A Decade of Opportunity Ahead for the Accountancy Profession

MUMBAI:
A decade of opportunity for Generation Z accountancy professionals and their employers lie ahead as highlighted 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 1,086, 18 to 25-year olds in India, 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.

48% of Indian 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 – 65% identified lack of job opportunities / job security as a concern versus a global average of 58%. Just under half – 49% – of Indian Gen Z are concerned about their wellbeing and mental health.

The report also reveals that employers are missing opportunities to attract more young people to the profession’s ranks, especially as 67% of Indian respondents said they expect to have multiple careers in different sectors.

Sajid Khan, Head of ACCA India says: ‘The coming decade presents a clear opportunity for Gen Z to play a significant role in transforming how organisations become sustainable and adopt change effectively. For the accountancy profession, this represents a potential turning point and these young people will help create a workforce that 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 the UN Sustainable Development Goals.’

· India Generation Z is determined: looking at their own peer group, a massive 91% say they are ambitious to progress quickly; 91% also value purpose and meaning in a job.

· As expected, they’re also tech savvy – 86% say they’re very comfortable with technology and pick up new tech fast, and 82% say technology will enable finance professionals to focus on high-value-added activity.

· For those already working as accountants, 45% were drawn to it because of long term career prospects, and 50% for the opportunities to secure a professional qualification. This perception changes for those respondents who are looking to become accountants with 48% attracted to the profession for the global portability it offers.