Future ready: accountancy careers in the 2020s - ACCA
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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.
7
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.
10Future 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
5
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
11Future 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
12Future 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)
13Future 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+
14Future 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
15Future 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
16Future 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
174. #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
18Future 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
19Future 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
20Future 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 ageFuture 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
22Future 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
23Future 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)
24Future 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
25Future 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
26Future 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
27Future 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
28Future 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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