In this exciting episode of our Learn Better podcast, our host and Head of Learning at Kaplan, Stuart Pedley-Smith, discusses the importance of data, and more importantly valuable information within the field of accounting.
Our guest for this episode is Ian Pay, the Head of Data and Technology at the Institute of Chartered Accountants in England and Wales (ICAEW). He explains the evolving role of data and technology in the accounting and finance sectors, as well as how the constant innovation of technology and practices within the industry is shaping the relationship between data and accounting.
Key topics discussed
Do accountants also need to be data scientists?
Stuart and Ian discuss the benefits of being both a data scientist and an accountant. They note that although every accountant will not be interested in this path, it’s still significantly beneficial to develop a foundation of data knowledge to communicate effectively with others who work in data.
“Technology is not just disrupting how existing businesses work, but it's bringing completely different business models.”
Personal skills
Stuart asks about where a professional’s personal skills fit within the world of data and technology. This leads to the topic of AI, and how its ability to give the incorrect answer shows that there is still a huge challenge when ensuring that data is accurate.
This conversation progresses with Ian explaining the role of storytelling in data, and the need for critical thinking skills when assessing data - which ultimately helps you answer the right questions and pick out the “juicy stuff.”
”A lot of people see data as unequivocally factual, and it is in its raw form. But as soon as you start manipulating it or presenting it, you are storytelling.”
Data and exams
The conversation moves on to accounting and finance exams, discussing how data and technology fit in with them. Ian talks about the future of testing around technology within the ACA qualification, as well as the Data Analytics Software that ICAEW have introduced to their exams, which assesses learners on their data analytics skills. Ian summarises the conversation by expressing the need to have technology involved for a relevant reason, not just for the sake of technology.
”It's fair to say that there's not going to be less technology in the ACA.”
AI’s future role in accounting
Stuart directs the conversation towards the short-term future of AI in the accounting industry. Ian expects refinements in the practical use of AI and more opportunities for it to make our lives easier.
Stuart and Ian then agree that industries will need to adapt to changes, but the critical skills that an accountant holds will be important.
Ready to upskill?
If you’re looking to upskill your workforce in data and technology, browse our apprenticeship programmes and get in touch with our team who will be happy to provide more information.
We have also collaborated with ICAEW to develop the highly practical ICAEW Data Analytics Certificate programme for both the Analyst and Management pathways. You can browse the ICAEW Data Analytics course and begin to upskill today.
Catch up with previous episodes
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