The era of digital technology growth has transformed civilisation. These changes pertain to society’s utilisation of technology to address diverse needs and wants. The advancement of artificial intelligence has led to the development of diverse social innovations that address multiple societal issues. The AI methodology for addressing social and environmental issues has facilitated the simplification of challenges, enabled simulations, and enhanced the identification of problems through modelling or scenario planning prior to decision-making. The COVID-19 pandemic has accelerated the digital transformation, compelling educational institutions to rapidly adapt to online and hybrid learning models. This abrupt transition has underscored the importance of digital competencies in accounting education, while also revealing deficiencies in existing curricula and pedagogical approaches.
Artificial intelligence plays a significant role and offers advantages in the educational context of teaching and learning. Conventional classroom lectures and textbook exercises are being progressively supplemented, and in certain instances, substituted by AI-driven tools and interactive simulations. Collectively, these advances are fostering a more immersive, adaptive, and future-oriented methodology for financial education. Additionally, Artificial intelligence in educational institutions facilitates rapid access to study materials, provides immediate responses, and promotes autonomous learning to achieve academic objectives.
Artificial Intelligence-Driven Customisation in Financial Education
Scorn the increasing acknowledgement of the necessity for digitalisation in accounting education, a substantial disparity persists between the abilities imparted in academics and the expertise required by the industry. Finance and accounting are characterised by stringent theoretical frameworks, numerical problem-solving, and adherence to GAAP or IFRS standards. Textbooks and lectures establish the foundation, although they seldom align with the complex and unpredictable decision-making landscape that professionals encounter. Students encounter minimal exposure to market and regulatory volatility, and passive learning centred on memory retention and comprehension of risk management, portfolio optimisation, and forensic accounting is becoming challenging without practical experience. Thus, Artificial intelligence and simulations transform educational settings into dynamic laboratories that replicate market and organisational contexts. Moreover, the growing significance of sustainability reporting and integrated thinking in business necessitates a more comprehensive and technologically proficient approach to accounting education. Considering these issues and the swiftly changing landscape of the accounting profession, there is an imperative to reevaluate and reform finance and accounting education to equip students for the digital future. Nonetheless, a thorough comprehension of the effects of digitalisation on accounting education and the necessary adaptation to curricula remains insufficient.
The use of AI in educational technological platforms, such as ChatGPT, chatbots, and tools like Grammarly and Google Translate, as well as Microsoft Word, is unavoidable in higher education. It must be evaluated in terms of the accuracy and transparency of the data provided.
Simulations: Bringing Theory into Practice
Simulation-based learning bridges the gap between academic knowledge and practical application by simulating real-world environments and decision-making scenarios. For example, medical and aviation simulations allow students to practise skills and solve problems. In 1965, Kersh created a classroom simulator that utilised film sequences and slides to replicate a classroom setting for students to respond to on a large projector screen. A randomised control trial found that the simulation group had higher self-efficacy and was three weeks ahead of their colleagues in terms of ‘classroom readiness’. In financial fields, SBL enable the students to interact directly with financial instruments and business challenges, enhancing their proficiency in activities such as trading, budgeting, and auditing.
SBL is an immersive experience that bridges the gap between classroom learning and professional reality. For example, Virtual stock market trading enables students to manage portfolios by utilising real-time data or historical market data to comprehend risk, diversification, and market dynamics. Additionally, Forensic accounting simulators facilitate the examination of fraud cases and auditing methodologies within regulated environments. Thorough business simulations integrating finance, marketing, and operations to replicate intricate decision-making and cooperative work settings. These simulations emulate the uncertainty and stress of actual financial decision-making, instructing students to reconcile analysis with discernment. Furthermore, as errors are encapsulated within simulations, students can engage in trial-and-error learning without the significant risks associated with the professional domain.
Conclusion: Universities and professional training institutions worldwide are integrating AI and simulations into their curricula. For example, business schools, CPA training programs and online finance courses integrate trading labs, AI-enabled auditing case platforms and gamified simulations to earn credit by solving complex problems. These pragmatic programs synchronise academic instruction with the requirements of professional practice, guaranteeing that graduates are prepared for employment in a digital-centric economy. As technological disruption intensifies, these technologies offer the potential to cultivate not only accountants and finance professionals, but also visionary leaders equipped to navigate the intricacies of the 21st-century financial environment.