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The amount of new hires has significantly decreased over the years, mostly due to offshoring so far. I can see AI completely eliminating the need for entry level people in the US. Things will go from AI > India > US Manager. I’m not particularly worried about losing my job to AI, but I’m more concerned about those who decide to become accountants in the future.
Same way we do now. Instead of hiring 20 associates, my group hires 5 a year and invests heavily in them to make manager.
I actually don’t agree with most of what you said. If I choose a career shift, it won’t be because of AI.
I don’t think this is as much of an issue as it’s made out to be. Plus I’m far enough up the chain to be insulated for a while anyway.
I wouldn’t be sad if the compliance portion of my work got wiped out, though. Worst part of the job once you’re past the calcs by a longshot.
The role will evolve just like every other technological change (from ledgers to computerized accounting systems and paper tax returns to tax prep software).
I often ask AI to assist with state tax related research to get pointers at what code section to look into. AI gives false information on multiple occasions. It will improve with time, I guess. Think about filling out turbo tax. Once we get into more complex returns, people get confused with turbo questions and which forms to fill out. You would need to have a background knowledge, prior experience and connect the dots to proceed. I do not think the AI is there yet. Not sure how long it will take for it to get there.
I would love it if the return prep part I my job got automated away and I got to focus on the Advisory side of my job.
“AI Manager in Tax”
I argue that AI is not true artificial intelligence. Maybe the LLMs can get there at some point. But it’s a probability model that it is run on. Maybe it will get there at some point but right now the AI can’t logically think through something if it’s an odd scenario. It will be great to automate tasks and be easier to build for non-developers using natural language. But we still need accountants to review and ensure it’s correct and also if AI is used understand how it is built so it can be updated as guidance is updated etc.
I would love personal bots that automated parts of my job. Would be fun!
I heard from ai visionaries that in 10 years working will be optional so how will we pay our rent and bills etc.
Elon said Robots and Ai will be doing everything so no need to save for retirement.
Please go online and look up Claude AI. We're all cooked in the next few years.
Well why switch to another career that also will be obsolete due to AI? All job lines will be effected if this indeed comes to pass.
MD in my group and I talked about this just last week. If we have AI handle all the grunt work currently performed by staff and seniors, at some point in the future we’re not going to have people capable of reviewing AI’s outputs
Yes: I left tax to get a MBA