What will tomorrow’s career look like?

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.

One roundtable participant from the US argued that there is a clear distinction between those entering the profession now and previous generations; new entrants do not aspire to climb the corporate ladder in the same way as before, and the long, step-by-step progression towards senior roles is seen as less attractive or even unattainable given the rate of change in the profession.

Instead, there is what the report calls ‘a growing emphasis on lateral movement and the development of T-shaped careers’. Professionals focus on building a breadth of experience early on in their career, with the aim of becoming a generalist who eventually specialises at a higher level. ‘The implication is that career development is characterised by a series of short-term, opportunity-driven moves rather than a long-term, predetermined path,’ says the report.

The results of this survey, though, show that the collapse of the traditional linear career path seems to be causing more anxiety in economies where linear has long been the norm.

In western Europe, for example, only 55% of respondents said they were feeling ‘somewhat or very optimistic’ about their future career path in the coming five to 10 years, but this rose to 68% in central and southern Europe. This contrasts with the ever-optimistic north Americans; in the US and Canada, 71% of respondents said they were optimistic about their future career path.

The report notes that today, many young professionals expect to be highly mobile, both geographically and between sectors and disciplines. Regional factors are coming into play; economic migration, for example, was raised as a significant feature of career paths in Europe (mainly in the sense of top graduates from smaller European countries moving to more lucrative roles in global financial centres such as New York); while in the Caribbean the expectation is that the accountants will soon be included in the CARICOM freedom of movement initiative, leading to an increase in mobility.

But there is concern about a widespread ‘decline in attractiveness of some traditional roles’, particularly in audit. This is already a challenge in the Caribbean, where audit firms are increasingly relying on imported talent, but the declining attractiveness of audit roles is identified as an issue that needs to be addressed globally. (See also the ACCA report Attract, engage, retain.)

The career-paths report sets out the implications of these changes for future career paths. It recommends that individuals should:

• adopt a growth mindset – embrace learning, unlearning and relearning
• focus on skills, not positions – build a portfolio of technical, data and interpersonal capabilities
• plan for uncertainty – develop financial resilience and scenario-based strategies.

Skills focus

Developing new skills, particularly around AI and technology, is seen as critical; 73% of survey respondents in Europe, and 74% from North America, saw improving their technology skills as essential. But communication, adaptability and the ability to work across functions is also seen as vital in order to reach a senior leadership position.

The study identifies 10 critical skill domains for future successful careers:

• Technical: deep expertise in accounting fundamentals
• Data: governance, integrity and programming
• Insight: analytical thinking, visualisation and interpretation
• Strategy: planning and economic modelling in low-growth environments
• Ethics: applying ethical judgment to complex dilemmas
• Risk: navigating regulatory and geopolitical uncertainty
• Technology: competence in emerging applications and AI integration
• Storytelling: communicating insights effectively
• Curiosity: questioning assumptions and driving innovation
• Business acumen: understanding evolving models and capital markets.

The report stresses that the changes affecting the profession should be seen as an opportunity rather than a threat – provided individuals understand the evolution and prepare themselves for what is ahead.

One roundtable participant from Europe commented that this more flexible landscape, where people are thinking about their own needs and future as individuals rather than through an organisational lens, ‘is creating an atmosphere of development and growth, which is beneficial not only for employees but for the organisation. Appreciating this, rather than fearing it, creates an opportunity.’

The report concludes that the future of work in accountancy and finance is dynamic and uncertain, but ‘full of opportunity’ for those prepared to embrace the changes and take on responsibility for their own career and development. ‘We must be willing to let go of outdated expectations and embrace the future,’ it says. ‘The journey will definitely be worthwhile.’