Will I be Jobless as an Accountant?

Originally Posted by Unregistered

May I just add that with SQA, anybody with a degree can easily join the accounting line. This is going to post additional challenge to existing/new Accountants.

Accountancy has been going downhill ever since the proliferation of mid career diploma or pte uni grads taking ACCA. The whole market is flooded with all sorts of ex-finance executives, assistants, clerks, officers, book keeprs calling themselves accountants now.

SQP is yet another development to make the already bad situation worse, that's why all the finance people now want to go the banks instead.

There are still some higher quality paying accountancy related jobs out there in big MNCs and their regional/global offices, but supply way exceed demand.

Originally Posted by Jobs

I'm studying Accountancy in one of the local universities (NUS/NTU/SMU). I've recently heard a lot about how automation will displace lots of jobs in the future (with accountants being at high risk). The possibility of automation within accountancy extends from Controller to FP&A functions.

As a result, I'm getting increasingly worried about being jobless in the future. Furthermore, there are lots of supply of accountants into the job market every year. On the other hand, the government also wants to transform Singapore into a "Leading Global Accountancy Hub". Will the job market for accountancy' turn out to be those hyped-up jobs that soon faded away (e.g. semiconductor engineers)?

Appreciate all replies. Thanks!

you won't be jobless.

in fact, the opposite is true. you definitely will have a job in the accountancy field. turnover is rather high. whether you like the job scope / work, is another issue.

Originally Posted by Unregistered

you won't be jobless.

in fact, the opposite is true. you definitely will have a job in the accountancy field. turnover is rather high. whether you like the job scope / work, is another issue.

all business, big or small, requires accountants.

Originally Posted by Unregistered

My answer is no. I cannot agree that outsourcing and automation will put Accountant's job in jeopardy. The main reason why big companies are outsourcing their so-called "accounting" or rather I would say book-keeping jobs to places like India is because of the voluminous repeating transactions. Book-keeping is not the job of an Accountant.

Being an Accountant is definitely more than that. You should be meticulous, have an eye for detail and able to see things more in depth. The scope of an Accountant varies widely. From financial planning to analysis, from management reporting to statutory reporting, tax, cashflow, costing, etc. If you are an Accountant in a regional office, your job will be more challenging. Some transactions can be so complex that Accountants have to scratch their head thinking how to record. Automation is to help Accountants turn out reports faster so that more time is being spent on analysis because Accountants are always fighting against time.

Try asking the outsourced companies to do the above and see what you get.

Heard of AI - artificial intelligence or pattern recognition?

It really depends on your actual job functions in your first 5 years. I cannot emphasize that enough.

In general, what you learn in your undergrad mostly have little practical use. So if you did not pick up valuable skills after graduation, then you are just as likely as anyone to be irrelevant.

e.g. I known someone that does personal tax accounting for citizens from a foreign country. And the only reason he has a job is because its too expensive for accountants from that country to do taxes. So this means that his job can also be easily outsourced to China or India.

Originally Posted by Unregistered

It really depends on your actual job functions in your first 5 years. I cannot emphasize that enough.

In general, what you learn in your undergrad mostly have little practical use. So if you did not pick up valuable skills after graduation, then you are just as likely as anyone to be irrelevant.

e.g. I known someone that does personal tax accounting for citizens from a foreign country. And the only reason he has a job is because its too expensive for accountants from that country to do taxes. So this means that his job can also be easily outsourced to China or India.

Nowadays need specialization to survive in SG, cannot be just general accounting type of work. Like that either end up retrench because of foreigner or stuck in some SME doing menial work.

Don't ask a non-accountant if accountancy in Singapore will be obsolete. Ask someone who is actually working in that field. I have heard the same things said by non-accountants since dunno how many years ago

Originally Posted by Jobs

I'm studying Accountancy in one of the local universities (NUS/NTU/SMU). I've recently heard a lot about how automation will displace lots of jobs in the future (with accountants being at high risk). The possibility of automation within accountancy extends from Controller to FP&A functions.

As a result, I'm getting increasingly worried about being jobless in the future. Furthermore, there are lots of supply of accountants into the job market every year. On the other hand, the government also wants to transform Singapore into a "Leading Global Accountancy Hub". Will the job market for accountancy' turn out to be those hyped-up jobs that soon faded away (e.g. semiconductor engineers)?

Appreciate all replies. Thanks!

u cfm wont be jobless one. coz ppl still need auditor.
ai ish very stupid and not trustworthy

if ai is so smart, then u no need doctors lawyers accountants engineers politicians
at end of day still need a human

Big 4 is always hiring but whether you can tahan the long working hours is another matter