting apps. These days, much of the accounting work is done using a computer instead of by hand, so you are going have to get computer skills like using tools/automating easy tasks/using database or running reports etc.
You can research about jobs like Financial Advisor, Financial Analyst, Business Analyst, Financial Modeler, Investment Adviser and try to learn skills/subjects that would help for the job.
Pursuing CPA is a good option as they are always demand for CPAs and one can work for company or start your own practice.
Hope this helps!! Good Luck for your future endeavors!
Updated
Eileen’s Answer
Accounting is a great field and will always be in demand. You need to keep up with the tax and finance laws and the technology to implement the work. Go for it!
Thank you so much for the advice.
Ivana
Updated
Jessica’s Answer
Hi Ivana,
It's great that you're planning to go into accounting! I understand there is a lot of talk about automation taking the jobs of accountants which can be very stressful, I'm sure. However, I do not think that you need to worry. At this time, I've seen where AI is replacing manual data entry type positions. Using a couple of examples, this might be taking an invoice and entering the information on the invoice into the Accounts Payable screen. In terms of a Tax accountant, it may be able to read the tax documents and auto enter things like the address and amounts. These can be very helpful features that eliminate human error, but they do not eliminate the need for human intervention and critical thinking.
One way I think may be beneficial to approach this is to think about how the technology can help you excel in your position. If technology is able to do the mundane things in your position, that frees up your mental capacity to think about more important things. In the example of the Accounts Payable example, instead of your mental energy being spent on typing in all of that information, you can spend the time to critically think about things like,
is this a vendor we typically use? Do I have proper documentation for this vendor if we need to submit a 1099 at tax time? Is this a valid invoice or is it a fraudulent invoice trying to trick the company into paying someone they shouldn't?
While I can't speak for Tax and Audit, my background is heavily focused on Nonprofits and Outsourced accounting/consulting, which is why I have all my examples related to accounts payable and subsequently month end close for organizations. If you start in accounts payable and use the technology to your advantage, you're likely to move up to staff and senior accountant much faster if you are able to show quality work in a timely fashion.
Hope this helps!
It's great that you're planning to go into accounting! I understand there is a lot of talk about automation taking the jobs of accountants which can be very stressful, I'm sure. However, I do not think that you need to worry. At this time, I've seen where AI is replacing manual data entry type positions. Using a couple of examples, this might be taking an invoice and entering the information on the invoice into the Accounts Payable screen. In terms of a Tax accountant, it may be able to read the tax documents and auto enter things like the address and amounts. These can be very helpful features that eliminate human error, but they do not eliminate the need for human intervention and critical thinking.
One way I think may be beneficial to approach this is to think about how the technology can help you excel in your position. If technology is able to do the mundane things in your position, that frees up your mental capacity to think about more important things. In the example of the Accounts Payable example, instead of your mental energy being spent on typing in all of that information, you can spend the time to critically think about things like,
is this a vendor we typically use? Do I have proper documentation for this vendor if we need to submit a 1099 at tax time? Is this a valid invoice or is it a fraudulent invoice trying to trick the company into paying someone they shouldn't?
While I can't speak for Tax and Audit, my background is heavily focused on Nonprofits and Outsourced accounting/consulting, which is why I have all my examples related to accounts payable and subsequently month end close for organizations. If you start in accounts payable and use the technology to your advantage, you're likely to move up to staff and senior accountant much faster if you are able to show quality work in a timely fashion.
Hope this helps!
Thanks for the help.
Ivana
Updated
Elizabeth’s Answer
This is an excellent question. I had the same question when I embarked on my accounting profession 15 years ago. My primary motivation for selecting accounting was its necessity in all businesses. Although technology will advance, I don't think it will render accounting obsolete. Technological advancements and AI will enhance accounting procedures, reduce manual labor, and boost the efficiency of accountants. Nonetheless, I believe accountants will remain essential to ensure no steps are overlooked, transactions are accurately recorded, and that everything operates smoothly.
Loved reading this, thanks!
Ivana
Updated
Daniel’s Answer
Hi, this is a great question. Accounting is very broad and there are a lot of careers that will not become extinct. Working for PwC in public accounting, as auditors we are constantly learning and helping our clients with changing business environments. In addition, we get to work with a wide variety of clients and present technology driven solutions.
This was super helpful, thank you!
Ivana
Updated
Anthony’s Answer
You will be really secure with an accounting career. I suggest, in that regard, sticking to specializing in Taxes.
James Constantine Frangos
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James Constantine’s Answer
Hi Ivana from New York! This is James from the Gold Coast.
You've asked about the future of accounting jobs and which ones might become "extinct" in the next decade or so. As a high school senior planning to major in Accounting, it's understandable that you're concerned about the impact of automation on this field. Let's delve into this.
The rapid advancement of technology is bound to affect certain accounting jobs, making them less relevant or even obsolete. However, it's crucial to remember that while some tasks within these roles may become automated, the overall demand for accounting professionals is projected to remain robust. The accounting field is ever-evolving, with new opportunities arising even as automation takes over some tasks. Here are some accounting jobs that might see a decline or become "extinct" within the next decade:
1. Bookkeeping: This role involves recording financial transactions, maintaining financial records, and reconciling accounts. Traditionally a cornerstone of accounting, bookkeeping is now being automated through advanced software and systems that can handle routine tasks like data entry, bank reconciliations, and generating financial reports. This could lead to a decrease in demand for traditional bookkeepers.
2. Data Entry: This task is also vulnerable to automation. Thanks to optical character recognition (OCR) technology and intelligent data extraction software, manual data entry is becoming less necessary. These technologies can accurately and efficiently scan and extract data from various sources such as invoices, receipts, and bank statements, reducing the need for dedicated data entry personnel.
3. Auditing: While auditing as a profession might not become completely extinct, technological advancements are altering how audits are conducted. Traditional audit procedures involve manually testing transaction samples and performing analytical procedures to detect errors or fraud. However, artificial intelligence (AI) and machine learning algorithms now allow auditors to analyze large data volumes more quickly and accurately, reducing the need for extensive manual testing and increasing reliance on automated audit tools.
While these specific roles may see a decline, the accounting profession as a whole is anticipated to continue evolving and creating new opportunities. Automation is expected to shift accountants' focus towards more strategic and analytical tasks, such as financial analysis, forecasting, and providing advisory services. Moreover, the demand for professionals with strong technical skills and expertise in emerging technologies is likely to rise.
Here are the top three authoritative reference publications or domain names used:
1. American Institute of Certified Public Accountants (AICPA) - www.aicpa.org
2. Association of Chartered Certified Accountants (ACCA) - www.accaglobal.com
3. Deloitte Insights - www.deloitte.com/insights
I hope this information helps you as you plan your future in accounting.
Best wishes,
James
You've asked about the future of accounting jobs and which ones might become "extinct" in the next decade or so. As a high school senior planning to major in Accounting, it's understandable that you're concerned about the impact of automation on this field. Let's delve into this.
The rapid advancement of technology is bound to affect certain accounting jobs, making them less relevant or even obsolete. However, it's crucial to remember that while some tasks within these roles may become automated, the overall demand for accounting professionals is projected to remain robust. The accounting field is ever-evolving, with new opportunities arising even as automation takes over some tasks. Here are some accounting jobs that might see a decline or become "extinct" within the next decade:
1. Bookkeeping: This role involves recording financial transactions, maintaining financial records, and reconciling accounts. Traditionally a cornerstone of accounting, bookkeeping is now being automated through advanced software and systems that can handle routine tasks like data entry, bank reconciliations, and generating financial reports. This could lead to a decrease in demand for traditional bookkeepers.
2. Data Entry: This task is also vulnerable to automation. Thanks to optical character recognition (OCR) technology and intelligent data extraction software, manual data entry is becoming less necessary. These technologies can accurately and efficiently scan and extract data from various sources such as invoices, receipts, and bank statements, reducing the need for dedicated data entry personnel.
3. Auditing: While auditing as a profession might not become completely extinct, technological advancements are altering how audits are conducted. Traditional audit procedures involve manually testing transaction samples and performing analytical procedures to detect errors or fraud. However, artificial intelligence (AI) and machine learning algorithms now allow auditors to analyze large data volumes more quickly and accurately, reducing the need for extensive manual testing and increasing reliance on automated audit tools.
While these specific roles may see a decline, the accounting profession as a whole is anticipated to continue evolving and creating new opportunities. Automation is expected to shift accountants' focus towards more strategic and analytical tasks, such as financial analysis, forecasting, and providing advisory services. Moreover, the demand for professionals with strong technical skills and expertise in emerging technologies is likely to rise.
Here are the top three authoritative reference publications or domain names used:
1. American Institute of Certified Public Accountants (AICPA) - www.aicpa.org
2. Association of Chartered Certified Accountants (ACCA) - www.accaglobal.com
3. Deloitte Insights - www.deloitte.com/insights
I hope this information helps you as you plan your future in accounting.
Best wishes,
James
thanks James!
Ivana
Updated
Shreyasee’s Answer
Hi Ivana, with regards to accounting, data entry jobs are likely to be extinct. If you are interested in specializing as a tax accountant/CPA with primary focus on taxes, there are always new tax laws and keeps the tax advisors in demand. Good luck to you!
Thank you!
Ivana