ICAS chief ‘disappointed’ over Hunt’s accountancy claims

Bruce Cartwright, CEO of ICAS, has written an open letter to former chancellor Jeremy Hunt expressing his disappointment after Hunt claimed that graduates should avoid entering the accountancy profession.

While Cartwright admitted that there were valid concerns to be addressed regarding the potential impact of AI on the profession he strongly disagreed with Hunt’s assertion that AI’s impact makes accounting an unviable career path for graduates.

Cartwright claimed that the profession is “at the heart of the modern economy, providing essential services to businesses, governments, and individuals alike”.

He also invited Hunt to a meeting with ICAS where they would run through the body’s new chartered accountant syllabus.

Launched last year, it is specifically designed to be “future-fit”, keeping pace with advances in technology, data and sustainability.

Cartwright said: “We in the profession have often heard that AI could mean the ‘end of accountancy’. However, I and many others firmly believe that simply isn’t the case. Accountants play a crucial role in maintaining financial transparency, ensuring compliance with regulation, and contributing to business growth and innovation.

“All of which you will be more than aware are important to Government and the public interest. While AI will likely mean fundamental changes on the number crunching side, it will ultimately add value to business and allow accountancy professionals to focus on more strategic activity. “

He added: “The accountancy profession is, and will continue to be, a major exporter of talent in the UK and it’s important to highlight that accounting offers graduates a diverse range of career paths.

“Whether in practice, industry, corporate finance, government, or not-for-profit organisations, accounting provides opportunities for career progression in all manner of roles and businesses. It also allows for continuous learning, professional development, and indeed, the global demand for accountants remains high, with skilled professionals sought after in every corner of the world.”