Anyone starting out on their accountancy career today, or in the coming decade, will have a very different journey from the generations that came before them. Across the globe, advancing technology, personal expectations, sustainability and other powerful forces are shaping careers in the profession.
In many regions, these forces and the impact on jobs and careers are a cause for alarm – but, as a major new report from ACCA reveals, accountancy professionals in Africa are far more optimistic about their future careers than any of their peers globally.
Linear career paths are being replaced with ‘a more flexible and personalised journey’
The report, Career paths reimagined: The changing world of work, is part of a suite of ACCA resources that explores how careers in the accountancy and finance profession may evolve between now and 2035. It identifies the main drivers of change that are influencing career paths and the implications for finance professionals.
A major finding from the study is that linear career paths are being replaced with ‘a more flexible and personalised journey, shorter term in focus and more adaptive to circumstance and opportunity’. Progression is shaped by skills rather than job titles – a transformation, says the report, that ‘demands adaptability, curiosity and proactive career management’.
Optimism abounds
The report includes the views of around 2,600 ACCA members, affiliates and future members, and 145 Approved Employers. What is particularly striking is that respondents from Africa recorded the greatest level of optimism about their future careers. In total, 70% said they were optimistic about their future career path in the next five to 10 years, compared with 54% of all respondents globally and just 20% of those from China.
The report notes that there is ‘a complex set of reasons’ for this level of optimism, which represents the ‘unique advantages’ of the continent. An increase in investment in micro, small and medium enterprises (MSMEs) – which account for between 80% and 90% of Africa’s businesses and almost 60% of jobs – to increase their resilience and introduce digitisation, for example, has created new demand for structured financial systems and accountability.
‘Finance professionals,’ says the report, ‘are increasingly embedded within this growth story.’ MSMEs are looking for capital, which requires stronger financial management, compliance and investor confidence – creating new roles for finance professionals as strategic partners driving sustainability and governance.
Professionals ‘see themselves as pioneering rather than maintaining systems’
‘This optimism reflects a bottom-up confidence in expanding opportunities, even if not yet visible in formal job statistics,’ says the report.
The report notes that Africa’s growth potential – the African Development Bank is expecting growth of 4% a year – outpaces most advanced economies. Digitisation and green transition are the new frontiers for financial leadership and growth. Accountancy and finance professionals, it says, ‘see themselves as part of that evolution, pioneering rather than maintaining systems’.
The changes impacting careers are, the report says, ‘an opportunity rather than a threat’ – a view that professionals in Africa clearly share. Accountancy and finance professionals will remain essential to society, it says, but the skills they need to meet demand will continue to evolve. This shift is supported by professional bodies such as ACCA in Africa, which is adapting its curricula and continuing education to ensure that finance professionals have multidisciplinary strategic skills.
Skills focus
Survey respondents worldwide identified AI and advanced technology and analytical thinking as top of their list of essential future skills, but the report stresses that building non-technical skills is also vital. One roundtable participant in Africa commented: ‘I think the first skill that we would all need is to be curious and open to learning, especially in today’s world.’
Overall, the report identifies and explores 10 critical skills domains that are needed for a successful career.
The report concludes that the data ‘paints a picture of a dynamic, adaptive and opportunity-rich environment for career development in Africa, shaped by demographic trends, economic realities, and the rapid evolution of technology and professional expectations.’
Economic realities on the continent are already driving professionals to hold multiple roles and are encouraging adaptability and portfolio-based careers. ‘Lateral movement and skill diversification are becoming the norm,’ it says. This is preparing African accountants well for the future – and a world of opportunity.
More information
Find more regional insights from across the world. See also ACCA’s Accountancy Redefined initiative and changes to the ACCA qualification
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