Transformation of finance and accounting sector: what are the prospects for modern specialists – expert Svetlana Gadzhieva helps to understand.

In recent years, the world is undergoing significant changes. The financial sector is no exception. Goals, tasks, approaches, and assessments of potential development prospects are evolving. Technologies of artificial intelligence are playing an increasingly important role in various areas of life. We decided to talk to expert Svetlana Gadzhieva about how the realities of a changing world are impacting the finance, accounting, and auditing sectors, and which skills will become the most valuable in this emerging new reality.

Svetlana Gadzhieva started her professional career in 2013 at one of the Big Four companies in Yekaterinburg, Russia. While working in auditing, she participated in projects in metallurgy, natural resource extraction, commodity production, construction, and the oil industry. This diversity of clients has given her a deep understanding of business processes and the nuances of various industries.

One of Svetlana’s significant achievements was receiving a diploma from Oxford Brookes University for her research on “An analysis and evaluation of the business and financial performance of a healthcare company during a three-year period.” This study not only strengthened her analytical skills, but also became an important step in her professional career.

In 2019, Svetlana was invited to work for her company’s San Francisco office. The adaptation process included obtaining additional educational credits for CPA and successfully passing exams in a record six months. The CPA (Certified Public Accountant) is considered one of the most difficult certifications, sometimes compared in complexity to the American BAR exam for lawyers, which makes it a significant achievement.

To date, Svetlana has participated in more than 50 significant projects related to the audit of large companies that contribute to the global economy. Svetlana combines deep technical knowledge with a gentle but confident approach, creating an atmosphere of trust and efficiency. Her further goals are related to the development of the US market, the introduction of innovative technologies and the support of young professionals through mentoring.

In recent years, AI technologies have been actively penetrating a wide variety of economic sectors and a wide variety of professions. AI is used by developers, financiers, journalists, doctors, and even cosmetologists. How do you think AI will affect the accountant profession? 

AI is reshaping the accounting profession in ways that were unimaginable a decade ago, just as it has transformed many other areas of our lives. This shift is inevitable – much like the switch to using machines instead of human power in manufacturing during the Industrial Revolution or the adoption of cars over horses for transportation in the early 20th century (roughly the 1900s to 1910s). These advancements were initially met with resistance but eventually led to greater efficiency, accuracy, and innovation. Similarly, AI in accounting is not just automating repetitive tasks like data entry or reconciliations; it is empowering accountants to process and analyze massive datasets in real-time, opening doors to proactive decision-making and deeper financial insights. By handling repetitive tasks and initial reviews, AI also reduces specialists’ workloads, expedites processes, and raises expectations for efficiency.

What I find truly exciting is how this evolution is redefining the human element in accounting. AI is powerful at detecting patterns, but it doesn’t grasp context, ethics, or the nuances of human decision-making – elements that remain vital. That’s where we come in. Accountants will increasingly act as strategic advisors, combining AI-driven insights with judgment, empathy, and a deep understanding of clients’ goals.

I believe this transition is already influencing education. In the future, the content for BS and MS degrees will undoubtedly include courses on AI, emphasizing both theoretical understanding and hands-on practice with AI tools. Until then, during this transition period, it’s in the hands of employers – or even individuals themselves – to take the initiative to learn about and explore AI. Considering the times we live in, gathering information has never been easier, and platforms now allow us not only to learn but also to share experiences about how these tools can be used effectively.

The profession is shifting toward areas like financial strategy, regulatory interpretation, and cross-functional collaboration. Rather than being diminished by AI, I believe the role of accountants is being elevated as we balance technology with the critical human touch.

In the days of increased stress and anxiety, it’s essential to remember that efficiency is efficiency – and while this can lead to greater workload expectations, it’s crucial to take care of ourselves amidst these changes. Embracing the future with a positive outlook will help us navigate this transformation and ensure we continue thriving both professionally and personally.

What future do you think awaits the accounting profession in the near and more distant perspective? And what skills should an accountant/auditor of the future possess to remain in demand and successful in the future, no matter how it changes?

I see the future of accounting unfolding in an exciting and transformative way. The rapid evolution of technology is not only reshaping how we work but is also making it more engaging and efficient. Think of how modern platforms and applications have evolved to become more user-friendly and even enjoyable to use. It’s almost like we’re playing a game in the sense that these tools streamline the process, making repetitive tasks feel faster and less tedious. This makes accountants’ work feel more involving, as we can focus on strategic decision-making rather than spending time on repetitive tasks.

As I mentioned previously, while AI and automation will handle many tasks – leaving the more repetitive work behind – the human element will still be central. Technology will accelerate data analysis, but it will be the accountants who bring context, judgment, and expertise. We’ll be the ones to interpret and apply data in meaningful ways that align with business goals, regulations, and industry trends. That human insight, combined with AI’s capabilities, will drive business strategy forward.

The future of accounting will also place a growing emphasis on collaboration – not only within the finance function but with tech specialists and cybersecurity experts as well. With the increasing reliance on cloud-based systems and data analytics, accountants will work closely with tech professionals to ensure smooth system integration and data flow, while collaborating with cybersecurity experts to maintain the integrity and security of sensitive financial data.

In terms of skills, the accountants of the future will need a strong technical understanding of the tools at their disposal, but also adaptability, problem-solving, and communication skills. As these technologies continue to evolve, so too must our ability to navigate and make sense of increasingly complex data. Accountants will steadily shift from doing transactional work to being key players in strategic business decisions – advising on everything from risk management to long-term financial planning.

In the end, it’s a matter of balance. We’ll eed to combine new technologies with that critical human touch. Those who embrace the tools, work effectively with other experts, and evolve with the profession will not only remain in demand but will lead the way toward a new era of business intelligence and advisory.

This isn’t meant to scare specialists; rather, it’s meant to inspire. The pace of growth and adaptation can and should follow the individual’s personal rhythm. It’s about growth, but it’s about finding that balance that works for each person.

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