Accounting seriously slaps for Gen Z due to AI

Interestingly, more than half (53 per cent) said a firm’s use of AI would strongly influence whether they would join it.

Moreover, 93 per cent of Australia’s young finance professionals entering the workforce today said they believe that their AI skills will outpace that of their managers. They expect AI to be a catalyst for faster career progression.

A recent study commissioned by Chartered Accountants Australia New Zealand (CA ANZ) predicted a shortfall of almost 18,000 accountants and auditors by 2035. It added that AI would reshape the skills accountants need rather than reduce the need for accountants, and require them to provide more strategic advisory services.

Speaking with Accountants Daily, Intuit Australia regional director Anthony Capano said that as practices compete for a shrinking pool of talent, Intuit’s research has illustrated that AI is now an integral part of that pitch.

“Graduates aren’t just asking what a firm does anymore,” he said.

“They are asking how a firm works, and increasingly, AI is becoming part of what’s bringing them through the door.”

Intuit’s research indicated that the future of finance leadership will depend less on directing work and more on coaching judgement, managing AI-assisted workflows, and building robust governance structures, bringing people and AI together and building trust in how AI is developed and used.

The research, which explores how AI is changing the expectations, ambitions, and working habits of early-career finance talent, found that 92 per cent feel prepared to succeed in an AI-enabled workplace.

Further, 89 per cent said they would be slower without AI tools, indicating that Gen Z is proactive with and well-trained on AI, and cannot conceive working without these tools.

Three-quarters of the respondents said they use AI daily or multiple times a day to learn, work, and problem solve, while almost all of them are entering the workforce with AI habits already formed.

Almost all early-year accountants expect to be able to access AI at work, with 99 per cent seeing conversational AI tools embedded into financial software as extremely or very useful in helping to analyse financial data, generate reports, answer questions and automate tasks. 

They want to use AI to reduce the burden of routine tasks so they can focus on developing their analytical, advisory, and strategic skills.

“When AI picks up the repetitive work, it frees up time for emerging talent to sit with senior practitioners, ask questions, and learn the craft faster,” Capano said.

“But that only works if managers and senior practitioners step up too, trading some of the checking and reviewing they’ve always done for more deliberate coaching and mentoring.”

Indeed, 83 per cent said they believe AI will become an essential skill for accountants in every role, 38 per cent said they expect to spend more time on higher-value tasks earlier in their careers, and 55 per cent said they believe younger employees will frequently lead AI adoption within organisations.

“When graduates see AI built into the everyday tools they'll use, it tells them something about how seriously a firm takes their growth, and that's becoming a real factor in where they choose to work,” Capano said.

“But capability alone won't win that race, it's the combination of AI and human intelligence, the judgement and expertise senior leadership brings. For the industry, it becomes a recruitment opportunity as much as a technology story.”

However, while the next generation is comfortable using AI, 75 per cent are concerned about becoming overly reliant on it, while 77 per cent said they are concerned about accuracy and reliability.

More than nine in 10 said they have concerns about maintaining data security when using AI tools.

“Gen Z appreciates the benefits AI can offer, but they don’t embrace it blindly. They want to use AI at work, but they also want guardrails,” Capano concluded.