The skills you need in 2033 to succeed
Many of us are coming up with a personal development plan for the year ahead, but should we be looking a bit further – say to 2033?
Analytical skills including data and risk analysis are set to grow in demand over the next 15 years, according to a YouGov study commissioned by the AAT (Association of Accounting Technicians). The findings of a survey of 1,000 decision-makers across all industries show being fearless, innovative and opinionated will all become more important by 2033.
Mark Farrar, AAT’s Chief Executive, says: “If the decision-makers we spoke to prove correct, employees will need to better develop their data analysis skills over the coming years if they wish to charm future workplace's recruiters.
“The rise in importance of skills such as being a consultant and strategic thinking shouldn't come as a huge surprise when we look at recent office evolution. When computers accelerated in use in the workplace, for example, many people thought this would lead to the decline of accountants and bookkeepers.
"Instead automation has removed more mundane manual tasks, freeing them up to concentrate on the more interesting and added-value areas of accountancy such as the production of management information and trend analysis."
With this in mind, we look at how you can become your best version of an accountant.
Digital Skills Boost Your Career
In June 2018, Michael Scott CA was named One Young CA by ICAS, and in October he moved out of practice with EQ Accountants into industry, as Group Financial Controller with DPS Group in Fife, Scotland.
Michael said: "When I was in practice the range of software was immense, and we were expected to know the benefits of each package. One of the biggest talking points for last year, and still will be in 2019, is Making Tax Digital.
Clients expect their advisers to be familiar with a range of platforms and packages.
"Many of our clients were still on manual records. We’d be having conversations about preparing for Making Tax Digital which would then lead on to a discussion about cloud software."
Most technology is connected to the cloud, and clients expect their advisers to be familiar with a range of platforms and packages. They also want their accountant to have a good understanding of data analytics and the technology disrupting the profession.
ICAS’ training partner, BPP Professional Development, runs a one-day course, The Digital Revolution: What Finance Professionals Need To Know, which covers FinTech, blockchain, cryptocurrencies such as bitcoin, AI, big data, cybersecurity and the “Internet of Things”.
Technical or Soft Skills?
Many CAs see continuing professional development (CPD) in the context of compliance. This is not unreasonable as the need for CPD is typical of all leading professions.
But let’s just step back a little and consider some of the features of the dynamically-changing environment of an accountant, whether you’re in practice or business:
- Ever-changing legislation, regulation, corporate governance, tax, accounting standards, and auditing standards.
- Political disruption, including Brexit, a minority government and the Trump presidency, and the possible impact on the commercial and financial markets.
- Rapid developments in technology underpinning seismic changes in terms of big data, analytics and AI.
Many of these have knock-on effects as to how you can “future-proof” yourself by developing and improving softer skills including communication, presentation, influence and negotiation, to name but a few.
Keeping your regulatory knowledge up-to-date is just the bare bones, noted Michael, giving you the foundation to understand where the challenges will come from.
CPD is one way to keep on top of developments and be prepared for what could be very different work scenarios in the not too distant future.
"As well as knowing how to get the best out of technology, it’s vital to have good communication skills," explained Michael. "Because, with the advance of technology, CAs are stepping out of a back room function into an advisory role, and we’ve got a place at the table with the directors.
"I was keen to develop these skills, so when I was in practice I attended corporate lunches, networking groups… even something as simple as socialising with co-workers to help you assert yourself and develop strong relationships."
CPD is one way to keep on top of developments and be prepared for what could be very different work scenarios in the not too distant future.
ICAS works with BPP Professional Development and CIMA to deliver a range of courses to help members stay at the forefront of business.
There are a wide range of professional development resources available, including face-to-face and online courses; webinars and updates; mentoring; coaching; conferences and events; and more.
Online Learning is Flexible
Would you choose a long trip to attend a course or to dial-in to a face-to-face lesson? ICAS and BPP are developing a blend of online and face-to-face courses so you can learn in a way that best suits your schedule and location.
There is typically more intense engagement in these types of courses than in a face-to-face environment.
Richard Mallett, Management Accounting Programme Manager at BPP, talks about the changes in how courses are brought to you: "The face-to-face course remains a core part of the offering. For several years, online learning has been on offer in the form of pre-recorded, accessible PowerPoint sessions presented by subject matter experts with knowledge checks at the end.
"Most recently, technology has enabled Online Classroom Live where you can log in to a session, with an expert presenting live, and there is an enormous opportunity to interact with the presenter and other delegates. Perhaps counter-intuitively, there is typically more intense engagement in these types of courses than in a face-to-face environment."
ICAS members can take advantage of a try-before-you-buy offer, and join the first session of a range of Online Classroom Live (OCR Live) courses.
MBA is a Super-Booster
An MBA offers an overall grounding and rounding in business education. The University of Strathclyde provides full-time and part-time MBAs, which, if you want to get a general management or C-suite role, provide a crucial edge.
Strathclyde also has a range of finance and accountancy courses. As well as teaching new skills, they provide an opportunity to meet highly motivated, like-minded people from a broad range of organisations.
Classrooms remain at the heart of the learning, supplemented by video and content in bite-sized chunks, said Dr Devraj Basu, Senior Lecturer in Accounting and Finance at Strathclyde: “We use precious face-to-face time wisely; with more technical subjects it is more important. I can tell by body language whether I’m losing the class and then whether I need to dial back.”
There is no shortcut to mastering technology.
He also talks about how technology is fundamentally changing the nature of accountancy: “Accountants of the future will have to move further up the value chain; their role is to become more of a consultant.”
To misquote the ancient Greek mathematician Euclid when asked by the ruler Ptolemy for an easy way to learn geometry: ‘There is no royal road to geometry (or data analytics or digital platforms)’. That holds as true now as it did then; there is no shortcut to mastering technology.
“People in the profession need to be prepared to engage with the software,” said Devraj, “which is not all that difficult; it’s a process where you have to spare the time and energy to learn it.”
The Step After Next
Jonny Jacobs CA was the 2017 ICAS One Young CA winner and came top in the Leadership & Influence category in the 35 CAs under 35 competition. He is Strategy and Transformation Director at pladis UK & Ireland (the international group that acquired United Biscuits).
He said: "When you move into industry [from practice] it’s a very different environment. We are trained in technical skills throughout our career, and end up focusing so much on that logical, objective side that we don’t spend enough time on emotional intelligence, the relationship side, but that’s actually what you need to be successful in industry.
Identify the progression steps you need to take to the position you want to occupy.
"If you look at the role of a CFO, it requires a low percentage of technical capability and a much higher percentage of commercial understanding, negotiation and ability to manage relationships and people."
His advice? "If you want to create a career plan, go and look at the job spec of the role you want two levels up. I certainly found that a useful exercise."
So, identify the progression steps you need to take to the position you want to occupy. A mentor or career development coach can be valuable in helping you understand the skills you need to develop.
There is a switch that we need to make as we progress along, but it’s quite difficult to make – from core technical to business acumen.
Jonny said: "That’s important because everyone’s got blind spots – 360-degree feedback is a great way to start. That informs the development plan and gets you thinking about the skills you need – technically and behaviourally."
As well as committing to highly targeted traditional CPD, your plan could include networking, attending conferences and gaining skills in M&A or strategy, for example.
Jonny concluded: "You need to think about the skills you require for the job you want in the future, so don’t spend all your time and focus on the job you’re doing today. There is a switch that we need to make as we progress along, but it’s quite difficult to make – from core technical to business acumen."