Data science: The next evolution for accountants?

Some of the hottest fields in business call for exactly the skills that the accounting profession offers, according to IBM’s Leon Katsnelson.

In a keynote address on artificial intelligence at CPA.com’s 2017 Digital CPA conference, held in San Francisco in early December, Katsnelson, who is director and chief technology officer for strategic partnership for data science at IBM, introduced the accountants in attendance to two of the newest professionals on the block: data scientists and data engineers. Both of those jobs are only about five years old, he said, but are already in the top ranks in terms of compensation.

“To be a data scientist, you need three things,” explained Katsnelson. First are programming skills – not necessarily full coding capabilities, but a familiarity with the field. Then comes a certain facility with statistics and math. “And you need domain experience – a deep knowledge of a business.”

it’s the last part that speaks most to the accounting profession, he explained: “Domain experience is the hardest thing to find – and that’s what accountants bring to the table. Without your skill and your knowledge, there is no data science.”

He reported that he’s seeing larger accounting firms build data science teams from the ground up, and while smaller firms may not be building their own teams, he suggested that they do need to start deepening their comprehension of the field. “You need to understand the technology to be able to select the right tools and to advise clients, because they’re struggling just like you are.” (more…)

Dear Bob,

I started working with your accounting firm when I was a graduate, wide eyed and fresh out of university. I spent the first 12 months of my career learning the basics of ‘tax’ which included how to complete a form on horribly clunky software, learning not to misspell my clients’ names and building a habitual practice to back up my work every 60minutes in case Citrix or whatever that virtual server was called crashed again, losing hours of work.

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There’s a great scene in “The Silence of the Lambs” where Hannibal Lecter guides young FBI agent Clarice Starling in her pursuit of a serial killer by getting her to return to “first principles,” asking, in the manner of Roman philosopher-emperor Marcus Aurelius, “What is this thing in itself? What does he do, this man you seek?”

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Dear All,

India Independence Day Greetings to each one of you!

It is just appropriate to remember the words of Tagore while we step into the 71st year of India’s Independence.

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For more than 12 years, Carisma has delivered comprehensive accounting services in the countries of Australia & New Zealand. Our 360° services are delivered by a team of world-class accounting professionals with passion to delight clients.
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