The future of the profession

What will tomorrow bring for the role of the accountant, and what changes are already taking hold today? Accountancy Ireland talks to three young professionals about their experiences and expectations

The role of the accountant is evolving and with it the expectations and perceptions of younger generations building careers in the profession. Here, three members of the Institute’s Young Professionals Committee tell us about their hopes, aspirations and experiences so far.

Niamh McCarthy

Niamh McCarthy is a business partner with Primark, the Irish-owned retail chain. She trained as a Chartered Accountant with Crowe Ireland in Dublin after graduating from UCD in 2014 with a degree in commerce. 

“When I was training, I mainly worked in audit, but I also had the opportunity to spend several months in both corporate finance and wealth management,” she says.

“I got great experience auditing companies across many sectors such as charities, hotels, pharmaceutical and fashion businesses, which really broadened my horizons.”

McCarthy left practice in late 2015 to join Kerry Group where she worked for six years. Her time with the Irish food giant included a two-year stint in North America where she was plant controller at two sites in Seattle and Vancouver.

“It was an amazing opportunity that allowed me to realise the long-held dream of living and working abroad,” she says.

“Unfortunately my plans changed when COVID-19 hit, like many people. Not only did I decide to move back to Ireland, I felt it was time to chase another dream of mine—working in fashion retail. I applied to Primark and I’m really loving my work here now.”

Greater strategic role

As McCarthy sees it, accountants are squarely at the forefront of broader commercial strategy and decision-making in business today.

“When we look at the role of the accountant in most companies now, we are involved more and more in the commercial side of the business,” says McCarthy.

“That is, I think, because our non-finance colleagues have a better understanding of the value we bring to the table. We’re not just seen as the ‘number crunchers’ anymore.
“I love it when I’m working on a big project and someone says, ‘we need to make sure finance is included in these discussions’, rather than us having to force ourselves into the conversation or learn things after the fact.”

McCarthy also sees much greater emphasis on sustainability and environmental, social, and governance (ESG) factors in finance.

“Sustainability has thankfully grown in importance in recent years and this is especially evident in the younger generations of our profession,” she says.

“Accountants can play a significant role in helping companies achieve their sustainability goals. We’re no longer just the budget gatekeepers. We are involved in day-to-day decision-making.”

This active role in business strategy puts accountants at the forefront of efforts to reach ESG targets. “Our ability to be flexible means we can adapt to changing goals,” says McCarthy. 

“This shift in attitudes towards accountants and the finance function, combined with greater process automation, will keep accountants right at the forefront of decision-making in business in the years ahead.”

Joseph Grant

Joseph Grant is an assistant manager in the Financial Accounting Advisory Services Department at Grant Thornton

Grant began his training in 2014, aged 18, with Accounting Technicians Ireland (ATI).
“When I was 17 doing my A Levels at High School in Co. Down, I was planning on going to university in England when I noticed a poster at school for the ATI apprenticeship with FPM, a local accountancy practice,” he says.

“The timing was fortunate for me as I was a carer for my sick mother and this meant I could pursue a professional qualification without having to relocate. The added benefit was earning a salary and having no student debt, which can be quite substantial in Northern Ireland.”

Having gotten a distinction in his year-one ATI exams, he then went straight on to his CAP 1 ACA exams with Chartered Accountants Ireland. 

“At the time, I was also pursuing a Diploma in Leadership and Management with a local college, which my training firm kindly paid for,” he says.

“During CAP 2, I extended this to complete an award in Strategic Management and Leadership, and I passed my FAE exams in 2018 when I was 22.”

As he had exemptions from Part 1 of the Irish Tax Institute exams, Grant went on to earn the Chartered Tax Advisor qualification in 2020 and later completed the second year ATI to gain the full MIATI qualification.  

After training in practice, he moved into industry for a while, then back to practice. He joined Grant Thornton in 2021.

Strong foundation

“My qualifications provided a great foundation for my career and equipped me with the knowledge to tackle any technically complicated challenges that come my way,” he says.

“One of the biggest shocks for me was just how vast the work an accountant can do is, from preparing tax returns for a small sole trader to company mergers and advisory work, liquidations and systems implementations.

“Anyone who has an interest in business will be able to find a niche they truly enjoy through accountancy.”

The stereotype of accounting being a ‘boring profession’, with little interaction, couldn’t be farther from the truth. 

“Trainees always have the camaraderie of working with people of a similar age and the training firms and professional bodies make a big effort to reward staff and members with fun events and respite from the hard work we do,” says Grant.

“It can be a challenging job but there is a strong ethos of mentorship throughout the profession and this is something I really admire.”

For young professionals starting out in accountancy in Ireland, Grant sees the ongoing housing crisis and lack of affordable accommodation as a significant disadvantage.

“The housing crisis is definitely a challenge for young professionals who grew up here as well as those coming here from abroad,” he says.

“Salaries in parts of the country are rising but, for many, house ownership or affordable rent is still out of reach, especially with the recent jump in inflation. I really hope to see this improve in the coming years.”

The pandemic has changed the game in terms of how we work and that is unlikely to change in the future, Grant says.

“For me personally, hybrid working has improved my work-life balance. There are times when you just don’t need to be in the office, especially if you’re working autonomously on something. 

“At the same time, I do still think that in-person contact and interaction with clients and colleagues is important in a service profession like ours. 

“From a trainee perspective, being able to just ask someone for help face-to-face is easier than waiting for their Teams status to change to green.”

From a technical standpoint, cryptocurrency and blockchain technologies are increasingly ‘in the spotlight’ for accountants and auditors, Grant says.

“Regulation is increasing in this area and I expect this to continue in the years ahead. Our profession will need to respond to this change and work out how to audit and account for it.”

As Grant sees it, a culture of true diversity, equity and inclusivity (DE&I) is essential in today’s working world and employers and individuals alike have a responsibility to create and support a working environment that is fair and ethical for everyone. 

“It’s more and more important for employees to feel that they are part of a culture that doesn’t just ‘tolerate’ DE&I, but actively strives to support and improve it,” he says. 

“Hand in hand with this is the emergence of ESG, sustainability reporting and greater regulations in this area. It’s important that we all continue to learn and understand these changing requirements.”

In the nine years he has been working, Grant has witnessed a significant rise in the use of IT and automation in the profession.

“Software now can auto-match transactions, pull data from PDF files, translate in real-time and submit returns directly from accounting systems,” he says.

“The recent spotlight on Chat GPT also raises questions on how Artificial Intelligence may change the landscape for our jobs and our clients.”

“My prediction is that almost all businesses, big and small, will be virtually paperless and systems will continue to integrate with each other so that information can be shared consistently and transparently between accountants, clients and authorities.”

Ciara Cuggy

Ciara Cuggy works with Grant Thornton as Associate Director – Financial Services Advisory.

Her path to accountancy wasn’t straightforward, however, following the completion of her Leaving Cert in 2009. 

“I didn’t do as well as I’d hoped in my Leaving Cert—my parents still blame the TV that was always on while I was studying—and I didn’t have the points I needed to study accountancy as I’d hoped to do.”

Instead, Cuggy opted to study engineering at DCU. “Two years into it, I knew I still really wanted to study accounting,” she says.

“At that point, I was 20 and I had a bit of an age complex. I didn’t want to stay in college full-time for another three or four years.”

The choice was simple, says Cuggy; “I decided to work full-time while studying accounting and finance part-time at Griffith College and finally felt I was doing something I loved.”

In 2015, Cuggy applied for a secretarial role with Grant Thornton to get her “foot in the door” while she continued to study.

“I actually got turned down for the secretarial role due to a lack of qualifications, but I was offered a role in the risk department while I completed my final year in college and had the option to start the training contract straight after I graduated,” she says. 

Cuggy has now been with Grant Thornton for eight years, completing her FAE exams in 2019 and qualifying in 2020. 

She has, she says, “grown up” with the firm and, as an Associate Director in the Financial Services Advisory Department, specialising in conduct risk, culture, risk management and compliance.

“I’ve worked across a number of clients in banking, insurance, asset management, e-money and investment firms. I definitely would say that, without the opportunity my employer gave me and the qualification I have through Chartered Accountants Ireland, I wouldn’t be in the position I am today,” she says.

ACA opens doors

Cuggy recalls now: “When I decided to leave engineering to pursue accounting, I remember sitting down with my dad, who is also an accountant, and asking him how best to approach my career. 

“He told me that he would really recommend the ACA qualification, because it would open so many doors, whether I wanted to travel or work in different industries. He could also see how sought-after Chartered Accountants were in the workplace through his own role,” she says.

Cuggy considered a number of training routes initially, including ATI, but, when she was offered the Grant Thornton role with the option to study for the ACA qualification after graduating, she “jumped at it”. 

“I remember thinking how great it was to be able to continue studying while getting real-life experience and how supported I felt by the Institute and by my employer,” she says.

“The ACA has allowed me to continue to learn, I’ve made some fantastic friends and the experiences I’ve had—with, firstly, the CAI student committees and now with the Young Professionals committee—have been some of my best in my career.”

Even in the relatively short time she has so far spent in the profession, Cuggy has seen the role of the accountant evolve to become more consultancy focused.

“That’s why it’s so great to see the FAE elective broaden to include this wider range of roles, such as financial services,” she says.

 “I think in the future, automation will change the nature of the accountant’s role further, but we always need a human element to what we do. 

“A system can provide data and results—and may be able to make a decision based on that—but it won’t have the pragmatic approach humans bring, or the empathy. 

“Machines can’t consider how decisions and outcomes will affect a customer’s wellbeing, nor can they take into account the needs of an organisation on a human level.”