According to Nicholas Davis, head of society and innovation at the World

Economic Forum (WEF), fourth industrial revolution is a new era that builds and
extends the impact of digitisation in new and unanticipated ways and can be
described as the advent of “cyber-physical systems” involving entirely new
capabilities and connectivity for people and machines (2016). Due to this impact, the
accountancy field is expected to undergo a paradigm shift as completion of core
tasks will be enabled by technology. And so, future accountants would be able to
adapt to the age of the Fourth Industrial Revolution through enhancing the emotional
intelligence, critical thinking capability, and technological skill.

First, is the emotional intelligence. Though technologies will take over because
of industrialization, advanced study reveals that it cannot replace emotional
intelligence of humans in the near future.

● And so, accountants need to be more adaptive and improve their skills to
keep pace with machine (Akhter, 2018). You need to develop an ability to take
challenging of new responsibilities with added values and flexibility beyond
historical descriptions. As a student, for example, you need to learn the skill of
adjustment. Not everything learned in school is to be offered at the same pace
and with the same level of difficulty and so yourself should learn to adjust.
Also in the workplace environment, one should be flexible in order to adapt to
the system. Because you have already learned how to adjust in school, it
would be easier to master the skill of flexibility in work.
● Young professionals emphasized the importance of soft skills such as
interpersonal and communication skills in the workplace which is more
important than technical knowledge (CFO Innovation, 2017). School is where
students best learn things before engaging into the workforce and so having
connections as a student, for example, would be one step into developing
one’s communication skills that also leads to another example of the skill’s
enhancement which is a good relationship with your future clients. Close
relationships could help you, future accountants, to attain trust and survive.
 Next, is the critical thinking capability. Along with emotional intelligence, this
skill also is irreplaceable in the age of industrial revolution and thus should be
enhanced.

● And so, accountants find themselves performing tasks that require skills in
data analytics to be able to adapt to the technological disruptions (Tschakert,
et. al., 2016). The skill of analysis will allow you to understand the purpose of
accounting principles and how to apply these principles to a company’s
financial information and business practices. In a classroom setting, for
example, you are taught to know the why rather than the how. This will enable
you to process complex information and as well as effectively solve problems,
so your ability to understand, process, interpret, and provide insight into these
data outsources are very essential in the world of employment later on since
manual inputs of data in the age of the fourth industrial revolution are
expected to be replaced by machines.

In our field of work as accountants, every day, we face situations which

require us to perform and use our complex problem solving skills in making a
decision. Therefore, if you have a strong foundation of analytical skills as students,
you will have the capability in the future to make sound judgment and decisions
which are very vital in the success of a business entity. Today, for example, as you
read your accounting examinations, you discover that some problems are silent, then
you start to panic, you question yourself, should this cost be capitalized or not? How
much cost should be allocated to the building or land? As simple as it sounds, you
are already making a judgement and a decision with the use of your analysis.

Moreover, in the fourth Industrial Revolution, accountants would be competing

with artificial intelligence in terms of making a decision. However, human beings can
offer one resource to clients that AI’s cannot, and that are the values of trust and
integrity. (Amistoso, 2019)

According to the Association of Chartered Certified Accountants, accountancy

profession will evolve significantly over the next decade; new technologies require
new skills to survive. This brings to our last point, future accountants need to develop
technological knowledge and skills to compete with artificial intelligence. (Akhter and
Sultana, 2018)

In this period, you have to have the latest and advanced technological
expertise. As students, you can start by mastering the Microsoft Excel Software and
gradually, you will be able to efficiently use various complex accounting soft wares in
the workplace.

As this revolution slowly changes our careers, we urge you to continue

learning. As technology evolves, we should also evolve. We need to understand how
Artificial Intelligence operates. You can attend in information technology subjects or
seminars because accountancy professionals with IT skills are likely to be some of
the most sought after by employers because of their highly in demand technological
skills.

Furthermore, we must use our technical skills in innovating business

operations that will definitely add value to our client’s business entity. Do not just
confine yourselves to the routine tasks of financial record keeping, solving
comprehensive problems in accounting books, ocampo, roque, kieso. Rather, you
need to have the skill in innovating business processes because that is the reality in
the workplace, you will not be given problems to solve or theories to answer. What
you need is to embrace technology and possess innovations skills in combination
with AI technologies in order to add value in your services as accountants.

Accountants need to be updated about technological improvement to adopt

the changing requirements. Technology in the age of the fourth industrial revolution
will not vanish this profession; rather it will reshape our careers with new
opportunities. Automation will replace some manual accounting job and artificial
intelligence will change the role of CPAs. Thus, students like you must start
enhancing your emotional intelligence, improve your critical thinking skills and
expand your technological skills.
 “Computers will overtake humans with AI at some point within the next 100
years. When that happens, we need to make sure the computers have goals aligned
with ours.” (Hawking, 2015)

To end, always remember students that in order to thrive in an increasingly

disruptive environment; it is necessary to adapt to the growing technological
economy. “Learn. Unlearn. and Relearn.”

To end, always remember students that in order to thrive in an increasingly

disruptive environment; it is necessary to adapt to the growing technological
economy. So, future accountants, be ready to step up and not be left behind.

PPT

Emotional Skills

Adaptability

People Management

Critical Thinking Skills

Analysis

Judgement and Decision Making

Technological Skills
According to the Association of Chartered Certified Accountants, accountancy
profession will evolve significantly over the next decade; new technologies require
new skills to survive. (Akhter and Sultana, 2018)

Latest and Advanced Technological Expertise

Innovating Business Processes Skills

Conclusion

“Computers will overtake humans with AI at some point within the next 100 years.
When that happens, we need to make sure the computers have goals aligned with
ours.” (Hawking, 2015)

References:

BizCommunity. (2018, September 19). Chartered accountants and 4IR. Retrieved

from https://www.bizcommunity.com/Article/196/511/182058.html

(n.d.). Blog: Retrieved from https://yourfuture.accaglobal.com/global/en/blog/fourth-

industrial-revolution.html

Newman, C. (2019, February 5). Accountants ... embrace the fourth industrial
revolution. Retrieved from
https://www.accountex.co.uk/insight/2019/02/05/technology-help-accountants/

(2019, January 6). The Fourth Industrial Revolution: Accounting faces new
challenges. Retrieved from https://businessmirror.com.ph/2019/01/07/the-fourth-
industrial-revolution-accounting-faces-new-challenges/

Coovadia,H. (n.d.). ASA Magazine ASA February 2019. Retrieved from

http://magazine.accountancysa.org.za/publication/?
i=565753#{"issue_id":565753,"view":"articleBrowser","article_id":"3299491"}