How will AI Change the Future of ACCA Professionals?

Technology and AI are bringing rapid revolutions in diverse industries, and accounting is one of them. If you are from an accounting background, you will know big designations and roles like ACCA. Now it is interesting to notice how AI is transforming the accounting world through the roles of ACCA, CA, CMA, and many others. Before you dive into ACCA AI or how AI will impact ACCA, you should revise what is AI.

What is AI?

AI is Artificial Intelligence, which means a machine using its intelligence for various activities. AI now has taken the world by storm in almost all industries, transforming everything with lightning speed. Machines can now perceive, learn, interact, and even solve problems in a similar way to how humans do. If humans use this cognitive thinking skill of machines in the correct dimensions, AI can impact different areas in different ways.  

So, does this mean, the world will get deprived of accountants, as AI sweeps in the accounting world? Well, we can answer these many questions step by step in this article. 

Is it Safe to Study ACCA Today?

Once you have completed your Class 12th, you must be thinking seriously about your career goals. If you have an interest in accounting and finance, the first thing that will come to your mind is to pursue your Bachelors in Commerce. Soon, you complete your Bachelors, your next step will be to pursue Masters in Commerce. 

While this is a very basic plan that most commerce students follow, ACCA course will offer you an upper hand in your career. However, according to the prevailing rumours lately, AI will take over the responsibilities of ACCA. So, many candidates today are bewildered whether it is safe to study ACCA today or not. 

If you are also confused about the selection of your professional courses, you must first know ACCA in-depth. 

What is ACCA?

The Association of Chartered Certified Accountants is a UK-based community that organizes the ACCA course and its exams. The ACCA course is globally recognized today with more than 50,000 students in as many as 180 countries worldwide. The community consists of more than 2,00,000 members which is increasing with each passing year. 

Why Recruiters Prefer ACCA?

The ACCA curriculum trains candidates in finance and accounting through these many subjects: 

• Business and Technology
• Management Accounting
• Financial Accounting
• Corporate and Business Law
• Performance Management
• Taxation
• Financial Reporting
• Audit and Assurance
• Financial Management
• Strategic Business Reporting
• Strategic Business Leader
• Advanced Audit & Assurance
• Advanced Performance Management
• Advanced Taxation
• Advanced Financial Management

The ACCA course offers in-depth learning of the accounting and finance field along with strategic skills like leadership and corporate communications. So, when you pursue ACCA, you do not just learn about accounting but also get trained in managing the corporate environment. So, no doubt, top-notch multinational recruiters like Deloitte, PwC, Accenture, and many others prefer hiring ACCA candidates to others. Even if AI takes over ACCA, these recruiters will hire ACCA candidates for their strategic skills. 

How will AI impact ACCA Learning?

While you are concerned about the negative impacts of AI, you should consider the positive facets that it has on ACCA learning. Many Learning Systems are using AI technology to deliver personalized learning experiences to the candidates. Customized study materials, interactive study plans, and mock test papers are some of the essential elements that enhance the ACCA learning experience. 

AI vs ACCA: Evolution or Replacement?

Half-knowledge can lead to a lot of misconceptions. So, you must always check out all the facts before making a vital judgment. AI is majorly a computer’s artificial cognitive skill that works in the same way humans work by perceiving and analyzing data. Also, ACCA AI is perfected in coming up with results based on data analysis. 

With the introduction of AI, the accounting field is evolving. The roles of accountants puzzling with numbers are also evolving into something more strategic. When AI is taking care of repetitive numerical tasks like data entry and reconciliation, it will allow accounting experts to focus on other essential tasks. While AI is speeding up financial tasks, humans can take care of upgrading the financial performance of the company. 

Also, AI will offer options like predictive analytics that will alert the accountants of any upcoming risks. Now, it will be the responsibility of human experts to tackle the risks in advance and create space for opportunities. 

AI will be also helpful in the auditing field in terms of detecting fraudulency and spotting irregularities. Moreover, AI is evolving ACCA through its accuracy which leads to enhanced efficiency. 

Based on these new trends, the ACCA curriculum is also getting modifications lately. The new ACCA curriculum will have modules according to the AI-based job roles of the experts. The ACCA experts will learn how to work with AI to boost the accuracy of data. Also, the curriculum will focus on essential job roles such as strategic skills that will help in maintaining a balance between AI technology and the company’s expansion. 

Will AI Replace ACCAs?

We have already discussed in the above section that AI will evolve ACCA and will not replace it. In basic words, how can a machine replace human activities? AI can feed data and analyze them, but it cannot suggest what has to be done with the analysis. The ACCA experts will make use of the AI analysis to predict any upcoming opportunities or risks and act accordingly. 

AI will work as an assistant to the ACCA professionals. For example, ACCA AI can speed up the routine tasks of data entry, and others to offer extra time to the accountants. Now, the ACCA experts can invest this time in analytical tasks for the betterment of the business. AI will help in different areas such as risk analysis, fraud detection, and highlighting insights that will help ACCAs to make critical decisions. Thus, AI will not have any negative impact on ACCA. 

With all these arguments, it is safe to say that AI is not here to replace ACCA. On the contrary, ACCAs can use AI to upgrade their performances. Quite obviously, AI cannot offer the judgment based on considerations and critical thinking that humans can do. In today’s competitive life, AI will help ACCAs in obtaining accuracy and efficiency. 

AI will also help in many other critical areas such as taxation. The technology will analyze tax guidelines to ensure compliance and fewer penalties. In whatever area AI is showing its expertise, it cannot replace ACCAs. The ACCA expert will be the last point of contact for any client because only humans can guide and advice according to the mindset or requirement of the client. Thus, we can say that AI will not replace ACCA, rather both will work together in the future. 

Conclusion

The evolution of AI has always frightened professionals from different fields. But it is very important to understand that AI’s evolution is for the betterment of the professionals. The technology will boost the learning experience of the ACCA students. Similarly, the tool with help the working ACCA professionals in boosting their performance and efficiency. If you stay updated with the latest ACCA AI happenings and upgrades, you can embrace them better to use them towards your efficiency. So, you can consider the evolving AI as a helping hand towards ACCA and other accounting areas in place of a threat. 

FAQ

Will AI replace Chartered Accountants?
AI can automate and speed up tasks of data analysis, historical market trend analysis, and other factors. This will bring out accurate insights and predictions that will help the CAs in making decisions regarding handling any risks, investments, and other financial planning. So, AI can just offer insights, while CAs have to showcase their human judgment to guide the clients.

What is the future of the accounting profession with AI?
AI is evolving in providing automated and high-speed data-related activities. Human involvement will never be tampered with by the introduction of AI in the accounting profession. So, even if AI enters more into accounting in the future, it will not replace the accounting professionals, rather AI will allow the experts to explore other analytical and strategic roles.

Is AI a threat to ACCA?
AI is all about automation but ACCA is not just automation. ACCA involves strategic skills and critical thinking. So, AI is not a threat to ACCA, rather it offers a helping hand to the ACCAs by providing them insights and predictions. The ACCAs will use these predictions to make informed decisions toward better financial planning for a client or a company.

Will AI replace CMA in the future?
AI will not replace CMA in the future, rather both AI and CMA will work together. CMAs will make use of AI in the future in different areas like, cost management, internal controls, audit, and other financial planning systems.

Partham Barot is an ACCA-certified professional. showcasing his expertise in finance and accountancy. he’s revolutionising education by focusing on practical, real-world skills. Partham’s achievements underscore his commitment to elevating educational standards and empowering the next generation of professionals.

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