KARACHI: The Association of Chartered Certified Accountants (ACCA) and International Federation of Accountants (IFAC) have predicted a decade of opportunity for Generation Z accountancy professionals and their employers.
A new report ‘Groundbreakers: Gen Z and the future of accountancy’ gathered the views of 9,000 young people aged 18 to 25-year-old globally, including 495 in Pakistan. The report sheds light on the aspirations and fears of the upcoming generation of young professionals, while also offering employment advice for them and employers.
According to the report, 58% of Pakistan respondents see accountancy as having a positive image offering an attractive career option.
This is also a generation concerned about the future: 61% identified lack of job opportunities/job security as a concern versus a global average of 58%. Over a third (39%) of Pakistan Gen Z are concerned about their wellbeing and mental health compared to 51% globally.
The report also reveals that as employers, the profession is missing opportunities to attract more young people to its ranks. Pakistan-based Gen Z respondents question the motives of the business world; just 36% agree businesses are fighting climate change; 46% agree business leaders have integrity and do what they say and 46% say business prioritise and take good care of employees. However, a significant 74% also believe that business has as a positive impact on wider society.
Sajjeed Aslam, head of ACCA Pakistan says: “Our findings present both challenges and opportunities for the accountancy profession and business here in Pakistan and globally. That’s because Gen Z will demand more accountability from the leaders of the organisations in which they work, and they’ll also have high expectations of their work–life balance and how employee welfare is managed.”
Pakistan Generation Z is determined: looking at their own peer group, a massive 90% say they are ambitious to progress quickly; 85% value work life balance and flexibility.
As expected, they’re also tech savvy – 87% say they’re very comfortable with technology and pick up new tech fast, and 84% say technology will enable finance professionals to focus on high-value-added activity.
For those already working as accountants, just 34% were drawn to it because of long term career prospects, and 53% for the chance to work in other countries.
This perception is echoed for those respondents who are looking to become accountants with 56% attracted to join the profession for the global portability it offers.
Sajjeed Aslam concludes: “The world now demands more accountability and transparency – the mantra is simple: stakeholders, not just shareholders. For the accountancy profession, this represents a potential turning point and these young people will help create a workforce which is more diverse, more inclusive, and which will make businesses more cognisant of their broader role in society.”
“Our report explains how Gen Z will bring their talent and tech know-how to the profession and change it, pursuing careers with purpose and doing jobs that make a difference. It’s a message of opportunity and positivity as we work towards to achievement in 2030 of the UN Sustainable Development Goals.”
