Preparing for an AI-Driven Accounting Career: 4 Tips for Students

As the accounting landscape undergoes a transformation driven by artificial intelligence (AI), just like every other industry, we must adapt to remain competitive. This is especially true for accounting students, as much as it is for established professionals in the field.
AI is not just a futuristic concept; it’s reshaping every aspect of accounting, from auditing to financial analysis. Here’s how you can prepare for an AI-influenced career in accounting.
Note: There is a chance that some information in this blog post may create the appearance of a mountain to climb regarding getting prepared for AI. However, it is important to note we are already living with AI. Microsoft Excel for example (maybe not the best example when trying to convince you AI isn’t scary), uses AI to recognise what you may want in the next cell before you click into it.
This blog post is intended to help you identify where you can upskill and set yourself apart from accountants who choose to avoid embracing the uses of AI.
1. Develop Essential Skills
Accounting is a field that generally requires some form of qualification to demonstrate your knowledge of the field. If everyone has the same foundation of knowledge, what is there to separate one accountant from the next?
Your skillset!
Building your skillset to be the most desirable accountant is a surefire way to set yourself up for success. With the emergence of AI, tailoring what skills you need to learn is essential to ensuring you can adapt to current and upcoming changes. We think there are 2 main areas in which AI can affect an accountant: Data Analysis and Utilising AI Tools.
Data Analysis:
Understanding and interpreting data is fundamental. As accountants, you hold the key to many key decisions going forward for your clients. Whether it is how much they set aside for future budgets, or what product/market is going to be culled in Q3… the ability to tell a story from the figures you work within can transform your output. AI can only learn from the data it is given. As humans, we can see outside of the scope of data provided, which makes us key to interpreting data to a level AI can’t.
Learning how to effectively analyse data and produce a report from this is a skill many choose to overlook. With the advantage of understanding trends within the market, national finance changes and much more; accountants have the power to accurately predict future impacts. This is a feature we can assume is in the works for AI, but there is no AI model capable of being able to tailor results as intentionally for clients as we can.
Familiarity with AI Tools:
Get accustomed to AI-driven accounting software and tools. Familiarise yourself with platforms that take advantage of AI for tasks like data entry automation, fraud detection, and predictive financial analysis. As the CEO of AAT said in our interview, AI is already here and the difference between those who will be successful is those that choose to adapt to the new features we have available and those that do not.
2. Stay Updated with Industry Trends
AI technology is rapidly evolving. With this, so does the application of AI within accounting too. AI is getting smarter and more powerful. This means the way of handling certain tasks can change overnight. But take note these tasks which AI may now be involved in, won’t always work autonomously.
In addition, every tool that is released won’t be the tool that sticks around. There will be a pattern of what accountants want to automate and learning what this is early, can be the difference between a client choosing you over someone else.
We all know about chatGPT, but is the accounting software that is on the rise?
Are they planning to integrate chatGPT into it?
If so when?
Is there an alpha/developer scheme they are running for accountants to test the software?
These could be the small margin that gives you the advantage over other accountants.
Subscribe to industry publications, attend webinars, and take part in online forums to keep abreast of the latest developments. Websites like Accounting Today and AI-focused tech blogs can be excellent resources.
Note. You don’t have to be a technical whiz to be an adopter of AI. New software should be designed to be easy to use. If it is not, then being an early adopter means you can tell the developers of the software.
3. Network with Professionals
This leads us to networking. A simple conversation or email with the developer of a new software could open doors others didn’t think to knock at. This could result in you being a tester of the latest AI tool that could be industry-leading.
It sounds absurd when thinking could that really work? But this is the core principle of networking. Getting involved in and around the industry you’re passionate about, will lead you to people of similar interests.
Like-minded individuals will organically share the things they learn with you because that’s what humans do. It’s organic to bounce ideas off each other. The challenges we face or what we learn can be shared and interacted with on many platforms. If someone has a post that interests you, leave a comment and begin a conversation. Not only will you open the door to new opportunities, but the platforms we use will pick up on what we’re interested in and send us more topics of a similar nature.
Leverage platforms like LinkedIn to connect with industry professionals. Attend industry conferences and events, either virtually or in person, to meet experts and expand your professional network. Networking can provide valuable insights and open doors to job opportunities and mentorship.
4. Engage with Online Communities
With platforms such as LinkedIn, you can project yourself to the people in the positions you’d like to be in. Now more than ever, people are open to sharing their journeys to where they are and what challenges they face. Interestingly enough, the challenges we face with AI may seem unique to the year we are in.
Do remember, there was a time before Microsoft Excel, QuickBooks, Xero and software alike. At one point, accountants had to decide when to adopt to the new way of accounting. How did they overcome the change of working with a book and calculator; to then first doing accounting via Excel (which is still as confusing today as it was 25 years ago 🙂 ).
There are lessons to be learnt in this.
Mostly in how early adopters benefitted from adopting to changes, and understanding what they wish they had done differently.
In addition to learning from the past, you can keep up with industry trends and share your findings on what is changing within Accounting. Join online communities and discussion forums where accounting professionals discuss AI trends and share knowledge. Reddit is a great open forum for finding accountants on their daily journey. We also have a group called Student Street, where you can find over 5300+ current accountants, students everything in between.
Conclusion
Preparing for an AI-driven accounting career requires a proactive approach to learning and skill development. Undertaking relevant courses, honing key skills, staying informed, networking, and gaining practical experience; are all steps you can take to being ready for the future. You can position yourself as a forward-thinking accountant, ready to thrive in an AI-influenced environment. Embrace these steps to not only enhance your knowledge but also to secure a competitive edge in the rapidly evolving job market.
Check out more from our recent visit from the CEO of AAT Sarah Beale..
Stay tuned for more updates, success stories, and insights from our community.
Together, let’s continue to strive for excellence and make a difference through hard work and dedication.