Hello,

Picking a major to start my degree.
Is Accounting still a safe career choice?

On JobStreet, listings for Accounting graduates is high in number.
On the other hand, many individuals claim AI will replace a significant number of accountants.
Private universities appear to actively advertising accounting. I assumed there are too many accounting graduates thus creating a supply-demand imbalance?

Waste time in accounting for degree. Strait go for professional course. ACCA

No ai can take away accounting

This post has been edited by OlgaC4: Dec 26 2023, 06:20 PM

Every company need accountant so I can say one of the highest demand in the market. AI will not get rid of the position, at most it will reduce number of staff in the account department.

1. On AI replacing accountants - they will replace some basic data entry function like keying in invoices and basic bookkeeping. accountants do more than just book keeping. They have to make sense of the financial data and translate that for the management. This will be something difficult for Ai to replace.

2. On too many accounts professional - yeah but then demand is high too. Every company needs accountants and finance professional.

The best value option is to take the ACCA route. Fees are affordable and most finance position this over a simple degree. However downside to this is you have to pass all the paper, and it’s more difficult to seek non accounting and finance position because they die die want a degree in something.

Yes it is a safe career choice where a Bachelor of Accounting could lead you up to being accountant, financial planning and analyst, auditor, taxation specialist, consultants, business analysts, and many more.

AI replacing accountants? Won't be replacing but easing the process of data entry or bookkeeping or repetitive tasks. At the moment there is AI tech being integrated into the work but personally for me Accountants are still needed.

Private universities are advertising as there is decline of graduates in the Accountancy path. You could search up about declining of Accountants in Malaysia and even globally due to various reasons like long work hours, stressed environment and notoriously "toxic" environment.

Some might argue that going for Bachelor Degree of Accountancy is waste of time and longer hours compare to ACCA path route but ACCA path route students where from what I had observed are struggling in few aspects as they do not have assignments, projects management and subjects module that cater for reality of work. Purely my opinion and my observation from the industry.

Definitely safe

Ppl keep saying AI replacing accountants. = It's false.

It will only replace basic accounting data entry. So, those aunties working as accounts clerk might be worried spreading all those rumours.

Accountants are still needed at the higher level.

Supply more than demand? = False

In fact there's a shortage. U can google up news on this.

Don't listen to uncles/aunties telling you nonsense news

I thought got accounting degree can get exemptions for ACCA ?

depends on which accountancy.

Shared Services definitely require AI. But its not going to replace accountants soon, its going to make it more "efficient" and automated.

However, shared services only require Accountants at higher managerial levels to manage Accounts operations such as credit control, invoice/billing/collections, payment services, banking and treasury.

Accountants are still high demand esp for those in statutory reporting, audit and management reporting.

can but why you want to waste time.

I think its around the same time, depends on how smart you are.

But accountancy degree got advantage over ACCA.

Degree you got mix of other subjects like marketing, business, economics, commercial law.

You can actually branch out to other fields with degree unlike ACCA very specialised.

You are wasting your time and your parents money. All other skill you can get when you are working. You need more experience fast.

This post has been edited by OlgaC4: Feb 7 2024, 10:56 AM

Company do not look at your degree. They look how fast you completed your ACCA.

statutory reporting, audit and management reporting all low pay salaries.

Aim for CFO. FC. MD.

no, not necessary.

I see the degree holder pass ACCA 1-2 years after their degree.

Almost same time as the ACCA holder.

Unless you are CIMA, degree holder got more flexibility in getting jobs. ACCA, they only limit for reporting and audit. Even big 4, emphasis more on degree holder.

My friends who are partners at big 4 tells me they prefer degree holder more.

hello?

All the CFO and FC in large co, before they reached that level, they were all once in audit, mgmt and statutory reporting.

you cannot become CFO after graduation. Unless that co is your papa and mami or small co.

Lazy to argue. Anyway big4 prefer degree because you cannot jump work unlike ACCA where you can go basically anywhere on earth.


ya you must start in low level but if you stay there you got monkey money.

All big 4 pay super low money even you are partners.


Ask your friend to wake up.

This post has been edited by OlgaC4: Feb 7 2024, 12:17 PM

I won't say whether degree or ACCA has bigger advantages

Both of them has its own advantages.

Don't discount taking degree, because it will exempt most ACCA subjects.

Better opt for programming, IT stuff.

Go learn programming + LLM + AI

This post has been edited by SevenTwentyOne: Jun 20 2024, 03:09 PM

Accounting is at risk of AI replacement of lower level functions. Heck, even basic accounting software can do what a bookkeeper used to do in the past.



No wonder my wife retired early. Quit while she’s ahead.

Bookkeeping, yes AI can do it.
AI is still in its infancy when it comes to financial management.
Give and take +3 years with machine exponential learning capabilities perhaps AI can help on SAF (Suitability, Acceptability, Feasbility) with application of relevant business models (Porter, Mendelow's, etc)
Human is still relevant when it comes to applying whatever AI churn out in business context.

Ultimately, AI will gain more widespread acceptance across many sectors of multiple industries, especially as the technology matures. When that day comes, only the elite creme of the crop will hold their own against the onslaught of the machines. Accounting and its ancillary roles are not immune and will be affected.

In a perfect situation, AI will somehow replaces most, if not all technical works.
At present, it didn't happen yet nor it will happen within 3-5 years IMHO as human is too busy bickering. But that's another topic altogether.
I always think that accounting is not a profession, but a skill. An essential one which should have been made mandatory in secondary school together with financial management. heh.

accounting is not just bookkeeping. Audit, tax, corporate advisory are also part of accounting. And these requires lots of judgement calls to make, and persons to sign off on the works, which AI can't do. For example, you cannot just simply upload audit data for AI to come up with an audit opinion. There still need to be working papers being prepared, signed by audit manager, then only the audit partner can produce audit opinion and sign off the audit report. The preparation of audit working papers however, we can use AI to assist. But someone who actually knows about accounting still must review and sign off on those working papers. So when shit hits the fan, there will still be person responsible on the financial statements. This is just one of the example.

As someone who is in the accounting, I will say accounting degree is still one of the safest degree that you can take. And even if you decide not to work in accounting jobs, there are other paths that you can still take with your degree such as to work as credit analyst, compliance, marketing, etc. Since almost all business fields will accept someone with an accounting degree. And as someone who is using AI to assist with my works, AI is not something that you should be worried. Many accountants are more worried about outsourcing. Although for Malaysia, it shouldn't be an issue as our wages and forex rate is weak, we are actually the destination of the outsourcing for many global companies. I'm myself working for a Singaporean company, remotely from Malaysia.

This post has been edited by iammasivers: Jun 24 2024, 04:54 PM