Requires at least 3 articles from traditionally reputable news organizations reporting that some U.S. accountants have lost income, job security, or hiring velocity as a result of AI-based automation.
I won't be proactively searching for such articles - I will need to come across them organically or they can be posted in the comments / sent to me via Twitter message or other DM.
1,000
3.00Intuit fires about 1,800 accountants and plans to hire engineers to focus on AI.
https://www.inc.com/jason-aten/intuits-ceo-just-said-ai-is-reason-hes-laying-off-1800-employees-his-memo-is-worst-ive-seen-yet.html, https://www.reuters.com/technology/intuit-cut-about-1800-jobs-2024-07-10/, https://apnews.com/article/intuit-layoffs-reorganization-ai-tax-prep-0fd5d4d4072fd2eb3a7bee04d820264d
PwC layoffs 1,500 accountants (May 2025)
Automation Driving Workforce Layoffs: Sources
A McKinsey report notes that 30% of hours worked will be reduced or even removed with automation in the next five years. Is AI the reason for the changes at PwC? Not entirely, but advancements in AI have undoubtedly played a role. According to their annual report, PwC’s revenues last year were up 4.3%. However, the growth in net income did not match that performance, coming in at just 1% - a reduction of nearly two-thirds versus the prior year.
Globally, the World Economic Forum Future of Jobs Report predicts that 92 million jobs will be displaced by technology. The same report says that 40% of employers expect to reduce their workforce in places where AI will allow them to do so. It seems PwC is stepping towards this future today, as part of a three-year partnership with Microsoft and OpenAI (parent of ChatGPT) that was announced in 2023.
In a speech titled, Algorithms, Audits and the Auditor, Kara M. Stein said, “Technology or computer-assisted analysis is a tool that can enhance, but cannot replace, professional skepticism and professional judgment.” Stein, a past commissioner of the SEC, is a board member at the Public Company Accounting Oversight Board. Human skepticism (judgement) is still needed, it seems. Yet the number of humans needed to deliver it is experiencing some (wait for it) skepticism.
AI and Other Factors Impacting Gen Z Careers
Attrition at major accounting firms has slowed, especially at higher levels. With the scarcity in white collar jobs, it’s no surprise. According to The Financial Times, PwC has cut back on campus hiring because of this low staff turnover. “We are in an era of reinvention, with many companies looking to transform their businesses through data, AI, and other advancing technologies while also building greater trust with stakeholders and upholding the integrity of the capital markets,"according to senior partner, Paul Griggs, head of operations for the firm across most of North America.
https://www.techradar.com/pro/irs-could-use-ai-to-replace-workers-after-mass-layoffs
https://www.forbes.com/sites/jackkelly/2024/05/17/ai-taking-over-accounting-jobs/
@CarsonGale it was shown to me on the front page, whereas others were not I think (presumably because it was already more popular for some reason)
A lot of the reason you hire an accountant is because they have liability, insurance, and reputation for trust. So maybe they would use a language model to prepare reports or something, but I would expect that the accountants would be in control, much like their choice to use a spreadsheet doesn't cause anyone to be replaced.
This is different from e.g. artists, where "only the output matters" for many cases.
@Mira yes, but there are still a lot of "retail" accountants, dealing mainly with middle class and UMC families, who have been negatively affected for years by non-ai automation and will be impacted in the future as well.
the best chances of "no" here revolve around either 1) the trend not being reported on, or 2) turbotax (and others') tax prep tools not counting as "AI"