Lifelong Learning Is Essential To Remain Relevant In an Ever-Changing World States ACCA

Accountancy professionals will be increasingly required to broaden their skill-set and take ownership of their personal development if they are to succeed in an ever-changing, dynamic world, states the Association of Chartered Certified Accountants (ACCA). 

As found in a report launched by ACCA, Learning for the Future, the accountancy profession, like many other professions, faces several significant challenges from social and technological trends and developments. Digital innovations in finance and accounting can present both an opportunity for accountants to move up to more value-adding roles and responsibilities, but could also mean others are at risk of getting marginalised if they are not open to change. 

ACCA brought together over 100 individuals to discuss the future of work and learning at an event supported by RAKBANK. Attendees heard from Deloitte Middle East on how the profession is evolving in the UAE; with a concluding presentation from BDO who highlighted the skills of the future. 

Lindsay Degouve de Nuncques, Head of ACCA Middle East states:

“Many of the traditional perceptions of work are being challenged by evolving business models, giving way to more flexible and dynamic team based structures. Instead of developing staff in existing roles, many organisations are now embracing the gig-economy and ‘borrowing’ talent over a specific period of time to cover a certain phase in growth. Also, many societies are facing the reality of four generations in the work place and strategic organisational design needs to ensure all generations are able to work together and leverage each other’s strength and experiences.”

Image:ACCA logo

ACCA’s executive director, strategy and development – Alan Hatfield, says: 

“ACCA sees the successful accountant of the future being one who realises the need to develop their skills on a continuous basis. They take full responsibility for their own development and accept no one will do this for them. While they need to be technically competent, they also need to have the softer skills required for the value added aspects of their role.  As the pace of change progresses so we need to ever more refresh and build upon our skills to remain relevant.

‘It’s also vital for employers to maintain a culture that supports continuous learning in the workplace and recognise that employee development is a longer-term project. Effective mentoring and coaching from peers, colleagues and fellow professionals is also essential in that regard, which is why ACCA recently introduced its own online mentoring programme to facilitate those important connections across our global membership.

‘The learning and development community should endeavour to move away from being providers and rather become curators of learning content. Organisation-wide learning is probably a thing of the past and a one-size fits all approach can never effectively address the variety of needs. They must step in and provide guidance and support on how to achieve the most from the range of developmental programmes available.’

This report is based on surveys, roundtables and interviews with ACCA members and students and those from the learning and development communities, including employers and education providers. The event was attended by ACCA members, affiliates and students based in the UAE.