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.”
Recent independent analysis highlights just how much the ACA provides a career edge: it found that 63% of Director and Executive roles are held by ACA-qualified professionals. The study also suggests that ACA qualifications open more doors to strategic, high-impact positions, especially within large, global organisations.
Despite some of the doom and gloom stories about the economy and the job market, there's a lot to feel optimistic about, especially for those whose qualification provides a platform for understanding the DNA of a business. “Because the ACA allows you to understand business, the potential career paths for someone with an ACA designation are potentially limitless. It prepares you to pursue anything you put your mind to. The sky’s the limit. I love that our data is showing us that ACA talent dominates in Fintech and ESG leadership finance roles!”
The ACA student experience opens the door to countless opportunities to expand the broader skillsets increasingly demanded in the workplace. A dedicated stream of Specialised Learning courses helps students to develop professional skills such as communication, curious thinking, project management and report writing. Meanwhile, participation in ICAEW networks offers exposure to technical thought leadership and opportunities to hone professional skills including presentation, negotiating, or leadership.
The power of relationship building
The value of professional skills should not be underestimated. Dana cites Carla Harris, a Morgan Stanley executive and author, who stresses the importance of building strong relationships as a pillar for career success. “As you progress in your career, you continue to deliver great work, but it has diminishing return, because people expect increasingly more of you. Hard technical skills and softer relationship skills are just as important as each other. If you don't invest in earning relationship currency, you won't go as far as you need to in your career.”
In fact, the one piece of advice she’d give to her younger self would be to focus on relationship currency in a much more deliberate way. “You get so focused on delivering that sometimes you forget that what you deliver doesn't always matter as much as how people feel. That is a fundamental human truth.”
And as for what it takes to be a successful student in today's world, a growth mindset will always stand you in good stead, “Be curious. Just take it in. And be diligent. If you want it, go get it. And my promise to every student out there is, if you work at it, we're going to help you get there.”
Dana’s top three pieces of career advice
1. Save for a pension
“Save for your pension. Seriously, don’t ignore it. The best advice I was ever given, aged 23 and in my first real job, was to pay into your pension and max out my pension contributions. My boss said, ‘you will thank me for it when you're older.’ I have actually written him emails to say thank you.”
2. Be kind
When people are climbing the corporate ladder and feel they have so much to prove, they forget that kindness and empathy are the things that really matter most. “Kindness and empathy don't cost you anything to give out. And the more you give out, the more you get in return, so be a good human. Build your network thoughtfully, be trustworthy, and have integrity because your network is going to be your greatest asset as you grow older.”
3. Say yes
“Take a risk, give it a go and you will figure it out. You have everything you need already in your brain, your heart, and in your evolving network. Just take a shot and trust yourself; you'll figure it out. If you make a mistake, own it, apologise if needed, get back up and keep going.”
