To stay relevant and competitive, accounting professionals will need to be adaptive to an ever-changing technological environment. There is a growing need to be literate in big data and other data analytical technologies. The technologies on the horizon are poised to significantly change the trajectory of an accounting professional’s career. These new skill sets will definitely change the perception of accountants being ‘bean counters’ and ‘number crunchers’ in this high-tech age.

While we can’t really predict what the future holds, we can look at how far we’ve come with technology in merely the last decade and realise the present we know now will, very soon, find itself memorialised in nostalgia.

A successful career in a top firm has long been a widely held goal for young accountant professionals across the globe. But as client demands change, driven by the rise of the digital economy and intense competition, so too do the service offerings of global firms. Digital, regulatory and broad consultancy services sit alongside traditional work such as audit and tax.

And that has implications for the skill sets of those hired by global firms. Traditional audits will require accountants with a growth mindset, and those who cannot adapt to change are going to become more and more replaceable by technology such as artificial intelligence. firms, therefore will need to help employees learn how to build a change-oriented mindset.

ACCA has mined its Generation Next survey of 19,000 finance professionals aged between 16 and 36 to focus on the attitudes of those working for Big Four and mid-tier firms (the top 10). Its analysis of those 2,200 young accountants is published in the report, Generation Next: managing talent in large accountancy firms. It reveals a generation ambitious in desire for professional growth, determined to be globally mobile, and ready to embrace the digital revolution.

Young finance professionals across all business sectors are attracted to the profession’s promise of a long-term career with opportunities for developing wide-ranging skills.

DIGITAL AS AN OPPORTUNITY

Younger professionals in large accountancy firms share a belief with their peers in other sectors that technology will have a positive impact on career opportunities. Perhaps more importantly, they believe they are well-situated to take advantage of digital: 85 per cent of respondents in large accountancy firms see technology as an opportunity to focus on much higher value-added activity.

They have a high awareness of the impact of digital transformation on skills and responsibilities in finance and accounting, and see themselves as well -prepared to embrace technology as a way of increasing their value in the future.

Firms are increasingly bringing digital solutions to their clients’ chllenges, work, with an underlying trend towards building a broader consulting approach. More than ever, professionals need to understand both the business dynamics and how to exploit data to explain current developments and foresee future trends.

JOB SATISFACTION

More than in any other practice size, those working in large accountancy firms are convinced about the clear potential for progression and access to learning and development opportunities within their organisation. Job satisfaction is high, with 59 per cent of Big Four employees saying they are satisfied or very satisfied in their role, compared with 51 per cent in mid-tier firms and 48 per cent in all business sectors.

POSITIVE ABOUT CAREER

Despite the drawbacks of long hours, those at large accountancy firms appreciate having career pathways that are clear, well-structured, and allow sustained professional growth.

Like their peers in all sectors, young professionals in large accountancy firms viewed practical, experiential learning as the most effective form of development. On-the-job learning, mentoring, job rotation and coaching are the favoured approaches.

Looking at the types of training most often used in organisations, there may be some scope for employers to revisit their learning and development offering and align it with the preferences of this generation.

Young professionals are always on the lookout for new career opportunities — 60 per cent of those working for both Big Four and mid-tier firms said career progression was the most important retention factor for them, followed closely by learning opportunities (55 per cent Big Four, 59 per cent mid-tier), and money (a virtual tie at 56 per cent Big Four, 57 per cent, mid-tier). Some way behind came work life balance (49 per cent and 46 per cent, respectively) and interesting work (48 per cent and 43 per cent). At the bottom was job security (43 per cent and 44 per cent).

PROGRESSION AND AMBITION

A consistent observation of millennials in large firms is their unrealistic timeline for promotion. They want to climb the career ladder and they want to do so quickly.

Those in the Big Four were most ambitious about finding a general business role at some point — just under 60 per cent said they wanted to do so, compared with 53 per cent in the mid-tier firms.

The global survey underlined national differences in how quickly young professionals are looking to move. In Nigeria, 61 per cent of Big Four staff would like to be in their next role in under a year; in Cyprus the figure was 50 per cent; and in Russia 47 per cent. Elsewhere there was much less inclination to move on: in Malaysia, 37 per cent, gave themselves less than a year, while in Pakistan it was 36 per cent. Even so, that’s a lot of turnover. Only in India (three per cent) and Cyprus (six per cent) could anyone see themselves still in the same role in five years or more.

If you think of this generation as willing to settle down into jobs-for-life, think again. The survey uncovered a rich seam of entrepreneurial desire: of the 18,000 young professionals interviewed across all sectors, 80 per cent said they would like to start their own business at some point in their career. Think of that potential.

Gail Moore, assurance partner and local technical leader, PwC Jamaica.