Welcome to the flexible career

The report, Career paths reimagined: The changing world of work, looks at the drivers of change that may lead finance professionals to rethink their career path. There are eight key drivers.

The report is part of a suite of ACCA resources that explores how careers in the accountancy and finance profession may evolve between now and 2035. The aim is to provide finance professionals with the context they need to make decisions that are coming their way in the next few years and help them maximise their career potential.

The report’s major conclusion is that future career paths are more flexible and personalised in nature, shorter term in focus, and more adaptive to circumstance and opportunity. Career paths will be shaped by skills rather than titles, and organisational structures are shifting from pyramids to diamond-shaped models, emphasising specialists and ‘agile teams’, and tending to favour ‘the flexible specialist in a generalist world’.

This transformation, says the report, ‘demands adaptability, curiosity and proactive career management’ – and it will be important for finance professionals to focus on short-term steps over longer term ambitions.

Changing careers

The report includes a survey of the views of thousands of ACCA members, affiliates and future members worldwide, as well as Approved Employers. It is clear from the results that the findings chime loudly with finance professionals in Ireland. Participants in roundtable discussions, particularly those from the education sector, stressed the growing emphasis on flexibility and the acquisition of diverse skills that can open doors to a variety of roles.

One recruiter from Ireland noted that people are increasingly pursuing ‘more portfolio-type careers rather than classic linear-type careers’, the result of individual preferences as well as changing demands of the labour market. Globally, survey respondents identified an improved work-life balance as the most important motivator for the next decade – 62% said this was important, while 55% said real wage growth was an important motivator.

Irish participants in the research highlighted a decline in the attractiveness of some traditional roles, especially in audit. One roundtable discussion raised the view that audit is no longer seen as a stepping stone to business (although it is still recognised as a solid foundation for business training), and work-life balance concerns are making it less appealing to new entrants (see also the ACCA report Attract, engage, retain).

Skills focus

The Career Paths report stresses that the changes impacting the profession in Ireland and worldwide 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,’ it says.

But their relevance is tied to skills – and continually developing the right ones will be essential for navigating a more flexible workplace. ‘Micro-qualifications are becoming essential,’ says the report, ‘enabling individuals to take shorter, more targeted steps in their careers.’

While finance professionals themselves are focused on developing AI and technology skills – 75% said this was the most important skill to develop – the research adds that softer skills, adaptability and practical experience are critical for employability. One roundtable participant from Ireland’s university sector, for example, commented that while technical skills remain important, there is concern that students may lack well-rounded interpersonal skills such as communication, teamwork and emotional intelligence.

The report stressed that ‘the opportunities to grow and thrive have never been greater to those prepared to embrace change. Careers will be flexible and dynamic – but the journey will definitely be worthwhile.’