Future ready:

accountancy
careers in
the 2020s
Discover our global research at: accaglobal.com/insights
Future ready:
accountancy
careers in
the 2020s
About this report
Drawing on ACCA’s collective research over the
last three years, thousands of survey responses,
interviews, global roundtables and third-party
research on the big issues affecting the future of
the profession and the world of work, ACCA’s
report examines what all of this tells us about the
trends changing careers in accountancy. It tells a
story of opportunity, and of a profession that can
be reimagined for the digital age.
 About ACCA
ACCA (the Association of Chartered Certified Accountants) is
the global body for professional accountants, offering business-
relevant, first-choice qualifications to people of application,
ability and ambition around the world who seek a rewarding
career in accountancy, finance and management.

ACCA supports its 219,000 members and 527,000 students (including

affiliates) in 179 countries, helping them to develop successful careers in
accounting and business, with the skills required by employers. ACCA works
through a network of 110 offices and centres and 7,571 Approved Employers
worldwide, and 328 approved learning providers who provide high standards
of learning and development.

Through its public interest remit, ACCA promotes appropriate regulation of

accounting and conducts relevant research to ensure accountancy continues to
grow in reputation and influence.

ACCA has introduced major innovations to its flagship qualification to ensure

its members and future members continue to be the most valued, up to date
and sought-after accountancy professionals globally.

Founded in 1904, ACCA has consistently held unique core values: opportunity,
diversity, innovation, integrity and accountability.

More information is here: www.accaglobal.com

© 2020 Association of Chartered Certified Accountants

January 2020
Contents

1. Opportunity 6

2. Accountancy careers in the 2020s 7

3. Work transformed 10
3.1 A reimagined profession? 13
3.2 Career paths adapt 14
3.3 Skills transform 16
3.4 Learning evolves 16

4. #20 trends shaping future careers? 18

5. Future career opportunities 36

5.1 The assurance advocate 36
5.2 The business transformer 43
5.3 The data navigator 49
5.4 The digital playmaker 53
5.5 The sustainability trailblazer 57

6. What does this mean for my own career? 64

7. Employer considerations 65

Conclusion 67

Acknowledgements 68

References 69
1. Opportunity

Technology is transforming the global economy.

It is changing the very fabric of businesses and
organisations. There are other forces at play too,
transforming the world of work not just in the
future, but right now: globalisation and
protectionism, changing expectations of
individuals in the workplace, shifting social
mores and values, new types and levels of
connectivity and demographics.
In the face of all of this change, the greatest imperative facing
organisations is to survive and be sustainable for the longer term.
There is also more scrutiny. Organisations don’t just have to
generate sufficient financial return – they have to be better corporate
citizens too. Sustainable businesses are, after all, the very lifeblood
of a sustainable economy and a sustainable planet.

This imperative presents a golden opportunity for the accountancy

profession to build on its strong foundations and evolve: an
opportunity to adapt and play its future part in building and
protecting businesses and organisations for the long term.

It’s a once in a lifetime opportunity to repurpose the profession for

the modern world of work and to transform the profession in the
minds of a younger generation coming into the workplace who may
have misplaced ideas of what a career in ‘accountancy’ truly means
but who have ambitions for vocations with purpose. In today’s
world, surely there are few greater career imperatives than this?

It is a call to arms for accountancy to be reimagined as a profession

that can offer brilliant, exciting and meaningful careers to the future
workforce, who can play their part in building sustainable
organisations fit for the digital age.

6
2. Accountancy
careers in the 2020s

Global trends are transforming the world of

work and reshaping the future of the
accountancy profession. This is the story of
how careers in the profession will adapt,
how skills will transform and how learning
in the profession will evolve as the
profession takes centre stage in building
and protecting businesses and organisations
in a future sustainable global economy.

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Future ready: accountancy careers in the 2020s | 2. Accountancy careers in the 2020s

FIGURE 2.1: Accountancy careers in the 2020s

2.1 FIVE ‘CAREER ZONES’ OF
OPPORTUNITY IN ACCOUNTANCY
We see five career zones of opportunity in
accountancy emerging in the future, all
contributing to helping build sustainable
businesses (Figures 2.1 and 2.2). These
zones represent broad areas of career
opportunity in which individuals may
develop their accountancy careers, or
which they may navigate across (Figure 2.3).
Career paths are likely to become more
diverse, as individuals continue to learn new
skills and reimagine their working lives, as
organisations change and new business
models emerge, and as technology blurs the
work divide between humans and machines.
The ACCA professional quotients represent
the must-have capabilities needed in this
changing environment as different career
journeys are taken (Figure 2.4).

ACCA PROFESSIONAL QUOTIENTS –

THE CAPABILITIES NEEDED

FIGURE 2.2: The five ‘zones’ of future career opportunity in accountancy

The assurance advocate The business transformer

The assurance advocate brings new levels of trust and integrity to The business transformer is the architect of organisational change.
organisational operations. They may focus on enterprise risk, helping They could be driving major business change initiatives or
drive transparency and understanding of emerging issues affecting transforming finance operations. They may be leading innovative
business performance, or be at the forefront of shaping future smaller accountancy firms that transform client businesses. They could
forward-looking audit practices as the capabilities of digital tools and be exploring growing careers in external advisory services driven by
technologies expand. They could be driving best practices in technological innovation and economic growth. Or they may be
emerging control frameworks or helping organisations meet leading smaller enterprises as digital platforms open the door to new
ever-growing regulatory demands or managing complex tax issues. commercial opportunities. They are critical to creating change,
They may even be auditing algorithms in the future. They are essential driving the strategies of organisations, and supporting sustainable
to the strong stewardship of sustainable organisations for the future. organisations for the future.

The data navigator The digital playmaker

The data navigator is a true business partner. They see extraordinary The digital playmaker is a technology evangelist. They see remarkable
opportunities from the expansion of data and use emerging tech and possibilities for emerging digital tools in transforming the organisations
analytical tools to drive insights that deliver business outcomes and in which they work. They are champions of technology adoption and
sound financial management of the organisation. They champion data governance within the organisation. They look to connect across
ever-growing multi-rich data sets and use smart data to generate teams and functions to leverage the power of technology. They may
brilliant forward-looking analysis to support decision making. This focus on digital implementation programmes or have specialised
could be exploring new geographic market opportunities or building expertise in particular finance and business technologies. They
the case for investment. They understand that the currency of good understand that digital transformation in today’s global economy is the
information is at the heart of building sustainable future organisations. lifeblood of future sustainable organisations.

The sustainability trailblazer

The sustainability trailblazer is at the heart of performance management in the organisation. They play a key role in establishing frameworks that capture,
evaluate and report on the activities that truly drive value and in ways that are much more transparent and meaningful to the outside world. They
will transform management accounting fit for a multi-capital world and see emerging opportunities with better external disclosures to ever-growing
stakeholder groups. They understand that aligning the pursuit of profit with the pursuit of purpose is integral to building sustainable future businesses.

8
Future ready: accountancy careers in the 2020s | 2. Accountancy careers in the 2020s

FIGURE 2.3: Career pathways in accountancy

The assurance The business The data The digital The sustainability
advocate transformer navigator playmaker trailblazer

Professional Accountant

FIGURE 2.4: ACCA professional quotients

Technical skills and ethics (TEQ):

The skills and abilities to perform activities consistently
to a defined standard while maintaining the highest
standards of integrity, independence and scepticism.

Creative (CQ):  Digital (DQ):  Emotional intelligence (EQ):

The ability to use existing knowledge The awareness and application of existing The ability to identify your own emotions
in a new situation, to make connections, and emerging digital technologies, and those of others, harness and apply
explore potential outcomes, capabilities, practices and strategies. them to tasks, and regulate and
and generate new ideas. manage them.

Experience (XQ):  Intelligence (IQ): Vision (VQ):

The ability and skills to understand The ability to acquire and use The ability to anticipate future trends
customer expectations, meet desired knowledge: thinking, reasoning accurately by extrapolating existing
outcomes and create value. and solving problems. trends and facts, and filling the
gaps by thinking innovatively.

9
3. Work transformed

The fourth industrial revolution.

Political re-orientation, the rise of
populism, trade wars and economic
challenges, social revolution,
demographic shifts, regulatory
transformation and technological
change. All these forces are coming
into play to fundamentally
transform how organisations
compete and operate, meet ever-
changing stakeholder demands,
and create long-term sustainable
prosperity for stakeholders.

10
Future ready: accountancy careers in the 2020s | 3. Work transformed

Digital technology is reshaping the global Digital transformation is now core to

Digital transformation is economy and changing the face of today’s organisations seeking to build sustainable
now core to organisations workplace. For businesses of all sizes and and viable businesses that are more
across all sectors, it is transforming efficient, more forward looking, and faster
seeking to build channels to market, changing how to adapt (ACCA and Alibaba 2019).
sustainable and viable organisations deliver products and Navigating this terrain to meet changing
businesses that are more services, providing new opportunities to customer needs or ever-higher public
engage differently with customers and service expectations has never been more
efficient, more forward important, or more challenging.
dismantling barriers to entry into markets
looking, and faster to (ACCA and PwC 2018). Disruptive
adapt in the face of competitors are appearing from nowhere These dynamics also require a refocus
and challenging long-held corporate on the wider capabilities core to the
extraordinary change. organisation beyond digital, including,
positions of market dominance (Figure
3.1). In the public sector governments of course, human capital. This new world
around the world face continuing order is turning upside down previously
challenges, from ever-changing and more held, well-established norms in the
demanding public needs, declining workplace and redefining the very
public trust and technological disruption. definition of human work that
organisations in all sectors need to
In the face of these growing risks and perform. This transformed workplace
opportunities, innovation, in particular, is a ‘front and centre’ issue for the
is increasingly prized, and organisations accountancy profession.
must evolve their strategies quickly.

Some forecasters are suggesting that about half of S&P

500 companies will be replaced by 2030.
FIGURE 3.1: Average company lifespan on S&P 500 index

40
Years, rolling 7-year average
35

30

25

20

15

10

0
1965

1970

1975

1980

1985

1990

1995

2000

2005

2010

2015

2020

2025

2030

Data: Innosight analysis based on public S&P 500 data sources. www.innosight.com
Source: Anthony et al. 2018

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Future ready: accountancy careers in the 2020s | 3. Work transformed

FIGURE 3.2a: To what extent do you think careers in the profession are changing? (Total and by age)
n Changing completely n Changing significantly n Changing to some extent n Very little change n Not changing at all n Don’t know / not sure

100%

80%

60%

40%

20%

0%
TOTAL 18–34 35–54 55+
(Based on 3820 survey responses)

FIGURE 3.2b: To what extent do you think careers in the profession are changing? (Total and by key countries)
n Changing completely n Changing significantly n Changing to some extent n Very little change n Not changing at all n Don’t know / not sure
100%

80%

60%

40%

20%

0%
TOTAL UK Republic of Malaysia Mainland Hong Kong India Nigeria Singapore Canada
Ireland China SAR

FIGURE 3.2c: To what extent do you think careers in the profession are changing? (Total and by sector)
n Changing completely n Changing significantly n Changing to some extent n Very little change n Not changing at all n Don’t know / not sure
100%

80%

60%

40%

20%

0%
TOTAL Corporate sector Financial services Not-for-profit Public sector Accounting

12
Future ready: accountancy careers in the 2020s | 3. Work transformed

80%
3.1 A REIMAGINED PROFESSION? Forget the job ‘titles’ that accountants
perform, or the increasingly diffused types
In this transformed future world, if the
of work with which they may be associated
profession is to fulfil its future promise,
in the future. Digital will revolutionise the
we need to reimagine ‘jobs’ and think
reality of work in the profession and bring
differently and more laterally about what
new ‘colour’ to how we undertake those
careers could look like, and challenge
activities. The nexus of man and machine,
long-held opinions on work constructs
focused on much higher-value work
of respondents see in accountancy. ACCA members are
across the profession, should make work
starting to do this already. Broadly they
technology innovations more efficient, more productive, more
see significant career change as we look
interesting, and more meaningful. Even
as having the most forward (Figure 3.2a, b and c) and
over the next three to five years, ACCA
expect the change to happen quickly
impact on future careers. members see technology innovations as
(Figure 3.3a and b).
significantly impacting careers (Figure 3.4).

FIGURE 3.3a: How quickly do you expect the change in careers to happen? (Total and by age)
n More than 15 years n 11–15 years n 6–10 years n 3–5 years n Within next 2 years
100%

80%

60%

40%

20%

0%
TOTAL 18–34 35–54 55+

FIGURE 3.3b: How quickly do you expect the change in careers to happen? (Total and by countries)
n More than 15 years n 11–15 years n 6–10 years n 3–5 years n Within next 2 years
100%

80%

60%

40%

20%

0%
TOTAL UK Republic of Malaysia Mainland Hong Kong India Nigeria Singapore Canada
Ireland China SAR

FIGURE 3.4: Top five factors that will have most impact on careers in the profession, according to ACCA members

1. 2. 3. 4. 5.
Technology Increased need Growing regulatory Changing Data opportunities
innovations for up-skilling pressures organisational for businesses
structures & functions

(Based on 3494 responses)

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Future ready: accountancy careers in the 2020s | 3. Work transformed

79%
3.2 CAREER PATHS ADAPT As jobs transition, new and more
amorphous career journeys in the
In this emerging world, ‘jobs’ in the
profession are likely to arise. They could
profession become more flexible and it’s
be seen as a series of linked career
perhaps more difficult to plan out what
experiences but not always following
the next job role may be, for both
traditional career paths (Figure 3.5 and
employer and employee. This is a
3.6). This doesn’t necessarily suggest the
workplace in transition, where the classical
end of highly specialised technical roles,
of members in the survey delineation of well-trodden career
and some ‘traditional’ career pathways
pathways becomes less recognisable,
agreed that accountants will still exist, but it does suggest growing
and where ‘jobs’ are redefined as work
permeability, different stepping stones
will move into more activities quickly change and parts of jobs
and pathways across many future roles.
are re-apportioned to machines.
diverse career paths.

FIGURE 3.5: Do you expect to become more specialised or would you rather build a portfolio of experiences across the profession?
(Total and by key countries)
n Build a portfolio of experiences n Become more specialised n Not sure
100%

80%

60%

40%

20%

0%
TOTAL UK Republic of Malaysia Mainland Hong Kong India Nigeria Singapore Canada
Ireland China SAR

FIGURE 3.6: Do you expect to become more specialised or would you rather build a portfolio of experiences across the profession?
(Total and by age)
n Build a portfolio of experiences n Become more specialised n Not sure

100%

80%

60%

40%

20%

0%
TOTAL 18–34 35–54 55+

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Future ready: accountancy careers in the 2020s | 3. Work transformed

These changes may also present

For individuals, this considerations for how teams are The Age of Automation
transformed world of designed too. Finance teams of all Artificial Intelligence,
descriptions need to reconsider how they
work demands a different robotics and the future
support careers and design ‘jobs’ for
mindset, augmenting accountants in the face of evolving work of low-skilled work
their skills with emerging strategies. We can expect teams across ‘In most cases, AI and robotics will
technology as they organisations to be more collaborative, automate individual tasks rather
permeable, more fluid (Deloitte 2016a), than whole jobs. And because jobs
transition through their and possibly less anchored to traditional usually encompass a range of
working lives and adapt organisational function structures in a functions, the automation of one
more quickly to fast-moving world where business models are also task means workers will be able to
rapidly evolving (ACCA 2017a). For pivot into new roles’.
and different career paths.
individuals, this transformed world of Source: Dellot and Wallace 2017
work demands a different mindset,
augmenting their skills with emerging
technology as they transition through
their working lives and adapt more
quickly to fast-moving and different
career paths. The bottom line is simple:
the ‘job for life’ is a relic of the past.

Leading the social enterprise:

Reinvent with a human focus

From jobs to superjobs.

‘A vast majority of organizations told us they expect to increase or significantly
increase their use of AI, cognitive technologies, robotic process automation,
and robotics over the next three years. As organizations adopt these
technologies, they’re finding that virtually every job must change, and that the
jobs of the future are more digital, more multidisciplinary, and more data- and
information-driven. Paradoxically, to be able to take full advantage of
technology, organizations must redesign jobs to focus on finding the human
dimension of work. This will create new roles that we call ‘superjobs’: jobs that
combine parts of different traditional jobs into integrated roles that leverage
the significant productivity and efficiency gains that can arise when people work
with technology’.
Source: Deloitte 2019

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Future ready: accountancy careers in the 2020s | 3. Work transformed

3.3 SKILLS TRANSFORM 3.4 LEARNING EVOLVES

Navigating new career Navigating new career opportunities With future jobs in the profession
opportunities drives drives a continual skills transformation. It’s becoming technology and data rich
a continual skills a story of transition, and constant renewal within and across career zones, different
of experience and knowledge, and combinations of quotients across roles
transformation.
rebalancing of skills. What will be the skills and careers will be required, and will
It’s a story of transition, most prized in this emerging environment? need to be continually reassessed and
and constant renewal As previously noted, prior research (ACCA developed. Continual skills transformation
of experience and 2016a) has highlighted seven ‘stand out’ holds significant implications for how we
professional competencies or quotients learn. It demands new types of learning
knowledge, and that tomorrow’s accountants will need to support that are more developmental and
rebalancing of skills. progress their careers and add most value experiential. Learning becomes more
for employers and clients in this changing agile and in the ‘now’ (ACCA 2018a).
world (Figure 2.4 on page 9). These are Organisations will need to transform their
sector and industry neutral, and provide a approach to learning as individuals
blueprint for individuals entering the increasingly self-curate, using ever-
profession for future-proofing their own expanding information sources and
career journeys. The professional learning options to drive their own
quotients identify the ever-changing mix personal career journeys; it’s important
of capabilities needed by professional for individuals to ‘unlearn’ too, as some
accountants as the profession continues things become less relevant (Figure 3.7).
to transition, and as roles and
responsibilities morph and evolve.

FIGURE 3.7: Career adaptation driven by the sustainability imperative

Finance: a journey to the future?

Career paths will also continue to evolve – in line with the ‘macro’ trends we are seeing globally (flexible working,
increased life expectancy, lifelong learning). Career paths will be difficult to predict more than two to three years in advance.
Pathways will move further away from the formal route – and having mechanisms to allow people to ‘step on’ and ‘step off’
their career paths will enhance the value of the people in the finance function. Organisations will start to think about what
broader skills they want their employees to have, no matter which part of the business they sit, and then allow that fluidity
between finance and the rest of the business.
Source: ACCA and PwC 2019

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Future ready: accountancy careers in the 2020s | 3. Work transformed

‘There are still many people ‘People look 18 months ahead

who want to be a partner in in their careers...there’s not the
a professional services firm. assumption any more that if I go
But there are also lots of into an accounting firm there’s a
people who really [are] good single pathway to partnership.
people really talented people They are picking up signals from
who don't want that...who the world that say there’s no way
want something very different. I can plan 10 or 15 years away’.
The career offer to people Interviewee
‘I think one of the biggest issues we being about how we can kind
have is... identifying people in roles of build a really flexible set of
and just confining them to role. I skills and then they can deploy
think the biggest change that is and more easily move between ‘We need to become very
happening is particularly the advent different areas. I think we're digitally literate and have an
of technology coming in, you’re in a transition period’. interdisciplinary mindset’.
requiring people to have a horizon of Interviewee Roundtable participant
maybe one or two years, then they
have to reinvent themselves and
become something else’.
‘Everybody has a side game ‘We equip them with some core
Roundtable participant
going on’. skills, they develop skills on the
Roundtable participant job that are then transferable,
then we would look to assign
‘I’ve seen broadening job roles... them to another business area
and I am seeing fluid mobility’. such as tax or our financial
‘The career trends we are advisory business rather than
Roundtable participant
now seeing – if you want to keeping them on the tracks that
be in senior roles you need an traditionally we may have done’.
interdisciplinary background’.
Interviewee
‘In the past you had those defined Roundtable participant
roles, CFO, trainee accountant, which
were there for decades, they didn’t
change. Now we’re in a situation ‘A generation where we’ve
‘Roles before were siloed...but
though where the roles of the future written job descriptions and
now the controller is doing
aren’t even defined. I don’t even we’ve had this fixed idea what a
something else in addition to
know what they are. And this is role is, are we moving to a point
their day to day role…’
not unique to accountancy. We don’t where actually we should be
know now because technology is Roundtable participant thinking outside of that: do you
going to dictate to a large extent have the skills and talent to play
what those roles may be… so I your part in the organisation?’
think that’s important for us to try Roundtable participant
‘As an [accountancy]
and... and support those people as
professional you really need
they learn to adjust to a new world,
more skills like valuation and
which is difficult because we can’t
advisory knowledge and all
articulate what that new world is
that cannot be understood or
yet, and we may not be able to for
learned just being in a single
some time’.
service line’.
Roundtable participant
Interviewee

17
 4. #20 trends
shaping future
careers?

Fast-changing technology, evolving societal imperatives and demographic transitions are all
contributing to a profession which could be different as we look forward. ACCA’s global research
team continues to explore and examine different issues shaping the profession in future. What
are the possible trends shaping the future of careers, and how could these change the face of the
workplace for professional accountants in the future?

#1 The meaning #2 Connectivity #3 The A word #4 ‘Emtech’ #5 The rise of data

of work Digital drives Automation frees up Emerging technologies Data possibilities
Purpose and meaning ‘never seen before’ professionals to focus redistribute work become ever central
from work becomes new opportunities on higher-value work between man to the roles of
important to collaborate and machine professional accountants

#6 Generation Z #7 Longevity #8 Beyond the #9 Rent a CFO? #10 Command to

A new tech savvy An older workforce lattice? The rise of the gig collaboration
generation enters and 5 generations Career paths become economy changes the Flatter structures,
the profession in the profession enrich much less obvious composition of teams collaborative teams,
the talent base and more variable virtual working

#11 CV R.I.P? #12 Skills #13 Continuous #14 Learning culture #15 Digital learning
Future CVs focus on transformation learning Learning culture at work Technology drives an
skills attained not As careers adapt, Professionals need to evolves in the face explosion in learning
job titles acquired ACCA’s professional continuously reinvent of skills transformation opportunities
quotients rise in relevance themselves and re-learn

#16 Inclusivity #17 Business models #18 Trust and ethics #19 Multi-Polar world #20 Digital
Accounting teams innovate There is a growing need The rise of cities recruitment
become more diverse Professional accountants to trust, a refocus on and shifting economic Technology is transforming
because it makes have new opportunities as ethical behaviour in the power provides new recruitment models and
good business sense business models change stakeholder society career opportunities networking opportunities

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Future ready: accountancy careers in the 2020s | 4. #20 trends shaping future careers?

4.1 THE MEANING OF WORK global economy. They also recognise that
More meaningful work With increasing demands for organisations
digital transformation focused simply on
can translate to better creating new efficiencies, cutting cost and
to demonstrate wider social purpose,
displacing labour is a race to the bottom.
employee engagement, and evidence that enterprises more
Developing human talent with emerging
committed to wider corporate social
a more attractive brand technologies is key to creating
imperatives can drive superior
proposition for potential sustainable advantage in the future.
performance (Clark et al. 2015) it makes
new recruits and a sense to provide work that is engaging For future generations of professional
competitive edge in the and meaningful. More meaningful work accountants, meaningful work will matter.
can translate to better employee From contributing to the effective
race for talent. engagement, a more attractive brand management of risk and helping
proposition for potential new recruits and organisations understand the implications
a competitive edge in the race for talent of emerging data in sustainable decision
(ACCA 2018b). In previous research making, through managing regulatory
(ACCA 2016b), interesting work was cited challenges with greater efficiency,
as one of the key attraction and retention contributing to measuring and reporting
factors for younger finance professionals. on sustainability initiatives, helping
deliver better service outcomes in the
‘The younger generation…they will public or third sector, or ensuring public
leave a job that they don’t feel they interest needs are met through
are getting a purpose from or making supporting capacity-building initiatives in
a difference’. emerging markets – there is a growing,
Roundtable participant purposeful opportunity in the types of
work professional accountants can do in
the future.
‘As an employer we want to inspire
people to come to work rather than it
being just for a pay cheque’. ‘Professional accountants are a core
part of this collaborative ecosystem of
Interviewee
actors taking on these challenges, as
they work to support effective public
Organisations with purpose understand
service delivery, business growth and a
their role in providing career
transition to high value and sustainable
opportunities and upskilling the next
development – while at all times working
generation, and increasingly this will be
to protect the public interest’.
seen as fundamental in contributing to
(ACCA 2018b)
building the social fabric of a sustainable

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Future ready: accountancy careers in the 2020s | 4. #20 trends shaping future careers?

4.2 CONNECTIVITY The world is awash with applications such

‘I think retention is as (AS WE HAVE NEVER KNOWN IT) as Slack, Trello, Workzone, Taskworld,
much about opportunity Skype, Workplace which are changing the
The combination of the burgeoning
dynamic of how teams operate and how
and offering meaningful internet of things (IoT), the shift from 4G
they share. Think about the chief financial
work and the chance to to 5G (Pring et al. 2019), and the rise of
officer (CFO) whose mobile tablet
new emerging communication tools and
be mentally stimulated’. provides instant dashboard metrics and
technologies are driving instantaneous
Roundtable participant ‘drill-down’ capabilities on organisational
communication possibilities at global
performance; think about the risk
reach. Hyper-connectivity will provide the
manager with access to digitally captured
workforce and professional accountants
enriched data sets and real-time
with new possibilities for sharing,
information on risk modelling to provide
connecting, empowering, challenging,
real-time insights on emerging risks.
and adding value to organisations of all
sizes and sectors, virtually and
4.3 THE A WORD
instantaneously. The quicker transmission
of information flows should drive Any conversations on technology in the
productivity and aid better and speedier profession usually start with the
decision making across all sectors of the A word – ‘automation’. The impact of
profession. But it will also place new automation on the profession is well
demands on professional services firms in versed. The application of emerging
responding to changing and ever- automation tools to reduce cost, improve
evolving client needs. Clients are more control and deliver a whole range of
sophisticated, there is more opportunity other benefits is very evident (Figure 4.1)
to self-serve, and access to more reliable The redistribution of work and application
information. The power to connect in the of relatively ‘dumb’ technologies to
profession has never been greater, routine, transactional, repetitive tasks
supported by an avalanche of emerging frees up professional accountants to turn
platforms and technology-driven their gaze towards more interesting and
networks entering the marketplace. value-added work.

FIGURE 4.1: The benefits of robotic process automation

Increased transaction Improved process
Improved process speed 24–7 operational capability volume throughout performance visibility

Ease of deployment
Improved finance of customised
Improved control Reduced cost Data accuracy process flexibility to scale process solutions

Source: ACCA 2018a

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Future ready: accountancy careers in the 2020s | 4. #20 trends shaping future careers?

But automation is widely misunderstood, are projected to see higher rates of

The general direction of and most importantly isn’t new. We have automation displacement. Developing
travel with automation is had automation in finance and the economies are generally behind the
known, and its impact on the accountancy profession for some time, automation curve, and localised
but it is the scale of possibilities of economic factors, risk and return
profession will be significant.
adoption now extending across tasks parameters for capital and labour cost,
It will shape the types of work from new emerging robotics technologies legal, political and social constraints all
professional accountants that is creating a new automation influence automation take-up in different
do: less of the ‘heavy lifting’ narrative, and we will see different waves countries. Yet the general direction of
and more a recalibration of automation of varying sophistication travel with automation is known, and its
of the tasks professional continue (PwC 2018). impact on the profession will be
accountants will and will significant. It will shape the types of work
The automation picture is also nuanced professional accountants do: less of the
NOT perform in the future. and the playing field is uneven across ‘heavy lifting’ and more a recalibration of
countries and sectors (Figure 4.2). the tasks professional accountants will
Broadly, those with older populations and will NOT perform in the future.

FIGURE 4.2: Impact of automation varies by a country’s income level, demographics,

and industry structure
Size = FTEs potentially Colour = Average age <25 30–35 40–45
25
displaced (million), 2030 (projected), 2030 25–30 35–40 45–50

Percentage of current work activities displaced by automation, 2016–30.

midpoint adoption scenario
Japan
27
26 UAE
Germany
South Korea Austria
25 Switzerland
Italy
Czech Republic Singapore
24 Canada
Sweden
Saudi Arabia Australia
23
Malaysia United States
Bahrain Spain
22 Oman Netherlands
Norway
21 Greece France
20 Poland Kuwait United Kingdom
19 Russia
18
Thailand Turkey
17
16
China
15
14 Mexico
13 South Africa
Brazil
12 Indonesia
11 Philippines
Egypt Colombia Chile
10
Argentina
Morocco
9
Nigeria
8 Costa Rica
India Peru
7
6 Kenya
5
0
1,000 10,000 100,000
Log of GDP per capita, 2030
Source: McKinsey Global Institute 2017 2010 real $

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Future ready: accountancy careers in the 2020s | 4. #20 trends shaping future careers?

4.4 ‘EMTECH’: RESHAPING THE ART The speed and self-service possibilities
Clever emerging OF THE POSSIBLE? of application development continue
technologies (‘Emtech’) to gain traction, voice recognition
The new ‘world of work’ in the profession
technology continues to improve, and
are increasingly blurring is technology driven. And clever
increasing data transmission speeds will
emerging technologies (‘Emtech’) are
the work divide between all work together to drive previously
increasingly blurring the work divide
human and machine, unseen levels of productivity and value of
between human and machine, rescaling
work. From improving audit practices’
rescaling productivity productivity possibilities and allowing us
ability to identify fraud to invoice
possibilities and allowing to re-imagine what we can do in the
scanning and bank reconciliations, or
profession. AI technologies spanning
us to re-imagine what we areas such as machine and deep learning
from resolutions of complex tax questions
can do in the profession. to an enhanced understanding of the
as well as natural language processing,
value being created by business, these
technologies leveraging motor skills, such
emerging technologies will increasingly
as drones or humanoid robots,
redistribute the burden of work, enabling
distributed ledgers or Blockchain (ACCA
professional accountants to focus on the
2017b), cryptocurrencies, FinTech and the
tasks and activities that make a difference
IoT are all reshaping our evolving view of
(ACCA and CAANZ 2019b).
the art of the possible. The arrival of the
digital core, in particular, is for many
organisations a point of inflection (ACCA ‘In an increasingly technology-led
2019a) that changes the speed and scale future, sustainable advantage will not
of decision making, providing the come by trying to replicate the tasks
technological architecture for of, or compete with, machines. It is
collaborative working and better insights. more likely to come by leveraging the
competitive advantages inherent in
our humanity – in effect by being
‘Technology is one of the biggest drivers,
human in the digital age’.
disruptors and enablers in the profession’.
(ACCA 2018d)
Interviewee

Technology-driven innovation

Technology-driven innovation – the ability to deliver new business results through

opportunities discovered by continuously experimenting with technology, both
emerging and established – will soon be table stakes for leading organizations.
Tech-driven innovation magnifies the importance of technology (and, thus, IT).
But it requires companies to operate and organize differently. IT will follow the
broader organizational future of matrixed, shape-shifting organizations that
form and morph to changing priorities. This goes beyond DevOps. The
boundaries between what is IT and what is the business are already fading to
reveal a much more powerful and fluid IT capability. This more embedded,
connected, and adaptive IT approach will gain momentum in 2020 – particularly
as firms address the opportunity and challenges of emerging technologies.
Source: Forrester 2019

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Future ready: accountancy careers in the 2020s | 4. #20 trends shaping future careers?

4.5 THE INEXORABLE RISE OF DATA providing new opportunities to help

In the information age, Structured, unstructured, internal,
businesses grow and add value. Data
data possibilities are analytics has the potential to transform
external, financial, non-financial: from the
careers in the profession as super
reshaping the roles of advent of business intelligent warehouses
business intelligence technologies
to cloud and on-premises data
professional accountants emerge: deeper and faster predictive
repositories to the next evolution in data
across all sectors insight on organisation performance,
transformation supported by the advent
better and quicker risk-assessment
and providing new, of the digital core; from the increasing
practices, clearer understanding of
exponential opportunities availability of open trusted data and
causality in social and environmental
clamour for one source of data truth to
to help businesses grow growing enterprise data lakes driven by
impacts, more refined and accurate
and add value. investment appraisal, more efficient
the expansion of the IoT. Add in growing
regulatory and compliance adherence.
storage possibilities in the cloud, and the
Data is ‘the single most important and
possibilities afforded by Data Cognition
non-negotiable requirement for powering
Engines to dramatically change enquiry
the use of Machine Learning’ (ACCA
possibilities in ever-expanding data sets.
2019a) and a ‘key factor promising a
In the information age, data possibilities
transformation of the audit profession’
are reshaping the roles of professional
(ACCA and CAANZ 2019b).
accountants across all sectors and

Global datasphere expansion is never-ending

‘IDC has defined three primary

locations where digitization is FIGURE 4.3: Annual size of the global datasphere 2010–2025
happening and where digital 180 175ZB
content is created: the core
160
(traditional and cloud data-centres),
the edge (enterprise-hardened 140
infrastructure like cell towers and 120
branch offices), and the endpoints
Zetabytes

(PCs, smart phones, and IoT 100

devices). The summation of all this 80

data, whether it is created,
60
captured, or replicated, is called
the Global Datasphere, and it is 40
experiencing tremendous growth.
20
IDC predicts that the Global
Datasphere will grow from 33 0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Zettabytes (ZB) in 2018 to 175 ZB
by 2025’ (Reinsel et al. 2018). Source: Reinsel et al. 2018

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Future ready: accountancy careers in the 2020s | 4. #20 trends shaping future careers?

4.6 GENERATION Z preceded them (Stahl 2018). Here we

‘Generation Z have a very need to be careful not to draw too many
The ascent of the next generation in
clear purpose to make an observations or simple representations of
the profession is already happening.
what this emerging generation want or
impact that matters. ‘Digital natives’ may bring new
need from their working lives or careers.
That manifests itself perspectives and different aspirations to
It is early days, and it will be important for
the profession as they enter the
through our actions with organisations to track these emerging
workforce. Their aspirations will influence
our clients, our people, sentiments over time, and reflect on the
the shape of careers in the profession and
implication for employer strategies that
in our communities’. how business leaders in all sectors adapt
successfully engage with them.
Interviewee their workforce strategies to
Generation Z’s entry to the workforce
accommodate a new generation of talent
presents a significant opportunity for
coming in. This is the first generation
accountancy to be reimagined and to be
raised on mass social media networks,
seen as a brilliant career foundation.
the growth of the internet and ubiquitous
use of mobile devices: they have an
unprecedented capacity to communicate ‘Technology for them, it’s just natural.
through social media and live their lives It’s not even something that they feel they
via touchscreen technology. They have have to talk about necessarily because
grown up or are growing up in an ‘always they use it. And it’s an integral part of
switched on’ digital environment. Some their lives, but they use it in a certain
indicators so far suggest they are a context. Interestingly enough, it’s used
generation that wants meaning and more for their personal lives. And I guess
purpose in both their personal and what we’re trying to do is open up their
professional lives, and there are some minds to the possibilities for what it
early signs that suggest they prefer more might look like in a business context’.
work stability than the generation that has Interviewee

Identifying what matters most to the next generation

• A high degree of economic and career conservatism among Gen Z across the
globe, which is evidenced in their top public policy priorities—economic
stability, education and jobs—and their top career priorities—a stable career
path, and salary and benefits expectations.

• Gen Z are deeply divided on whether their governments should prioritise

international collaboration or a nationalist approach to key public policy
issues, with diverse views between countries.

• The accounting profession is well positioned to attract Gen Z talent,

delivering on many of their top priorities, including stable career paths and
competitive salary and benefits. A large cohort are still deciding on their
career plans, and say they would consider a career in accountancy.

• Gen Z anticipate digitalisation and emerging technology will be a double-

edged sword, both bringing new ways of doing things, meaning new and
more interesting jobs, but also seeing traditional jobs declining as a result.

Source: IFAC 2018 (Survey based on a survey of 3,388 individuals between the ages of
18 and 23 in G20 countries)

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Future ready: accountancy careers in the 2020s | 4. #20 trends shaping future careers?

4.7 LONGEVITY unlikely to be future-proof for careers that

We are transitioning The traditional pattern of ‘education,
span many decades. We will all need to
into a workforce with reinvent ourselves in our future careers.
work, and retirement’ was framed in an
five generations in the age where life expectancy was shorter. We are transitioning into a workforce with
According to research from London five generations in the workplace, from
workplace, from veterans
Business School (Gratton and Scott 2017), veterans and baby boomers, through to
and baby boomers, as life expectancy increases, lives have Generation X, the Millennials and now
through to Generation X, become less in ‘lockstep’, ie previously, Generation Z. This has potentially
the Millennials and now workers transitioned from education to profound implications for how employers
work, and then from work to retirement at manage inter-generational talent and
Generation Z. the same time. The number of people engagement. By 2050 it is estimated that
reaching the age of 100 has quadrupled the number of people over 65 years old
in the past 30 years, and is likely to will triple and the number of those over
quadruple again by 2035 (Cook 2017). 80 will quadruple (Mercer n.d.). Birth rates
Individuals can expect to be in the in many mature economies are falling,
workplace much longer because retiring meaning we will see potential shortages
in their mid-sixties will not be financially and changing demographics with different
viable for most. And in a world of compositions of people in the workforce.
emerging and mass technological change, Across the accountancy profession these
the education we receive as children is demographic shifts have implications:

FIGURE 4.4: Old-age economic dependency ratio

60

40

20

0
1990 1994 1998 2002 2006 2010 2014 2018 2022 2026 2030

North Africa Arab States Northern, Southern & Western Europe

Sub-Saharan Africa Eastern Asia Eastern Europe
Latin America & Caribbean South-Eastern Asia & the Pacific Central & Western Asia
Northern America Southern Asia

Note: The old-age economic dependency ratio is the ratio between the elderly population (+65) and people in the labour force.
Source: ILOSTAT, ILO Labour Force Estimates and Projections, 2017; UN World Population Prospects, 2017 Revision

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Future ready: accountancy careers in the 2020s | 4. #20 trends shaping future careers?

we may expect careers to endure much The changing composition of the

‘The changing composition longer and individuals in their 70s and 80s workforce in the profession may also
of the workforce in the may remain gainfully employed. This signal different entry and exit points
could be driven by economic necessity, as and pathways in and out of jobs in
profession may also signal well as a decline globally in the relative accountancy. We may increasingly see
different entry and exit proportion of younger people in the later starters joining the profession, or
points and pathways in and workplace and rising old age dependency indeed those in mid-career switching
out of jobs in the profession’. (Figures 4.4 and 4.5). out as they seek to build wider career
portfolios and experiences. This should
Interviewee be seen as enriching the diversity of
‘My CFO is 70 years old. And he’s
actually the one who’s driving all talents entering the profession but it will
of our technological changes’. necessitate employers thinking more
Interviewee
laterally about pools of talent and their
employee proposition for engagement.

FIGURE 4.5: Changing population demographics

WORLD Population 7,678,174,656 WORLD Population 10,515,022,102
2019 2069
100+ Male 0.0% 0.0% Female 100+ Male 0.0% 0.1% Female
95-99 0.0% 0.0% 95-99 0.1% 0.3%
90-94 0.1% 0.1% 90-94 0.4% 0.6%
85-89 0.2% 0.3% 85-89 0.8% 1.0%
80-84 0.4% 0.6% 80-84 1.4% 1.6%
75-79 0.7% 0.9% 75-79 1.8% 2.0%
70-74 1.1% 1.2% 70-74 2.1% 2.2%
65-69 1.6% 1.8% 65-69 2.4% 2.4%
60-64 2.0% 2.1% 60-64 2.6% 2.6%
55-59 2.4% 2.5% 55-59 2.9% 2.8%
50-54 2.8% 2.8% 50-54 3.0% 2.9%
45-49 3.1% 3.1% 45-49 3.1% 3.0%
40-44 3.2% 3.1% 40-44 3.1% 3.0%
35-39 3.5% 3.4% 35-39 3.2% 3.0%
30-34 4.0% 3.8% 30-34 3.3% 3.1%
25-29 4.0% 3.8% 25-29 3.3% 3.2%
20-24 3.9% 3.7% 20-24 3.4% 3.2%
15-19 4.0% 3.8% 15-19 3.4% 3.2%
10-14 4.2% 4.0% 10-14 3.4% 3.2%
5-9 4.4% 4.2% 5-9 3.4% 3.2%
0-4 4.6% 4.3% 0-4 3.4% 3.2%

10% 8% 6% 4% 2% 0% 2% 4% 6% 8% 10% 10% 8% 6% 4% 2% 0% 2% 4% 6% 8% 10%

Source: PopulationPyramid.net 2019

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Future ready: accountancy careers in the 2020s | 4. #20 trends shaping future careers?

4.8 BEYOND THE LATTICE? and technology and digital developments

‘I think organisations transform business models. A rethink is
From career ladder to career lattice
have become a lot flatter. required, particularly with a younger
(ACCA 2018a). But even the term ‘career
generation entering the workplace who
Your traditional pyramid lattice’ implies vertical advancement up
may be less interested in following a linear
model just doesn’t work’. the organisational hierarchy. As
path to ‘vice president’ (VP). Transitions
organisational structures become more
Interviewee between different organisations are likely to
fluid and traditional hierarchies are
become more commonplace. Career paths
reimagined, as the organisation’s skills
will become less visible and less obvious.
needs become diffuse and must adapt
more rapidly in response to fast-changing
environments, career pathways will be ‘the upward progression is not
less anchored on the traditional vertical as it was 10 or 15 years ago...
model and pyramid-shaped organisation, organisations are getting flatter’.
and new jobs will be created (Figure 4.6). Roundtable participant
ACCA members expect to see
accountants move into increasingly ‘we have just had a conversation
diverse career paths (Figure 4.7). this morning about alternatives to
Changing business needs will demand the traditional partner track that are
continuously augmented skills, as new appealing and rewarding to our purpose’.
service offerings or work activities evolve Interviewee

FIGURE 4.6: Career-path evolution

Lattice
Ladder career path Emerging
career path showing options career paths
Source: ACCA 2018b (the original graphic includes ‘ladder career path’ and ‘lattice career path showing options’ only)

FIGURE 4.7: Accountants will move into more diverse career paths / switch out of traditional accountancy career paths
% of respondents that agree % of respondents that agree

100% 100%
Anticipated changes to careers
90% 90% in next 3–5 years (by age)
80% 80%
70% 70%
60% 60%
50% 50%
40% 40%
30% 30%
20% 20%
10% 10%
0% 0%
UK Republic Malaysia Mainland Hong Kong India Nigeria Singapore Canada 18–34 35–54 55+
of Ireland China SAR

27
Future ready: accountancy careers in the 2020s | 4. #20 trends shaping future careers?

cheaper for organisations to shift to

‘Back in the day we had a clear
New approaches to career path to become an accountant,
contract hire, and there may be tax
‘off-balance sheet’ benefits from doing so, or it may simply be
you become accounting manager, you
a matter of employee lifestyle choices and
talent and a more probably become a VP or CFO, but with
a reluctance to work 9–5. Fast-emerging
these new roles coming in, there’s a lot of
distributed workforce regulation also sometimes necessitates
fluid expectation, but there is no pathway,
are changing talent bringing in specialised accountancy staff
there’s no roadmap. So people are getting
with niche expertise. The shift may also
paradigms and creating into these new roles are excited, but at
be driven by new emerging technologies
new opportunities in the same time, [we should ask] what’s
and hiring platforms designed to speed
going to happen? What’s going to
organisations and in the happen in the next two to three years?
up talent recruitment. But it may also be
driven by economic necessity. As teams
wider ecosystem. Because they have to keep themselves
become more dispersed, organisations
up every year with new technology’.
need to think carefully about how
Interviewee
workplace culture, engagement and
connectivity work successfully in a
‘More variable career structures mean restructured workforce.
that individuals must demonstrate their
abilities as they seek new and more ‘I think in consultancy, the trend will be
challenging opportunities’. to actually have a database where you
ACCA 2018b can choose the people and the skills that
you require at the time when you require
4.9 RENT A CFO? them, not to have them employed for an
undetermined period of time’.
The rise of the gig economy and the ‘hire,
Interviewee
train, or borrow’ debate (ACCA 2018a). In
the profession we should expect to see
an increasing proportion of different and
diverse categories of labour, from As the workforce is augmented by
traditional employees to contingent, robots and cognitive agents,
freelance, ‘gig’ and crowd workers, as finance will need humans who can
well as those who work entirely virtually. build and connect systems that
New approaches to ‘off-balance sheet’ interact with other systems. Some
talent and a more distributed workforce will be traditional employees, and
are changing talent options and creating others may be contractors or
new opportunities in organisations and in freelancers. In either case, there
the wider ecosystem. will be a premium on talent that
understands technology and
We may possibly see wider use of business. There professionals are
contingent or contract work in the already in short supply. The shift to
profession as we look forward, and even a hybrid workforce, including new
emerging employment practices such as combinations of on and off balance
crowdsourcing increasingly feature as sheet workers will grow.
careers evolve and work and employment
Source: Deloitte 2018a
practices shift (Oliver 2018). It may be

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Future ready: accountancy careers in the 2020s | 4. #20 trends shaping future careers?

4.10 FROM COMMAND TO 4.11 CURRICULUM VITAE R.I.P?

‘Many of the traditional COLLABORATION
The career model in the profession has
perceptions of work are being Organisations themselves may be typically followed a tried and trusted
increasingly challenged by structured less hierarchically in future, path. The orthodox approach is of an
evolving business models. shifting away from traditional ‘command early technical foundation, a linear CV
This highlights the impact and control’ reporting lines. Many presented around ‘accumulated’ job
organisations today remain wedded to titles; often narrow areas of specialised
of changing business
organisational structures that were formed experience with few employers. Emerging
structures on organisations from 19th-century industrial revolution work constructs may fundamentally
as traditional ones give way thinking, and ‘rooted in an efficiency challenge how individuals record their
to more flexible and dynamic paradigm that seeks to service predictable career history. Individuals may need to
team-based structures’. customer habits and known competitors’ ‘sell their story’ differently to respond and
(ACCA 2018a) (Deloitte 2016a). But an agile, hyper- adapt in a more fluid work environment
competitive, disruptive business across the profession as roles transform
environment demands more agility than and new opportunities rise and fall
these structures can sometimes quickly. Alistair Cox (2019), the CEO of
necessarily provide. Afforded by global recruitment firm Hays, recently
changing communication possibilities suggested that ‘as the world in which we
and increased connectivity platforms, work changes beyond recognition, so
team working could transform as we look does the C.V’.
forward across the profession.
Professional accountants may get As organisations transform, and as new
increasing opportunities to join project business models emerge, individuals may
teams that come together and then need to think more laterally about the
potentially disperse after the problem has different skills groups they are building to
been solved or the business outcome navigate changing employer work
achieved. Virtual working will enable practices, and shifting career
decentralisation of these teams, which opportunities in the face of disrupted
can operate across different geographies employer career models. They should
easily. Competitor and partner boundaries look at their career journeys not just as a
will become increasingly blurred too. series of job roles, but the richer narrative
Individuals will be sought out to work in of how those experiences have built a set
different teams and be rewarded for their of skills and competencies that are of
skills and not because of their job title. value to organisations. The CV of the
future is skills-centric not job-title-centric.

Finance organisations will be ‘It’s being able to match what they

flatter and more distributed, with have done (on their CV) to what
agile teams taking advantage of competency does that highlight’.
instant and easy to access data Roundtable participant
Members of cross-functional teams
will grow by learning from each ‘I just recently saw a CV from a
other. New leadership and teaming millennial that we were talking to...
models focused on intense levels of What was very interesting is how
collaboration will grow. They’ll they approached their CV. It was
tackle problems and challenges too just not linear reading, it was a very,
complex to be addressed by any very different read’.
individual or group with the same Interviewee
skill set. The finance workplace will
need to enable and facilitate
collaboration across a broad range
of interdisciplinary teams.
Source: Deloitte 2018a

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Future ready: accountancy careers in the 2020s | 4. #20 trends shaping future careers?

4.12 SKILLS TRANSFORMATION 4.13 CONTINUOUS LEARNING

In tomorrow’s profession, In the face of rapid transformation, Keeping ‘up to date’ has always been a
the capacity to unlearn companies that innovate fast and that can sine qua non for professional accountants,
and relearn will shape act with significant agility are better the cornerstone of remaining capable
placed to compete. This is crucially and competent. It’s the quality assurance
and colour how careers
dependent on fostering a talent strategy kite mark that has underpinned trust in
in the profession evolve, that can adapt in the face of changing the profession since its inception. But this
and how professionals business circumstances and needs, and fast-moving environment demands a
reinvent and reimagine that promotes the right emerging skills rethink in our approach to learning new
and capabilities. ACCA’s Professional skills, more often, in the race to remain
their own working lives. Quotients identify the mix of capabilities relevant. In tomorrow’s profession, the
that will be needed across the profession capacity to unlearn and relearn will shape
as careers transform and roles change and colour how careers in the profession
(ACCA 2016a). Technical skills and ethics evolve, and how professionals reinvent
remain core across all the future roles that and reimagine their own working lives.
professional accountants will perform and
represent the foundation for success, ‘The one thing I really do not regret in
whatever the career journey that is taken. my career is becoming an ACCA member.
But the changing workplace for I think commitment to things such as
professional accountants demands other ethics, setting standards, ensuring that
new capabilities too. our people get the opportunities for
continuous improvement, continuous
education and CPD are important’.
‘As they start their careers they Roundtable participant
have both professional and
technical skills of a certain level. As This shift creates a particularly challenging
their job roles progress they may, transition from the traditional structured
initially, need to develop deeper tertiary education model to a workplace
technical skills which in time are that demands flexibility in our approach
balanced by further professional to acquiring new capabilities quickly. It
skills. At a more senior level in the requires a continuous learning mindset.
organisation they place greater
reliance on the technical skills of This also challenges traditional
others so the professional skills compliance-orientated approaches to
acquire increased emphasis’. CPD based on ‘time served’. Instead it
prizes clear outcome-based approaches
Source: ACCA 2018b
where learning remains relevant and
applied. Learning from others, coaching
or reverse-mentoring interventions, a
growing appetite for apprenticeships
(blended learning and employment) in
some countries and interventions that
‘collapse the distance between the
classroom and the workplace’ (ACCA and
Said Business School 2019) become more
relevant in this emerging world of work.

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Future ready: accountancy careers in the 2020s | 4. #20 trends shaping future careers?

4.14 LEARNING CULTURE 4.15 DIGITAL LEARNING

‘It has to be about curating
With the half-life of skills declining rapidly It isn’t just mindsets and learning cultures
not creating learning, because (Bersin 2017), and information sources that need to change. Emerging technology
you can’t keep up with all exponentially increasing, the changing is opening up new blended learning
these different needs. What speed and source of learning opportunities and different options for
opportunities fast tracks. While changing both informal and formal learning in the
we found was that employees individual mindsets to be more open to workplace. This facilitates the rise of
were actually going out and learning is one thing, transitioning to a self-curated learning as well as the need
buying privately all these continuous self-directed learning culture to expedite learning outcomes or deliver
other courses’. right across an entire organisation is quite ‘just in time’ learning interventions.
another, and some research suggest this
Interviewee is at best work in progress (Towards Optionality is being introduced to
Maturity 2018). Increasing employee support better learning in the profession,
‘self-curation’ will further refine the future and digitisation is creating new
role of learning and development teams opportunities to consume content.
as content curators rather than content Mobile learning affords organisations
providers. Businesses will need to potentially limitless opportunities to
remodel and anchor the enterprise enhance the learning offering on an
learning ecosystem much more closely to ‘anytime anywhere’ basis across different
continuous achievement of individual and technology devices and platforms.
wider business outcomes and
Witness the growth of offerings from
performance. This knits the growth of
platforms such as Adobe, LinkedIn,
individuals and teams to organisational
Skillshare, Docebo, and EdX and it is
growth much more clearly, with a focus on
obvious that choice is expanding,
‘teaching people to learn rather than
delivering commoditised learning
teaching them what they need to do their
opportunities that support continuous
job’ (ACCA 2018a). It necessitates fluidity
skills development. The rise of new
and innovation in building learning
simulation approaches, ‘gamification’,
cultures that support employees to be
the explosion of social learning and
able to search and evaluate sources of
peer-to-peer learning, as well as new
‘trusted’ learning.
emerging possibilities through
Augmented Reality and Virtual Reality
‘Learning is never ending, and all potentially drive significant learning
there’s an expectation that all of our benefits and return on investment benefits.
professionals, no matter the level,
continue to upskill. We have learning
‘As far as the delivery of our learning
expectations for everyone’.
curriculum is concerned we have
Interviewee
several different ways, but one of the
key new areas is through more digital
‘Performance management. I think that’s channels. So [we have] more of a curated
been a significant change from a once on-demand learning experience that is
a year kind of assessment, to building more of a pull than a push’.
almost ... a sort of ongoing coaching Interviewee
intervention. And then the motivation to
actually become better coaches, to become
better people leaders was huge, because
suddenly there was no system for people to
hide behind. We are getting lots of different
people with different skills, different
capabilities, different levels, different
things that make them perform. And that
requires more competent management: it is
coaching, leadership and it’s management’.
Interviewee

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Future ready: accountancy careers in the 2020s | 4. #20 trends shaping future careers?

4.16 INCLUSIVITY
‘part of what we are trying to do
Diversity in the workplace A diverse workforce makes good business is particularly when we look at more
is key to creating high- sense. This is a strategic business issue diverse workforces is just making
performing teams who and not just a moral obligation. In a sure that our people know that there
global marketplace, inclusivity practices are many opportunities for growth’.
can innovate, connect
that help drive diversity are key to Interviewee
with customers and drive organisations’ ability to innovate and be
business outcomes. fast to respond. McKinsey’s seminal Why For the accountancy profession, diversity
Diversity Matters publication (Hunt et al. manifests in different ways, from widening
2015) identified a correlation between social mobility access to diversity of skills
greater levels of diversity in a firm’s and experiences, to greater diversity in
leadership and the likelihood of gender, age, perspectives and
performing better on profitability than experiences, and international mobility
similar organisations in an industry peer afforded by rising career opportunities
group. Its follow-up 2017 report identified across different markets. Previous ACCA
that ‘companies in the top-quartile for research has identified a need for the
gender diversity on their executive teams profession to be further opened up as a
were 21% more likely to have above- career choice for those from lower
average profitability than companies in socio-economic backgrounds and the
the fourth quartile. For ethnic/cultural need for institutional biases to be
diversity, top-quartile companies were removed (ACCA 2018b). But diversity
33% more likely to outperform on extends beyond this too, to the diversity
profitability’ (Hunt et al. 2015). Research of thinking that is needed by employers in
by Boston Consulting Group has also the profession. Diversity in the workplace
found that ‘companies with above is key to creating high-performing teams
average diversity on their leadership who can innovate, connect with customers
teams report a greater payoff from and drive business outcomes.
innovation and higher EBIT [earnings
before interest and taxes] margins’
(Lorenzo et al. 2018). The Deloitte 2018
millennial survey cites that 74% of
individuals believe their organisation is
more innovative when it has a culture of
inclusion (Eswaran 2019).

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Future ready: accountancy careers in the 2020s | 4. #20 trends shaping future careers?

4.17 BUSINESS MODEL INNOVATION competitors and partners as digital

New business models We live in an era of rapid business model
technology affords access to markets and
have an increasingly organisations cooperate to solve
evolution, and new organisational designs
problems. More and more professional
important role to play are entirely rethinking how long-term
accountants in the future can expect their
value is created and sustained. Different
as organisations with careers to unfold in new and very different
types of business model and platform
purpose, contributing to types of emerging business models. For
working are rapidly forming across the
those professional accountants with
local economies, building global economy (ACCA 2017a), spurred
entrepreneurial ambitions, this presents a
infrastructure, and on by fast-changing technology, rising
significant opportunity.
market purchasing power, enhanced
unlocking social potential. networked connectivity and better
4.18 TRUST AND ETHICS
opportunities to secure funding (Figure
4.8). New business models have an Trust, ethics and professional competence
increasingly important role to play as are for ever the cornerstone of the global
organisations with purpose, contributing profession. These remain as important as
to local economies, building ever in a world where public interest in
infrastructure, and unlocking social the performance of organisations and
potential. ACCA research has previously how this is achieved continues to rise;
reported different characteristics that are good behaviour is rewarded and bad
being combined in various ways to create behaviour destroys value. ACCA research
businesses with purpose that tap into new points to the rising importance of strong
sources of inclusive value (ACCA 2018c), ethical behaviour from professional
and that are resilient enough to adapt in accountants as businesses transform in
a fast-changing and complex global the digital age (ACCA 2017c). But this
environment. With the advent of cloud isn’t just a narrative about behaviour. It is
and more connected digital technologies, also a narrative about competence in a
sectors and industries within the global world which is complex and where
economy that had previously operated in sources of knowledge and information
isolation are now more able to connect continue to grow exponentially, and
and partner to generate business growth, where the source of ‘truth’ is harder to
fuelled also by a greater capacity to pin down. More than ever, professional
access talent in a connected, global ‘gig’ accountants need to be ‘trusted’.
economy. There is a blurring of

FIGURE 4.8: Drivers of change for new business models

1
TUMBLING
TECH COSTS

2
5
THE RISE OF
CHANGING
‘START-UP
WORLD
CULTURE’

4 3
NETWORKED THE RISE OF
CAPITAL NEW TOOLS

Source: ACCA 2017a

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Future ready: accountancy careers in the 2020s | 4. #20 trends shaping future careers?

85%
4.19 MULTI-POLAR WORLD Economic growth within particular
countries is influenced by a myriad
More of us now live in cities than ever
different factors. Changing
before. This is a long-term global trend
demographics, rising or falling income
that is expected to shape the way our
levels and consumption, technology
societies will operate as we look forward
deployments, investment in public
and the future of work. More than half of
infrastructure, and social and
the current world’s population lives in
environmental policies all influence
urban areas, and this is expected to grow
of the younger generation to 68% by 2050 (United Nations 2018), with
economic success. According to the
of accountants surveyed Bureau of Labor Statistics at the US
a possible 2.5bn people added to urban
Department of Labor, over the period
want careers that span areas over the same time period, with
2018–28, the employment of accountants
India, China and Nigeria accounting for
international locations 35% of this growth. Currently, Asia is home
and auditors is expected to grow 6% in
the US. McKinsey research suggests that
to 54% of the world’s urban population
the occupational categories with the
with Europe and Africa contributing 13%
highest percentage job growth net of
each. Many opportunities across the
automation include accountants, but also
profession will be linked to urbanisation,
suggests that the profession may be
city growth and the future of mega-cities.
susceptible to declining employment in
We will continue to see aspirations for
advanced economies owing to
international mobility and careers that
automation (McKinsey Global Institute
span different countries and regions of
2017). It is a complex global picture.
the world as career opportunities are
increasingly democratised and made There is one region of the world that is on
visible through technology. According to a longer-term trajectory of rising economic
ACCA (2016b) research, 85% of the growth – Asia. According to McKinsey
younger generation of accountants research, in 2019 Asia accounted for just
surveyed want careers that span under one-third of global GDP (in
international locations. purchasing power parity), but is ‘on track
to top 50 percent by 2040’ at which point
‘A lot of the younger professionals it is expected to account for 40% of the
want opportunities that allow them world’s total consumption (Mckinsey
to rotate to different organisations Global Institute 2019). Over the last
or geographies’. decade we have seen the continual shift of
Interviewee resources away from Western economies
to Asia, and this region, particularly, is a
Yet predicting precisely where in the catalyst for highly innovative, fast-growing
world we will see changes in career global organisations. This should create
opportunities across the profession new opportunities for professional
remains a difficult and nuanced task. accountants across many different sectors.

‘When we think about the industries which professional services support, the
scale and pace of change is really quite staggering. To take the example of the
built environment, more than 1.5 million people are being added to global
urban populations each week, and $8 trillion (USD) will need to be spent on
infrastructure in New York, Beijing, Shanghai and London alone in the next 10
years. Also, there will be a regional rebalancing, because a staggering 90% of
this urban population growth will take place in Asian and African countries.
It’s therefore not surprising that we are seeing professional services businesses
also changing rapidly, thinking about where and how they operate, and the
skill-sets which they will need in their teams to support clients operating in this
challenging environment’.
Ian Jeal, Director of Education and Qualification Standards at the Royal
Institution of Chartered Surveyors
Source: ACCA and Said Business School 2019

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Future ready: accountancy careers in the 2020s | 4. #20 trends shaping future careers?

4.20 DIGITAL RECRUITMENT Automation tools are also driving

Technology has Technology is also transforming the
administration efficiencies, helping diarise
the potential for interviews and providing regular updates
recruitment process for employers and
on candidates in the process. A new class
revolutionising employer the job-sourcing process for candidates.
of emerging AI-driven tools are also
It started with using applicant-tracking
recruitment processes driving deeper insights on candidate
software to drive efficiencies in candidate
that go beyond scanning profiles. All this leads to falling costs and
selection and has led to growing numbers
increasing candidate quality, in theory at
resumes for keywords. of start-ups developing software to
least, although emerging concerns that
reduce transactional and time-consuming
algorithmic bias is being introduced
recruitment tasks such as initial screening.
mean that this needs to be monitored
Technology has the potential for
closely. These developments have
revolutionising employer recruitment
potentially profound implications for how
processes that go beyond scanning
candidates source and connect to new
résumés for keywords. It is driving more
career opportunities in the profession.
effective potential employee targeting
Witness the growth of LinkedIn over the
and algorithmic matching and giving
last decade. We may also transition
access to new channels of engagement.
further in the profession to a world where
Consider the growth in emerging start-
individuals are increasingly recommended,
ups and digital talent marketplaces that
rated, scored and matched by algorithms.
are helping organisations access non-
It seems the future of recruitment and job
traditional sources of talent and widening
search is definitely digital (Figure 4.9).
the potential pool of candidates.

FIGURE 4.9: Talent acquisition technology ecosystem

Source: Talent Tech Labs 2018

35
 5. Future career
opportunities

Delivering sustainable growth or meeting

5.1 THE ASSURANCE ADVOCATE changing consumer or public demands is
challenging in a hyper-disruptive
The assurance advocate brings new levels of trust and integrity to environment. There are more stakeholders
organisational operations. They may focus on enterprise risk, helping and more vested interests in organisation
drive transparency and understanding of emerging issues affecting ‘performance’, the nature of organisational
outcomes and how they are achieved.
business performance, or be at the forefront of shaping future forward-
This is a call to arms for greater assurance
looking audit practices as the capabilities of digital tools and about how businesses operate. It is a
technologies expand. They could be driving best practices in emerging question of trust.
control frameworks or helping organisations meet ever-growing
Assurance in its many different forms has
regulatory demands or managing complex tax issues. They may even be
always been at the very heart of the
auditing algorithms in the future. They are essential to the strong profession, evolving from corporate
stewardship of sustainable organisations for the future. governance and risk practices to building
confidence in financial markets through
Disruptive and challenging environment drives growing assurance needs.
auditing best practices and standards
Stakeholder scrutiny of organisation performance remains high but trust development. Stakeholders expect
in organisations remains challenged. professional accountants, as assurance
Risks grow in complexity and are ever more interconnected as business experts, to demonstrate expertise, take
models transform. responsibility, act with integrity and
exercise professional judgement. Greater
Increased demand arises for audit to add more value and be much more environmental complexity will always
forward looking. create an expectation gap (ACCA 2019d)
Data drives huge potential for integrated assurance activities that provide between auditors and the public, which
greater confidence. regulators and policy setters are
increasingly codifying in the realms of
Digital technologies revolutionise traditional assurance activities and
external auditing, but the principles equally
provide new value opportunities. apply to all professional accountants
Greater connectivity reshapes how and where assurance activities operating across the wider internal and
are delivered. external audit and risk assurance space.
With a deficit of trust, it is difficult for
organisations to build sustainable value

36
Future ready: accountancy careers in the 2020s | 5. Future career opportunities

or attract inward investment, and it is We can expect to see cognitive

The exponential growth difficult for capital markets to function technologies and the use of algorithms to
of enterprise data efficiently. ACCA members expect to see drive better visualisation and risk insights.
opportunities grow in compliance, The burgeoning internet of things and
means a wealth of enterprise risk management, tax, internal smart devices gives organisations new
new information audit and external audit (Figure 5.1). integrated tools for enhancing control
sources relating to environments, from increasing
There are a number of factors shaping cybersecurity protection to more
emerging risks, how career opportunities in assurance will automated compliance activities and
control data points, and evolve and these will colour what future improved measures for detecting fraud.
compliance information. roles may look like. We start with the The application of robotics technologies,
explosion of data. The exponential coupled with improved standardisation of
growth of enterprise data means a wealth processes will also help drive better data
of new information sources relating to accuracy and process visibility using in-built
emerging risks, control data points, and data validation capabilities, but it will also
compliance information. Coupled with free more time for assurance areas where
automation, cognitive technologies, and there is a need for more professional
new analytics tools and techniques to judgement to be exercised. Better data
enhance data mining, traditional risk and enables risk, audit and assurance
auditing techniques will significantly professionals to deploy greater scepticism,
augment reporting and will be able to lateral and creative thinking and to ask
give much greater reporting confidence, better questions or gain a clearer
reducing errors and increasing efficiency. understanding of the interrelationships
across the assurance chain.

‘The use of advanced technologies ‘I think there are so many technologies

such as AI and ML, blockchain and clients are also moving into
and data analytics promises a automation and machine learning, we are
transformation in the audit looking at something called trust services,
profession, changing audit from a where we are actually going to check all of
reactive and backward-looking this for the client, to say that your systems
exercise to a proactive, constant or your bots are designed for the purpose
source of forward-looking insights for which you have set [them] up and say
that can be used all the time, with yes, your bots are operating as designed’.
the auditor as the custodian and Interviewee
interpreter of the underlying
data foundation’.
Source: ACCA 2019d

FIGURE 5.1: Expected change in opportunities

n Increase substantially n Increase slightly

Risk management 39% 36%

Regulatory and
42% 37%
compliance

Tax specialisms 30% 34%

Internal audit 22% 34%

External audit 20% 27%

0% 20% 40% 60% 80% 100%

Source: ACCA Future of Careers member survey 2019 % of respondents that agree

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Future ready: accountancy careers in the 2020s | 5. Future career opportunities

Across the assurance space, the growing One of the most significant areas of
One of the most significant capability of smart machines will allow opportunity with assurance is for
areas of opportunity assurance advocates to work with much developing a more holistic view right
greater sizes of data sets and perform across enterprises and the business
with assurance is for deeper analysis using machine learning ecosystem as to the effectiveness of all
developing a more and deep learning techniques, and they the different assurance activities that take
holistic view right across will do so more quickly and more place. As different organisational risks
comprehensively than a human could emerge, or as new regulatory or
enterprises and the
(ACCA and CAANZ 2019b). Consider the compliance initiatives are needed, too
business ecosystem as use of AI and cognitive tools for reviewing often risk, compliance and assurance
to the effectiveness of all and analysing different types of risk and responses have been isolated, disjointed
the different assurance assurance-related documents, for and inefficient, and the understanding of
example, or extracting key information activities that drive organisational value
activities that take place. and data fields, driving greater efficiency and assurance around these has not been
in, for example, contract reviews. Another visible. This status quo becomes less
example where new technologies could tenable in a marketplace which is agile
simply make the auditing process more and fast moving, which rewards better-
efficient is the use of drones on stock informed decision making and a more
takes (ACCA 2019b), or other mobile comprehensive understanding of the risks
devices that support inventory counts aligned to strategy delivery. Future
that are immediately shareable across approaches to assurance that are
audit teams. And there are other uses of collaborative and more explicitly linked to
emerging technology too, for example, in the achievement of business objectives,
compliance with global KYC (know your that understand the value drivers at the
client) regulations. The use of AI and core of the organisation and therefore
forensic data analytics to enhance the focus on these, are essential components
risk-assessment process in regulated of driving future sustainable business
entities has significant implications for the success. A good example here of the
effectiveness of AML and sanctions power of a more holistic joined-up view is
controls. In addition, the application of fraud. A survey of senior executives within
RPA can yield the twin benefits of the financial institutions found that 71% of
streamlining of operations with enhanced respondents recognised a compelling
consistency, and relieving compliance and case for integrating some or all of their
auditing professionals from repetitive anti-fraud and anti money laundering
administrative tasks, enabling them to (AML) systems into a single environment.
focus on high-risk areas. But even with Driving the maximum benefit from these
technological developments there will approaches will demand a comprehensive
still be a role for the skilled and sceptical overview of all the business data sources,
auditor, particularly in relation to more and a holistic programme of integration
predictive insights in the future. ‘We based on an understanding of the
should put as much effort into how we business’s needs as well as its ability to
train people to use predictions as we do adapt (Chartis and EY 2015).
into the predictions’, was the conclusion
of a Harvard researcher investigating Another key area of development is
claims of bias in AI-assisted bail decision continuous assurance assessment. In an
scoring (Simonite 2019). It’s the skills gap increasingly dynamic, connected, agile
as well as the technology gap that will environment, there are naturally obvious
need to be addressed. limitations in traditional external audit,

38
Future ready: accountancy careers in the 2020s | 5. Future career opportunities

risk management and internal audit

In a fast-changing and planning cycles and rotational delivery. ‘Organisations in the 21st century
competitive marketplace, Technology can play an emerging role in are facing high levels of complexity
monitoring risks and controls in real time and uncertainty. Whether it is from
organisations want to and reporting on these, for example, the effects of global warming,
ensure that their risks consider the application of RPA developments in cloud computing,
are being appropriately technologies across internal processes to social media or political change and
drive system monitoring and control, the potential for less liberal trading
and ethically managed,
coupled with better reporting and environments, the number of ways
particularly as the visualisation capabilities. Examples such in which organisations can trip up
nature of risks facing as these give the assurance professional only ever seems to increase’.
organisations in all greater capacity to meet rising customer Source: ACCA 2018e
expectations in providing real-time
sectors is changing. assurance insight.

Risk management is an exciting and Increasingly, the speed and agility with
growing area of opportunity for which strategic risks are understood and
professional accountants. In a fast- communicated through the organisation
changing and competitive marketplace, must be heightened as the nature and
organisations want to ensure that their types of risk that organisations face
risks are being appropriately and ethically continue to become more complex and
managed, particularly as the nature of grow. There are increased calls for risk
risks facing organisations in all sectors management to be better aligned to
is changing. building and communicating the long-
term strategy of the organisation, and for
Consider, for example, the emergence of it to be enterprise wide, rather than
cyber (ACCA and CAANZ 2019a) or having a siloed approach (AON 2019).
environmental risks as a growing area of Recent research from Deloitte (2019)
focus, or even risks relating to culture and identifies a number of key areas of
people. There is an active shift within risk opportunity that support these ideas,
management from an activity focusing suggesting ‘organisations that invest in
predominantly on controls, compliance risk management, and specifically link risk
and managing risks that may destroy management to the attainment of the
value to one that is more performance- most important strategic and financial
centric and targeted on supporting risk goals, typically achieve higher relative
mitigation to drive value and growth, and growth’. The same report also suggests
aligned to executing organisational that risk management is becoming more
strategy (COSO 2017). There is also elevated and more strategic in most
growing use of visualisation tools and risk organisations and that ‘organisations with
dashboards, which enable those at the integrated risk management programs
top of organisations to take more achieve higher growth more often’.
informed risk-based decisions and build
better ‘risk-intelligent’ cultures within the
organisation (EY 2018).

39
Future ready: accountancy careers in the 2020s | 5. Future career opportunities

Consider the external audit process for

There are growing demands ‘Technological changes in businesses example – here there are a number of
for more proactive and and their business models require fundamental principles which will continue
the attention of auditors of any size, to underpin the delivery of audit across
forward-looking approaches
including small and medium-sized the end-to-end process: for example,
to auditing, with digital tools practices (SMPs). For example, start- planning for the audit and understanding
and technologies having up businesses now tend to have the relevant regulatory, legal and ethical
enormous potential to business models based on advanced considerations, or understanding the
technologies. Complex audit contextual risk framework, identifying
transform the risk, broader challenges could therefore come internal control frameworks and
assurance reporting and from smaller businesses too’. developing appropriate testing of the
internal control landscape Source: ACCA 2019d environment, as well as the principles of
audit evidence and reporting. It is simply
to create and preserve value.
that technology augments these
processes further and should drive both
Audit is changing too. There are growing efficiency as well as quality improvements.
demands for more proactive and
forward-looking approaches to auditing, In this new world the fundamentals of
with digital tools and technologies strong internal audit and governance skills
having enormous potential to transform will also still apply. Organisations of all
the risk, broader assurance reporting and sizes in all sectors will still need
internal control landscape to create and professional accountants to ensure
preserve value. governance structures are robust,
assessing the internal control framework
The increasing use of technology does to provide confidence that it is effective,
not, however, mean that the fundamental and to continuously identify control and
knowledge underpinning auditing and governance improvements to manage
assurance processes must change. risks appropriately. The professional
accountant will continue to advise and
develop appropriate risk policies, and
‘The latest advances in technology develop frameworks to report
promise significant benefits for the appropriately on risks as the nature of
audit profession, with a number of these change. And they will continue to
key drivers signalling the need for work across internal governance
technological change in audit. structures such as boards, audit
Such drivers include the rapid committees and internal audit functions,
increase in volume of data, changes and the wider three lines of defence, to
in business models, the shift communicate risk issues, better
towards automation and the understand risk appetite, and apply
demand for a proactive and emerging risk management techniques.
forward-looking approach to audit. Enhancing a culture of responsible risk
These developments require management in the organisation will also
auditors to be technologically remain critically important.
sound to enable them to continue
servicing businesses and to execute
high quality audits’.
Source: ACCA and CAANZ 2019b

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Future ready: accountancy careers in the 2020s | 5. Future career opportunities

Technology will bring other benefits too. assurance need in this area. Here the
The auditor could begin Growing digital capability through the auditor could begin to explore tests for
to explore tests for application of emerging technologies will examining the underlying credibility of
help assurance professionals acquire, the data and the assumptions on which
examining the underlying interrogate and understand data in less the algorithms have been developed.
credibility of the data structured formats too (ACCA 2019b), or Potentially this raises new ethical
and the assumptions on through non-traditional channels of considerations too.
information such as social media, or build
which the algorithms All these developments are essential as
more external data into the analysis. This
have been developed. should enable the professional accountant the role of assurance in the profession
This raises new ethical to acquire a much more holistic view of expands. This affects everything from
risks, or a clearer line of sight on audit understanding how risks are transforming
considerations too. non-financial key performance indicators,
data information, financial reporting
controls, and audit evidence. New external to comprehending how emerging and
data sources, for example, on markets, on expanding regulatory and compliance
key competitors and on customer trends, demands can best be managed.
will give a much greater contextual Particularly as digital transformation
understanding of the risks facing initiatives take hold, and growing risks
organisations, as well as helping them to from areas such as cyberattacks, we will
acquire comparative benchmarked data continue to see a constantly evolving
from similar external organisations to regulatory landscape. There is more
identify any significant differences. pressure on leadership and senior
executives to identify regulatory changes
and adapt to them; the costs of non-
compliance now are potentially very
‘In the era of Big Data, the damaging, financially and otherwise.
structured information accessible to Digital, in particular, has the potential to
auditors is only a fragment or an transform company approaches to
abstraction of the much wider compliance and identification of
universe of data. But this “dark regulatory or other risks through the use
matter” exists in unstructured of automation, machine learning and data
formats: the ability of Deep visualisation techniques to identify fraud
Learning [technologies] to analyse a patterns and relationships; with emerging
range of internal and external governance, risk and compliance tools
sources means that Big Data can there is greater capacity to collaborate
potentially supply complementary across the three lines of defence to
audit evidence and feed into the produce a consolidated view of risks and
narrative requirements of audit’. assurance in the organisation.
Source: ACCA 2019d
Tax is another area where technology
can help professionals respond to
One of the still very nascent but very increasing compliance demands from
exciting areas for assurance in the future regulatory authorities. The challenges
is the potential auditing of algorithms. posed to policymakers by the
There may be implicit assumptions that digitalisation of the wider economy may
datasets always yield reliable and have blurred the outlook for policy design,
objective truths (Guszcza et al. 2018), but we can at least be confident that
but there is growing recognition that automation and AI technologies offer the
algorithms too may be encoded with scope for rapidly classifying large volumes
societal biases and misinformation. of data for tax purposes, freeing up
With more and more organisational expert time for more valuable activities.
information produced through algorithms For the specialised few who can navigate
it seems rational to suggest a growing the complexities of both tax legislation

41
Future ready: accountancy careers in the 2020s | 5. Future career opportunities

and AI design, there will be scope to

‘In the new audit framework, you
‘Tax is, and will remain for design tools that can predict optimal
may not see so much sample testing.
the foreseeable future, a high investment and production strategies to
It will be more online real-time testing
meet defined targets such as effective tax
priority of policymakers, rates, or predict the implications of
of the transactions and it will be
businesses and professional more exception-based testing than
emerging tax regulations and proactively
the sample-based testing’.
advisers around the world’. make suggestions and prompt tax
Interviewee
(ACCA 2019c) compliance specialists for responses
(Milner and Berg n.d.). In this sense, core
All these developments and technology,
tax competencies will still be very much
in particular, will shape the assurance
needed, from core foundational
advocate of the future, and determine the
knowledge of different tax operations
skills most prized. The assurance
and systems through to compliance
advocate will be deploying creativity and
issues, as well as advising strategically
vision to build a better predictive
different tax implications for changing
understanding of what may happen in the
business structures.
future. They will need to be increasingly
The application of smart technologies conversant with emerging technologies,
isn’t just providing new opportunities to and to understand better how to drive
analyse data better and meet evermore innovation, using digital developments to
demanding assurance needs. It is improve assurance quality, as well as skills
fundamentally changing the composition in analysing, exploring and understanding
of teams and how they are structured, emerging data sources. As technology
and how work is delivered, driving more replaces part of their traditional roles,
effective communication, collaboration they will spend more time building
and connectivity both across teams and, relationships, influencing stakeholders
where necessary, with clients. In the and communicating implications and
auditing field, for example, emerging and findings, and they will increasingly need
shared technology platforms are enabling to work more collaboratively across the
teams to coordinate, plan, monitor and organisation ecosystem and beyond to
deliver approaches to audit and share acquire and deliver more forward-looking
information virtually across wide-ranging and insightful assurance information.
audit assignments. This means audit risks
and findings can be managed more ‘It’s us as finance professionals
effectively and shared across teams in real understanding the role of technology
time. It means a much more efficient and within the business…but then we need
effective approach to audit project delivery to be able to apply the fundamental
and smarter deployment of audit teams. accounting principles, internal control,
As part of the broader workplace trends the auditing of it’.
identified earlier in this report, we may also Roundtable participant
expect to see different teams emerging in
the assurance space and the shift to ‘off
balance sheet’ assurance talent, potentially
more outsourcing of assurance activities,
rotational programmes and even
potentially the use of crowdsourcing.

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Future ready: accountancy careers in the 2020s | 5. Future career opportunities

New operating models, 5.2 THE BUSINESS TRANSFORMER

access to new markets, The business transformer is the architect of organisational change.
the creation of new They could be driving major business change initiatives or transforming
service and product finance operations. They may be leading innovative smaller accountancy
offerings, and exploration firms that transform client businesses. They could be exploring growing
of partnerships and careers in external advisory services driven by technological innovation
emerging platforms and economic growth. Or they may be leading smaller enterprises
will drive future as digital platforms open the door to new commercial opportunities.
business success. They are critical to creating change, driving the strategies of
organisations, and supporting sustainable organisations for the future.
Digital is the catalyst for business transformation.
Advisory services continue to go from strength to strength.
Smaller accountancy firms are entirely reimagined as tech transforms
services.
New business models proliferate providing exponentially growing
opportunities.
Large finance teams are reimagining their organisational design and
driving change.
Continued rise of new operating models drives cross-functional change.

With significant disruption in the external This is the professional accountant as the
market, business models will continue to business transformer, driving business
disrupt to remain competitive and viable. change, architecting new emerging
New operating models, access to new operational finance delivery models,
markets, the creation of new service and re-configuring end-to-end processes and
product offerings, and exploration of workflows to drive efficiencies, or taking
partnerships and emerging platforms will opportunities from new emerging
drive future business success. From business platforms and channels to
leading start-up businesses to delivering market to run smaller enterprises and
major transformation programmes or accountancy practices.
finance operational change programmes,
the skills that professional accountants ‘The real future is in business advisory’.
acquire to support businesses of all sizes Interviewee
transforming in the digital era will be vital
for their roles as advisers and leaders.

FIGURE 5.2: Expected change in opportunities

n Increase substantially n Increase slightly

Business
transformation 55% 33%
and change

External business
37% 37%
advice

Establishing
start-ups / 35% 34%
entrepreneurs

0% 20% 40% 60% 80% 100%

Source: ACCA Future of Careers member survey 2019 % of respondents that agree

43
Future ready: accountancy careers in the 2020s | 5. Future career opportunities

The stand-out opportunities for

‘We can drive change absolutely.
‘We, like everyone else, professional accountants as business
And we can transform businesses
don’t necessarily know yet transformers include the growth in
because we understand so many of
demand for advisory services, particularly
exactly what roles are going in services such as risk advisory, technology
the drivers of the business’.
to be in existence, but we do Interviewee
transformation, tax advisory and broader
know that advisory skills business transformation and advice skills,
One huge area of opportunity for
are going to take on an primarily driven by technological
professional accountants as business
innovation, economic growth and business
increasing importance’. model change. There are different growth
transformers is the development of
Interviewee smaller and medium-sized practices that
dynamics across the global economy as
leverage digital capabilities to remodel
we look forward that could influence the
their business. This is the smaller
speed at which these opportunities come
accountancy firm reimagined as the true
to fruition and there are variations across
business adviser, with a service focusing
markets in the size of the opportunity.
on business growth and strategic vision
Consider, for example, the remarkable
(ACCA 2017d). Digital transformation is
growth predicted in the ASEAN region as
re-affording professional accountants the
the longer-term trajectory and balance of
opportunity to be the de facto trusted
economic power shifts west to east.
small business advisers, changing the
McKinsey research concludes that Asia is
nature of client relationships from
on track to have the top 50% of countries,
traditional accounting advice to broader
globally, by GDP by 2040 and will drive
advisory. And it’s primarily a technology
40% of the world’s consumption. Its
play, as digital adoption automates
global institute also examined growth
routine practice tasks, enables quicker
opportunities in 71 developing economies
and more effective client data analysis to
and singled out 18 ‘consistently posting
drive value and insight, enhances the
robust economic GDP growth’, citing all
speed at which client issues can be
seven long-term outperformers and 5 out
diagnosed and resolved, reduces cost,
of 11 recent performers as being located
enables scalability of service offerings,
in Asia (McKinsey Global Institute 2019).
and supports business growth by targeted
Previous research by ACCA and the client segmentation by size or sector or
Singapore Accountancy Commission has geography (ACCA 2018f). Some of this is
also identified growing demand for directly delivered by the practice, but
non-regulated professional services and greater collaboration with third parties in
preference for hiring professional this sector is also creating new client
accountants in advisory roles (ACCA and offerings. Technology evangelists in this
Singapore Accountancy Commission sector are ramping up client connectivity,
2018). And there are more global offering a much better understanding of
indicators that suggest advisory services key trends and dynamics impacting their
are in a relatively healthy state and will clients’ businesses, and drawing on wider
remain big business. The proportion of information sources with enriched data
revenues the large accountancy firms sets. As client expectations grow further,
earn from consulting and advisory the accountancy firm of the future
services continues to grow compared presents a brilliant opportunity for
with many traditional service lines. professional accountants to make a real
Gartner (2018a) has also reported a global difference to small businesses by
consulting market growing by 9.0% to revolutionising the practice offering. They
$188bn. As professional services firms will need to continue to bring a wide
continue to seek to differentiate they will range of skills to lead successful practices
look to transform their business models in this era: as true business advisers they
and evolve new service lines in the face of will need skills in understanding the
rapid client transformation. This leverages external competitive environment facing
their capacity to meet increasing client their clients, and they will be expected to
needs globally, deliver better services and make clear recommendations and give
drive internal efficiencies. This is an area advice across a wide range of business
of significant career opportunity for issues such as exploring new channels for
professional accountants in the future. revenue creation or cost reduction, or

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Future ready: accountancy careers in the 2020s | 5. Future career opportunities

helping in the development of future

As client expectations business plans and financing ‘For SMPs digitalisation doesn’t just
further grow, the practice opportunities. There are further save time and money but creates
opportunities, too, for smaller and new spaces for accountants to move
of the future presents a medium-sized accountancy practices into: not just as financial or even
brilliant opportunity for broadening out client advice as more and technology experts but with the
professional accountants more smaller businesses seek to time and information to act as true
internationalise (Figure 5.3). Many smaller business advisers, while still being
to make a real difference
accountancy firms are also increasingly highly trusted’.
to small businesses recognising wider social purpose and Source: ACCA 2019e
by revolutionising the integrating their service offering further
practice offering. into community engagements and causes.

But there are even more opportunities, scalable, cheap and agile tech, prized
too, in smaller organisations beyond innovation, rising entrepreneurial
accountancy firms for professional ambitions, and better access to finance
accountants as business models change and networked capital are all factors
and smaller organisations find new ways creating growth opportunities. This
of creating revenue. Fast emerging global disruptive and transformative
markets with a growing middle class environment will shape and provide new
customer base, the growth of social career opportunities for professional
networks that drive faster connectivity, accountants with entrepreneurial
leadership ambitions. From the continued
rise of platform-based business models,
to the modern barter, to mega-hyperlocal
‘For SMPs [small and medium-sized businesses (ACCA 2017a), there are
practices] digitalisation doesn’t just already clear cut examples of innovative
save time and money but creates and super-successful businesses
new spaces for accountants to move transforming the economic landscape.
into: not just as financial or even And professional accountants with deep
technology experts but with the and broad skills in accountancy and
time and information to act as true finance are well placed to take advantage
business advisers, while still being of these emerging opportunities and lead
highly trusted’. the next generation of business
Source: ACCA 2019e innovation. This leadership of the
business requires the bringing together

FIGURE 5.3: Examples of possible international advisory provision

Market Strategy Business model

research and planning optimisation

Market analysis and Cashflow management Adoption of cloud and

business intelligence and forecasting data analytics software solutions

E-commerce and
International tax advisory Export finance and payments
information technology

Foreign exchange and Adapting legal, finance

Regulatory and customs advisory
transfer pricing and tax structures

Policy and legislative support/ Assessment of business risks,

Identifying domestic government
engaging with government effective control planning and
funding/support programmes
authorities mitigation strategies

Establishing foreign branches Developing international networks Recruitment and

or subsidiaries and value chain participation training / talent management

Source: ACCA 2018f

45
Future ready: accountancy careers in the 2020s | 5. Future career opportunities

of many capabilities, understanding the

‘A business that prioritises external environment in which the ‘High-growth SMEs were more
building a strong network of business operates, and having the likely than other businesses to seek
advisers and professionals capability to apply commercial out external advice to help guide
understanding in the development of their strategic decision-making. As
can increase the possibility of robust strategy plans. It also demands an well as obtaining professional
introductions to prospective appreciation of different stakeholder advice this also included obtaining
customers, suppliers and new needs in formulating and delivering views from a business network
talent. SMEs can gain further sustainable business plans for the future whose expertise could support the
benefits, such as improved with appropriate financing. business’s growth’.
access to business intelligence Source: ACCA 2018g
and technological know-how’. ‘My career has been very broad,
but I’ve engineered it to be that way
(ACCA 2018g) Transformation is big business in an age
because I always intended to end up
running a business’. of mass enterprise disruption, as senior
Interviewee finance professionals in bigger
organisations are faced with new
But there are transformation opportunities imperatives as business transformers
too for professional accountants as evolving their own finance teams (Figure
business transformers in much larger 5.5). It is speed to market and the agility
organisations (Figure 5.4). In the public of decision making through better, more
sector, the advent of a ‘digital first’ insightful data that are key to creating
strategy in the UK, for example, driven by competitive advantage now, and that
changing citizen expectations and demands rapid innovation and
interactions with the state, is the catalyst ‘intrapreneurialism’ across the
for major organisational change, such as organisation and gives finance teams a
the Making Tax Digital initiative. There significant opportunity to evolve
are similar digital transformations institutionalised ways of doing things,
programmes occurring in governments leveraging people, processes and
elsewhere around the world. ACCA’s technology capabilities to step change
recent report Innovation in Public Finance what and how finance delivers. Never has
cites significant involvement of the there been a greater opportunity for
finance function in public sector professional accountants as business
innovation (Figure 5.4). transformers to help shape the strategy of
the business and drive innovation in
processes. Digitalisation, particularly, is a
call to arms for finance function change.

FIGURE 5.4: How involved is the finance function in the innovation taking place in your organisation?
n Radical innovators, public sector n Private sector n All public sector
70%

60%
62%

50% 54% 55%

40%

30%

27%
20% 23%
18%
10% 13% 5% 6%
11% 3%
7% 7% 8% 1%
0%
The finance function leads The finance function works jointly The finance function plays a No involvement Don’t know / not applicable
on innovation with other teams on innovation small part in innovation
Source: ACCA 2019 member survey; public and private sector innovators; n: 3,665

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Future ready: accountancy careers in the 2020s | 5. Future career opportunities

The question for business transformers transformers, and the look and feel of
For professional who are evolving larger finance teams is larger future finance teams. ACCA and
accountants as business one of balance. They face the need to be PWC’s recent report begins with a
a more forward-looking, advisory function fundamental question: If you could start
transformers, this race while not losing sight of finance’s with a blank piece of paper, how would
to remain relevant will stewardship and financial controllership you design the finance team, and would it
mean enabling a powerful responsibilities, which remain fundamental resemble in any way the structures we see
in highly disruptive markets; the need to today? (ACCA and PwC 2019). For
digitalisation strategy
respond ever more quickly to regulatory professional accountants as business
across finance. pressures and quarterly institutionalised transformers, this race to remain relevant
reporting requirements, while also will undoubtedly mean enabling a
creating space and time to support much powerful digitalisation strategy across
longer-term strategic goal delivery; and finance that embraces emerging
the need to continue to take cost out of technology, leveraging automation, and
the enterprise while investing in digital continuing transition to the cloud. It
capabilities and new corporate investment demands an acute recognition of the
strategies to drive future productivity and importance of information and a powerful
sustainable long-term value. data strategy that is at the heart of
forward-looking insight, performance
‘Finance is the only function which management and controllership activities.
can see the end-to-end processes, It necessitates a thorough review of the
it can look into the whole value chain skills that finance currently has, and will
of the business. So it can connect the need in the future, adopting a culture of
business with the market and also with continuous learning to future-proof its
the other functions, via the data and via capabilities as business needs change. It
the financial lens’. suggests process transformation and
Interviewee
standardisation across finance to drive
consistency in how it reports across the
Many of the trends influencing the future business and uses data. And above all
of careers that we have identified in this else it mandates cultural change across
report could shape the thinking of finance finance teams (Figure 5.5).

FIGURE 5.5: How significantly will the role of the finance function change?
Remain the same Slightly change Significantly change
% of respondents that agree

70%
62% 65%
60%
51%
50%

40%
41%
30%
30%
26%
20%
12%
10%
8% 5%
0%
Next year Next three years Next five to ten years
Source: ACCA and PwC 2019

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Future ready: accountancy careers in the 2020s | 5. Future career opportunities

These are all activities and opportunities leadership to operate in what continues
‘For finance we all work to for the business transformer of the future. to be a fast-changing environment, and
support the business model There are other opportunities too. For an appreciation of how risks continue to
some time, professional accountants as evolve. The business transformer is truly
and also to challenge the business transformers have been leading at the heart of contributing to the
model every day. We need to the global phenomenon of shared service organisation’s future strategy. They will
ask if this is the right one, transformation and the advent of need to be very cogniscent of all internal
will it be the future model to cross-functional global business service and external factors affecting potential
(GBS) design. GBS in particular affords business performance and be skilled at
support the business objectives professional accountants deep business understanding different ‘strategic’
– if it is fit for purpose today transformation experience, consolidating options, seeking to innovate and
and for the future’. operations and locations, and leveraging continuously improve as they transform
efficiencies in administration, the organisations with which they work.
Interviewee
management, customer relationships and To support these goals, there will be
sourcing methodologies. For the other prized capabilities too, from
professional accountant as a business effective communication, and increased
transformer, a shift to cross-functional GBS focus on working collaboratively with
opportunities represents yet another step colleagues or clients, to understanding
in skills evolution from a functional finance the value of internal and external
shared service. Here, the emphasis is on partnerships, as well as a willingness to
programme and project management, problem solve and being an advocate of
virtual management, change management, the valuable role technology can play in
governance and commercial supplier skills, this respect. It will demand strong
as well as building specialist sourcing skills stakeholder relationship management
across functions. Spanning processes and a willingness to understand and
across functions in a GBS environment also engage with the external environment.
requires significant strengths in relationship Business transformers will need to
management and influencing skills beyond continuously seek to improve business
the finance team. Even here, however, processes, be advocates for
technology is changing the operating organisational redesign with the aim of
model paradigm. As labour costs increase improving business outcomes, and play a
in traditional ‘offshore’ locations, there is key role in translating strategic ambitions
a growing imperative to understand the into day-to-day activities and plans.
optimum location and to adopt state-of-
the-art technologies with emerging ‘Another thing which is required is
process improvement capabilities. end-to-end process knowledge which is
indispensable. That is something which the
In summary, cutting right across the
finance professional can bring to the table
business transformer career zone, in
if they really broaden their horizon from
whichever particular role they are
a business understanding perspective.
performing, the professional accountant
And if they also have reasonably good
will be expected to demonstrate a wider
understanding or knowledge on the
range of leadership and management
technical side. That combination can
capabilities. All these roles demand an
really be [powerful] in terms of bringing
understanding of how business strategy
change in the business model’.
can be developed and evaluated,
Interviewee
requiring ethical and principled, flexible

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Future ready: accountancy careers in the 2020s | 5. Future career opportunities

The growing adoption of 5.3 THE DATA NAVIGATOR

automation technologies The data navigator is a true business partner. They see extraordinary
such as robotics not opportunities from the expansion of data and use emerging tech and
only frees up personnel analytical tools to drive insights that deliver business outcomes and
within the finance teams sound financial management of the organisation. They champion
ever-growing multi-rich data sets and use smart data to generate
but also embeds better
brilliant forward-looking analysis to support decision making. This could
controls, faster processing be exploring new geographic market opportunities or building the case
speed, reduced cost and for investment. They understand that the currency of good information
better quality data. is at the heart of building sustainable future organisations.
Acquiring smart data becomes a growing imperative.
Data sources present exponential growth in opportunities for more and
better insight.
Automation frees up data navigators.
Cognitive tools and analytics technologies present new opportunities to
‘tell the business story’.
Augmented analytics may revolutionise big data capabilities.
Finance teams transform into the analytics powerhouse of the organisation.
Business partners tackle increasingly complex business problems
across functions.
The data navigator swaps number crunching for narration and data
retrieval systems for visualisation.

How organisations use data and The story of opportunity here again starts
information is key to creating advantage with technology (Figure 5.6). The growing
and long-term success. From better adoption of automation technologies such
profiling of competitor threats to as robotics not only frees up personnel
understanding new channels to market within the finance teams but also embeds
to building the business case for new better controls, faster processing speed,
investments, the enormous rise of data as reduced cost and better quality data. This
an enterprise asset provides new means obtaining better data faster and
opportunities for real-time insight into having the capacity for finance to focus on
how organisations create and sustain data insights that create value in real time.
long-term value (Figure 5.6). This is the It also creates the space and opportunity
professional accountant as a strategic for finance to trial different approaches to
adviser, business partner and analyst, improve analytics capabilities. Combining
helping develop and leverage multi-rich the emerging automation technologies
data sets and fast-changing analytical with nascent analytics and business
tools and technologies to obtain more intelligence tools and technologies now
credible insights faster, and achieve becomes the critical imperative across
business outcomes and goals. small and large organisations alike.

FIGURE 5.6: Expected change in opportunities

n Increase substantially n Increase slightly

Data analytics 67% 21%

Strategic business 44% 34%

partnering

0% 20% 40% 60% 80% 100%

Source: ACCA Future of Careers member survey 2019 % of respondents that agree

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Future ready: accountancy careers in the 2020s | 5. Future career opportunities

The opportunity for professional

‘Analytics is one big area. Previously
We can expect to see the the finance team was more focused on
accountants as data navigators using
use of cognitive tools and great data through augmented analytics
the data which is being generated by the
is clear (Figure 5.7). Organisations’ data
technologies, machine financial system, but today, lots of other
sets are growing exponentially and, with
data is coming in from the business and
learning and AI to upscale the rise of big data and data lakes, the
outside the organisation, structured and
and drive efficiencies in growth of structured, unstructured,
unstructured. That’s a big change’.
internal, external, financial, and
data manipulation and Interviewee
operational data driven by the internet of
insight efficiency. things and other emerging data sources,
Today, there is a mix of analytics tools to
sound data governance is an imperative
which professional accountants have
for creating competitive advantage from
access, with the advent of both cloud-
rich multi-data sets. Data shifts
based technologies and prevailing
fundamentally from being ‘big’ to being
‘on-premises’ capabilities (ACCA 2019f).
‘smart’, as these emerging technologies
The technology opportunity in the
mine information differently.
analytics space as we look forward is
immense. Here we can expect to see the
use of cognitive tools and technologies, ‘So we are also encouraging our teams
machine learning and AI to upscale and who’ve been working in finance for a long
drive efficiencies in data manipulation time to get them very skilled and trained
and insight efficiency. There are two on some of these new technologies, and
words particularly capturing the the data analytics is a must. So I think
imagination and opportunity here: a lot of things were happening in Excel,
Augmented Analytics. According to but now with lot of a new BI [business
Gartner: ‘Augmented analytics uses intelligence] tools and analytical tools.
machine learning/ artificial intelligence So that has become an integrated part
(ML/AI) techniques to automate data of finance function’.
preparation, insight discovery and Interviewee
sharing. It also automates data science
and model development, management While current business intelligence
and deployment’(Gartner 2018b). self-service tools have made significant
Augmented analytics has the potential to progress in data capture and information
improve the speed, accuracy and efficacy analysis from predecessor centralised and
of the end-to-end business-intelligence IT-led traditional business intelligence
process, and represents a step-change systems and data warehouses, challenges
beyond the proliferation of self-service remain. Augmented analytics has the
business intelligence tools we currently potential to transform the data
see in the market. Its market value is opportunity in three core areas for
estimated to grow to $29,856m in 2025 professional accountants as navigators:
from $4,094m in 2017 (Allied Market preparation, insight and dissemination.
Research 2019). In preparation, augmented analytics will
reduce the reliance on finance
professionals to source and clean data
‘The person who has to be competent in
from disparate data channels; it will be
data visualisation is the person who has
able to process exponentially growing
to be competent in data integration, who
volumes of metadata through clever
is the person who has to be competent
algorithms, identifying connections
in data analytics because they will be
between the data that neither humans or
dealing with different departments’.
prevailing BI tools can handle; with the
Roundtable participant

50
Future ready: accountancy careers in the 2020s | 5. Future career opportunities

fusion of augmented analytics and natural The data navigator role also builds on
The data navigator, by language processing, insights and many of those core capabilities in
looking to augmented connections between the data will be financial management, which will remain
much better presented, much more essential to the future skill set of
analytics technologies, can visible and easy to comprehend at the professional accountants. Think, for
start to play an essential push of a button or in response to voice example, about the future needs of
role in helping coordinate activation; and dissemination at speed will businesses in understanding how to
be made much easier as social media invest effectively with a proliferation of
and join up information
platforms and sharing technologies are new types of investment opportunities, or
insight right across the increasingly adopted. This is the the need to understand emerging sources
organisation and support professional accountant leveraging of financing. Capital investment appraisal
much quicker and more technology to build clever analytics itself can become even more challenging
models to support business outcomes, in an environment which is disruptive and
agile decision making. drawing better insights from massive data fast moving. The data navigator will need
sources and delivering just-in-time to bring a strong external outlook, taking
recommendations to drive better business information from different external
decision making and performance. And it sources, for example, to financially model
brings a much more ‘visual’ element to different business dynamics and scenarios
sharing analytical insight. to understand strategy implications. The
data navigator may also have more
This step change in analytics capability is specific finance skills, for example in
the future for professional accountants as treasury or working capital management.
data navigators in the organisation, being They will be adept at considering how the
front and centre right across the end-to- application of technologies can improve
end analytics process, capturing and efficiency in these core responsibilities, as
relaying organisational insight supported well as ensuring that any specific
by new levels of connectivity and driven regulatory requirements and risks relating
by democratised and less hierarchical to financing are managed effectively.
organisational structures or traditional
silos between functions. By looking to But the provision of organisational insight
augmented analytics technologies, the across all these areas also needs to be
data navigator can start to play an explained well, and this is at the heart of
essential role in helping coordinate and the professional accountant as a data
join up information insights right across navigator and business partner. Data from
the organisation and support much all sorts of expanding sources and of all
quicker and more agile decision making. types may be collated with less effort, the
Analytics transformation demands a new technologies may be increasingly adept
way of working in the finance team and a at ‘presenting’ potential analyses to be
new mindset from professional considered, and provide new instantaneous
accountants too (Figure 5.7). ways to share and take action, but the
narrative still needs colour because all
organisations operate in a context.

FIGURE 5.7: Augmented analytics and algorithms have the potential to transform the end-to-end analytics process

Business question: Data origination: Data preparation: Data analysis: Insight and Lessons learned:
reporting:

Understanding Obtaining / Sourcing Making the data fit Building the data Establishing how Ongoing review of
what we are trying the raw data to for use/purpose analytics model and the data results are end to end process
to solve answer the question generating results relevant to the for continuous
business question improvement
and report back

Source: ACCA 2019

51
Future ready: accountancy careers in the 2020s | 5. Future career opportunities

The professional accountant as the data teams and external stakeholders in a

The professional navigator is trading retrospective much wider ecosystem, building trusted
accountant as the data analytics for quicker, future-looking and collaborative relationships that share
insight and forecasting. They are data and drive collective innovative
navigator is trading deploying emerging analytical tools and insight from much wider data sources to
retrospective analytics for techniques and shifting towards resolve particular business issues.
quicker, future-looking deploying the outcomes of predictive
analytics to understand better what may ‘The business partner role is a
insight and forecasting.
happen in the future and to advise the natural gateway. You become the
organisation more effectively. They are finance business partner, for example,
much more responsible for achieving in the supply chain, that’s a feeder role
business outcomes and are increasingly to potentially becoming a supply chain
measured and rewarded on these. They director or say a procurement director’.
can compute different scenarios more Interviewee
successfully and present the trade-offs to
senior management and leadership of the
organisation more succinctly, and ‘The big change is around data:
influence the decisions taken. They may both within the organisation and
have to be comfortable working with data outside, economic and non-economic
that may not be 100% accurate, balancing data: everything is relevant’.
the need for taking decisions Interviewee
expeditiously with accuracy (ACCA 2019f).
In the face of greater uncertainty and
‘There is a social network, there is
disruption, businesses need to engage in
a business network, there is a system
the wider ecosystem to understand
network. All of this has to be connected.
business problems and bring new
There’s a lot of analytics and different
innovative solutions to bear (Figure 5.8).
models which are getting created’.
The data navigator will be increasingly
Interviewee
operating and interfacing with different

FIGURE 5.8: The shifting balance in finance activities: the finance four-box model
Now Communicator
Three years 4.4
Five to ten years 4.2
4.0
3.8
3.6
3.4
3.2
Scorekeeper Business partner

Scale: 0 being Not Applicable,

1 the lowest priority and 5 the highest. Diligent caretaker

Source: ACCA and PwC 2019

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Future ready: accountancy careers in the 2020s | 5. Future career opportunities

The digital playmaker 5.4 THE DIGITAL PLAYMAKER

is the accountant as a The digital playmaker is a technology evangelist. They see remarkable
technology evangelist possibilities for emerging digital tools in transforming the organisations
in whatever sector they in which they work. They are champions of technology adoption and data
work. They have deep and governance within the organisation. They look to connect across teams
growing understanding of and functions to leverage the power of technology. They may focus on
technology possibilities, digital implementation programmes or have specialised expertise in
and are essential to particular finance and business technologies. They understand that
driving technology digital transformation in today’s global economy is the lifeblood of future
sustainable organisations.
adoption in organisations.
Digital technologies continue to transform the smart automation agenda.
Deeper expertise in automation and cognitive technologies is
increasingly prized.
Building robust technology roadmaps is a core opportunity.
Cloud transforms technology opportunities for teams.
Data governance becomes a growing imperative.
Helping finance teams connect processes and technologies across
functions is key.

The digital playmaker is the accountant tradition of implementing tactical and

as a technology evangelist in whatever bespoke automation fixes around
sector they work. They have a deep and discrete finance processes using Excel or
growing understanding of technology elementary workflow tools, through to
possibilities, and are essential to driving wider enterprise resource planning (ERP)
technology adoption in organisations. transformation initiatives where
From robotics to machine learning, they automation is a core component. From
focus on transforming finance and macros to optical character recognition
business operations and championing to traditional IT process programming,
digitally enabled teams. They champion automation isn’t a new agenda in finance
better data governance and focus on teams or across the profession (ACCA,
working across organisations and CAANZ and KPMG 2018), but it is an area
particularly with technology teams to drive that will continue to grow. Enter robotics,
productivity and better decision support which is transforming the automation
processes through technology adoption. agenda. For the digital playmaker perhaps
the focus is on driving process efficiencies
The automation imperative is one obvious or reducing cost, or possibly the
area where the digital playmaker can excel imperative is improving automation control
in the future. Finance teams have a long frameworks or driving process visibility.

FIGURE 5.9: Expected change in opportunities

n Increase substantially n Increase slightly

Finance technology /
69% 23%
software specialisms

0% 20% 40% 60% 80% 100%

Source: ACCA Future of Careers member survey 2019 % of respondents that agree

53
Future ready: accountancy careers in the 2020s | 5. Future career opportunities

Whatever the catalyst, the automation

‘Understanding the digital footprint of
‘People expect the finance opportunity across all sectors and types
the organisation and see[ing] technology
team to help to streamline of businesses is highly significant, and it
in a broader enabling mechanism, and
presents professional accountants with
data acquisition, data new emerging opportunities to add value
to bring it together and understand
storage, data security how you can be the enabling leader of
to ‘smart automation’ strategies (Figure
the organisation. How can we be more
and data utilisation’. 5.9). For the digital playmaker this isn’t
efficient? How can we continuously
Interviewee just about implementing shiny new
monitor? And where do we spend or
technology tools – this is a broader
allocate our resources across the digital
contribution, starting with understanding
footprint of the organisation?’
and mapping out key finance and
Roundtable participant
organisational processes to help
eliminate, simplify and drive
As automation scales up in larger
standardisation. They can play a key role
organisations, the digital playmaker can
in championing the automation potential,
play a growing role in aligning finance
and then help set up frameworks for
automation strategies to wider digital
opportunity identification, assessment
transformation initiatives. Here, one
and prioritisation. They can help join the
growing area of opportunity is the
dots on other automation initiatives, help
establishment of Automation Centres
drive proof of concepts and map out
of Excellence that bring together the
existing technology infrastructures. The
expertise of local end-user finance teams
digital playmaker may work closely with
with dedicated automation experts.
colleagues in the technology team, once
These centres help drive coordination
processes are reconfigured, to help
and scaling of automation activities,
articulate the most relevant automation
ensuring greater governance over
technologies to be used in finance, as
consistent deployment, reduced risk and
well as supporting programming, testing
better coordination of automation
and ensuring appropriate integration of
technology application across disparate
the software. Here they may bring specific
parts of the organisation. As opportunities
process management, ‘lean’ and six
scale up with robotic automation, digital
sigma capabilities to help re-engineer
playmakers may take on the role of robot
processes. Alternatively, they may help
developers, coding instructions for robots
bring together finance subject matter
to follow, or be more involved in oversight
experts with process experts and system
of maintenance of automation software,
architects to help implement new
or focus more on vendor relationships.
automation software. The digital
playmaker may need to combine both
deep accountancy expertise in a niche ‘You might come in as a junior
process area with process redesign skills accountant, but then say after a few
to ensure automation solutions are years there’s a career path over here
sustainable from both an operational and into the tech part of the business’.
accounting perspective. They can also Interviewee
support initiatives such as automation
vendor selection, help define
infrastructure requirements or help build
roadmaps for further scalability.

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Future ready: accountancy careers in the 2020s | 5. Future career opportunities

But, of course, for the digital playmaker,

‘I think the role will be changing for the
The digital playmaker the opportunities to make a difference to
CFO, breaking down silo’s and driving
has a key role to play organisations and champion technology
collaboration, ensuring that everybody
adoption now goes way beyond the
in helping to build and automation agenda. There are wider
is working together and asking:
“how do you leverage the technology?”’
systemise this capability significant opportunities with emerging
Roundtable participant
through technology cognitive technologies, but this area is
complex (Figure 5.10).
adoption and promoting As CFOs look to design wider finance
the use of pilots in The growth in analytics technologies, transformation initiatives that pull
machine learning (ACCA and CAANZ together people, process, data and
demonstrating the technology components, the digital
2019b), cloud applications and social
potential of new media tools (ACCA 2017d) demands an playmaker can play a critical role in
emerging technologies. holistic approach to technology adoption helping finance leadership understand
in finance teams if they are to unleash the how a technology-enabled finance team
benefits of faster reporting, rolling can execute the business strategy as well
forecasts and real-time data insights. The as understanding the business case for
digital playmaker has a key role to play in technology investment. They are
helping to build and systemise this instrumental in identifying the impact of
capability through technology adoption technological change on both finance
and promoting the use of pilots in teams and the wider organisational
demonstrating the potential of new ecosystem, having a view on talent and
emerging technologies. They may even skills implications, and computing
have a role to play in driving technology associated risk and governance
self-service initiatives beyond finance considerations. They will have new
teams and across the organisation. Some opportunities for designing the finance
of these technologies suggest promise digital roadmap, which provides a
but in reality are some way off wide- blueprint for technology adoption. Here,
spread adoption: for example, use of the digital playmaker can play a pivotal
blockchain in reconciling information role in aligning technology strategy within
between organisations and third parties. finance to the finance strategy in a way
that supports better business outcomes.

FIGURE 5.10: A wide range of terms are in use for cognitive technologies

Artificial intelligence (AI)

Machine learning (ML)

Data
analytics (DA)

Deep learning Natural language

(DL) processing (NLP)

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Future ready: accountancy careers in the 2020s | 5. Future career opportunities

Today, however, you can’t talk about Finance professionals have a key role to
‘Increasingly professional technology roadmaps and strategies in play in maintaining control and integrity
accountants go into other finance without talking about the cloud. of data across organisations, given the
The digital playmaker is a key catalyst in enterprise-wide purview that professional
areas and reach into championing the growing adoption of the accountants and finance teams often
technology or operations cloud across businesses and organisations have. This isn’t an ‘ownership’ issues for
because everything ties back to drive flexibility and agility in decision finance or professional accountants,
to the financials. So they can making and reporting. As the market for merely a significant opportunity for them
cloud-based finance applications rapidly to influence the agenda, driving the
see the whole big picture’. expands, CFOs are faced with an almost imperative for one source of data truth,
Interviewee overwhelming ‘pick and mix’ choice of data that is accessible, clean, timely,
applications. Well-established large-scale accurate, controlled, trusted, consistent,
ERP vendors are increasingly competing legal and linked to the value drivers that
against start up ‘best of breed’ providers truly matter in the business.
who are building in cognitive tools and
blockchain capabilities to integrate into ‘I don’t need somebody in the middle
the ‘Digital Core’. These open to translate, because what comes out of
architecture vendors plug in their super the system is less meaningful. But who’s
apps and micro-services to enhance the person that helps the person build the
process efficiency, reduce cost, and faster bot that creates that? So there’s a there’s
delivery of insights, increasingly shifting almost an engineering aspect to the role’.
to real-time finance reporting cycles and Interviewee
forecasts. The digital playmaker is
fundamental to coordinating this
transformation of finance delivery and ‘What we have seen in finance over
joining the connections across emerging the last 15 years is that it is the finance
plug-in cloud-based digital systems, as function that was starting to play a more
well as helping drive the cultural shift and critical role in asking whether or not we
different mindset these transformation were seeing the benefits of technology or
activities depend on. implementing the right technology’.
Roundtable participant
‘If there’s a system implementation
project on the horizon, the financial ‘There are a lot of initiatives which
accountant is thrown at it, because are currently in progress around
it gives them something different to digitalisation and automation with
think about’. the use of new technologies like the
Interviewee Internet of Things’.
Interviewee
But all good digital playmakers know that
it doesn’t matter how good your digital
strategy is, or how many shiny new tech
‘As the workforce is augmented by
tools you introduce into the organisation,
robots and cognitive agents,
successful outcomes are still driven by the
Finance will need humans who can
quality of data at your disposal. The digital
build and connect systems that
playmaker is a champion for outstanding
interact with other systems’.
data governance across the organisation.
Source: Deloitte 2018a

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Future ready: accountancy careers in the 2020s | 5. Future career opportunities

As corporations of all 5.5 THE SUSTAINABILITY TRAILBLAZER

sizes and in all sectors The sustainability trailblazer is at the heart of performance management
face increasing demands in the organisation. They play a key role in establishing frameworks that
from regulators, investors, capture, evaluate and report on the activities that truly drive value and
and customers, and in ways that are much more transparent and meaningful to the outside
a wider stakeholder world. They will transform management accounting fit for a multi-
constituency, there is capital world and see emerging opportunities with better external
more pressure to account disclosures to ever-growing stakeholder groups. They understand that
for value creation in its aligning the pursuit of profit with the pursuit of purpose is integral to
building sustainable future businesses.
widest sense.
Stakeholders demand better explanations of value creation and delivery of
organisational outcomes.
Accounting for the business rather than the balance sheet is an imperative.
Planning processes that connect process, people and systems to report
performance need to refocus.
Key value drivers remain misunderstood.
Reporting tools have the potential to transform data capture across
financial and non-financial information.
From climate risk to social impacts, external reporting
requirements grow.

As purposeful businesses seek to create more pressure to account for value

long-term value in the face of mass creation in its widest sense. There’s an
disruption, big, existential questions are imperative to report on issues that extend
increasingly asked of corporations and beyond traditional financial reporting,
the role they play in society. Whom do recognising the wider social, community
companies have to answer to? How do and environmental impacts that are
they really create long-term value? What integral to how companies create
constitutes good corporate performance? long-term value.
How should it be measured? How should
it be reported? Today’s business models are increasingly
disrupted and value is created and
As corporations of all sizes and in all destroyed in different ways and across
sectors face increasing demands from multi-capitals; intangible assets
regulators, investors, and customers, and increasingly represent a growing
a wider stakeholder constituency, there is proportion of the value of an enterprise.

FIGURE 5.11: Expected change in opportunities

n Increase substantially n Increase slightly

Environmental /
sustainability 43% 37%
accounting

0% 20% 40% 60% 80% 100%

Source: ACCA Future of Careers member survey 2019 % of respondents that agree

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Future ready: accountancy careers in the 2020s | 5. Future career opportunities

Evolving business structures require backward-looking narrative to something

‘There may be new ways different types of capital to drive growth more forward looking, and it brings more
for example for the and return, from traditional manufactured transparency to how an organisation is
or financial capital, through to the governing all the resources at its disposal,
accountants to design deployment of social, intellectual, which, when combined, together create
management control natural and human capital (Figure 5.12). value over the longer term.
systems and performance
These will be deployed in various ways The sustainability trailblazer is at the heart
management systems to to generate desired business and wider of the future of performance management
meet the new digital age’. societal outcomes. The imperative is to in the organisation. They will play a key
Interviewee meet growing demands for better role in establishing systems that capture,
accountability and reporting on how measure and report on the activities that
these capitals are deployed and their truly drive value, and in ways that are
contribution to creating long-term much more meaningful and transparent
business value. to the outside world, and that are more
connected internally. Recognising the shift
This heralds an era of growing and more away from narrow approaches to assessing
holistic enterprise performance financial performance alone, they are
management. Traditional management essential in helping business transform
information anchored in a company’s from accounting for the balance sheet to
financial performance is too often accounting for the entire business through
disconnected from organisational strategy; recognising its social and environmental
better reporting starts to piece together impacts and dependencies. This is driven
information which is often siloed across by a much wider imperative, a need for
the organisation to help develop a more organisations to align the pursuit of profit
informed picture of how value is created with the pursuit of purpose in a much
and risked across the organisation. It more integrated way as part of the very
switches the emphasis on reporting from a fabric of running a business from day to

FIGURE 5.12: IIRC business model: transforming capitals into outcomes

Financial Financial
Mission and vision
ERNANCE
Manufactured GO V Manufactured

Risks and Strategy and

Intellectual opportunities resource allocation Intellectual

BUSINESS MODEL

Business
Inputs Outputs Outcomes
activities

Human Human
Performance Outlook
Social and relationship Social and relationship

Natural Natural

EXTERNAL ENVIRONMENT

Value creation (preservation, diminution) over time

Source: ACCA and CFA 2019

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Future ready: accountancy careers in the 2020s | 5. Future career opportunities

day. This recognises the inherent trade- and performance activities. The
If professional accountants offs businesses face as they deploy sustainability trailblazer will be skilled in
understand their rising different capitals and allocate resources applying innovative and fast-emerging new
to generate growth. Professional budgeting techniques to provide quicker
opportunity for creating accountants and finance teams, already business information to management and
sustainable organisations, leading financial performance improve controls and reporting of
they can be prominent management processes and external organisational performance, as well
voices for a better and more financial reporting activities, coupled with identifying areas for value improvement or
their increasing purview across the cost savings. They will continuously look
holistic understanding organisation and growing access to forward, too, and seek to introduce more
of the long-term value- enterprise-wide data, are the natural informative financial forecasting processes
creation story and lead this choice to lead this agenda. To put it as well as providing critical commentary
another way: it is the transition from the and variance analysis or assessing evolving
enterprise-wide agenda.
chief financial officer to the chief investment and capital expenditure plans
performance officer. to support business strategy.

This transition isn’t just about new Success across all these areas is
reporting frameworks or better dependent on driving a more integrated
dashboards. It starts with culture and the approach to planning in the business, and
organisation’s appetite. If professional better governance of social and
accountants understand their rising environmental risks and resource
opportunity for creating sustainable allocation, which means building a more
organisations, they can be prominent integrated information architecture. Here
voices for a better and more holistic professional accountants and finance
understanding of the long-term value- teams have a natural advantage, as they
creation story and lead this enterprise- are already seen as the de facto function
wide agenda. This is about being an with enterprise-wide planning
evangelist for changing the very mindset responsibilities. A key area of focus is the
of the organisation. The championing of need to bring different aspects of the
‘integrated thinking’ is core to the enterprise planning process together
sustainability trailblazer opportunity, across different parts of the organisation,
driving a much more integrated view of helping drive better IT system integration
business performance and and data quality, as well as connecting
communicating and reporting on it in a disparate parts of the organisation, such
much more effective and transparent way as finance, secretariat, legal and risk, to
as business models evolve. But driving a ensure a better enterprise-wide visibility of
culture of truly integrated thinking is the key risks and value drivers within the
challenging and time consuming, and organisation, as part of planning activities.
demands navigation of a wide range of Better connectivity in planning processes
cultural and people challenges. enables senior management and company
leadership to understand how the
The sustainability trailblazer will play a generation of value is being determined
central role in the strategic planning across different time horizons, as well as
process of the organisation and build bringing transparency to the risks and
further on their core management opportunities for strategic decision
accountancy skills to take a wider purview making, and informing the development
across all organisation capitals. They will of controls to identify and mitigate or
be responsible for understanding the neutralise risks relating to wider value
internal and external drivers of the creation. This can be particularly
organisation’s strategy, through to challenging because wider non-financial
establishing performance management and sustainability information often sits in
frameworks at the heart of the business disparate systems without the same levels
planning process. They will have a sharp of control and reporting objectives as
understanding of how the risk landscape financial capital information. But
is evolving across the different capitals achieving this will provide better strategic
and champion the importance of risk insights to improve performance,
awareness and knowledge of control enhance internal reporting and help drive
processes as an integral part of planning further operational efficiencies.

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Future ready: accountancy careers in the 2020s | 5. Future career opportunities

Opportunities for the sustainability the business model and financial strategy
The sustainability trailblazer will be further driven by are sustainable. This is the professional
trailblazer has an evolving needs in external reporting too. accountant as integral to protecting the
The sustainability trailblazer plays a key sustainable brand of the business in a
opportunity to champion role in core reporting activities. They connected world where bad news travels
digital adoption and the continue to ensure that the organisation fast. But they can also be involved in
evolution of tools with meets its external financial reporting more specific reporting initiatives. Across
responsibilities and that financial the broader reporting landscape there
improved ability for
statements are compliant with all relevant have for some time been growing and
capturing data in more accounting policies and accounting widening demands for regulatory
meaningful ways. standards across all types of business reporting on wider ESG issues and we
entities and reporting structures. They will have seen a proliferation of reporting
be skilled in interpreting financial frameworks emerge, such as the Global
statements and compiling appropriate Reporting Initiative, Climate Disclosures
narratives and disclosure notes on a wide Standards Board, the Sustainability
range of financial and non-financial Accounting Standards Board, and the
indicators, and they will do so being fully International Integrated Reporting
conversant with external developments Council. Now the focus is on convergence
to ensure that corporate disclosures to bring a more meaningful and joined-
offer a consistent narrative, while up approach to corporate reporting.
exercising suitable levels of professional
scepticism. They will need to continue
to be skilled in and knowledgeable
‘There is a clear role for finance
about trends in accounting standards
teams to be more engaged in
developments and their applications
the creation of sustainable value.
for compliance purposes.
Their ability to understand and
But increasingly the sustainability communicate financial risk is
trailblazer will seek to promote the essential as new areas of risk
disclosure of non-financial information to governance emerge, such as climate
stakeholders and embrace emerging change. Their skills are critical for
wider reporting frameworks. Through faithful and rigorous disclosure, and
promoting and championing much more the creation of controls that inform
holistic and transparent reporting, the this disclosure, particularly in a world
sustainability trailblazer has new that requires investment-grade ESG
opportunities to knit together the data. And with a unique view across
narrative of the organisation in a way that a business model, from proposition
explains the business model better to creation and capture of value, the
internally and externally, including how role of finance professionals in
the organisation has achieved its collaborating with and leading on
outcomes and the ways in which value has innovation that supports multi-
been created across different enterprise capital value creation is essential.’
resources and capitals. They can tell a Source: ACCA and CFA 2019
more complete story of how in the future

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Future ready: accountancy careers in the 2020s | 5. Future career opportunities

One specific growing area of importance Digital is key to the SDG imperative.
New data sources will is the Sustainable Development Goals We know that technology will be a driving
emerge to meet the (Figure 5.13). force of future engagement with the
SDGs as it will in so many other spheres.
demands of measurements The SDGs have been called ‘a purchase New data sources will emerge to meet
to support the SDGs. order from 2030 for business and the demands of measurements to support
There is a clear role for the government action today’. They are a the SDGs. There is a clear role for the
common-language roadmap for profession in ensuring data is reliable and
profession in ensuring data governments, business, investors and civil that it is communicated effectively so that
is reliable and that it is society to follow to transform their it can be used to aid reporting against
communicated effectively economies and build prosperous them. The 2030 Agenda, which sets out
societies, providing a framework for the 15-year plan for achieving the SDGs,
so that it can be used to aid
understanding risk and the external provides a common language for a range
reporting against them. environment in a way that is better suited of participants – governments, business,
to the new nature of the global economy finance and civil society. Being conversant
and the future of global growth. in this language will become increasingly
essential for professional accountants.
The Business and Sustainable
If the goal is to provide all of humankind
Development Commission (BSDC), a
with the means to live a good life on an
group of global business leaders, has
ecologically flourishing planet, the
estimated that achieving the SDGs can
challenge ahead is a formidable one.
unlock $12 trillion of market opportunities
The sustainability trailblazer can take a
in four areas of economic activity and
leadership role in connecting the private
generate up to 380m jobs (BSDC 2017)
sector, government and finance through
(see Figure 5.14).
this agenda.

FIGURE 5.13: The UN Sustainable Development Goals

Source: United Nations Development Programme 2015

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Future ready: accountancy careers in the 2020s | 5. Future career opportunities

FIGURE 5.14: 60 SDG-related business opportunities in four systems

Food and Agriculture Cities Energy and Materials Health and Well-Being

Reducing food waste Circular models –

1 Affordable housing Risk pooling
in value chain automotive

Energy efficiency –
2 Forest ecosystem services Expansion of renewables Remote patient monitoring
buildings

Electric and hybrid Circular models –

3 Low-income food markets Telehealth
vehicles appliances

Reducing consumer food Public transport in Circular models –

4 Advanced genomics
waste urban areas electronics

5 Car sharing Energy efficiency – non-

Product reformulation Activity services
energy-intensive industries

Technology in large-scale Detection of counterfeit

6 Road safety equipment Energy storage systems
farms drugs

7 Dietary switch Autonomous vehicles Resource recovery Tobacco control

Weight management
8 Sustainable aquaculture ICE vehicle fuel efficiency End-use steel efficiency programmes

Technology in smallholder Energy efficiency – energy- Better disease

9 Building resilient cities
farms intensive industries management

10 Municipal water leakage Carbon capture and Electronic medical records

Micro-irrigation
storage

Better maternal and child

11 Restoring degraded land Cultural tourism Energy access health

12 Reducing packaging waste Smart metering Green chemicals Healthcare training

Water and sanitation

13 Cattle intensification Additive manufacturing Low-cost surgery
infrastructure

14 Local content in
Urban agriculture Office sharing
extractives

15 Timber buildings Shared infrastructure

Durable and modular

16 Mine rehabilitation
buildings

17 Grid interconnection

Source: BSDC, 2017

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Future ready: accountancy careers in the 2020s | 5. Future career opportunities

There also are other opportunities for the On the use of natural capital, the
On the use of natural sustainability trailblazer. The foundations sustainability trailblazer can champion
capital the sustainability of wider corporate reporting have been decision and reporting tools such as
laid and a significant but incremental the Natural Capital Protocol and the
trailblazer can champion change in corporate behaviour is taking CDSB framework for business adoption.
decision and reporting place. But there is growing pressure to They have a fantastic emerging
tools such as the Natural move to the next phase, one that sets opportunity to help businesses better
free an emergent phase, that meets monitor, evaluate and report on the social
Capital Protocol and the
worsening risks, that responds to major impacts they are creating, thereby
CDSB framework for issues such as extinction threats, and that providing more transparent reporting and
business adoption. truly creates a means for investing in signals for financial markets and the
innovation and improving returns to growing interest of investors. They can
society in new sectors. On climate risk, also contribute to circular business model
the Taskforce for Climate-related innovation, which will require the skills of
Financial Disclosures (TCFD) finance to restructure how products and
recommendations set out a new way of services are designed and delivered. This
approaching corporate reporting that can support organisations in transitioning
responds to the current crises and from management of social and
demands by dramatically improving environmental risks to providing a place
existing non-financial reporting (see for investment that is looking for returns
Figure 5.15) with a focus on physical and with a high societal impact. And they can
transition risks to a business from climate play a much more integral role in helping
change and what they mean for balance organisations build purpose-led strategies
sheets, income and cash flow. that provide a way for ethics to come to
the fore and for mission-led businesses to
embed their values into business
performance over the longer term.

FIGURE 5.15: TCFD climate-related risks, opportunities and financial impacts

Transition Risks
Opportunities
Policy and Legal
Resource Efficiency
Technology
Energy Source
Market
Risks Opportunities Product/Services
Reputation
Markets
Physical Risks Strategic Planning Resilience
Acute Risk Management
Chronic

Financial Impact

Revenues Income Cash Flow Balance Assets & Liabilities

Expenditures Statement Statement Sheet Capital & Financing

Source: TCFD 2017

63
 6. What does
this mean for
my own career?

What are the implications for individuals navigating their own future careers from this research?
Here are some suggestions for reflection that may help.

#1 Be adaptable #2 ‘Get’ tech #3 Take ‘risks’ #4 Re-learn #5 ‘Work’ your brand

The new world of work With future jobs in the With career paths less A fast changing world of Technology is changing
prizes a flexible profession technology certain, thinking laterally work demands a rethink how organisations recruit
approach to building a and data rich, being about future job roles is in our approach to and how candidates
career. Stepping stones familiar with evolving critical. This may learning new skills. It’s source new career
are less obvious and technology is ‘table- necessitate taking new important to continue to opportunities. Having a
future roles less certain. stakes’ for building a opportunities that could unlearn and relearn as social ‘presence’ and
Having a career mind-set future career in be considered higher careers evolve and tapping into digital
that is flexible and that accountancy. Digital is a ‘risk’, or moving laterally workplaces transition. networking opportunities
can navigate uncertainty competency in the organisation. But This future proofs is essential. Online
as the profession transcending across all building out different, capabilities and ensures career visibility is vital in
transforms is essential. roles and sectors. broader experiences enduring competence. the digital age.
should pay dividends
longer term.

#6 ‘Reach out’ #7 Learn data #8 Find sponsors #9 Re-think the CV #10 Do what you love

Digital is transforming Accountants won’t be With 5 generations in The CV of the future is There is no substitute for
work connectivity and expected to become the future workforce, skills centric not job-title passion. As jobs are
providing new data scientists. But there are brilliant centric. Individuals need reimagined, there are
opportunities to share, building skills in data opportunities to share to ‘sell their story’ fantastic opportunities
and add value. Team analysis and information experiences. With differently to respond to for accountants to have
working will transform as understanding will be a different entry and exit a fast changing world of careers which are
collaboration across cornerstone of future points into the work. A focus on how brilliant and meaningful.
functions becomes ever roles. Using data to profession, the diversity accumulated job roles Finding a vocation with
more important to drive insight and added of talents across all ages have built the skills most purpose is key to career
achieve business value cuts across jobs is enriched. This is fertile sought after is vital. fulfilment, There has
outcomes. Good in the profession as we ground for sponsorship ‘Competence’ is king. never been a better
relationship skills will be look forward. and learning from others. opportunity to do so.
increasingly prized.

64
 7. Employer
considerations

What does this research tells us about

how employers should be responding
to the changing world of work and
new emerging opportunities for
professional accountants? Here are
some brief questions for reflection.

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Future ready: accountancy careers in the 2020s | 7. Employer considerations

#1 Does our organisation #4 How do we support the #6 How do we position

have a clear ‘purpose’ and learning of our employees? technology as an opportunity
is this communicated? for the workforce?
This report indicates that learning
It’s more important than ever for opportunities are transformative for It’s important that employees
organisations to demonstrate their professional accountants. In the clearly see the opportunities that
wider contribution to society, and face of increasingly personal career technology can present to them
employees increasingly look for journeys, and new skills being for driving greater workforce
careers that are purposeful and for demanded by employers, this connectivity, and for creating new
jobs that have ‘meaning’. means continuous learning is roles, enriched career experiences
Employers that can frame and essential. Employers need to and more valuable and meaningful
articulate their broader purpose consider how they are creating a work. While automation will
successfully are more likely to be learning culture across the replace some roles and tasks across
attractive to potential employees in organisation and the right the profession, technology will
the future and this can help with environment for individuals to create new exciting roles too.
issues such as employee source learning opportunities for Professional accountants need to
engagement and retention. themselves, as well as how they are be increasingly conversant with
leveraging new digital advances to these digital developments. It’s
enrich the learning offering. vital that employers continually
communicate the benefits of digital
#2 Are career ‘paths’ in the adoption for individuals.
organisation fit for purpose?
#5 Can we harness the power
As the needs of employers change, of multiple generations in
and different, new roles emerge, the workplace? #7 How can we leverage
it’s important to take a critical the power of inclusivity in
review of career paths in the While it is important not to our workforce?
organisation. Are they visible? Can over-generalise about generational
they help build the skills that will preferences vis-à-vis each other, the Workforce inclusivity practices that
needed in the future? Do they digital natives now starting to enter support a more ‘diverse’ workforce
support building a pipeline of the workforce are the first make good business sense.
retained talent for the future? generation raised on social networks This isn’t just a moral obligation.
and will be touchscreen-technology Workforces that are more diverse
savvy. As the importance of in a range of different aspects,
technology adoption in for example gender or ethnicity
#3 Do we sufficiently promote
organisations continues to rise, it’s or culture, are seen to be more
internal collaboration? important for organisations to tap innovative, and various studies
into this ‘know-how’ and share continue to identify correlations
It’s important to forward plan for
across the workforce. There may be between different diversity
talent to address expected future
new opportunities for interventions measures and improved
skills gaps in the organisation. One
such as reverse mentoring. Similarly, organisational performance.
way is by considering how the
older workers who have had a Employers need to consider how
enterprise facilitates internal
career change and who are entering they can ensure that their
collaboration, for example, cross-
the profession for the first time will workforce and leadership teams
functional team-based projects that
bring enriched and different are diverse, and understand the
can help foster a culture of shared
experiences to the workplace, different inclusivity strategies that
learning across the organisation.
which should be beneficial across can be adopted.
Another way is by encouraging
the organisation’s workforce.
increasing internal movement of
talent beyond ‘traditional’
functional silos or accepted career
paths. This requires lateral thinking
by employers with a long-term,
cross-organisational view of skills
development and experiential
learning opportunities.

66
Conclusion

ACCA’s research continues to suggest significant

career opportunities for professional accountants
as we look forward in the coming decade.
Professional accountants have always played an important role in
helping create and protect sustainable organisations, and this role
will become of even greater significance in the next few years. In
whatever way accountants undertake their responsibilities, whether
this is helping manage organisational risk more effectively, providing
information analysis that helps improve internal decision making, or
producing enriched reporting that gives a more complete picture
of the ‘performance’ of organisations, professional accountants are
integral to building sustainable businesses across the world.

The biggest impact on the future of the profession will be

technology. Our research suggests that digital developments are
part of the opportunity story, a chance to reframe the role of
professional accountants and provide new opportunities to add
value to businesses. This will be underpinned by the increasing
automation of routine, transactional tasks that free finance
professionals to apply their skills elsewhere. As emerging
‘cognitive’ technologies evolve, there will be new opportunities
for the ‘nexus’ of human and machine where professional
accountants can leverage new digital capabilities to make valuable
contributions to the organisations in which they work. This research
suggests these opportunities will transform in the face of many
wider trends changing the profession and the future of work.

The profession should be optimistic about its future. In the face of

significant changes, this report suggests that careers will be
transformed for professional accountants and career paths will
become more variable. We can expect professional accountants to
move into increasingly diversified roles in the future, but the
fundamental grounding in core financial and business knowledge
gained through acquiring a professional accountancy qualification
remains as relevant as ever.

67
 Acknowledgements

ACCA would like to thank our roundtable participants and interviewees who contributed their thoughts to support this publication.

Sonya Boyce, Senior Manager, HR Consulting, Mazars Agnes Lim, CFO, Asia Pacific, Jones Lang LaSalle
Kate Thornhill, Project Manager, AIB Group (Ireland) Patricia Vasile, Senior Manager, Assurance & Advisory Business
Services, EY Support Services
Sandra Quinn, Partner, Senior Appointments, Barden
Tom Osborne, Managing director, Hays
Jean O’Donovan, Commercial Director, Brightwater
Paul Clatworthy, Employer Relations Manager, Kingston University
Stephen Clarke, Group Financial Controller, Dalata Hotel Group
Jean Fernandes, CFO, ASEAN, Standard Chartered Bank
Marisa Fay, L&D, Hedgeserv Limited (Ireland)
Phil Morey, Senior Lecturer in Accounting & Finance,
Michelle Flood, Recruitment Manager, Hedgeserv Limited
Newcastle University Business School
(Ireland)
Carl Bridge, Head of Accounting & IoM Academic Lead,
Rosemary Hosey, HR Business Partner, Irish Life Group (Ireland)
Bolton University
Orla Carolan, People & Change Consulting / ICF Ireland
Elizabeth Faber, Chief Talent Officer, Deloitte Asia Pacific
Co-President, Grant Thornton
Waleed Shahnawaz, Leader, Financial Accounting & Reporting
Karen Booth, Acting Associate Dean, Pilon School of Business,
(ACCA Member & Chair, ACCA Canada Network Panel), JD Irving
Sheridan College
Terry Filer, Associate Professor of Accounting & Taxation,
Daniel Chou, Managing Director, DC Modern Business Processes
Associate Dean International Programme and Provider Mobility,
Mary Devine, Chair, Accounting & Financial Services, Swansea Universtiy, School of Management
Centennial College
Joan Tay, Director, NUS Centre for Future-ready Graduates (CFG)
Alison Feierabend, Professor, Accounting, Sheridan College
Sarvesh Mathur, Americas Leader, Assurance, Global Delivery
Martin Fox, Managing Director, Robert Walters Services, EY
Mahmood Khan, Program Lead, Toronto School of Management Stevan Rolls, Deputy Global Talent Leader, Deloitte
Shirley Lamarre, Professor, Accounting, Centennial College Kate Payne, CEO and Founder, Bradley Brown Consulting
Sam Levy, Chair, Accounting & Financial Services, Khalid Hamid, Executive Director, State Audit Institution
George Brown College United Arab Emirates
Charles Marful, Director, Talent (Assurance Practice), EY Nigel Spencer, Senior Client Director and Executive Coach,
Said Business School
Karen Murkar, Chair, Accounting & Financial Services,
Seneca College Sanjay Rughani, CEO, Standard Chartered Bank
Paul Wing, Retired Patrick Liao, Co-founder, Career Executive
Dale Wright, Senior Audit Manager, Ontario Treasury Michael Wan, CFO, Astatech Biopharmaceutical Corp
Board Secretariat
Xiaohui Xi, Director of Finance Strategy and Planning,
Robin Yap, Professor, George Brown College Cisco Greater China
Nigel Jacobs, CEO, Taylor Leibow Vishnu Mangal, Vice President, Enterprise Technology,
Scotiabank
John Smith, Director, Accountancy Recruitment Group
Duncan Brown, Head of HR Consultancy, Institute of
Elaine Kong, Associate Director, Michael Page
Employment Studies
Sophie Milliken, Director, Smart Resourcing Solutions
Alastair Goddin, Head of Risk, Asta
Lalit Katyal, CFO, Enterprise Division (North America & APAC),
Dhruv Chadha, Director, Michael Page
Tech Mahindra

68
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