Rutgers Business School Tackles AI for Accounting

• Rutgers Business School will launch a new STEM-designated master of accountancy in accounting and analytics program in fall 2024.
• That program comes amid major AI-driven changes to the accounting industry.
• The graduate degree will help students prepare for the revamped CPA exam.
• A growing number of business schools are embracing AI and other science, technology, engineering, and math (STEM) topics in their curriculum.

As artificial intelligence (AI) and other emerging technologies reshape the accounting industry, a new graduate program aims to prepare students for those changes.

Rutgers Business School will launch a new STEM-designated master of accountancy in accounting and analytics program in summer 2024, according to a press release. The degree will feature instruction in high-demand areas and offer electives on AI in accounting, robotic process automation, and audit analytics.

The tech-focused accounting program comes amid major changes to the accounting industry.

The certified public accountant (CPA) exam changed in 2024 to include a mandatory core exam and one of three specialized areas: business reporting and analysis, information systems and controls, and tax compliance and planning.

"Applicants planning to sit for the CPA exam will find this program to be an extremely effective way to prepare for the content included on the new CPA exam, 'The CPA Evolution,'" the Rutgers Business School program's co-director, Alexander Sannella, said in the release.

The 30-credit program, designed to fulfill the pre-CPA study requirement of 150 credits, includes a set of classes for students who studied accounting during their undergraduate career, as well as a set of courses for students who didn't study accounting.

Sannella said the new program "allows us to better prepare graduate accounting students for a dynamic business environment."

The Rutgers Business School master of accountancy in accounting and analytics also features flexible options for students, including hybrid, online, and in-person options.

Tech changes have rocked the financial industry in recent years, with no sign of slowing down. Financial technology (fintech) is a broad field that includes technologies that boost or automate finance for businesses and consumers.

The fintech field is set for meteoric growth over the next several years. The Boston Consulting Group and QED Investors projected in a 2023 report that fintech revenues will grow from $245 billion to $1.5 trillion by 2030.

While AI and other technologies will affect accounting work, the Bureau of Labor Statistics projects continued job growth and strong wages for accountants and auditors.

Business Schools Embrace AI

Rutgers isn't the only major business school embracing AI in its curriculum.

The American University Kogod School of Business plans to roll out 20 new and updated courses as it "fuses" AI into its curriculum, school officials announced earlier in 2024.

AI prompt engineering and programming will be a key feature in that new curriculum.

"Artificial intelligence is here to stay, and business students need to be prepared to utilize applications for generative AI on day one of their future jobs," Kogod Dean David Marchick said in a release.

The University of Rochester Simon Business School will launch an online master of science in business analytics and applied AI in fall 2024, with school Dean Sevin Yeltekin noting that AI "is rapidly transforming the world of business."

The W.P. Carey School of Business at Arizona State University will launch a master of science in artificial intelligence in business program in fall 2024. In April, the university became the first higher education institution to partner with OpenAI, and AI has become a focal point across the university.