bea conference 2016 - amazon s3...“it’s difficult to make predictions, especially about the...
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BEA Conference 2016
Mary Clarke
Head Education Policy
CPA Australia
30 September 2016
Megatrends shaping the
accounting profession
“It’s difficult to make predictions, especially about the future.”
“The future belongs to those who prepare for it today.”
5 megatrends in 5 minutes
1. The centre of economic gravity is shifting to the East
2. Future demand for accountants exceeds supply
3. Femocratisation of the profession
4. The world of work is changing
5. Employers want more than just technical skills
1. The centre of economic gravity is shifting to the East
Source: World Bank, Global Economic Prospects, Dec 2014
GDP growth
Percentage changed based on constant 2010 USD
2. Future demand for accountants exceeds supply
Accountants is
a big
occupation ….
Rank Occupation Numbers
Employed
1 Sales Assistants (General) 539,800
2 Registered Nurses 256,100
3 Retail Managers 234,100
4 General Clerks 232,600
5 Accountants 186,700
6 Truck Drivers 179,900
7 Receptionists 171,500
8 Electricians 154,900
9 Primary School Teachers 147,800
10 Child Carers 146,300
Source: ABS (2016) Labour Force Survey
2. Future demand for accountants exceeds supply
… and its
getting bigger
Growth in occupational employment 2015-2020
Sources: of Employment (2016) Projections
2. Future demand for accountants exceeds supply
Sources: ABS (2016)
Labour Force Survey
and Department of
Employment (2016)
Projections
Employment of accountants
Thousands
2. Future demand for accountants exceeds supply
Source:
DET special
data request
Accounting program completions
Numbers of graduates
3. Femocratisation of the profession
3. Femocratisation of the profession
1st year
university
3rd/4th year
university
Young
professionals
Established in
career
Australia 44%
New Zealand 44%
Indonesia 45%
Singapore 57%
Malaysia 59%
Vietnam 57%
China 67%
Hong Kong 52%
SOUTH EAST ASIA
NORTHERN ASIA
OCEANIA
30% 37%
42% 47%
1999 2004 2009 2014
% FEMALE OVERALL MEMBERSHIP
4. The world of work is changing
Influences
Work practices
Global
Technological
Source: Adapted from
World Economic Forum
(2016) The Future of Jobs
Growth and decline in job families
Employment outlook, jobs in thousands 2015 - 2020
decline growth
-4,759
Office and Administrative +492 Business and Financial
Operations
-1,609
Manufacturing and
Production +416 Management
-497 Construction and
Extraction +405 Computer and
Mathematical
-151 Arts, Design,
Entertainment, Sports and
Media
+339 Architecture and
Engineering
-109 Legal +303 Sales and Related
-40 Installation and
Maintenance +66 Education and Training
Source: World Economic Forum (2016) The Future of Jobs
4. The world of work is changing
Top 10 selection criteria when recruiting accounting and finance graduates
Selection criteria Accounting and
finance All
Interpersonal and communication skills 1 1
Critical reasoning and analytical skills 2 3
Passion / knowledge of industry 3 2
Cultural alignment / values fit 4 6
Calibre of academic results 5 4
Emotional intelligence 6 7
Work experience 7 5
Teamwork skills 8 8
Activities 9 9
Leadership skills 10 10
Source: Graduate Careers, 2014
5. Employers want more than just technical skills
Go Dogs!