ICAEW member Michael Hadjipantela was elected as an MEP in June this year and sits on numerous European Parliament committees, including the Committee on Economic and Monetary Affairs and the Subcommittee on Tax Matters. 

Tell us about your career background. 

Michael Hadjipantela: “I am an ACA qualified chartered accountant, with a degree in Economics from Thames Valley University and a Masters in Economics from Queen Mary and Westfield College, University of London.

“I completed my ACA qualification with training provider BPP in 2001 and worked as an accountant for a range of large companies until 2008, when I founded my own audit firm, HMI & Partners. Further to that, I served as Vice-Charman of the Cyprus Electricity Authority, Chairman of the Board of shopping centre Nicosia Mall and President of Anorthosis Famagusta FC.” 

How did the move into politics come about?

MP: “I wanted to make a bigger difference to the world, knowing that it would have a positive impact on my country. As an accountant, I saw how economic policies affect businesses and people directly and I wanted to be in a position to help make the best policy decisions. I believe my background in finance and accounting has provided me with a unique perspective on economic and fiscal matters, while my experience in corporate and public management has equipped me with the skills needed to put the theory into practice effectively. 

“In 2021 I was appointed Minister of Health for the Republic of Cyprus, which proved to be one of the most significant challenges of my professional and political career. During my tenure, I was required to manage complex and challenging issues, including the health response to the pandemic and the development and upgrading of the national health system, which was still in its very early stages of introduction. 

“My experience at the Ministry of Health taught me that in politics, every crisis presents a significant opportunity; all one needs to do is recognise it and seize it. Among other achievements, we established a regional office for the World Health Organisation in Cyprus, created the first accident and emergency department for children and launched a trauma centre.”

Tell us about the path to becoming an MEP and what the job involves.

MP: “I was elected as a Member of the European Parliament on 9 June 2024. It was not an easy path and took commitment and determination. I started by getting involved in, and informed on, local legislative issues, building a network throughout Cyprus and learning the unique ropes of political campaigning.

“I believe my expertise in finance has struck a chord with members of the public who believe in financial stability and place economic development as a priority.”

Why did you choose to become ACA qualified?

MP: “I chose to qualify with ICAEW because of its prestigious reputation and the comprehensive way in which the ACA qualification prepares you for a career in auditing. It has given me a strong foundation in various areas of accountancy, including audit, tax and financial management, which have been crucial for my career development.” 

How has your ACA qualification helped in your career?

“Beyond the technical knowledge, my time studying for the ACA helped me with developing critical thinking and finding ways to tackle problems and opportunities – virtues which I employ in my political career as well.

“The thorough ICAEW training has provided me with a solid understanding of ethics and the ability to analyse situations properly, which has significantly helped me in my accounting, as well as my political career. 

“In politics, it is crucial to analyse the potential financial and social impact of policies. Moreover, having the ACA qualification has made me trustworthy and respected by my colleagues and other people I work with, as they recognise the expertise, skill and ethos that go hand in hand with this qualification.”

How has the role of accountants evolved since you qualified?

MP: “At the beginning of my career, the role of the accountant was mainly bookkeeping and financial reporting. However, our work has changed with the use of advanced technologies such as AI and data analysis capabilities, which allow us to give critical and strategic advice to businesses. 

“Accountants are essential for managing a company and for reporting its impact not only on the market, but also on the environment. They need to learn new skills and increasingly be able to use new technology and automation as their work becomes even more prominent.”

What do you think are the big challenges that accountants face?

MP: “Accountants have a hard time keeping up with continuously changing rules and standards – in particular tax laws and financial reporting rules – not only in their own country, but also at an EU and global level. Moreover, the increase in cyber dangers in the online world and the need for stronger protection of data creates a whole range of problems for every industry.”

What does the future of the profession look like?

MP: “The future of the accountancy profession looks dynamic and promising. We will probably see more use of advanced technologies such as AI, blockchain and big data analytics to automate regular tasks and give a better understanding of financial information. Accountants will be able to use data even further, improving their understanding of the operations of a business and their financial reporting. 

“Therefore, accountants of the future will need to be able to leverage AI and new technologies and implement them in our line of work, which will go beyond audit and book-keeping into reporting for the long-term sustainability of businesses, helping boards and executives for better informed decision-making.”