Decade of opportunity ahead for Caribbean accountancy profession
Adecade of opportunity for Generation Z accountancy professionals and their employers is predicted by Association of Chartered Certified Accountants (ACCA) and International Federation of Accountants (IFAC) in a new report published recently,
Groundbreakers: Gen Z and the future of accountancy.
Gathering the views of 9,000 18 to 25-year- olds globally, including 73 in the Caribbean, the report throws fresh light on the aspirations and fears of this up-and-coming generation of young professionals while also offering employment advice for them and employers alike.
Many Caribbean respondents see accountancy as attractive and providing longterm prospects and portability, with access to jobs that span international locations and exist across industries. But this is a generation concerned about the future – 78 per cent are concerned about a lack of job opportunities/job security compared to a global average of 58 per cent. Two-thirds say they are concerned about their well-being and mental health.
The report also reveals that as employers, the profession is missing opportunities to attract more young people to its ranks.
Gen Z question the motives of the business world – just 29 per cent say businesses are fighting climate change, 25 per cent agree business leaders have integrity and do what they say, and 26% say businesses prioritise and take good care of employees. However, 71 per cent also believe that businesses have a positive impact on wider society.
Shelly-ann Mohammed, head of ACCA Caribbean, commenting on the report siad: “Our findings present both challenges and opportunities for the accountancy profession and business across the Caribbean and globally. 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.”
Caribbean Generation Z is determined – looking at their own peer group, a massive 90 per cent say they are ambitious to progress quickly, 86 per cent also value flexibility and work/ life balance, and 84% value purpose and meaning in a job.
As expected, they’re also tech savvy – 92 per cent say they’re very comfortable with technology and pick up new tech fast, and the same number say technology will enable finance professionals to focus on high, value-added activity.
For those already working as accountants, 56 per cent were drawn to it because they were interested in the subject and 50 per cnet for the career portability it offers. This perception is also reflected in respondents who are looking to become accountants, with 61 per cent saying they’re interested because of the portability of finance roles globally.
“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