Research by Evercore and Visionary Future shows AI’s impact on legal and financial services sectors, enhancing productivity and efficiency. Professionals are advised to enhance programming skills and embrace AI as a tool for job enhancement rather than replacement.
Generative AI is revolutionizing the finance and accounting sectors by automating complex tasks and enhancing productivity. Research by Evercore and Visionary Future shows that legal and financial service sectors are particularly susceptible to AI disruption, yet full job replacement remains unlikely. Instead, AI is expected to boost efficiency, especially in high-paying roles.
Stuart Tait from KPMG UK describes AI’s impact on tax research as comparable to transitioning from typewriters to word processors, offering over 95% accuracy in answering tax queries. Similarly, Simon Stephens from Deloitte UK notes that AI can automate large portions of data entry, allowing workers to focus on more complex tasks.
Financial training programs are adapting to these changes. HEC Paris and Cambridge Judge Business School have integrated AI into their curricula, emphasizing skills in machine learning and data analysis. Additionally, soft skills such as critical thinking and leadership are becoming increasingly important.
Professionals are advised to strengthen programming skills in languages like VBA, Java, R, and Python, as these can streamline financial analysis and automate routine tasks. Life-long learning is crucial to stay competitive, states Andrew Harding of the Association of International Certified Professional Accountants.
New career paths are emerging, such as algorithmic traders and AI financial analysts, with banks looking to increase efficiency through digitization. Despite technological advancements, core competencies in accounting and finance will remain essential. Experts stress that AI should be viewed as a tool to enhance job performance, rather than replacing professionals.
