There have been ‘seismic shifts’ in business and the way in which people work, since ICAEW shared its last strategy document during the COVID pandemic.

Published as the institute celebrates its 145th anniversary, the refreshed strategy, Direction 2030, focuses on how ICAEW will ensure the relevance, reputation and resilience of the chartered accountancy profession in a world being transformed by technology and shifting global trends.

These three themes will guide ICAEW’s focus – from keeping the ACA qualification relevant, to strengthening the profession’s voice, and ensuring it remains resilient amid rapid change.

ICAEW’s Chief Executive Alan Vallance explains: “We are committed to enabling people everywhere to do business with confidence. To enable this, we need to empower our members and member firms so they can navigate successfully through this transformation.

“Our updated strategy, provides the framework within which we will deliver on this aim. It is time to re-energise the institute as we move towards our 150th anniversary in 2030 and beyond.”

Shifting landscape

The strategy outlines just how much has changed since 2020, citing that 77% of finance functions are already using AI to enhance efficiencies and decision making. “Our profession is being reshaped at an unprecedented pace,” says Vallance. “What is clear is that those roles using AI will be less at risk than those that do not.”

The strategy suggests that to embrace the exciting opportunities technology offers, ICAEW must support members in upskilling, provide thought leadership on ethics in AI and ensure that chartered accountants are the “go-to” profession for AI assurance.

It also highlights that shifting global dynamics, particularly protectionist policies, are likely to make regulatory compliance increasingly difficult for multinational organisations, disrupting supply chains and financial reporting. ICAEW commits to supporting members in navigating this complex regulatory environment while advocating for global standards.

Similarly, differing attitudes to non-financial reporting across jurisdictions means the burgeoning sustainability assurance market continues to evolve. Alongside offering members education and training, ICAEW thought leadership will help to shape this key market.

Vallance says: “By 2030, we expect careers in accountancy to be ever more specialised with deep domain expertise in areas, such as AI-driven analytics and decision making, sustainability assurance and business transformation.”

Five key initiatives

At the heart of Direction 2030 are five strategic initiatives that will play a key role in delivering ICAEW’s ambitions to become the “pre-eminent global professional body for accountants” and to “enable people everywhere to do business with confidence”.

The initiatives focus on ensuring members and students have the skills and ethical knowhow to succeed as trusted advisors, as well as ICAEW’s plans for growing its profile and footprint. They are:

1. Provide members and students with world leading education and learning content for future success.
2. Understand member needs and provide appropriate personalised solutions.
3. Lead conversations on issues that matter for the profession and business.
4. Reinforce our role as an internationally recognised institute through targeted presence and engagement.
5. Helping members and firms to maintain high professional standards and holding them to those standards.

Member insights have helped shaped these ambitions. Last year, ICAEW asked members to share their views on what they value and expect from the institute. This feedback, alongside additional consultation with ICAEW Council, members, firms and other stakeholders, has been fed into the updated strategy. ICAEW President, Malcolm Bacchus, says: “We recognise that while we must lead, the continued involvement of our members is vital to our future and our future is vital to their success.”

ICAEW aims not only to solidify itself as a leading voice in the global accountancy profession, but on broader discussions effecting businesses. The strategy highlights the institute’s role in bringing together regulators, business leaders and professionals to help shape the future of areas, such as corporate reporting, sustainability assurance and the audit profession itself.

“By actively engaging with policymakers, thought leaders, and the wider business community, and doing so with a bolder voice, we will influence the direction of critical conversations on topics such as sustainability, governance, digital transformation, and emerging technologies,” says Vallance.

Building blocks for success

Alongside its overarching aims and key initiatives, the updated strategy outlines the resources that will be needed to deliver them.

Technology will play a key role. Building on significant investments already made in IT infrastructure, new steps will be taken to embrace the opportunities offered by data and AI to improve access to ICAEW’s wealth of knowledge.

Technology will also support better connections within the organisation, better enabling collaboration and strengthening decision making. Equally, the strategy highlights the vital role of ICAEW’s people, including staff, volunteers and governance bodies, and recognises the importance of an organisation culture that supports collaboration, clear decision making and high standards.

Direction 2030 also outlines how the institute is going to measure the success of the strategy, including the profession’s ranking on public and business trust indices. Chartered accountants must be seen as credible, authoritative figures in society, as well as trusted advisers to business.

“Helping members and firms to maintain high professional standards and holding them to those standards is at the very heart of what defines a successful professional membership body,” says Vallance. “It is an essential element in maintaining trust in the profession and in turn investor, consumer and public confidence. This continues to be a core guiding principle embedded within this strategy.”