By 2035 how, when and where finance professionals work, as well as the nature of the work itself, will look very different. In a new survey by the ACCA (Association of Chartered Certified Accountants) 53 per cent of respondents in the Caribbean believed that flexible career paths will replace linear paths within the next decade. A further three in 10 (29 per cent) in the Caribbean expected the two approaches to coexist equally.

While, as elsewhere, technology represented the most significant driver of change within the region, more localised factors were also important in framing career paths in the next decade.

Career paths reimagined highlighted local concerns over regional mobility and the impact of the Caricom initiatives. Paula Marcelle-Irish, head of Caribbean, ACCA said: “Mobility within the Caribbean is a significant topic, particularly considering Caricom’s intention to enable the free movement of professionals. However, as of now, the accounting profession has not yet been included in the first phase of this.

“The expectation of those professionals we talked to in this research was that accountants will be included in the next phase, which could lead to increased movement of talent, cultural exchange, and resource shifts across the region. This anticipated mobility was seen as a major upcoming development for the profession in the regional discussions.”

Talent shortage and outward migration are already persistent challenges for the region.

Globally, preparing for a flexible career structure is at the core of suggested actions made in ACCA’s major new report, Career paths reimagined. Around 2,600 ACCA members and future members — including 86 from the Caribbean — together with 145 employers across the globe took part in the global research which identified the relevant skills sets that finance professionals should nurture for future career success. Focusing on inter-personal, technology and technical skills and developing specialisms feature strongly, as well as having a curious and flexible mindset. Career breaks and ‘micro-retirements’ are likely to increase as professionals work longer.

ACCA chief executive Helen Brand said: “Accountancy is being redefined in ways that are reshaping and expanding the role of the profession. While traditional career paths are giving way to more flexible, individualised routes that are shaped by skills rather than titles, opportunities to grow and thrive have never been greater for those prepared to embrace change.

“To be successful, finance professionals must be willing to let go of outdated expectations and embrace a future which will see the rise of hyper-personalised careers featuring more flexibility but less predictability. Taking greater ownership of your career and learning is key — continually developing the right skills is essential to navigating a flexible workplace.”

Survey respondents ranked technology as the most significant of eight drivers of change reshaping future career paths and workplaces, with changes in personal expectations of work coming in second place, and other drivers shown in the order below:

1. Technology: Emerging technologies, automation, and data analytics dominate future work and how the human augments the machine, including artificial intelligence (AI).

2. Personal expectations: Increased emphasis on the motivators for work — such as work-life balance, purpose and flexibility.

3. Geopolitics and economics: Slower growth and global fragmentation challenging personal prosperity.

4. Role of professions: Changing from guardians of knowledge to interpreters and trusted advisors.

5. Enforced changes: Reaction to external changes of increasing compliance and the need for greater ethical oversight.

6. Sustainable world: Climate change and other sustainability factors impacting where, when and how we might work, as well as imperatives creating new roles and responsibilities.

7. Societal expectations: Evolving views on the role and value of work.

8. Demographics: Longer working lives and multi-generational workplaces.

Other factors explaining why flexible career trajectories are likely to dominate include:

•An evolution of organisational structures — removing traditional middle-level roles and replacing them with more specialist roles. Entry points are evolving and are being redefined by new ways of working and a demand for specific skills and experience. Employers should seek to review their traditional career models.

•Advances in technology — reducing or transforming entry-level roles and changing the nature of the roles themselves.

•Demographic changes — lengthening the working life.

•Flattening economic performance — making sideways moves more important for career and financial progression.

•Disenchantment with the impact of more senior or executive roles on work-life balance and the immediate financial and lifestyle needs driving chosen career paths – particularly during economic and geopolitical uncertainty

Report author Clive Webb, head of business management at ACCA, said: “The report shows that those who appreciate and adapt to the changes will benefit from stimulating and rewarding careers in finance and accountancy. Curiosity and agility will be key features of a successful career as careers will be flexible and dynamic. The career paths of the future hold significant promise for those ready to seize the opportunity. Employers need to adapt to and anticipate changes now to maximise talent, match skills demand and provide a sustainable pipeline of talent for a redefined profession.”

About ACCA

We are ACCA (the Association of Chartered Certified Accountants), the only truly global professional accountancy body. Since we were founded in 1904, we’ve been breaking down barriers to the accountancy profession. Today we proudly support a diverse community of over 257,900 members and 530,100 future members in 180 countries.

We’re redefining accountancy. Our cutting-edge qualifications, continuous learning and insights are respected and valued by employers in every sector. They equip individuals with the business and finance expertise and ethical judgment to lead and drive sustainable value in organisations and economies worldwide.

Guided by our purpose and values, we’re leading the accountancy profession for a changed world. Partnering with policymakers, standard setters, the donor community, educators and other accountancy bodies, we’re strengthening and building a profession that focuses on people, planet and prosperity to create value for all.

Find out more at: www.accaglobal.com