A few remarks in a podcast from the former Chancellor have riled up the accountancy profession with some calling Jeremy Hunt’s comments ‘short sighted’
Hunt’s appearance on Jimmy McLoughlin’s podcast, Jimmy’s Jobs of the Future, put him on the spot when he was asked whether accountancy was a good career choice in view of the growth of artificial intelligence (AI).
McLoughlin asked Hunt whether AI will kill the jobs market, leading to the former Chancellor saying he wouldn’t recommend his children work in the accountancy sector because of it.
Hunt said: ‘I think about this because my kids are 10, 12 and 14 so I’m sort of thinking, “what jobs would I advise them to go for?”, and when you’ve got AI happening I probably would steer people away from accountancy, I can see how computers are going to able to do a huge amount of the work that’s currently done by accountants. I don’t think AI is going to replace surgery.’
Although Hunt admitted he used ChatGPT ‘every day’ for research, he did say ‘it is not always right’.
Not surprisingly, there was pushback from the accountancy profession, with some saying it could impact their ability to attract staff and trainees, and did not reflect the reality on the ground.
Natasha Frangos, managing partner of HaysMac, said: ‘I strongly disagree. Accountancy isn’t dying, it’s evolving.
'I’ve worked in accountancy for 25 years and have seen first-hand how emerging technologies have reshaped and redefined our profession. To me, AI isn’t a threat, it’s a revolutionary tool.
‘The narratives around the “death” of careers, spread by influential voices like Jeremy Hunt and Elon Musk, are unhelpful at a time when businesses should be leaning in to much needed growth and innovation, thinking about how technology and evolution of the skillsets within their teams will boost productivity.’
‘It’s disappointing to hear the view that medicine or IT would be better bets for aspiring graduates.’
Bruce Cartwright, CEO of the Institute of Chartered Accountants of Scotland (ICAS) fired off an open letter to Hunt criticising his comments, inviting the MP for Godalming to a meeting at ICAS.
In the letter, Cartwright said: ‘As someone who has worked in accounting for almost 40 years and has seen firsthand, in my roles at PwC and ICAS, the positive impact this career can have on both individuals and the economy, I feel compelled to respond.
‘While there are valid concerns to be addressed regarding the potential impact of AI on accountancy and other professions, I strongly disagree with your assertion that AI’s impact makes accounting an unviable career path for graduates.
‘Accountancy, far from being an outdated profession, is at the heart of the modern economy, providing essential services to businesses, governments, and individuals alike.
‘We in the profession have often heard that AI could mean the ‘end of accountancy’. However, I and many others firmly believe that simply isn’t the case.
‘Accountants play a crucial role in maintaining financial transparency, ensuring compliance with regulation, and contributing to business growth and innovation.’
Cartwright said that ‘dismissing it as a career choice for graduates is both short-sighted and could be detrimental to the future of the industry and the broader economy’.
While Cartwright acknowledged that AI would mean accountants will ‘likely spend less time on producing numbers and focusing even more time explaining them and determining where the numbers take us’, saying that AI would enhance what the profession already does.
This view was echoed by Simon Denye, tax partner at DSG, who said: ‘It is a short-sighted view that AI will replace accountants.
‘In a bid to improve efficiency, our sector is looking at the use of AI to reduce the number of repetitive admin-like tasks we need to complete.
‘Our people are our most valuable asset and with skilled resources being scarce, it is even more critical that we make the best use of our talent, freeing up their time to engage more collaboratively with clients.’
The ICAS CEO has invited the former Conservative chancellor to a meeting to discuss the ‘innovative’ new chartered accountant (CA) training syllabus.
A spokesperson from ICAS told Business & Accountancy Daily that there has ‘not yet been a direct response from Mr Hunt’.