A SH WAR OR DS INS TLI IDE ST
Incorporating NQ magazine
May 2025
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WILL YOU BE REPLACED BY AI? The accountancy profession has railed against claims that the profession will soon be replaced by machines. Former Conservative Chancellor of the Exchequer Jeremy Hunt (pictured) recently claimed graduates should think about careers in medicine and IT instead of accountancy, if they want fulfilling and long-lasting professional careers. In a podcast chat – Jimmy’s Jobs of the Future – Hunt told the host Jimmy McLoughlin he would “steer people away” from accountancy because computers are going to be able to do a huge amount of the work that is currently done by them. He went on to suggest: “There are certain markets where you think if you go into this market, you’re pretty dead.” It would appear Hunt thinks the accountancy profession is one of those! ICAS CEO Bruce Cartwright has written an open letter to Hunt expressing his disappointment at the comments. He said far from
Jeremy Hunt: steering people away from accountancy
being an outdated profession, accountancy is at the heart of the modern economy, providing essential services to businesses, governments and individual alike. And, while AI will mean fundamental changes on the number-crunching side, it will ultimately add value to business
and allow accountants to focus on more strategic activity. Cartwright accused Hunt of being short-sighted and felt his views could be detrimental to the future of the industry and broader economy. Director of ACCA UK, Abdul Goffar, said without doubt AI will
increasingly revolutionise the world of accountancy, bringing opportunities, risk and change. He also stressed accountants will need to upskill if they are going to be successful – including in their current roles. Goffar feels ultimately AI will enable accountants to contribute much more effectively to analysis, interpretation, strategysetting and decision-making. Meanwhile, Andrew Harding, Chief Executive – Management Accounting, AICPA & CIMA, said Hunt was misguided and his views just aren’t a reflection of reality. He explained: “While it’s true that technology, including AI, is transforming the profession it’s certainly not eliminating the need for accounting and finance professionals. In fact, it is quite the opposite according to the research and advisory company, Gartner, or the global staffing and recruitment company, Robert Half.” • For more see our letters page and features inside, where we publish Cartwright’s letter in full.
MAKE ACCOUNTING GREAT AGAIN! Australian chartered accountant Joe Kaleb and a dedicated group of fellow accountants have joined forces in an attempt to ‘revitalise’ the profession. To this end they have launched a grassroots ‘Make Accounting Great Again’ movement, and their mission, which they hope will go global, is to inspire the next generation of accountants to embrace the fantastic opportunities that accountancy provides. Kaleb wants to change the
perception that accounting is boring or just about numbercrunching, by highlighting its dynamic, diverse and evolving nature. He said: “We need to better communicate to young people that there are so many avenues for them to go down in our profession, whether it be in public practice, working for a company or in government, or even starting their own business. “We also need to emphasise the
many valuable contributions that accountants make, such as saving clients thousands in taxes, offering
valuable insights into business finances and providing growth strategies.” In our lead story last month we highlighted one of his colleagues, Joanna Perry (pictured wearing the ‘Make Accounting Great Again’ cap), who raised concerns about a global shortage of accountants. Visit the ‘Make Accounting Great Again’ website for further information – https://tinyurl.com/5n925f92.