How accounting is adapting to the digital revolution 1 month ago

How accounting is adapting to the digital revolution

This Advertorial is brought to you by CPA Ireland

The CPA Ready to Face the Future of Accounting syllabus covers the core skills of a professional accountant as well as emerging technologies that will serve you well into the future.

With the onset of technology, all professions have had to adapt and change to the new digital revolution.

Marketeers not only book radio advertisements but also have to navigate a myriad of analytics to make sure their advert is placed above competitors. GPS and robotics are now even forming part of the agricultural landscape and farming.

Each profession must also consider their responsibility around climate action and how our behaviours now will lead to a future for generations to come.

Accountancy is also one such profession. The perception of accountancy has been and to some, still is, an office job with a calculator and ledger. In some circles, accountants are deemed as the money counters. Nothing could be further from the truth.

Accountants are at the forefront of business, be it advising clients or working within large business or industry.

Accountants hold senior positions in multinational companies such as CFO or CEO. In fact, the education that accountants receive is far wider than the balance sheet or debtors and creditors. As automation and technology continually evolve and change business models, the role of accountants and auditors is adapting to this changing world.

CPA Ireland, one of the main accountancy bodies in Ireland, this year launched a new syllabus: ‘Ready to Face the Future of Accounting’. This new syllabus not only covers the core skills of a professional accountant, but addresses the impact of emerging and disruptive technologies, including Artificial Intelligence, Blockchain and Fintech among others, through the introduction of these topics across various subjects on the syllabus.

There is also a completely new elective subject at the final level – Data Analytics for Finance. This allows CPA trainees to bring the high demand data analytics skills to the market, in conjunction with their professional accounting qualification.

CPA trainees can now gain two qualifications by choosing this elective and become a Certified Business Analyst with the Analytics Institute. Further details are available here.

The CPA Ireland syllabus also covers Sustainability Reporting. It is the ambition of CPA Ireland that its trainees will be pioneers in the drive to increase sustainability reporting among corporates.

The accountancy sector is undergoing a critical skills shortage and, 12 years on from the start of the 2008 recession, the labour workforce for accountants has not bounced back. Accountancy remains on the critical skills list and employers continue to struggle to source qualified accountants.

In January of 2020, an accounting and financial professionals survey carried out by Case Wise showed that 62% of employers reported a “significant skills gap” within the industry, up from 51% in 2016.

The parallels between Accountancy and STEM are numerous; science, technology, analytics, mindset and now a growing skills shortage.

Career Advisory Service

To address this, the CPA Career Advisory can help you establish your accountancy career and secure a trainee role. With this service, you can receive introductions to employers, benefit from one-to-one support from CPA Ireland's dedicated Careers Advisor, who will guide you through your job search, receive detailed feedback on your CV and invaluable interview coaching.

This service is available to new students who have registered with CPA.

CPA Ireland Career Placement Service is also working with remote working leaders and education partners to provide its trainees with the skills and competencies required to work remotely.

This includes IT skills for remote working, accountancy software packages and time management and communications among other areas. CPA Ireland also offers advice and support around managing the performance of trainees, digital skills and how to supervise and mentor remotely to managers engaged in its service.

If you would like more information on a career or accountancy or why to choose CPA Ireland, please do not hesitate to contact the Admissions team at CPA Ireland, who will be happy to answer your queries via email, on the CPA Ireland website or by phone on (01) 425100.

CPA Ireland is one of the main Irish accountancy bodies with 5,000 members and students. The CPA designation is the most commonly used designation worldwide for professional accountants and the Institute’s qualification enjoys wide international recognition. The CPA accountancy qualification is globally recognised and is your passport to work anywhere in the world with CPAs working in 50 countries.

More information is available on the CPA Ireland website.

This Advertorial is brought to you by CPA Ireland