Across the globe, the world of work is changing as technology advances and our personal expectations of what a career should mean evolve. For the accountancy profession, the change is significant; the average career path of a young accountant is much more unpredictable, although no less rewarding.
Keeping track of and understanding the forces at play, and what it means for career planning, is a daunting task. But a major new ACCA report, Career paths reimagined: The changing world of work, aims to set out the context that professionals will need to make career decisions that are coming their way.
The report forms part of a suite of ACCA resources that explores how careers in the accountancy and finance profession may evolve between now and 2035. Together, these resources are aimed at helping accountants understand trends and maximise their career potential. I
It also analyses the eight main drivers of change that may lead finance professionals to rethink their career path.
As part of the research, around 2,600 ACCA members, affiliates and future members, and 145 Approved Employers were asked how optimistic they felt about their future career. The results indicate the level of anxiety that finance professionals in every part of the world feel about the changes impacting their world of work, to the extent that, at a global level, barely a quarter of all respondents (27%) said they felt prepared for the future of work in the next five to 10 years.
One roundtable participant from Australia added that ‘even those who [feel] adequately prepared do not know what is coming. The world is moving really fast now – so building more skills, continuously learning and continuously adapting is something that we have to do.’
Overall, just over half of global respondents said they were optimistic about their future career path, but these results varied dramatically from region to region – and respondents from China were the least optimistic of all.
One of the major points of discussion across Asia Pacific was the move away from the traditional, hierarchical career ladder towards a more flexible, portfolio-style career. In this new world, career paths are characterised by lateral moves, short-term projects and a willingness to explore different sectors or roles as opportunities arise. One roundtable participant from South-East Asia noted that professionals are increasingly seeking to pursue work that aligns with their interests, rather than being confined to a single field for life.
Skills focus
The report stresses the importance of continually developing skills in this new environment – something that was clearly on the minds of roundtable participants and those taking part in the survey. Nearly 90% (88%) of respondents in China, for example, recognised the need to grow their skills in the next five to 10 years.
Technical skills and AI, unsurprisingly, were seen as the most important skills to develop and improve, but roundtable discussions in many regions also focused on the ability to adapt to new technologies and business models as a key differentiator in the jobs market.
Despite the opportunities presented by more flexible career paths, the roundtable discussions raised a number of significant barriers to career progression across Asia Pacific. These most frequently centred around a lack of clear development pathways, which was raised in roundtables in Malaysia, among others. Younger entrants to the profession said the lack of clear career pathways and development opportunities raised the risk of being ‘boxed in’ by limited options.
Vietnam’s profile creates both ‘a window of opportunity and a looming challenge’
The research suggests that portfolio careers are becoming more common in China, as elsewhere, but 51% of survey respondents said that the lack of development opportunities was the most significant barrier to their progression, and 44% said they saw a lack of relevant opportunities.
Local factors can also play a part. The report notes, for example, that Vietnam’s demographic profile – where a ‘bulge’ of young people are entering the workforce – creates both ‘a window of opportunity and a looming challenge: the need to harness the energy and adaptability of a young workforce now, while preparing for an eventual ageing population’.
A shortage of qualified accountants remains a significant concern in Australia and New Zealand. Roundtables in the region raised the point that younger professionals are prioritising work-life balance and are ‘less willing to endure long hours in traditional roles, such as those in the Big Four, and are instead attracted to roles that offer more flexibility and variety’.
In Australia and New Zealand, younger professionals are prioritising work-life balance
This ties in with the wider global survey results, which show that work/life balance is now almost as important to individuals as pay and reward.
Pathway to opportunity
The report argues that the changes affecting the profession and transforming career pathways worldwide demands ‘adaptability, curiosity and proactive career management’. Continually developing the right skills is essential to navigating a flexible workplace, it adds, and while career paths may be less certain than in the past, ‘the opportunities to grow and thrive have never been greater for those prepared to embrace change’.
In other words, the changes affecting career paths in the profession should be seen as an opportunity rather than a threat. ‘The nature of work may be shifting, but accountancy and finance professionals will remain essential to society’, although the skills needed to meet this demand will evolve.
‘By embracing flexibility and aligning with emerging trends – technology, sustainability and purpose – professionals can thrive in a world where career paths are reimagined and accountancy is redefined.’
More information
Find more regional insights from across the world. See also ACCA’s Accountancy Redefined initiative and changes to the ACCA qualification
