EY is investing $1 billion in artificial intelligence (AI) to address a significant shortage of accountants while enhancing job satisfaction and attraction for new talent. Aiming to combat the profession's reputation for being tedious, EY's initiative includes improving early-career compensation and collaborations with educational institutions. They believe that AI can make accounting more engaging without displacing human workers, focusing on using technology to reduce repetitive tasks and allowing accountants to concentrate on more valuable work.
EY is investing $1 billion in AI to transform the accounting profession, making it more engaging and addressing the acute shortage of talent.
The firm aims to improve job satisfaction among accountants by integrating AI to handle repetitive tasks, allowing professionals to focus on value-add activities.
Raj Sharma stated, 'Under no circumstances are we ever thinking that we will get rid of our human workforce and do this just through AI agents.'
In 2022, about 30,000 people took the CPA exam, down roughly 40% from 2010, highlighting a substantial decline in interest in the profession.
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