Reflections from the ICAEW Higher Education Conference 2024: Embracing the Future of Accounting Education

On June 28, 2024, the Chartered Accountants’ Hall was abuzz with anticipation as educators, professionals, and thought leaders gathered for the ICAEW Higher Education Conference. This year's event offered a blend of insightful presentations and engaging discussions, with the looming presence of AI and automation taking centre stage. Here are some highlights and reflections on the various sessions that made the conference both enriching and thought-provoking.

The Evolution of Accounting Education

The conference kicked off with a warm welcome from Will Holt of the ICAEW, who set the tone for the day by emphasising the dynamic changes shaping accounting education. "We are in an era of rapid transformation," Holt remarked, "and our challenge is to stay ahead of the curve." This was followed by an update from Shaun Robertson on the next generation ACA (Associate Chartered Accountant) qualification. Robertson highlighted ongoing efforts to adapt the ACA curriculum to meet the evolving needs of the profession, ensuring it remains relevant in a rapidly changing world.

Embedding EdTech for Sustainability and Data Analytics

A standout session was the discussion on embedding educational technology (EdTech) for sustainability, presented by AccountingPod and an academic panel. This session delved into how technology and data analytics can be integrated into active case studies and assessments, providing students with hands-on experience that mirrors real-world challenges. "Leveraging EdTech is not just about enhancing learning outcomes," one panellist noted, "it's about preparing students to tackle the environmental responsibilities of tomorrow."

Accounting Clubs in Schools

One of the more intriguing sessions focused on the concept of accounting clubs in schools, led by Toby York from Accounting Café and Peter Frampton, CEO of Wealthvox. They introduced the Colour Accounting Learning System, a novel approach to making accounting

more accessible and engaging for young students. By introducing accounting concepts at an earlier stage, the initiative aims to foster a deeper understanding and appreciation of the profession. "We need to demystify accounting for young minds," Frampton emphasised, "and show them the exciting possibilities within this field."

The Attractiveness of the Accountancy Profession

Angus Farr from Training Counts captivated the audience with his session on making the accountancy profession more attractive. Farr discussed various strategies to enhance the appeal of accounting careers to the younger generation. "We need to modernise the image of accountants," Farr asserted. Here are some key strategies he proposed:

1. Highlighting Diverse Career Paths: Farr emphasised showcasing the variety of career paths within accounting, from forensic accounting to financial consulting. "Accounting is not just about number crunching," he said, "it's about solving complex problems and advising on strategic decisions."

2. Promoting Technological Integration: By integrating cutting-edge technology and data analytics, the profession can appeal to tech-savvy students. "Today's students are digital natives," Farr noted. "We need to speak their language."

3. Emphasizing Impact: Demonstrating the significant impact accountants can have on business and society can make the profession more appealing. "Accountants are the guardians of financial integrity," Farr pointed out. "Their work has a profound effect on economic stability and growth."

The Future of Accounting Education in the Era of AI

Perhaps the most anticipated session of the day was presented by Dr. Samar Gad from Kingston University, who tackled the provocative question: "Why Learn Manually in an Era of Automation and AI?" Gad explored the implications of AI and automation on the future of accounting education. She shared a compelling anecdote about a recent student task involving AI. Initially, the AI struggled to provide accurate solutions. However, in a short span of time, it dramatically improved, solving complex problems with increasing accuracy. "This rapid evolution is both exciting and a bit scary," Gad remarked. "It underscores the necessity of adapting our educational approaches."

Gad emphasised that while AI can handle repetitive and data-intensive tasks, the need for human judgment, critical thinking, and ethical decision-making remains irreplaceable. "AI is a tool," she said, "but it cannot replace the nuanced understanding and ethical considerations that human accountants bring to the table." Her session resonated deeply with many attendees, highlighting the balance between embracing technological advancements and preserving the core competencies that define the profession.

Evolving Student Recruitment

The final session was a panel discussion on how student recruitment has evolved, featuring representatives from Buzzacott LLP, Sayer Vincent LLP, Legal & General, and ICAEW. The panellists shared insights on the changing landscape of recruitment, emphasising the need for adaptability and the importance of aligning recruitment strategies with the skills demanded by modern employers. "Today's students are looking for more than just a job," one panellist observed. "They want careers that offer growth, purpose, and the opportunity to make a difference."

Closing Thoughts and Networking

The conference concluded with closing remarks from Shaun Robertson, reflecting on the day's discussions and the path forward for accounting education. "We have a collective responsibility to shape the future of our profession," Robertson concluded. The event culminated in a networking session at The Natural Kitchen, offering attendees the opportunity to forge connections and exchange ideas in a more informal setting.

Conclusion

The ICAEW Higher Education Conference 2024 was a compelling reminder of the dynamic and ever-evolving nature of accounting education. As AI and automation continue to advance, the profession must adapt while preserving the fundamental skills and ethical standards that underpin it. The insights gained from this conference will undoubtedly play a crucial role in shaping the future of accounting education, ensuring it remains robust, relevant, and resilient in the face of change.

- Tanya Mpofu Lecturer in Accounting and Finance University of Wolverhampton