“We want to engage talent in new ways and respond to the evolving workplace”
As the International Federation of Accountants launches its new ‘Opening Doors’ initiative, Chief Executive Lee White tells Accountancy Ireland why greater diversity will strengthen the profession
The future of the profession is the focus of a new initiative launched recently by the International Federation of Accountants (IFAC).
Opening Doors outlines six principles of best practice aimed at increasing accessibility to accountancy qualifications globally.
Its aim is to provide a practical framework for IFAC members and other professional accountancy organisations to welcome talent from diverse backgrounds, remove unnecessary barriers and adapt qualification pathways.
“The accountancy profession is enriched through talent drawn from the widest breadth possible; Opening Doors creates an exciting opportunity to engage future talent in new ways,” explains IFAC Chief Executive Lee White.
IFAC developed Opening Doors with support from its Global Public Policy Committee, comprising representatives from
BDO, Deloitte, EY, Grant Thornton, KPMG and PwC—the six largest international accounting networks.
“We know we are in a global battle for talent, as organisations worldwide continue to face a talent shortage, and that paths into the profession must be expanded and varied, including more potential candidates at intermediate levels of qualification,” White says.
The Opening Doors principles of best practice focus on:
- Encouraging entry from diverse educational backgrounds;
- Recognising and valuing prior work experience;
- Removing unnecessary barriers to access;
- Offering flexible qualification formats and delivery;
- Enabling career step-off points; and
- Driving global reciprocity and mobility.
By adopting these principles, White believes professional accountancy organisations can create more inclusive pathways into the profession, ensuring that it is “future-ready”.
“Some IFAC members have already embedded these principles into their operating models, demonstrating how the principles can broaden access to the profession in practice,” he says.
“For others, Opening Doors likely marks a fresh approach; an opportunity to reimagine pathways into accountancy and strengthen engagement with future talent.”
Established in 1977, IFAC has 188 members globally— professional accountancy organisations representing millions of accountants in over 140 countries working across public practice, business, government and education.
“Our role is to be the global voice for the accountancy profession, and to enable our members to achieve their goals,” says White. “We are always looking ahead to ensure our profession is future-ready for the opportunities and challenges ahead.”
One of the challenges IFAC has identified is the need to encourage more school-leavers, graduates and professionals to pursue a career in accounting.
“In some countries today, the number of students and young professionals pursuing careers in accounting is declining, yet demand for accounting services and skills continues to grow,” White says.
In response, IFAC sees a need to proactively reshape the narrative of what it means to be a professional accountant, emphasising the importance of the profession’s public interest mandate, and communicating the opportunities accounting affords professionals who pursue this career path.
“Encouraging entry into the profession from diverse educational backgrounds is about looking beyond the traditional accounting degree or qualification and recognising that more diverse study pathways and experience can benefit the profession,” White says.
“By moving to a more competency-based assessment model at that entry point to the profession, we can perhaps access a broader pool of talent that can demonstrate the strengths an accountant needs—professional judgment, for example, and strategic planning.
“Beyond that is the need to remove barriers to accessing our profession—challenges associated with financial support, study assistance and meaningful professional mentorship. These are supports more advanced economies might take for granted, but they are not a given globally and we want to level the playing field for all in the profession.”
Another key focus of Opening Doors is the need to encourage greater flexibility for both current professional accountants and next generation talent.
“This is largely about greater flexibility in the way qualifications are delivered and encouraging greater use of technology to provide a more customised approach to the needs of students or trainees who may be juggling their studies with personal responsibilities, such as family duties,” White says.
“It is important to consider different avenues to ensuring this group can remain actively engaged in their learning no matter their circumstances and, in a similar vein, that they are equally supported should they need or want to pause their studies for a period of time and come back to them at a later point.”
IFAC also sees value in encouraging mutual reciprocity agreements, whereby the members of an accounting body in one jurisdiction can be admitted to membership of a similar body in another without an exam requirement.
“Accounting is a global profession so enhancing cross-border recognition of qualifications helps practitioners move between countries and regions globally,” White says.
“Business today is fundamentally global and, as a profession, accounting offers wonderful global mobility. That is one of our key strengths and one we must protect and enhance.”
White points to his own experience as a professional accountant as a case in point. Originally from Australia, he now lives in London, serving as CEO of IFAC—a global organisation headquartered in New York.
“My career has been wonderful throughout, genuinely. It has allowed me to travel the world, living and working in different countries and cultures and experiencing such a variety of different roles,” White says
“We are truly a global profession and we have great confidence that Opening Doors will make important strides in opening the profession up to a wider pool of talent and resetting how we engage with future talent, without compromising on quality.
“Our members are champions of integrity and professional quality, and that is always paramount. The public interest is at the heart of everything our profession undertakes and we support our members fully in upholding the highest global standards.”