MSC ACCOUNTANCY

AI, Automation, Analytics: How This Accountant Is Future-Proofing His Career

For accountants today, traditional number-crunching is no longer enough to stay ahead in an industry radically reshaped by artificial intelligence (AI) and automation. A study conducted by the Institute of Singapore Chartered Accountants, the Singapore University of Technology and Design, and Ernst & Young (EY) forecasts that machines will handle at least 80% of accounting and finance tasks by 2025.

Rishikesh Ragavan has seen this revolution happen first-hand. Early in his career, he joined KPMG India as an Audit Associate. This opened his eyes to how quickly his day-to-day tasks were evolving with the rise of new technologies.

“Processes that I was performing manually in my first year were being automated by my third year,” he recalled. “I knew I couldn’t just sit back and watch things change around me.”

Staying competitive with data analytics skills

Rishikesh was determined to stay ahead of the curve and future-proof his career. Seeing the accountant’s role shifting from number-crunching to advising businesses, he realised he needed the data analytics skills to turn numbers into strategic insights.

“My manager once told me something that really stuck with me: ‘Decision-making and analysing information are the human aspects of accounting that technology will not be able to replace,” he shared. “That got me thinking that pursuing higher education in accountancy – with a focus on data analytics – would keep my skills sharp and relevant.”

The MSc Accountancy (MACC) programme offered by Nanyang Business School (NBS) stood out to him, not least because of its unique Data Analytics track. This specialisation is designed to give participants a foundation in the technologies transforming accounting, including AI, predictive analytics, and database design.

In addition, the opportunity to study in Singapore lined up perfectly with Rishikesh’s career ambitions. “Singapore is a key financial hub of Asia, and it’s at the forefront of the latest global technologies,” he added. “It’s an ideal place for my professional growth.”

Gaining confidence through hands-on learning

Going into the MACC programme, Rishikesh – like many of his peers – had no knowledge of programming skills. Through the data analytics modules, he rapidly gained the confidence to code AI models, develop databases, and mine large volumes of data for insights.

Although he faced a steep learning curve, Rishikesh highlights that the content was “interesting enough to keep us engaged throughout the modules”.

“I loved how hands-on the modules were, with a lot of exercises to get us comfortable with programming languages like Python and SQL,” he said. “The modules created a solid foundation for us to navigate tools like Tableau and RStudio, giving us the confidence to come up with solutions.”

Beyond these technical skill sets, Rishikesh’s MACC journey has honed his ability to think critically and communicate his ideas clearly.

Working hard and playing hard

Rishikesh’s MACC experience certainly was not all work and no play. Despite being initially worried about being able to make friends, he left the programme with countless fun memories and lifelong friendships.

“During the MACC orientation, we were shown a pie chart of the various nationalities in our cohort. At that moment, I realised I was the only Indian student in a batch of 100,” he recounted. “It wasn’t unexpected, but it made me feel doubtful that I would be able to make friends there.”

Luckily, Rishikesh couldn’t have been more wrong. The cultural differences between himself and his course mates only enriched their bonds, opening their minds to new experiences.

“It felt like a cultural exchange programme because I was able to introduce Indian culture and food to my classmates. In turn, they introduced me to cuisines that have become essential in my life,” he shared. “Together, we explored parts of Singapore I wouldn’t have visited on my own, indulged in sports activities, and attended concerts and events that I’ll cherish forever.”

A cutting-edge career in forensic accounting

Post-graduation, Rishikesh had his sights set on a fast-growing area of accounting: forensic accounting. Like financial detectives, forensic accountants analyse financial records to investigate fraud and misconduct, trace funds, and quantify losses.

During his job search, he enlisted support from NBS’s Graduate Studies Career Development Office (GSCDO). “GSCDO was able to connect me with people from the forensic accounting industry, which helped me to prepare for my job applications,” he said.

Rishikesh’s preparation paid off – he recently secured a full-time role at MDD Forensic Accountants in Singapore. With over 40 global offices, this renowned forensic accounting firm specialises in economic damage quantification, business valuation, and shareholder disputes.

“As a Staff Accountant, I’ll assist in analysing clients’ financial and operational data,” he explained. “I will work closely with my team to form assessments of a business’ historic and future performance.”

Given the analytical nature of the role, Rishikesh believes the skill sets he gained in the MACC programme gave him an edge over other candidates.

“MDD was looking for someone with a high level of analytical and communication skills,” he said. “My MACC journey sharpened all the skills they were looking for.”

As he embarks on his new career, he foresees that his data analytics knowledge will enable him to provide useful insights and potentially make his work more efficient.

“A lot of our analysis work depends on understanding the nature of the client’s business. If my client uses technologies like AI that impact their business processes, I can advise my team on how we should modify our analytical approach,” he explained. “Internally, I may also be able to use such technologies to streamline our own processes.”

Staying on top of technological change

With his forward-looking mindset, there’s no doubt that Rishikesh is poised to thrive even as new technologies reshape the accounting industry.

“Rather than fearing technological change and its impact on our jobs, we must focus on learning how to get on top of these changes,” he emphasised. “Now that I have a strong understanding of AI and programming tools, I can focus on applying them strategically in my work.”

But it’s not only the lessons from his MACC journey that Rishikesh cherishes. Ultimately, the connections he made and the adventures he had will stay with him for a lifetime.

“Your year in the MACC programme will pass in the blink of an eye,” is his advice to future participants. “Treasure each day and fully embrace the opportunity while you’re in it. The friendships you build and the fun you have will be the memories you cherish most when you look back after graduation.”