Accountancy is a dynamic profession. As part of the ACCA2007 project, ACCA surveyed students about their aspirations and career plans in the future.
ACCA2007 is designed to deliver ACCA's new broad-based professional qualification, focusing on the essential skills of accounting, business and finance - without introducing unnecessary barriers to membership. The new qualification will deliver professional accountants who are capable of building successful careers across all sectors, from practising in accounting firms, to the corporate, financial services, and public sectors.
The proposals for the new Professional qualification were summarised in the April issue of student accountant, and detailed information can be found at www.accaglobal.com/horizon - ACCA's microsite dedicated to the future of finance. The proposals are the result of detailed research, aiming to ensure that ACCA retains high quality, opportunity and professionalism at the heart of its qualification, and provides a diverse, global perspective - while at all times safeguarding the public interest.
Part of this research included asking you about your career aspirations. We wanted to know your views on the future role of accountants, the skills you think employers will be seeking, and the skills which are of most value to you. In 2004 we presented a student aspirations survey to students and 12,000 of you responded. We gained valuable information, which will help shape the new qualification, by learning where you'd like to be, and what kind of job you'd like to be doing in the future. Over 40% of those of you who completed the survey said that you are currently employed in an accounting role in the corporate sector. One-quarter of you said that you are in public practice and the public sector, and nearly 15% of you indicated that are full-time students.
We asked you to tell us which sectors you would like to work in once you are qualified. You could chose more than one sector. 48% of you said that you want to work in financial services, which came out as the top choice. Next came public practice, with 38% of you hoping to pursue a career in this sector. Also popular was a career in professional services, with 35% of you choosing this option. 21% indicated that a role in manufacturing/industry was their ideal career, and working in the public sector came in with 19%.
These top five choices show us that you aspire to work in a wide range of sectors, but most probably in a financial capacity. Nearly 80% of you said that you planned to spend the 'majority' or 'almost all' of your career in finance roles.
The attraction of accounting
We wanted to know what you ultimately aimed to get out of ACCA. We asked you what the qualification would help you achieve in terms of your career development. The majority of you told us that you hope your qualification will provide career flexibility and a wide range of opportunities. Those of you who responded are also looking forward to the ability to work internationally. You also indicated that you value financial acumen, and technical knowledge and capabilities.
Diversity in careers
Next we asked you to tell us what kind of roles you envisage for yourselves. Nearly two-thirds of you aspire to work in a multinational company. Over one-quarter of you told us you want to work in general management, and 23% of you said you wish to obtain a global or regional management role. Nearly 35% of you responded by saying you would consider financial services or fund management roles. 38% of you have plans to become consultants during the course of your careers.
Going it alone
Many of you, in fact 43%, told us you are considering setting up your own business at some point in your career. Nearly one-third of students suggested they were very likely to do this within the next five years. And one-fifth of respondents said they were very likely to set up their own accounting practice within the next five years. The overwhelming reason you gave for running your own business was the ability to be your own boss (41%). 25% of you told us you also saw it as an opportunity to create a more secure future.
Challenges of accounting today
Taking a broader view, we asked you to give us your opinions on what you consider to be the most challenging aspects of becoming an accountant today. Although prompted, issues such as loss of public confidence in accountancy, compliance with increasing regulation, and keeping pace with technological developments were low on students' list of challenges. Instead, you see the main challenges as being: keeping up with continuing professional development (CPD) requirements (25%), broadening your skills in keeping with the needs of modern accountants (21%), and increasing competition for jobs (18%).
When it comes to skills, most of you are clear about which skills you need to focus on. The results show that the next generation of accountants strongly believe that core skills continue to be essential to their career development. Top of the poll was integrity/professional ethics. 74% of you stated that you believe this is the most important skill you should have as an accountant. Next came technical competence, with 68% of your votes. Analytical skills came in at 65%, communication skills at 64%, financial/cost analysis at 60%, and 56% chose risk and control. Also scoring 56% was interpersonal skills, which you also believe to be important in the workplace. Strategic analysis scored 53%, management skills 50%, and IT skills also got 50% of your votes.
International standards
The increasing globalisation of accountancy was reflected in responses from those of you who responded. 77% of you - 8,500 people - felt strongly or very strongly that obtaining an international qualification is important to your status. 86% of you told us that you believe it is increasingly important for accountants to be trained to consistent international standards. And 80% of you confirmed that your ACCA qualification will help you work in a broad range of roles. More than three-quarters of you who are in employment said that your employer recognises ACCA as a relevant qualification. Over 80% of you said you believe that becoming an ACCA member will give you a competitive edge in the employment market.
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