The emergence of generative artificial intelligence (AI) and other new technologies is rapidly blurring the line between the roles of “accountant” and “data scientist.” As these fields become increasingly intertwined, rising college graduates can set themselves up for success by diversifying their skill sets prior to entering the workforce.
Pursuing a career in either accounting or data analytics will prove lucrative, with both fields currently paying higher-than-average salaries. According to the U.S. Bureau of Labor Statistics, the 2023 median pay for data scientists was $108,020 and $79,880 for accountants. In particular, the job market for data scientists is expanding rapidly, with the number of jobs expected to grow 35% from 2022 to 2032 — much faster than the average for all occupations.
As these two fields continue to overlap, professionals should consider obtaining a degree that offers a blend of both fields. For example, Lamar University’s Bachelor of Science (B.S.) in Management Accounting and Analytics online program prepares students for careers as accounting managers, financial analysts or data analytics managers. Graduates develop in-demand skills that serve them in either industry and help them anticipate future trends.
The Future of Accounting With AI
Generative artificial intelligence is rapidly changing the accounting industry. Initially, industry insiders feared that AI would replace accountants altogether. However, Forbes notes that AI is expected to support accountants — not replace them. Accordingly, accountants who learn to leverage AI will gain a significant advantage over their peers — potentially setting themselves up to land competitive promotions.
Looking forward, accountants will likely take on a more strategic role within their respective companies. Artificial intelligence will be able to handle the bulk of the manual tasks associated with accounting, such as data entry, recordkeeping and making complex calculations. In fact, AI will be able to complete these tasks much more efficiently than even the most talented accounting professionals. That said, companies will still rely on accountants to interpret the financial insights that AI generates in order to develop creative solutions to problems that help drive the business forward.
Future of Accounting Careers
Emerging accounting professionals can expect to perform fewer manual tasks and conduct more strategic thinking over the coming years. In other words, accountants are slowly becoming data analysts.
Data analytics is the process of taking raw data and drawing useful conclusions from the information. Accountants, as the financial recordkeepers of a corporation, must be adept at handling data. They have access to data sources like the company’s financial statements, transaction data, tax records, budgets, internal reports and more.
As technology advances, corporations will likely rely more and more on their accounting teams for insights and advice when making decisions. In fact, expense management company Fyle believes that the ability to draw insights from data is already a prerequisite for incoming accountants.
According to Fyle, when companies leverage big data, they help their employers do the following:
- Make better, more agile decisions
- Track the overall performance of the business
- Identify financial risks and mitigate them
Additionally, the International Association of Independent Accounting Firms (INAA) notes that modern tools now allow accountants to embrace predictive analytics instead of relying entirely on historical analysis. With these new methods, today’s accountants will soon be expected to:
- Create accurate revenue projections by analyzing past sales data, market trends and external factors. This will allow accountants to make dynamic, responsive budgets and financial plans.
- Identify potential risks by using historical data to model future scenarios.
- Optimize cash flow management by forecasting the company’s revenue and upcoming expenses to avoid liquidity problems and capitalize on investment decisions.
Accounting and Data Analytics Degree
If you’re interested in succeeding in the accounting field over the coming years, it’s a good idea to start sharpening your data analytics skills. While these skills may not be 100% necessary to succeed in today’s job market, they’ll only grow more valuable in the coming years.
One of the best ways to learn the most relevant data analytics skills is to obtain an advanced degree. For example, Lamar University’s Bachelor of Science in Management Accounting and Analytics program offers a unique blend of accounting and data analytics courses.
The program offers courses like Data Analytics in Accounting, which give students hands-on experience using the latest software tools to analyze datasets. Lamar University also offers a managerial track for accounting majors. With foundational knowledge in these areas, graduates of the program succeed in the field of accounting and analytics by using modern tools and technologies.
Learn more about Lamar University’s online Bachelor of Science in Management Accounting and Analytics program.
