The rise of sustainability-related reporting and assurance and emerging technologies, like artificial intelligence (AI) may fundamentally shift the skills and knowledge required by accountants. Likewise, as younger generations demand more flexible career trajectories, the needs of aspiring accountants are also evolving.
IFAC members are already evolving their professional accountancy education programs to ensure they remain champions of integrity and professional quality. IFAC’s Accountancy Education Directors Forum—education leads at IFAC’s members and the Forum of Firms’ members—recently met to discuss these issues. This article summarizes the outcome of this meeting and provides an overview of the three key areas of skills and knowledge highlighted, as well as their practical tips and advice on how to update accountancy education programs.
Building new skills and knowledge
Across IFAC members, there are three key areas that accountants will need to develop skills and knowledge.
- Sustainability reporting and assurance – Investors and other stakeholders demanding high-quality sustainability-related reporting and assurance has given rise to new international standards for sustainability-related reporting, assurance and ethics. To reflect these new expectations of accountants, curriculums need to be updated to embed local sustainability requirements. Recent revisions to the International Education Standards (IESs) provide a global baseline for updating initial professional development programs (IPD).
- AI – AI will have a far ranging and pervasive impact on accountants’ work and how it is delivered. To remain relevant, IFAC members will need to begin to incorporate using AI into accountancy education programs. Considering the ethical and governance implications of these new technologies will likewise be key for ensuring accountancy remains a trusted profession.
- Professional and behavioral skills – Sustainability-related reporting and assurance, as well as AI, require accountants to develop enhanced professional and behavioral skills. Accountants will need to be skilled communicators who can work in a multi-disciplinary fashion. They’ll need to be intellectually curious, creative thinkers, and agile learners, embracing change and new technologies. They’ll need to be able to think creatively and connect dots between financial and non-financial information. Professional accounting organizations, educators and firms will need to collaborate on how to develop these enabling skills both in the classroom and the workplace.
Tips on updating professional accountancy education curriculums
Many IFAC members have already begun efforts to update curricula. The following lessons and practical tips are drawn from their experiences.
- Engage regularly with firms and accountants in business: Practice is rapidly evolving in both sustainability and AI. To ensure your curriculum reflects the latest information, work with your members in firms and business to develop case studies and content. Having designated champions, for example on sustainability or AI, can help ensure a strong focus on building long-term relationships with key stakeholders, which will have long-term dividends.
- Learn from the next generation: Those entering the profession will likely already be comfortable with using AI in their day-to-day lives. Leverage this by learning from them through roundtables or other forums when developing content. Encourage their creativity, for example, by hosting competitions on innovations in use of AI for accounting.
- Connect topics across courses: Like ethics, sustainability, AI and professional skills cut across all competence areas. Embedding through all relevant layers of learning can create efficiencies in learning programs.
- Develop AI and sustainability education strategies for all members: All professional accountants will be affected by these changes, not just those in their IPD stage. Consider how to support continuing professional development (CPD), including the need to develop additional courses or certifications for those already qualified.
- Consider what can be cut: In the face of change, curriculum overload is a real risk. Take time to review your competence maps against the IESs. Are there any areas that can be slimmed down or removed? Can AI help reduce the amount of time spent on certain topics?
Potential areas of delivery improvement
These new areas also provide an opportunity to consider how delivery of professional accountancy education programs could be improved.
- Leverage AI: AI can be leveraged to make education programs more adaptive and personalized for students. Investing in new tools and platforms, for example, AI tutors, can provide an enhanced learning experience for students. AI tools may be useful for creating enhanced efficiency in marking, provided appropriate governance and oversight is utilized.
- Review delivery formats: It may be helpful to review and map out delivery formats against different learning outcomes and competence areas. Competence in some areas, such as professional and behavior skills may be better developed through simulations in classrooms or practical experience. Using authentic assessment formats likewise can ensure they also provide a learning benefit.
- Introduce flexibility: Younger generations increasingly expect flexibility in career pathways. Introducing micro-credentials or modular based learning may be helpful, as they also for flexible exit and re-entry routes into the profession.
- Review stakeholder feedback regularly: Understanding the lived experience of aspiring professional accountants is key for ensuring the profession remains attractive for the next generations. Working with employers to understand areas for improvement will help promote collective improvement.
IFAC members play a central role in promoting the public interest and building trust in society. By improving professional accountancy education programs, together we ensure that accountants are geared up for the future and all the challenges ahead.
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