SPOTLIGHT ON FINANCE
Graduate skills of the future needed in Accounting and Finance
Graduates of the future will require a very different skillset to the traditional job-hunter. The impact that technology had played on professions such as accountancy is profound, and has resulted in an evolutionary change in skills required of students by their future employers. The technical acumen that was expected of accountants, while still vitally important, is changing due to the increasing level of automation in the field. It raises the importance of analytical skills and creates exciting opportunities to do things differently. At ICAEW we believe there are five new key skills areas that students must develop to fulfil the changing needs of employers - these are adaptability, insight, collaboration, learning & reflection and perspective.
Ie recently conducted research into the skills and behaviours required by top employers in practice, industry and not for profit organisations. This included small and large companies both in the UK and internationally. We also reviewed academic research in this area, the skills and behaviours that a number of other professional bodies develop as part of their qualifications and thought leadership from ICAEW, the FRC and the Institute of Directors. This process revealed key areas where today’s students must focus on in order to meet the needs of tomorrow’s recruiters. They must be able to look beyond numbers.
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In the case of accounting, technology is automating the more routine elements of much of the everyday practices. Computers are now able to automatically prepare financial statements and income tax returns may soon be a thing of the past with the tax system being digitalised. This means that accountants, especially young accountants, will be required to do less of the ‘nuts and bolts’ of accounting, with the real value coming from higher level skills such as analysis and interpretation, which they develop through their ICAEW training.
Students must learn to adapt to rapidly changing circumstances and provide insights into the best way forward. Accountants are faced with an increasing range of risks to evaluate. Cyber experts
22 TheStudentEmployer
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estimate hackers develop 12 new viruses per second. 2016 saw surprise election results, and consequent foreign exchange rate volatility - accountants need to be able to identify and manage such risks, and operate in conditions of uncertainty.
Collaboration both with colleagues, clients and geographically disparate teams is increasingly important for accountants. Shared service centres are deployed by employers in industry as well as some larger professional services firms. Professional services firms are partnering or acquiring technology companies – KPMG and Oracle, Deloitte and GE - meaning accountants need to work in teams with tech experts to offer a comprehensive service to clients. Cultural sensitivity and collaboration in diverse teams are important skills for these accountants.
Students will need to learn from colleagues, reflect on what they have been told and develop their understanding of their environment. Employers have told us that interpersonal skills are just as important as being technically competent and communication skills, likeability, adaptability, emotional intelligence, and leadership are among core skills and attitudes that employers value.
Essentially our research demonstrated that five themes emerged as key professional skills and behaviour areas for the future:
Adaptability - the ability to recognise that business is in a constant state of change and evolution, to be curious about this, and to be flexible and adjust thinking, approach or methods as required
Insight - the ability to analyse and interpret data and think critically to provide commercial insight
Collaboration - the ability to partner and consider diverse perspectives to create successful outcomes while being accountable for self
Perspective - the ability to take a holistic view of business issues and decisions, considering external stakeholder interests and enterprise-wide implications
Learning and reflection - the ability to reflect on experience and learn and change to be more efficient and effective
In summary - an essential blend of skills and behaviours are needed in the future.
These are the skills and behaviours our employers are looking for in candidates now and in the future to make sure they continue to prosper and grow in an ever- changing world. These are also the themes our qualification will continue to focus on to make sure we are producing professionals capable of helping to build a world of strong economies.
Sharon Spice, Director of Global Student Recruitment at ICAEW
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