ACCA (the Association of Chartered Certified Accountants) Hong Kong recently held the Professional Roundtable – Attractiveness of the Accountancy Profession to examine talent strategies in the accounting industry and how to enhance its appeal to the younger generation. The roundtable participants reached a consensus that early engagement with secondary and university students is essential. They emphasised the importance of sparking students' interest before they make career decisions and suggested offering internship programmes to allow students to witness the value of the profession firsthand. Additionally, the participants proposed considering flexible work arrangements to attract young professionals.

The roundtable brought together esteemed leaders from the accountancy sector, including Joseph Owolabi, FCCA, Global President of ACCA; Dr Danny Po, FCCA, Chairman of ACCA Hong Kong; Hon Edmund Wong, FCCA, Legislative Council Member (Accountancy Functional Constituency); Clement Chan, Chairman of Hong Kong Association of Registered Public Interest Entity Auditors Limited; Stephen Law, President of Hong Kong Business Accountants Association; Roy Leung, FCCA, Vice President of Hong Kong Institute of Certified Public Accountants; Margaret Mak, FCCA, President of the Associations of Woman Accountants Hong Kong; Lie Ming Or, Chair of Chartered Accountants Australia and New Zealand’s Hong Kong Region Council; Parco Wu, FCCA, President of The Society of Chinese Accountants & Auditor; and Alice Yip, FCCA, Council Member of ACCA. All participants’ job titles reflect the positions held by the individuals at the time of the roundtable discussion on 3 November 2023.

The participants of the roundtable emphasised the importance of dispelling long-held stereotypes in the accounting profession to attract the next generation. Despite the strong demand for accountants and the increasing diversity of career opportunities, young people often perceive accounting professionals as dispassionate bookkeepers solely focused on debit and credit in spreadsheets. To change this perception and enhance the industry's image, the participants stressed the need to highlight the profession's positive social impact. Additionally, they agreed that accountants must possess the skills to recognise and utilise data effectively, transforming it into valuable information that tells a compelling story. As artificial intelligence and technology continue to integrate with traditional accounting practices, the participants emphasised that accountants must acquire skills in fintech, AI, digital transformation, and sustainability.

Joseph Owolabi said: ‘Younger generations want more than just a job. They want to contribute to making a better world. ACCA's job is to get them excited about what accountants do, so they can see how that is useful to the world. If we showcase the accountant's career journey from finance to manager to leading a business, young people will be able to see how this connects with their aspirations of becoming an entrepreneur or business owner.’

Dr Danny Po said: ‘We are at a crucial juncture for accountancy, as it continues to strive as a resilient and future-proof profession that plays a pivotal role in economic growth and society's sustainable development – generating employment, creating value, and contributing to innovation. To satisfy the need to broaden skillsets, collaboration could extend to offering cross-industry training programmes with certificates awarded for the completion of cybersecurity and environmental, social and governance (ESG) training programmes. ACCA would continue to include ESG in our professional examination curriculum and continuing professional development (CPD) activities. This would let the entire accounting industry know that this is the right way to go.’

Hon Edmund Wong said: ‘To create a pipeline of future talent, we would welcome a step-up in policies aimed at encouraging more young people to join the accounting sector. As a policy maker, we are working with the government and the Education Bureau to rollout programmes aimed at encouraging more secondary school students to choose accounting as their primary study programme. At the same time, we hope the government could add accountants to its Top Talent Pass Scheme in the first quarter of 2024, which would enable accounting firms to recruit talent globally.’

The Professional Roundtable – Attractiveness of the Accountancy Profession was held in November 2023. The purpose of the event was to discuss the challenges faced by the accounting profession, including talent shortages, work-life balance, and the impact of digital technology on industry development. Industry leaders gathered to analyse the latest trends and changes, and contribute ideas for enhancing the competitiveness of the accounting profession.

Read the full report: www.accaglobal.com/hk/en/professional-insights/pro-accountants-the-future/hk-talent-roundtable-2023

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