- Last Updated: June 2, 2024
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Discover the top 10 finance and accounting jobs safe from AI. Learn why these roles are secure and how AI will change the industry by 2030. Artificial intelligence (AI) tools help us work faster in a world that keeps changing. Regardless of the above changes, there are always concerns about one’s job security. Yet, it is true that not all jobs are safe from AI. However, some jobs call for human skills, which AI cannot take over. Let us take a deeper dive and understand it in detail.
Why Some Jobs Are Safe from AI in Finance
Finance and accounting jobs are now using AI tools. It handles data, automates tasks, and cuts down on errors. This move sparks a lot of interest as well as fear. The primary concern is whether AI will completely replace every job.
People in this field fear losing their jobs to AI in the future. They observe AI performing increasing numbers of tasks. When it comes to tasks involving routine work, computers do very well due to their programming. However, performing tasks that involve human values or qualities remains hard for computers. Even though AI is getting smarter, people are still better at these kinds of tasks.
How Automation Affects Jobs Safe from AI
The corporate world is changing in a big way because of automation. A study by McKinsey & Company says AI could take over about 800 million jobs in the next 15 years! This figure is shocking and disturbing, making people in the finance and accounting professions lose sleep.
Yet it is not as simple as that. Artificial intelligence (AI) tools are good at processing simple information but fail when it comes to decision-making or higher-order thinking. There will always be jobs that will remain safe from AI because they need a real person. Let us find out more.
Top 10 Finance and Accounting Jobs Safe from AI
As a talent acquisition professional, I have filled many positions globally in finance and accounting, despite the rise of AI. I can confidently say that many jobs in finance and accounting will remain safe from AI and will see high demand in the future. Let’s dive into these positions.
1. Financial Analysts: Why Financial Analysts Are Jobs Safe from AI
Financial analysts deal with a company’s investment. They investigate financial statistics, figures, stock exchanges, and other financial trends. AI might be very fast at computing all these details, but at some point, it might fail. AI lacks the human intelligence necessary to understand the complexity of investment matters. So, financial analysts use their expertise to make investment decisions for the company.
2. Compliance Officers: The Role of Compliance Officers in an AI-Driven World
Compliance officers ensure companies’ adherence to laws and regulations. They interpret regulations, develop compliance programs, and move through complicated legal matters. Monitoring this process through AI can complement it by flagging possible issues to be considered by these officers. However, humans need to be involved in such activities because it requires their judgment to understand the complicated nature of things as well as ethical standards.
3. Forensic Accountants: How Forensic Accountants Stay Ahead of AI
Forensic accountants investigate financial discrepancies and fraud. They scrutinize financial records to identify errors and fraudulent activities. This job demands uncertainty, investigative abilities, and insight into human behavior. These skills are not possessed by AI. The role of such experts is important to ensure that there are no secrets or mistrusts within any company.
4. Management Accountants: Management Accountants: A Role Safe from AI
Management accountants bring strategic thinking and business understanding. They provide financial insights that allow businesses to make strategic decisions. They also prepare reports, budgets, and forecasts. These professionals help organizations achieve their objectives and enhance financial performance.
5. Tax Advisors: Personalized Tax Planning: Why Tax Advisors Are Irreplaceable
Tax advisors help you understand tax laws. They can also create a personalized tax plan for you based on your situation. While AI can do tax calculations, personalized tax planning needs human expertise. This way, people don’t pay more or less tax than they need to.
6. Internal Auditors: Internal Auditors: Ensuring Effective Controls in the AI Era
Internal auditors test how a company manages its risks, controls, and governance system. They offer unbiased judgments and advice about how an organization can improve itself. Their job is to understand the business environment and recommend improvements. These professionals are essential for maintaining efficient internal risk management and control. They use their expertise to make investment decisions for the company.
7. Financial Advisors: Building Relationships: Financial Advisors vs. AI
Financial advisors work closely with their clients to understand their needs and create specific financial strategies. They also advise on investments, retirement, and real estate. AI cannot replace the trust and experience that a financial advisor provides to their clients. Due to their advice, you will be able to make difficult financial decisions and achieve your future goals.
8. Treasury Managers: Strategic Financial Resource Management by Treasury Managers
Treasury managers manage the complete cash flow, future cash needs, and overall revenue of an organization. They evaluate financial choices and advise on financial decisions, which AI cannot do. Hence, Treasury managers have an important role in an organization.
9. Chief Financial Officers (CFOs): CFOs: Strategic Leadership Unmatched by AI
The chief financial officer (CFO) is the head of the finance department and is responsible for all financial activities of the company. They hold one of the most critical roles within a company’s senior leadership team and perform strategic and advisory roles for the CEO, C-suit members, and board. They make financial strategies and ensure compliance. While AI can help with data analysis, it cannot do the strategic and transformational leadership work that a CFO does.
10. Business Consultants: Solving Complex Problems: The Value of Business Consultants
Business consultants in finance advise the company and its leaders on how to improve procedures and increase profitability. They also help put together a mergers and acquisitions (M&A) strategy and help the company achieve its financial objectives. This requires strong experience in business, human resources, and transition management, which AI cannot do.
Case Study: The Value of Human Expertise
A case study from Deloitte highlights the irreplaceable value of human expertise. In 2019, Deloitte implemented AI to assist with auditing tasks. The AI improved efficiency but couldn’t match the auditors’ ability to interpret findings and offer strategic insights. This underscores the importance of human judgment in complex financial tasks.
Will AI Replace Accountants by 2030?
It is not true that AI will replace accountants in a decade. AI may perform various regular tasks, but that doesn’t mean that every job in accounting will disappear. The role of accountants will remain safe from AI.
A report by the World Economic Forum says AI won’t replace accountants, but it will change their jobs. Instead of just doing basic tasks, accountants will focus more on helping people with their finances, which requires human skills.
What Jobs Will AI Take Over in the Next 10 Years?
AI will be used to do routine jobs. In finance and accounting, AI may take over jobs like data entry, bookkeeping, and taxation. Humans can then concentrate on other activities that are more strategic than entering data.
Jobs safe from AI in the future are the ones that need human opinion, innovation, and strategic thinking. Such jobs are like those of financial analysts, forensic accountants, and compliance officers.
Which Jobs in Finance Will Not Be Replaced by AI?
Finance jobs safe from AI are the ones that need human judgment and strategic thinking. Therefore, tax advisers, financial planners, forensic auditors, risk managers, compliance officers, and management accountants would still be indispensable. Just to mention a few, internal auditors, financial advisors, Treasury managers, chief financial officers (CFOs), and business consultants are other key roles.
What is the Future of Accounting with AI?
The future of accounting appears bright with the use of artificial intelligence. Routine tasks will be automated to increase efficiency and will not remain safe from AI. In turn, accountants will be able to concentrate on strategic and advisory duties with more time. Through data analysis using tools such as artificial intelligence algorithms, they will acquire input for more accurate decisions. This change would further increase the role of accountants within organizations.
A study by Moss Adams found that most accountants (83%) already know AI is being used in their offices. And of those accountants, even more (79%) say AI helps them do their jobs better.
According to a study conducted by PWC in 2024, jobs that require AI skills carry a significant wage premium. Across industries (in the US), this can range from 18% for accountants to 33% for financial analysts. This shows that AI will help accountants work faster and smarter, enabling them to provide more value to their clients and organizations.
Conclusion: Embracing AI While Valuing Human Skills in Finance and Accounting
AI is transforming finance and accounting careers, but it will not replace all jobs. Jobs safe from AI are those that require human judgment, creativity, or interpersonal skills and will remain secure. Roles safe from AI are financial analysts, compliance officers, forensic accountants, management accountants, and tax advisors. Additionally, internal auditors, financial advisors, treasury managers, CFOs, and business consultants will continue to thrive.
Since AI is continuously evolving, finance professionals need to improve on the skills that machines can’t do. This would ensure that your role remains relevant as a professional within the next decade.
You need to embrace AI while using your human abilities in a way that makes you different from other professions. Stay updated on innovations happening around you. Be adaptable to any situation, no matter how difficult it might be, especially when it involves learning new things every day. These strategies will help you keep your jobs safe from AI in an era where both technology and human expertise can exist together.