A decade of opportunity for Generation Z accountancy professionals and their employers is predicted by ACCA (the Association of Chartered Certified Accountants) and IFAC (the International Federation of Accountants) in a new report published today Groundbreakers: Gen Z and the future of accountancy.
Gathering the views of 9,000 18-25 year olds globally, including 2,127 in China, the report throws fresh light on the aspirations and fears of this up-and-coming generation, while also offering employment advice for them and employers alike.
48% of Chinese respondents see accountancy as an attractive career, providing long term prospects and portability with access to jobs that span internationally and across industries. But this is a generation concerned about the future – 64% are concerned about their wellbeing and mental health, 59% about lack of job opportunities and job security, and 42% about income inequality.
The report also reveals that as employers, the profession is missing opportunities to attract more young people to its ranks.
Gen Z in China is also broadly upbeat about the role of business, with 71% agreeing business has a positive impact on wider society and workplace 73% agree that business use technology to improve the workplace.
Jane Cheng, head of ACCA Hong Kong says: ‘Our findings present both challenges and opportunities for the accountancy profession and business in China. That’s because Gen Z will demand more accountability from the leaders of the organisations in which they work, and they’ll also have high expectations of their work-life balance and how employee welfare is managed.’
Jane Cheng concludes: ‘The world now demands more accountability and transparency – the mantra is simple: stakeholders, not just shareholders. For the accountancy profession, this represents a potential turning point and these young people will help create a workforce which is more diverse, more inclusive, and which will make businesses more cognisant of their broader role in society.’
‘Our report explains how Gen Z will bring their talent and tech know-how to the profession and change it, pursuing careers with purpose and doing jobs that make a difference. It’s a message of opportunity and positivity as we work towards to achievement in 2030 of the UN Sustainable Development Goals.’
To help Gen Z navigate the future, ACCA’s report recommends ways they can future proof their own careers, and realise their career dreams as work changes:
The full report can be downloaded here: www.accaglobal.com/hk/en/professional-insights/pro-accountants-the-future/gen-z.html
For more information, please contact
+852 2973 1106
Notes to Editors
About Gen Z: The generation currently aged between 10 and 25 years old consists of 1.8bn people and makes up 24% of the global population. These ‘digital natives’ have grown up with mobile, social media and, of course, the internet. They are the most globally peer-connected generation in human history entirely used to a wealth of information accessible at the press of a button or a voice command to Siri or Alexa. Their online and physical relationships blur continuously, and this ‘blurred life’ phenomenon increasingly translates to the workplace too, further amplified by the COVID-19 pandemic and working from home. This connectivity gives rise to an opportunity for this generation to influence and shape our futures like no other, in many different ways.
About ACCA: ACCA is the Association of Chartered Certified Accountants. We’re a thriving global community of 227,000 members and 544,000 future members based in 176 countries that upholds the highest professional and ethical values.
We believe that accountancy is a cornerstone profession of society that supports both public and private sectors. That’s why we’re committed to the development of a strong global accountancy profession and the many benefits that this brings to society and individuals.
Since 1904 being a force for public good has been embedded in our purpose. And because we’re a not-for-profit organisation, we build a sustainable global profession by re-investing our surplus to deliver member value and develop the profession for the next generation.
Through our world leading ACCA Qualification, we offer everyone everywhere the opportunity to experience a rewarding career in accountancy, finance and management. And using our respected research, we lead the profession by answering today’s questions and preparing us for tomorrow.
ACCA now has 27,000 members and 154,000 future members in China, with 11 offices in Beijing, Shanghai, Chengdu, Guangzhou, Shenzhen, Shenyang, Qingdao, Wuhan, Changsha, Hong Kong SAR and Macau SAR.
Find out more about us at www.accaglobal.com/hk
or follow ACCA Hong Kong on social media: www.facebook.com/ACCA.HongKong | www.instagram.com/acca_hk | www.linkedin.com/showcase/acca-hong-kong |
WeChat ID: ACCA_HK
IFAC (the International Federation of Accountants) is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies.
Comprised of over 175 members and associates in more than 130 countries and jurisdictions, IFAC represents almost 3 million accountants in public practice, education, government service, industry, and commerce. Over four decades, IFAC has represented the global profession and supported the development, adoption, and implementation of international standards that underpin the contributions of today’s global accountancy profession.
IFAC has maintained a long-term approach to building and strengthening a global accountancy profession that supports transparent, accountable, and sustainable organizations, financial markets, and economies. More information is here www.ifac.org