Rumors, which are most likely true, suggest these companies may further reduce their workforce by 2025, following the layoffs that began in 2023.

This alarming development has raised concerns and anxieties among accounting students at many universities, as the wave of layoffs may expand to other business sectors that have not received widespread coverage. We might be questioning whether higher education institutions share the same concerns as their students.

We all support coherent and equitable changes to the current political, social, economic and technological conditions. While these layoffs are generally attributed to a drop in demand for advisory services, some claim that the rise of technology, which is assumed to replace certain accounting functions, is the primary culprit.

However, blaming technological improvements is misguided, as accountants hopefully, by nature, possess the ability to adapt to these changes.

The anticipated digitalization of the accounting field can be viewed from two angles: As both a challenge and an opportunity.

Since accountants serve as a company's watchdogs, digital technology can be harnessed to automate some of their current tasks. For instance, responsibilities like recording transactions, reconciling accounts and producing standardized financial reports can be easily automated due to their formal-rational nature.