Last year, The CPA Journal released an article on disruptive technologies affecting accounting and auditing education—technologies such as blockchain technology, smart contracts, robotic process automation, artificial intelligence, and advanced analytics. They mentioned how technological changes disrupts the traditional and old-school procedures, even calling the movements of these innovations “rapid”. These changes also affect the way accounting and auditing are taught in schools.
All curriculums adapt to the changes in the environment, methods, new discoveries, and transformations, but in this era full of new emerging technologies, school systems might have difficulties in coping.
This is especially difficult on accounting and auditing since they require board exams to consider themselves professionals. Exams also face a huge problem with keeping up with technological changes which often result in CPA exams staying static in the traditional programs. Because of this, students who graduate from traditional accounting programs usually find it hard to look for jobs since their knowledge does not match their employers’ more advanced and new requirements.
The huge amount of automation nowadays also threatens the future of accountants’ jobs. Evidently, since blockchain, artificial intelligence and automation have the capacity to be accurate, fast and efficient all at the same time, future companies may consider reduction of manpower or workforce.