Yuxin Shan*
Assistant Professor of Accounting and Finance, USA
*Corresponding author: Yuxin Shan, Assistant Professor of Accounting and Finance, USA
Submission:March 19, 2020Published: December 17, 2021
ISSN:2770-6648Volume3 Issue1
Data analytics plays an important role in all different industries. Companies adapt their
routine to data analytics-based strategies to stay on top of the competitive trend. Accounting
profession has been turned into a technology-oriented future and will continuously add inputs
into the profession transition. When we look forward to the future of audit in the year 2025,
employers show strong demand for auditors who can master sophisticated technologies for
data gathering and analysis to help companies identify risks, make more accurate predictions
and enhancing the transparency of information [1]. Powerful data analytics tools will become
mandatory for companies and serve as the springboard for the future of tax by allowing tax
departments to use data to manage risks, minimize costs, discover opportunities and refine
business decisions [2].
While the accounting industry expresses the enormous demand for graduates with
data analytics skills, our next question is if our universities are ready to embrace the data
analytics tools and adapt the accounting curriculum to the trend of accounting profession
moving toward to a technology-basis practice. To answer this question, a survey of the current
involvement of data analytics in the accounting curriculum was disseminated to accounting
department chairs in December 2018 [3]. The survey received 150 responses out of 917
emails sent to department chairs using the Hasselback directory as the primary source. The
results show that about 90% of respondents believe that data analytics play an important role
in accounting and should be incorporated into the accounting curriculums. However, by the
end of 2018, only about 32% of respondents state that accounting data analytics courses have
been included as part of the accounting curriculum, which exposes the wide gap between the
demand of employers on data analytics skills equipped students and the restricted supply
of the corresponding accounting program. Among these universities with data analytics
course, most of these universities add data analytics to their graduate program and some of
the universities integrate data analytics into existing courses, like accounting information
systems at the undergraduate level. Meanwhile, respondents bring up their concern about not
having sufficient room in their curriculums for a new required course in data analytics but do
believe the data analytics should be included at the junior core level as an elective. Though the
current supply of the course in data analytics is in short supply, 59.3% of respondents plan to
have an accounting data analytics course in the next three to five years. Considering available
resources, about 64.1% of respondents plan to provide one standalone course while 20.4%
of respondents believe both the junior-level and senior-level courses in data analytics will be
added to their current accounting curriculum. For those universities that are not planning
to establish a new course for data analytics, they may squeeze data analytics into other core accounting courses, such as accounting information systems,
financial accounting, and audit courses.
To facilitate data analytics being absorbed into the accounting
program, the recently published textbook Data Analytics for
Accounting Richardson [4] and the upcoming textbook Introduction
to Data Analytics for Accounting Richardson [5] enable universities
to create both undergraduate and graduate courses in data analytics.
These two textbooks demonstrate the data analytics processes,
techniques and tools that should be mastered by accounting
students. As 2020 Gartner BI Magic Quadrant for Analytics and
Business Intelligence Platforms recognized Microsoft and Tableau
as leaders in Analytics and Business Intelligence Platforms with
the best performance in the completeness of vision and the ability
to execute, the above mentioned two textbooks provide click-by
click hands-on lab practices using Microsoft Excel and Tableau [6].
Both the instructor and the students can easily solve accounting
problems by following the step-by-step examples, using real-world
data from Dillard’s, Lending Clubs, College Scorecard, the state of
Oklahoma and the financial statement from Fortune 100 companies
extracted via XBRL. The textbooks help students develop the data
analytics mindset by emphasizing the data analytics procedures
using the IMPACT model Isson [7] and AMPS model [5].
The textbook Data Analytics for Accounting Richardson [4]
which fits well at a graduate-level course reinforces advanced
techniques and software that student will apply in their future
work to extract, transform, and load through access to remote
databases, to answer the business questions through appropriate
comprehensive analysis and to communicate analysis results
and conclusions using effective and efficient visualization tools
in a dynamic environment. This textbook also discussed the
implementation of more advanced tools, such as Access (including
SQL), IDEA and Weka. The textbook, Introduction to Data Analytics
for Accounting Richardson [5] explains each process of the AMPS
model (ask the question, master the data, perform the analysis
and share the story) in detail throughout the text. This book
focuses on building skills with Excel and Tableau by summarizing
a great number of analyses in financial accounting and managerial
accounting conducted by Excel and Tableau. This book aims to
enhance students’ critical thinking skills and provides essential
examples for descriptive analysis, diagnostic analysis, predictive
analysis and prescriptive analysis applied in the accounting field.
This book enables universities to establish a junior level accounting
course in data analytic with a clear course structure and sufficient
lab practice. This book will also be a solid supplemental textbook for
core accounting courses, such as financial accounting, managerial
accounting, auditing and accounting information systems. To sum
up, though only one-third of universities currently provide the
data analytics courses in the accounting curriculum, most of the
universities have recognized the importance of data analytics and
prepared to adapt to their accounting curriculum to the transition
of the accounting industry. The available textbooks are expected to
fill the gap and help universities accomplish their goal to help their
student get ready for their jobs.
© 2021 Yuxin Shan. This is an open access article distributed under the terms of the Creative Commons Attribution License , which permits unrestricted use, distribution, and build upon your work non-commercially.