[SINGAPORE] The accounting profession is changing rapidly - making the recruitment, development and retention of finance professionals a growing challenge, says a new global study by the Association of Chartered Certified Accountants (ACCA).

Accountants are getting more ambitious, at a time when their roles are becoming more demanding and increasingly critical to businesses.

ACCA's research report "A changing profession? The evolution of accounting roles, skills and career aspirations", sought the opinions of more than 2,500 ACCA qualified accountants in 50 countries around the world, including Singapore.

The findings reveal that accountants are getting more mobile with less employer loyalty. It suggests that careers will increasingly cross traditional borders inside and outside of the finance function.

Half of the respondents around the world believe it would be easy to obtain a finance role internationally. Forty-five per cent agreed they would like to pursue a career in another country at some point. Seventy per cent said international experience was becoming increasingly important.

ACCA also found that more regulation and an increasingly complex business environment are changing accountants' roles and skills. Eighty-two per cent of respondents said the roles finance professionals were undertaking were becoming more strategic, while 72 per cent agreed that their own role was becoming more technically demanding.

They also observed a gap between the skills organisations need and those held by finance professionals. Many finance professionals will need to develop improved capability in technical, business and management skills.

"The career aspirations of finance professionals are growing, but as roles and skills are evolving in response to a changing business environment and increased regulation, it would appear organisations are struggling to find individuals with the skills required," observed ACCA Singapore country head Penelope Phoon.

"Coupled with natural demographic shortages in certain markets such as Europe, parts of Asia and North America, and increased competition for candidates from external professions and sectors, these changes are creating a huge strain on the recruitment, development and retention processes of many organisations," she said.

Organisations will have to adapt retention strategies accordingly based on effective career development. Eighty-five per cent of respondents to ACCA's survey cited career development opportunities as a critical factor for choosing their next role, while only 59 per cent said salary was the main consideration.

"Organisations need to ensure their development programmes manage carefully the career aspirations of accountants, as well as responding to the new skills needed by finance professionals. Effective succession planning and the development of a very strong employee proposition will also be critical," Ms Phoon said.

"There will be more career opportunities for finance professionals and our research suggests nearly 40 per cent of finance professionals expect their career to develop outside of the finance field. There will also be much more movement across national borders. Consequently, the retention of finance professionals will be a critical challenge for organisations to get right, particularly in the context of an increasingly international marketplace."

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