The accountancy profession has always helped to shape and support businesses, other organisations, and economies of all types and sizes. To continue to add value, professional accountants – and those who educate and employ them – must be able to meet current needs and anticipate emerging demands.
The ACCA Report ‘Professional Accountants – The Future: Drivers of change and future skills’ identifies the main drivers for change that will have the most impact on the profession, plus the technical, ethical and interpersonal skills and competencies that will be required in the future across the profession and in various technical areas.
This analysis suggests that to add value for their employers and clients, the professional accountant of the future will need an optimal and changing combination of professional competencies: a collection of technical knowledge, skills and abilities, combined with interpersonal behaviours and qualities.
Each accountant’s professional quotients (PQ) will reflect their competency and skill across seven constituent areas. Technical skills and ethics (TEQ) and experience (XQ) will be combined with intelligence (IQ) and digital awareness (DQ); interpersonal behaviours, skills and qualities will be reflected in quotients for creativity (CQ), emotional intelligence (EQ) and vision (VQ).
Just as individual IQ scores can be raised (sometimes significantly) by appropriate teaching, experience, training and development, so too can TEQ, CQ, EQ, VQ and XQ.
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