Automation within Accounting

Hi,

Currently experiencing existential crisis and decided that i didn't want to study chemistry for university and now want to go straight for the finance route.

I'm just worried about the security within those fields? would love for anyone to explain it to me.

I'm planning to take a gap year to think more about this but yeah.

Just to check - have you done a degree or started and left?

By security do you mean long term career prospects or not being in hire and fire type jobs?

Nope. Currently in year 13 originally applied for chemistry in UCAS. I've emailed exeter for their business and accounting with industry experience to see if I can apply via UCAS extra and if I could get a consideration for either this year or a deffered entry since I'm probably going to have to take a gap year at this point.

I mean by long term career prospects and also stability as you meant like not just being fired and hired.

There has been huge automation in accountancy over the past 30 years and that process is continuing. Its tended (so far) to massively reduce clerical and entry level type positions, plus allow more specialisation at managerial levels. The day to day activities are now far more focused on analysis and strategy, plus understanding how data flow and how to make the data more reliable and meaningful.

I'll try to think of a way to make the points above a bit clearer.

In practice, for your purposes this means there are more opportunities for smart young people who can learn quickly, but fewer chances to enter at the bottom and progress up the ranks or build a stable career in one company without learning new skills as things change. Also, it tends not to be the toughest area to get your first job. If you compare this with law for example its much easier to start a career in accountancy.

I think mid/long term career prospects are reasonable. In general people in accounting don't tell their children not to do it as a career (unlike lots of teachers, nurses, research scientists etc).

If I were you I would seriously consider a year out if at all practicable. You are looking at a new area and need to consider what route to take. Major things to consider:

- taking an accounting degree or non accounting degree. There are pros and cons to either and some compromise solutions are possible.

- Not go to university at this stage but look for a training contract in an accounting firm.

- taking a degree linked to a major firm combining a degree with practical work experience.

Another reason for taking gap years when looking at career related courses is that you want to demonstrate good interpersonal and life skills to potential employers. For some reason schools don't give much advice on this but it can matter a lot.

What other courses have you considered?

I see, so the area of accounting that requires alot of thought and the consulting area won't be automated? In a way it's an advantage to get into the specialized area of accounting?

I'm actually going to go for taking the year out. I'm also considering economics. I did the discovery day in KPMG during the summer and work experience at my local mp. I hope to gain more work experience. I've looked at stuff such as PwC flying start program so I'll most likely have to apply next year. I want to also read more around accounting to gain more knowledge in general.

So I guess it the sector isn't as doomed as I imagined it would've?

I think its an advantage to have some specialism in a business sector. It looks like you are doing all the right things to learn more about the career opportunities. I doubt the sector is doomed - clearly there will be far more use of technology but that gives opportunities as well as threats.

My guess would be that there are decent jobs for intelligent people but that the processing type work continues to reduce. There is an expression I've heard Americans use: 'life is an IQ test'. In a lot of careers that appears to be increasingly true.