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Few professions have embraced and adapted to new technologies more than accounting, writes Chris Freeland AM, CEO of CPA Australia.
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Why WEF is wrong about accounting jobs: CPA Australia CEO
14 January 2025
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That’s why I was surprised to read last week’s Accountants Daily story on the World Economic Forum’s (WEF) Future of Jobs 2025 report which predicts that accountants, auditors and bookkeepers will be among the fastest-declining jobs over the next five years due to advancements in automation technology, including artificial intelligence (AI).
There’s no doubt that AI and automation will revolutionise the way that accountants go about their work, but rather than removing the need for jobs, these technologies are set to create new opportunities in the profession and help elevate individuals to an even higher status as trusted and strategic advisors within their organisations.
For accountants, new technology has been a friend much more than an enemy. From the humble abacus to spreadsheets, our profession has been quick to embrace more efficient ways of working to achieve better outcomes. It wasn’t that long ago that some predicted the creation of Microsoft Excel as heralding the end of accounting. Instead, it’s become the best friend of every accountant I know and is something we can no longer do without.
The WEF report was based on a survey of 1,043 companies across 55 countries. It found that accountants and auditors rank 18th on the list of occupations most likely to decline from 2025 to 2030, with a projected decrease of around 5 per cent.
Accounting, bookkeeping and payroll clerks rank 7th on the list of occupations most likely to decline, with a projected decrease of around 20 per cent. For the survey, ‘accounting’ refers to roles such as bookkeeping, accounts payable, accounts receivable, as well as assistant accountants, and not professional accountants.
The increasing adoption of technology, especially AI and automation is cited as the primary driver behind this trend. However, this hypothesis runs contrary to more targeted research on the subject, not to mention the increasing reporting demands coming to the profession, including sustainability related financial disclosures.
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According to research by Victoria University for Jobs and Skills Australia, the number of people specifically defined as ‘accountants’ in Australia will increase from 201,600 in May 2024 to 234,000 by May 2034. The increase is even greater if you include adjacent roles such as auditors and finance managers.
Attracting the next generation of talent to our profession remains a significant challenge as currently, supply is struggling to keep up with demand. In fact, with the data forecasting an extra 32,400 accountants in 10 years, the pressure on the pipeline of accountants to meet the demand is increasing.
So it’s clear that demand for accountants and financial skills continues to increase. At the same time, CPA Australia’s most recent Business Technology Survey found that, while organisations are increasingly using AI, only a small percentage report significant adoption levels. On automation tools, such as robotic process automation (RPA), the survey finds limited adoption, with only about a third of organisations using them.
Given that AI and automation rely on large volumes of high-quality data, the key question arises: Who has the skills to ensure the necessary data quality and interpret AI-generated results effectively? This is where the role of accountants is elevated further.
While predicting the long-term effects of any major technological leap forward is difficult to say the least, the generally held view within the accounting profession – certainly at CPA Australia – is that AI will be this generation’s calculator or Excel. An invaluable tool that not only makes life easier by further reducing routine tasks, but creates additional opportunities for talented professionals to showcase their skills and experience as trusted advisors and strategic thinkers, who manage new technologies while playing important leadership roles.
Those who own and understand the data generated by AI will become increasingly influential and in demand.
The biggest challenge for accountants is not the introduction of AI, but learning and keeping pace with developments to ensure they have the necessary skills and experience to take on these increasingly important roles.
The WEF report found that most Australian organisations (92 per cent) are looking to reskill and upskill their workforce to better integrate AI into their operations. Accountants' core skills, including their analytical abilities, technological literacy, lifelong learning and creative thinking, position them to adapt and succeed in this emerging environment.
As repetitive tasks are automated, accounting roles will likely focus on higher-value tasks such as strategic planning, data analysis, and advisory services. Accountants have highly transferable skills such as financial acumen and analytical abilities. This will enable them to transition into related roles even if some traditional accounting roles disappear.
My prediction, backed by independent data from Victoria University is that, rather than declining, the accounting profession will continue to grow and evolve, leveraging new technologies to meet increasing demands and providing great opportunities for talented individuals to take their careers to the next level. For accounting, AI is an exciting development I encourage the profession to fully embrace and benefit from.
By Chris Freeland AM, chief executive of CPA Australia
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