An Agile Profession
Author:
Brian Walsh
[Fulltext] The key characteristic of any profession is its members applying a body of knowledge and skill competently and effectively in line with a core of ethical values. In a modern business environment where competition is fierce, where change is rapid and where technology is replacing many of the more mundane tasks, Chartered Accountants are having to add agility to their armoury of skills.
This is nowhere more evident than in the way in which the Big 5 are changing and adapting their services. As Mary Canniffe points out in Views from the Top (pages 9-11) an increasing portion of revenue is coming from growth in specialist services like technology consultancy. The depth and breadth of their services is seen as a source of insulation in a slower growth environment. The greatest challenge is not getting the work, it is getting and retaining high quality people, including non-accountants like economists and lawyers, to meet clients' needs. Diversification is not just a trait of the Big 5. The Institute's Practice Comparison Survey, which focuses on sole practitioners and small practices (pages 26-27), shows evidence of sole practitioners diversifying into areas like IT training and installation, outsourcing and personal finance planning. These trends are well captured in Martin Meagher's survey (pages 18,20) of Chartered Accountants in which he quantifies the shift from traditional to non-traditional areas and which involve Chartered Accountants working as members of cross functional teams, needing greater communications and interpersonal skills.
As Martin argues these trends have significant implications for the way in which we train Chartered Accountants. The Chartered Accountant of the future needs a more versatile skills base, enabling him or her to become a premier business adviser and a skilled participant in the commercial decision-making process, as opposed to merely being a custodian of technically, highly developed auditing and accounting skills. A major Review of our Education and Training process will bring significant improvements in the teaching model, including the syllabus. Skills training, such as information analysis, presentation techniques, letter- and report- writing, interpersonal skills, negotiation and interviewing techniques will form a constituent part of the Institute's new education and training process which it is planned to introduce in the 2002/2003 academic year.
However, changes in the education process will of necessity take time to bear fruit. What is encouraging is that the Chartered Accountants of 2001, in large and small practices, are showing that they have the agility to succeed in to-day's competitive climate. This agility is in no small way related to having undertaken a substantial training contract which exposed them to a range of disciplines - such as tax, audit, accountancy and consultancy - and provided them with a breadth of experience working with clients in many different aspects of businesses.
While the economic consequences of the horrific events of 11 September 2001 in the United States are still unclear (at the time of writing) it does seem likely that we are facing a very difficult global economic climate. However, past experience has shown that Chartered Accountants who utilise their skill sets effectively and who show flexibility and agility will succeed. That is a very positive statement to be able to make about one's profession in these times of great change.
Brian Walsh, FCA
Chief Executive