ChatGPT Fails Accounting Class
A recent accounting experiment conducted at Brigham Young University (BYU) has found that AI-powered chatbot, ChatGPT, has failed to meet the analytical skills required for an accountant today.
The experiment found that overall human students performed better than ChatGPT. Although on 11.3% of the questions, ChatGPT scored higher than the student average, it struggled with short answer questions, with only 28.7% to 39.1% of them answered correctly.
According to the research, higher-order questions were harder for ChatGPT to answer, and it sometimes provided authoritative written descriptions for incorrect answers or answered the same question in different ways.
The chatbot may have the ability to perform tasks related to financial analysis, forecasting, and reporting, but the consensus is that it does not have the potential to completely replace corporate CFOs anytime soon. Automation of lower-level finance jobs like identifying credit risks across a customer base or protecting against expense fraud, embezzlement, or money laundering can significantly impact and free up resources, but experts assert that business adoption of artificial technology tools like ChatGPT isn’t likely to make CFOs unnecessary in the near or even distant future.
“Could it be that at some point, we have artificial intelligence that would replace the decision-making process? I don't know, now we're talking Star Trek kinds of stuff,” says Greg Selker, Managing Director and Regional Practice Leader, Technology of North America at Stanton Chase in an interview with CFO Dive.
Although the tool has drawn concern regarding its potential to replace workers in their jobs, some job loss or disruption is likely, but AI will also create new jobs as well, a process that has already started.
