From the earliest clay tablets to the first use of double-entry bookkeeping in the 13th century, innovation has consistently driven the evolution of accounting and finance. However, the pace and complexity of today’s tech revolution are unlike anything that has come before.
AI, machine learning, cloud computing, robotics and big data are redefining how accountants work, communicate and deliver value. This ‘new normal’ is giving rise to new working patterns.
For those pursuing the ACCA qualification, this evolution presents an opportunity to stay ahead, remain relevant, and help define what it means to be an accountant in the 21st century.
Navigating Industry Disruption: What it Means for Careers in ACCA
The accounting workforce we needed five years ago isn’t the same one we’ll need five years from now. Digital transformation and sustainability have become the new world order in this sector.
Singapore is a telling case of this ongoing shift. ACCA’s “Destinations in Need of Accountants” article highlighted that by 2025, the country will need an additional 6,000 to 7,000 accountants to meet market needs.
Technological advancements are a key cause of this talent gap, meaning accountants must now be skilled in both traditional accounting and modern digital tools.
At the same time, the talent shortage and the evolving nature of the sector open new job opportunities in emerging fields such as:
- Sustainability reporting (ESG)
- Information technology audit
- Business valuation
- Financial forensics
- Financial analyst
Although technology has made it easier to automate routine tasks, and younger accounting professionals tend to be more digitally fluent, foundational accounting knowledge is still relevant.
As KOH Poy Kung, Vice President of Business Planning at Resorts World Sentosa, explains: “In this digital era, it may be easier to handle routine tasks, and the younger ones are good with the technology, but the hard and technical skills remain essential to seeing a bigger picture. These skills are vital to the foundation of our new talent.”
There’s also a fundamental change in people’s accounting career aspirations. According to ACCA’s Global Talent Trends 2025 report, 67% of respondents, particularly those in Gen Z, are interested in finance careers focused on environmental and social impact.
In the same study, 57% of Gen Z and 53% of Gen Y viewed accountancy as a strong foundation for their entrepreneurial careers.
Their desire to ‘go solo’ surprisingly coincides with the accounting industry’s growing need for professionals who demonstrate entrepreneurial thinking, commercial awareness, innovation, and adaptability in traditional and emerging roles in this sector.
This is an opportunity for aspiring and current ACCA professionals to align their skills with the future of business and explore opportunities in a financial hub like Singapore, where there’s a strong demand for modern, forward-thinking accountants.
AI, Automation and the Future of Finance: How ACCA Prepares You
Generative AI and large language models now handle tasks such as anomaly detection and financial reporting, leaving many professionals concerned about the safety of their jobs in the age of automation and augmentation.
However, AI can’t replace people. Businesses still need accounting professionals to provide context, explain trends, offer strategic advice, and bring real-world experience that machines can’t replicate.
For instance, Margaret Seah ACCA, an Associate Director of Accounting and Payroll at CSC, aligns her accounting expertise with data skills to help achieve business goals and sustainability targets. She plays a key role in identifying patterns and trends in financial data, contributing valuable insights that support strategic business decision-making. This is an excellent example of how accounting roles evolve to stay relevant in an AI landscape.
Hence, roles in accountancy will require a blend of technical skills and human insight, with top skills including AI literacy, creativity, critical thinking, systems thinking (seeing the bigger picture by connecting the dots), strategic decision-making, and ethical judgment.
What is the next step to acquire these new skills?
- Start by exploring the AI tools used in accounting and finance.
- Experiment with AI on a small task to understand how it can fit into your workflows.
- Invest in training and upskilling to stay ahead in this evolving landscape.
To support this journey, ACCA helps professionals gain skills to work alongside AI and stay future-ready through continuous learning on topics such as digital transformation, AI in accounting, and data ethics.
ACCA’s Edge: Resilience, Recognition and Real-World Benefits
ACCA regularly revises its learning approach to reflect the ongoing shifts in the accounting industry.
For instance, to keep pace with the profession’s digital evolution, the Audit and Assurance (AA) module in the ACCA Syllabus now aims for a learning outcome requiring candidates to evaluate the benefits and the challenges of using automated tools in audit practices.
Similarly, the Strategic Business Reporting (SBR-INT) module now emphasises sustainability reporting, expecting students to interpret ESG disclosures and assess their impact on financial statements.
To strengthen the future scope of ACCA qualification, the organisation is updating its modules with changes set to take effect by 2027. One key update is the introduction of “employability modules”, designed to build in-demand skills in areas such as data, AI, and sustainability.
For example, in the Strategic Professional module, students will explore business leadership and sustainability reporting, and have the option to specialise in areas such as audit, corporate finance, or the new Data Science Professional module.
Click here to learn more about the latest updates to the ACCA qualification.
It’s these continuous revisions that keep ACCA’s future scope firmly intact, and its members ready for what lies ahead.
If you’re planning to start your ACCA journey in Singapore, the London School of Business and Finance (LSBF) offers a comprehensive Preparatory Course for ACCA.
LSBF supports students in their ACCA preparation with highly experienced tutors, exam-focused study materials, and flexible study arrangements. The school also continuously updates its learning approach to reflect the latest trends and evolving demands of the accounting profession.
Speak to our Education Consultant today to learn more about LSBF’s Preparatory Course for ACCA.