Strike up a conversation with any business leader or entrepreneur and it’s likely it will touch on the importance of understanding the numbers and the intricacies of a balance sheet. The business world continues to evolve at an unprecedented pace and yet some things remain constant: the world of business is built on accounting principles and applying them to business contexts.
Regardless of your career aspirations, the ACA provides the foundation – the skills, knowledge, and network - for successful careers not just in audit, accounting, and advisory, but investment management, private equity, IPOs, consulting, sustainability and beyond. For students on the ACA journey, the onus is on preparing them for success regardless of which sphere of business they choose to pursue.
Dana, who stepped into the role of ICAEW Chief Learning Officer in January this year, says the unrivalled support provided by ICAEW to ACA students means that success rates – the number of students who go on to qualify – are higher than other professional qualifications. “The ACA qualification and ecosystem has been created in a way that means we help a student all the way through. We really care about students being successful, qualifying and becoming the best professional they can possibly be.”
Navigating uncertainty in the age of AI
But Dana is acutely conscious that advancement in technology and growing use of artificial intelligence are upending the job market. This isn’t about AI replacing accountants, she says. But it does make it hard for students to imagine what kind of roles they’ll be working in post-qualification. “The world is moving so fast that no one knows what the job market will look like even for those students due to qualify in three or four years from now.”
Fortunately, the ACA provides a solid foundation that allows students to navigate the twists and turns of an uncertain world.
My job is to make sure that I equip students to be the best professional they can be and give them as many options as possible for a career path – even if they don't know what it looks like yet.
Why business understanding still matters
“When I look at organisations currently using AI at the cutting edge, I don’t see them replacing roles, I see AI helping people work faster, better and more productively. But it doesn't take away the need for good judgement. If anything, it increases the need for professionals who demonstrate judgement and ethics. Ultimately the ACA qualification is teaching people to be critical thinkers with integrity and the ability to understand and analyse a business.”
Beyond understanding the accounting backbone of the business - income statements and balance sheets - it’s the ability to understand business decision-making and strategy that sets the ACA apart. It’s no coincidence that ICAEW Chartered Accountants continue to maintain a high presence at FTSE 100 - and not just in CFO roles.
“That strategic business acumen is quite special. For students trying to decide what career they’re going to have when they don't know what the market's going to look like, it’s about giving them as many options as possible.”
