THE job market is increasingly evolving with new roles being introduced that were previously unheard of such as those of blockchain analysts, cloud architects, drone engineers, data scientists, esports coaches, and social media influencers and marketers.
And as the digital economy is fast gaining traction amid the rise of artificial intelligence (AI), it has been widely reported that jobs that require repetitive work may soon become obsolete.
This, said Tunku Abdul Rahman University College (TAR UC) Faculty of Accountancy, Finance and Business deputy dean Koh Kim Siang, has led to many parents feeling concerned about the future job prospects of their children in traditionally popular fields such as accounting.
“Seeing how the world moved everything online during the Covid-19 pandemic over the last two years had shaken parents.
“The worry is that digital technology is going to replace and displace accountants, and by the time their children graduate, there will be no work for them,” he said during his talk entitled “Career as an accountant: Prospects in the digitalised economy” at The Star Education Fair held from June 25 to 26 at the Pavilion Bukit Jalil Exhibition Centre in Kuala Lumpur.
Addressing the concern, he pointed out that Malaysia needs 60,000 qualified accountants as outlined in Vision 2020 which, he said, may not be achievable by 2025.
“Currently, the total number of qualified accountants registered with the Malaysian Institute of Accountants stands at approximately 37,000 only,” he said, adding, “Worldwide, the demand for qualified accountants is increasing.”
Citing recent reports, he went on to say accountants are currently the fourth most in-demand professionals in Malaysia, and were among the top five hottest jobs in May last year.
He added that while AI systems can do the computation and produce configurations, human intervention is required to further improve and define the data, processes and systems.
Asia Pacific University of Technology & Innovation (APU) vice-chancellor Prof Dr Ho Chin Kuan also weighed in on the subject during his talk entitled “Create your future: Skills to succeed in the Fourth Industrial Revolution (IR4.0)”.
“My key advice for students is to follow your passion but make sure what you do – whether it’s art or accounting – has some coverage on technology so it is relevant in the future,” he said.
According to Prof Ho, there is a growing number of universities and training providers that are focusing on a few key areas related to IR4.0 such as AI, robotics, cybersecurity and the Internet of things.
“There are some programmes to which you can add on professional certification, so that when you go to industry, you will get hired. This is value-add,” he said.
In view of the emerging preference and priority among employers for job candidates and professionals who possess digital skillsets, on top of their core expertise, it would be prudent for students at the tertiary level to pay close attention to global market trends and start equipping themselves with relevant tools for the future.
