PQ the year ahead
What lies ahead in 2024?
We asked the accountancy bodies CEOs for their thoughts on what will happen over the next 12 months. Here’s what they told us…
Focus on delivering the 2030 strategy
Our year ahead will be about solidifying our commitments made in the 2030 strategy as we continue in our quest to provide the very best qualifications, experiences and opportunities for AAT students and members. Our strategy works towards three key priorities: keeping the profession relevant; driving up professional standards; and building responsible business. Since the launch of our strategic plan we’ve been dedicating more resource to helping our community stay relevant in an ever-changing landscape. Artificial intelligence (AI) is making headlines more than ever and through upskilling and CPD we’re ensuring our professionals are ahead of the game and equipped with the skills to take on modern challenges and provide modern solutions. Of course this also goes for students starting out their journeys – our qualifications will focus on the skills needed to be successful and add value to any business. The development of remote invigilation will improve both the assessment experience and accessibility to assessments for those in more remote locations. We have recently recruited a Customer Experience Director to ensure that our customers are at the centre of everything we do
and that the services we provide continue on an upward curve, meeting the evolving requirements of those customers. Towards the end of last year AAT started our Student Advisory Groups, supported and promoted by PQ magazine, allowing volunteer students to have a real voice, informing our future plans. It was great to see such a high level of engagement and we look forward to more similarly productive interactive opportunities. This kind of work is really important as AAT continues to develop accounting technicians of the highest standard across the globe. We want to continue to be a strong voice on the issues our students and members care about most. Finally, our pledge to build responsible business involves commitments to sustainability and working in the best ways for a better future. We’re a member of the Net Zero Now accountancy initiative and will continue to work towards long-term goals on reducing emissions. We’re also firmly focused on social mobility and widening access to the profession for new students and members alike. We’re proud to be an entry point for accountancy and are keen to support everyone with an ambition to be part of our community. We’re also promoting an emphasis on diversity and inclusion – not just promoting the importance of equal opportunities, but also how much better we all are for having it. 2023 was an action-packed year and we’re grateful as always to have had so much support from our colleagues in the accounting sector, our training providers, and most of all our students and members who all make up the AAT community. We couldn’t do what we do without any of these people and in 2024 we’ll continue to strive to make them proud, deliver on our goals and be a strong voice to represent their views on the issues they care about. • Sarah Beale is the AAT’s CEO
Reasons to be cheerful
As 2024 begins, we’re looking ahead with optimism. We’ve seen plenty of challenges in the past 12 months, with cruel wars raging in the Middle East, Africa and in Europe, and economic difficulties across many parts of the world. Yet we can also take enormous satisfaction and pride from the contribution our members and future members in making the world a better place in so many ways – in their own organisations, communities and countries. And there are big opportunities for 2024. Last year saw the publication of the first two global sustainability reporting standards, a historic step forward for business reporting and for the profession. It’s an encouraging and much-needed development, and it’s my hope that it marks the beginning of a journey that will play an effective role in reducing the impact of climate change and creating a better future. Professional accountants – whether working inside organisations or advising them – need to be at the heart of all of this and we want you to be as well equipped as possible to meet the challenge. That’s why developing skills in sustainability will continue to be at the top of our agenda in 2024, including building on our existing sustainability content in the ACCA qualification, and providing opportunities for our members and future members – and the profession more widely – to build more skills in this area. In addition, we’ll continue to improve our support for students. I hope many of you have found our new Study Hub to be valuable, as well as our other recent innovations like My Exam Performance, and our new, streamlined PER process. Please explore our resources, including our wellbeing hub – they are designed to give you the very best chance of success. We’ll also continue to focus on your employability to help you achieve the rewarding career you’re working towards. The demand for finance talent is growing and ACCA Careers is an excellent way to find your next role – as confirmed by our recent award of Best Job Board from the National Online Recruitment Awards in the UK. Employers value the ACCA qualification and favour ACCA when hiring top talent for their teams. We remain the first choice for employers globally, with a net promoter score of +50.9 and 87% of employers stating that they are satisfied with ACCA. Over 2024 and beyond, we’ll strive to play our part in giving the world the accountancy profession it needs – motivated by a desire to serve the public good, and to open up ever-more chances of a rewarding, interesting and useful career to ever-more people. I’d like to thank you all for your commitment to your studies and career, and wish you every success for year ahead. • Helen Brand, chief executive, ACCA
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Facing the challenges of AI Last year was a challenging one, with both domestic headwinds and international conflict dominating the headlines. So what are the issues and factors facing financial services and the accountancy profession in 2024? We know that the role of artificial intelligence (AI) will only increase, and we need to embrace the opportunities that the integration of AI and other technology brings. AI tools can automate repetitive and mundane tasks, freeing up accountants to focus on adding value, and the more critical and strategic aspects of their work. AI can analyse large volumes of data quickly and accurately, enabling accountants to make informed decisions based on real-time insights. Furthermore, AI can assist in identifying patterns and trends in financial data, enhancing the accuracy of forecasting and financial analysis. But alongside these benefits, there are also challenges associated with the adoption of AI in accounting. These include work quality, data accuracy, fiscal costs, undetected bias and, most importantly, there is a clear need to assess and address the ethical implications that more use of AI naturally brings. My wish list for the profession in 2024 is simple but challenging to deliver. Accountants know the value of evidence-based decision making, understanding how to create wealth, but are also familiar with making difficult choices in terms of finite resource. ICAS needs to work with like-minded professional and public sector bodies to help inform the public of the difficult financial choices that need to be made by our political leaders. We need greater transparency and understanding of how public funds are generated and spent and never more so than faced with a fairly flat economic outlook and even greater demand on our public services. Irrespective of political persuasion, sound decisions based on fact and evidence will not necessarily be easily reached. ICAS can, and wants to be, part of those discussions. If 2024 becomes a starting point for that truly honest conversation across our society, then we can build a better future for us all. • J Bruce Cartwright CA is CEO of the Institute of Chartered Accountants of Scotland (ICAS) PQ Magazine February 2024
