The Impact of Industry 4.0 Towards Accounting Profession and Graduate’s Career Readiness: A Review of Literature

Abstract

Industry 4.0 creates a turning point to the businesses and professions across industries. A transformational change is set to take place in almost aspects in the businesses and professions. Accounting profession is not excluded and are not immune to the technological disruption caused by the recent industrial revolution. The adoption of smart technologies under the realm of Industry 4.0 are affecting the normal way of work performed by accountants. Hence a revision to the current roles of accountants is needed to accommodate the change in traditional practices, processes and methods of performing work in accounting field. This study aims to review the literature on the impact of Industry 4.0 towards the accounting profession and graduate readiness for Industry 4.0 employment and subsequently update the skills requirement of future accounting graduates. Skills mismatch and the skills relevant for long-term career fulfilment are among issues discussed in prior studies. The literature analysis allows the identification of appropriate solutions for higher education institutions to overcome these issues. The study is beneficial for higher academic institutions as they assimilate Industry 4.0 in their agenda to be able to produce graduates that are ready and competent for the industry.