Three Chartered Accountants weigh in on how the outcome of the US presidential election might impact the future of foreign direct investment in Ireland, exploring potential economic shifts and changes to the corporate tax regime Paraic Burke Head of Tax PwC Ireland Despite international uncertainties, Ireland’s economy continues to be one of the best-performing in Europe.  Employment remains at a historic high, our fiscal position is strong and inflation is easing. Global companies here continue to see the opportunities Ireland presents as a gateway to Europe and further afield, with a highly skilled workforce in a stable business environment.  The impact of the US election on Ireland’s FDI from a tax and business perspective is two-fold:   1. The US election should determine how the US responds to the stalled element of global tax reforms led by the Organisation for Economic Cooperation and Development. While Ireland and EU member states have enshrined Base Erosion and Profit Shifting Pillar Two into their domestic law, the US has not.  Depending on a complex series of political factors, we could see increasing tensions between the US and Europe, which could have big implications for Ireland. Under a clause in the Pillar Two agreement called the undertaxed profits rule (UTPR) – a way of ensuring that multinational companies pay the globally agreed 15 percent corporate tax rate on their profits – the Irish Government, like others across the EU, could find itself having to tax US profits.  This would not sit well with the US Government. If it is not dealt with, it could have serious trade implications for multinational companies exporting from Ireland. The outcome of the election will very likely have a significant impact on the US approach in this context. 2. This US election will also determine who deals with the potential expiration in 2025 of the individual tax rate cuts introduced by Donald Trump in 2017.  As part of the overall strategy in this context, Democratic candidate Kamala Harris has outlined a plan to raise the US corporation tax rate to 28 percent (currently at 21 percent), but this is likely to be politically impossible.  On the other hand, if elected as US President for a second term, Trump has mentioned a reduction in the US corporate tax rate to 15 percent – although, again, this is likely to be impossible given the overall US fiscal position.  In addition, Trump has regularly stated that he may adopt a policy of applying tariffs on all US imports, a move that could greatly disrupt global trade, including Irish exports.  Cormac Kelleher International Tax Partner Forvis Mazars The upcoming presidential election in the US, due to take place in November, is delaying US companies in making their foreign direct investment (FDI) decisions.  Uncertainty over upcoming trade policy is causing new and existing US businesses to pause decision-making. However, it has not stopped firms from exploring and readying themselves for investment decisions in 2025. If the US introduces or strengthens existing tax repatriation programs post-election, as seen in the Tax Cuts and Jobs Act of 2017, it could incentivise US companies to bring profits and operations back home, possibly reducing FDI in Ireland.  However, given Ireland’s low corporate tax rate (12.5%) and status as a key EU hub for the technology and pharmaceutical sectors, US firms might still find Ireland an attractive location for their European operations. It will be interesting to watch the level of US engagement with the OECD’s BEPS 2.0 tax proposals.  This year has delivered probably the most significant level of tax reform practitioners are likely to witness.  The effective 15 percent rate has caused multinational groups to grapple with a plethora of complex and challenging legislation. Despite initial positive soundings from the US Treasury, achieving sufficient political appetite for the introduction of BEPS 2.0 (Pillar Two) has proved elusive.  The rules, however, will result in US-headquartered groups being affected by the global minimum tax rules from 2026 onwards.  If Pillar Two plans continue to have momentum, commentators will watch with interest to see how the US will react and whether retaliatory measures will be introduced. While tax policy is an important feature of Ireland’s FDI offering, there are many other features that are equally attractive and important to organisations when seeking to establish an international presence.  This is particularly important for firms establishing their first presence outside the US.  Ireland will continue to be an important cog in the global international tax expansion plans of US-based multinational groups. Fundamentals – including making Ireland an attractive location for people to relocate to – will play a greater role in years to come. Catherine Drysdale Consultant Barden Ireland's job market is highly interconnected with global trends and events. There are a number of key factors impacting the employment industry in Ireland at present, including the upcoming US election and potential impact on FDI, geopolitical conflicts, climate initiatives, uncertainty regarding policy and regulatory changes and interest rates and inflationary impacts. How these directly impact talent looking for opportunities within US companies headquartered in Ireland will be sector dependent. Certain sectors, for example, will be impacted more significantly by policy and regulatory changes including technology, pharmaceutical and financial services industries.   The challenges for acquiring talent may include: Changes in visa policies and global mobility restrictions; Cautious spending that could result in longer, more complex hiring processes coupled with the risk that companies will prioritise hiring local talent in the US due to shifting labour policies or cost-saving measures; A shift to contract opportunities, a trend we have already witnessed, reflecting employers’ desire for flexibility and a cautious approach to permanent hires; and Increased competition among jobseekers for a reduced number of opportunities, potentially leading to longer lead time to secure new roles. The stance companies are taking on hybrid and remote working arrangements remains in flux. We saw the recent announcement from Amazon CEO Andy Jassy regarding a mandatory full-time return to office. Whether others follow suit remains to be seen.  Organisations could adopt permanent remote working policies. While this may open up opportunities for a broader talent pool and flexible working arrangements, professionals in the Irish market would likely face increased competition from the global talent pool, potentially leading to downward pressure on salaries as companies seek cost-effective labour. With potential changes in the US economic environment post-election, given their established presence in Ireland, US companies with operations here may need to adjust their salary structures to remain competitive in attracting top talent, particularly if remote work opportunities expand.  A focus on enhancing their existing localised talent acquisition strategies, coupled with a strong emphasis on employer branding to showcase corporate culture and values, will help to make positions more attractive in a competitive market.  

David Lucas, FCA, the recently appointed Head of Corporate Finance at Azets Ireland, tells us about his career path, passion for supporting entrepreneurial businesses and plans for the future Tell us a bit about yourself, and when and why you decided to become a Chartered Accountant? I learned from my parents the importance of having a profession from an early age. My father was an engineer and my mother a teacher, so I was encouraged to choose a profession that would provide me with solid career opportunities.  At school, I was strong at maths and I have always been interested in business, so the BComm at University College Dublin was a natural fit. It wasn’t until my third year at college that I decided to pursue accountancy. Upon completing my degree, I went on to do a master’s in accountancy at Smurfit Business School.  I qualified as a Chartered Accountant with KPMG at the age of 24. From there, I moved into banking, spending eight years with AIB in corporate lending before moving into corporate finance. My career path has blended my accountancy training with my interest in business and my entrepreneurial spirit.  Has your career unfolded as you anticipated or were there some surprises along the way?  There have been a lot of surprises. I firmly believe that once you become an accountant, you can do anything you want.  I have found it to be an excellent and well-regarded qualification that can open a lot of doors to exciting opportunities.  Once you are a qualified accountant, no one can take it away from you. Whether you work in industry, practice or become an entrepreneur or business owner, the training and experience you gain as a Chartered Accountant will always stand to you.   I have always been interested in corporate finance and have a genuine interest in entrepreneurship, talking to owner-managed businesses and understanding what makes them tick.  In my various roles, I have explored these interests and carved out a career in corporate finance, working with entrepreneurial businesses across multiple sectors. I enjoy what I do today, and I’ve enjoyed the journey. Are you glad you made the decision to qualify as a Chartered Accountant? Absolutely, yes. There are thousands of Chartered Accountants in Ireland and beyond. It is a fantastic network and the training gives you a strong range of skills that can prepare you for any challenge, both inside and outside work. Among the people you have worked with over the years, who has been your biggest inspiration?   I have been lucky to have had a number of mentors and trusted friends, all of whom have influenced me in various ways. One of the best lessons I have learned is that people do business with people.  Bearing this central principle in mind, growing my network, and building strong relationships across the business community, has been a consistent feature of my career. If you can stay connected with those around you, you can bring each other forward. How has the role of the Chartered Accountant evolved since you joined the profession? The role of the Chartered Accountant has evolved significantly and is now viewed as that of a broader business advisor.  It is no longer just about balancing the books. Today, Chartered Accountants are trusted advisors, serving as the go-to person for clients on a wide range of issues, opportunities and challenges.  The training Chartered Accountants undergo is comprehensive, covering nearly all aspects of business and finance.  Clients can trust us not only to manage financial matters, but also to lead teams, train and develop staff, and support clients through every stage of the business lifecycle – from start-up to sale.  We play a key role in helping business owners realise the full value of their work and dedication.  What advice can you offer ACAs starting out on their career path today? The Chartered Accountancy qualification is world-renowned and world-recognised. It opens so many doors and opportunities in whatever walk of life you want to take on.  The training you receive and the people you meet will give you the tools to pursue opportunities as they arise. With this qualification, there are any number of directions you can take and potential employers and clients can be comfortable in the knowledge that you have a good grounding due to your experience and training.  I would say it is really important to be open to new challenges, even those outside your comfort zone, as they often provide the greatest opportunities for growth.  Networking is also key. Surround yourself with mentors and peers who can offer guidance and support and seek to learn from everyone.  Lastly, trust in your abilities and don’t be afraid to go for things and do your best. You won’t know how to do everything and don’t pretend to know everything – no one does – but always give your best.  Who do you admire most right now in business or public life? I greatly admire Jürgen Klopp, the former manager of Liverpool Football Club, for his leadership approach both on and off the field.  Early in his Liverpool career, Klopp emphasised the importance of building a cohesive team by ensuring that all players knew and respected the entire staff, regardless of their role.  This inclusive leadership style is rooted in treating everyone with respect and acknowledging that every individual plays a crucial part in the success of the team. Klopp fosters a culture of mutual respect, camaraderie and accountability. He understands that a strong team is built, not just on talent, but on unity and shared purpose.  His ability to connect with people on a human level makes others want to work with him and be part of his vision.  By creating an environment where everyone feels valued, he motivates the whole team to perform at their best.  His leadership shows that when people are treated with dignity and trust, they are more likely to consistently deliver exceptional results. This is something I strive to achieve with my team: nobody gets left behind. We are all in it together and we have each other’s backs. Tell us about your new role as Head of Corporate Finance at Azets Ireland? Our Corporate Finance Department provides a full range of services to mid-market businesses across Ireland ranging from buy side and sell side mergers and acquisitions, due diligence and valuations to debt advisory services.  Given our extensive service offering and the range of sectors we operate across, every day is different for me. One day could involve advising on the sale of a business, and the next performing detailed financial due diligence or raising debt or equity to help fund growth for a  business.  Every deal is different, and I enjoy getting to know my clients and their businesses to provide the best service possible.  My bread and butter is the buying and selling of businesses. These transactions require a corporate finance advisor to manage all aspects of the deal from early-stage preparation through to going to market, deal negotiation, project management and liaising with legal advisors right through to completion. My recent appointment as Head of Corporate Finance comes at an important moment in the growth trajectory of Azets in Ireland.  Over the next three years, we aim to double the size of our department with the addition of about 20 new recruits. The expanded department will enable us to advise on the growing number of transactions expected in Ireland’s mid-market sector over the medium term.

Older professionals have much to offer in today’s multigenerational workplace, but many continue to experience the ill effects of negative attitudes and bias As Honorary Treasurer and Interim Chair of Age Action Ireland, Colm Nagle, FCA, continues to apply the experience honed over the course of a 45-year career begun in 1979 when he joined Stokes Kennedy Crowley as a trainee. The longest-serving director of Age Action Ireland, the national advocacy organisation for older people and ageing in Ireland, Nagle is proud of his ongoing contribution to its work, in particular its annual Positive Ageing Week. Kicking off this year on 30 September and continuing through the first week of October, Positive Ageing Week (PAW) celebrates the contributions of older people and promotes their agency. As the dust settles on another successful PAW, which this year featured over 500 events around the country, Nagle is turning his attention to other priorities on the agenda of Age Action Ireland, which has published two annual State of Ageing reports since 2022, highlighting the reality of growing older in Ireland. “Age discrimination is often under-represented in discussions of diversity, equity and inclusion, and, in the workplace, ‘age’ is often left out of company’s DE&I policies and initiatives,” Nagle says. “So far in our culture, we just have not had the same conversations and awareness-raising around ageism that we have had around other forms of discrimination. People haven’t learned to stop and think about ageing or question implicit beliefs they might have internalised.”  The World Health Organisation’s Global Report on Ageism, published in 2021, found ageism to be a prevalent and serious form of discrimination.  “The report demonstrated that we come to accept ageist beliefs from as young as four years old, and that these beliefs – about ourselves and others – can have seriously negative consequences, including worse health outcomes,” Nagle says.  There is, he adds, evidence suggesting that ageism is especially sharply felt in the labour field.  “Age Action’s ‘Are We Ageist’ poll found that unemployed persons were most likely to report recently experiencing age discrimination,” Nagle says. “Ageism is also known to interact with and compound other forms of discrimination like misogyny, classism or ableism, and so, to effectively eliminate these kinds of discrimination, we must also be aware of what ageism is and how it works.” A priority for Age Action is to involve everyone in our society in the project of reframing ageing and changing how we think, act, and feel about older persons.  Rethinking mandatory retirement age Many people now are living more active lives well into retirement age and want to defer full retirement for as long as possible.  “Fundamental to all of us continuing to have choice and control over our employment as we age is the existence of mandatory retirement clauses in contracts,” Nagle says. “Currently, our Equality Acts make an explicit exemption that allows for this kind of age discrimination, so that people can be forced to leave their jobs for no other reason than that they have reached a certain age. This is based on harmful stereotypes of older persons, that deny their skills and capacity.” Mandatory retirement implies that in older age, we are all the same, Nagle says. “It is deeply concerning that through our laws, the State is currently legitimising these kinds of ageist beliefs. It forces older persons out of workplaces and thus contributes to social exclusion,” he says.  “At Age Action, we have spoken to people who, 10 or 20 years on, are still angry and hurt by having been forced to retire. “We have long campaigned for the abolition of mandatory retirement and, in April, we made our case before the Oireachtas Committee on Employment, which subsequently recommended it be abolished. “It has already been outlawed in Canada, Australia, New Zealand and the US, in some cases for decades, and their labour markets are still functional and productive.” Negative bias and discrimination Well before retirement age, professionals can feel the negative effects of unhelpful biases as they mature through their careers. Seventy-five percent of respondents in the most recent Workplace Equality Study published by Matrix Recruitment identified ageism as an issue in today’s workplace. More than two-thirds, meanwhile, said workers over the age of 50 have fewer promotional opportunities then their younger colleagues, up 19 percent points on the previous year’s findings.   Commenting on the findings, Kieran McKeown, Managing Director of Matrix Recruitment, said they were “hugely disappointing.” “There is a widespread view that professionals aged over 50 have fewer promotional opportunities than their younger colleagues, but the reality is actually quite the opposite,” McKeown says.   “On a more positive note, the majority of respondents surveyed (89%) agreed that people over the age of 50 have as much to contribute to the workplace as those under 40, and this is an opinion we, at Matrix Recruitment agree with, given the calibre of the candidates we speak to on a daily basis in this age group.”  Despite this, McKeown believes older and more experienced professionals in the Irish market remain something of an “untapped talent pool.” “It is quite a complex issue but there appears to be an unconscious bias against older candidates and a poor understanding of, or appreciation for, what they can bring to a workplace,” he says.  “There is a view – a misguided one, in my opinion – that if you are older, you are less likely than your younger peers to be considered capable, adaptable or willing to embrace something new. “We are living in a digital age in which transformation is constant. Given that half of our respondents were of the view that more mature candidates may not have ‘21st century’ IT and digitalisation skills, it is likely that employers think the same way.   “In my experience, the over-50s are highly skilled and actively embrace technological change. Together with their years of experience, this is a group whose contribution to the workplace cannot be underestimated.  “Of course, how people in their 50s are perceived varies greatly from person to person but populations are aging, working lives are lengthening and graduates are joining the workforce later – so 50 is young.” The Matrix Recruitment Workplace Equality Study found that mature workers were considered to have better life skills and those aged over 50 were also rated higher when it came to mentoring and guiding colleagues.  “Forty-eight percent of our respondents consider mature employees to be more reliable workers than their younger cohorts, who statistically are more likely to job hop,” McKeown says.  “Employers find that there are lower staff attrition rates with more mature workers who also have strong interpersonal skills and an equally strong work ethic. And of course, they bring to the workplace years of life experience alongside the expertise they have built up in other roles.” The biggest challenges facing older candidates in today’s job market often “come from within,” McKeown says.  “Losing confidence, feeling they are too old to move job or upskill – or simply not knowing how to go about driving change – are all barriers we see among candidates in this age group,” he says.  “I would encourage anyone considering a career or job move to speak to a recruitment expert.  We can help identify any gaps in their skill set or job spec and help them recognise and promote their transferrable skills.  “There are also lots of tools, such as LinkedIn, which can help individuals stay on top of industry trends and grow their network and connections.  “At Matrix Recruitment we have supported and placed dozens of candidates over the age of 50, including those looking for a new job, a different career or re-entering the workforce after many years. My advice is to get off that fence, speak to an expert and go for it!” Liberation from the rat race For Pat Barker, FCA, sitting on the fence has never been an option. A trailblazer for women in the profession, Barker sat her accounting exams in 1973, becoming only the 20th female Chartered Accountant in Ireland. “I didn’t have a master plan, but seemed to rocket from one opportunity to another,” she says now.   “Generally, I was offered chances and I probably said ‘yes’ to too many and found myself active all the time. Luckily, I am fit and healthy and had lots of energy, and I reflect back on a very packed work and non-work life.”  Barker served her articles with Stokes Bros & Pim in Dublin and then relocated to the UK for a time, becoming Partner with an accounting firm in Manchester and working at Manchester University as a Principal Lecturer.  She was appointed Lecturer at Dublin City University in 1980 and progressed to Senior Lecturer, Associate Dean of the Business School and Vice-President, Academic. Today, Barker continues to lecture in business ethics at DCU. “When you get older, you are liberated from the competition of your career trajectory and you must then decide, ‘What am I going to do now? Am I going to take up golf and play bridge and drink Chardonnay in the afternoon?” she says. “I thought about that and decided it wasn’t for me and the joy for me in continuing to lecture and to serve on boards is that I no longer feel the need to prove myself through my work. “I do not want to lose my capacity – my skills – as a Chartered Accountant. I do not want to stop applying these skills. I want to continue learning about what interests me, and to apply what I learn in the work I do. “That professional decision-making and problem-solving part of me continues to matter enormously to me and, these days, it is enhanced by an ethical overview. Continuing to work when you are older and out of the rat race is a kind of liberation.” Benefits of a multigenerational workforce With an ageing population, longer life expectancy and delayed retirement, workplaces in Ireland are becoming increasingly multigenerational, says Dee France, Wellbeing Lead with Thrive, Chartered Accountants Ireland’s wellbeing hub.  “Fostering a positive age culture is crucial to the Irish workforce and its future, but the importance and value of older employees in their workplace can be seriously overlooked,” France says. “An ageing workforce isn’t a burden; it is an opportunity and there are many business benefits to having a multigenerational workforce.  “With age comes a wealth of experience and with skill and labour shortages reported, employers should not overlook older employees but focus instead on actively retaining and retraining them to address growing talent shortages.” As France sees it, older workers bring an abundance of knowledge, experience and skills that can be invaluable to employers.  “Longer periods in the working environment allow employees to acquire and cultivate significant soft skills that are often so important and beneficial to both the company and younger employees – interpersonal and communication skills, for example, problem-solving and critical thinking along with other leadership qualities and abilities,” she says. Supporting and advocating for age-inclusivity By supporting and advocating for an age-inclusive environment, employers can retain these important qualities in teams, ensure knowledge transfer and provide meaningful and symbiotic mentorship opportunities.  “Failure to address the needs of an ageing workforce is a common issue when employers look to implement supportive work practices,” France says. “In this digital era, there can be preconceived notions and age-related assumptions surrounding older workers, such as their ability to embrace digital transformation, reluctance to adopt new processes and ways of working, or difficulty shifting to changes in company culture. “Many employers can also overlook the importance of providing flexible working arrangements for older employees, making it easier for them to remain in the workforce.”  It is crucial to implement policies that allow accommodations for an ageing workforce for part-time work, job-sharing or remote working, France says. “I would also advise considering phased retirement plans that allow employees to reduce their working hours gradually while maintaining a connection to the workforce.  “This approach can improve retention and reduce stress, allowing employees to continue contributing to the business for longer.” Supporting older workers: advice for employers  Embracing age inclusivity is not just a social matter, it is a business matter too, writes Dee France.  As Ireland’s demographics evolve, businesses must adapt and embrace the potential an age-diverse workforce can unlock. Creating a culture of belonging to foster equitable, inclusive and thriving workplaces that value diversity, including age diversity, is key to supporting a growing workforce.  Employers should actively promote age-friendly policies, avoid reinforcing stereotypes and encourage intergenerational collaboration by fostering mentorship programs that allow employees to share their generational knowledge, creating a mutually beneficial learning environment. Employers should also develop and prioritise well-being initiatives that support an ageing workforce.  Offering health insurance benefits, wellness programs and access to resources like mental health support or fitness programs can significantly improve employees’ quality of life.  Additional tailoring of benefits such as regular health check-ins and adjusting job demands to accommodate any limitations an individual may have, can help ensure that employees can continue working comfortably. Supporting the well-being of older workers through tailored policies on health, flexibility and career development can help them stay engaged and productive, ultimately benefiting the wider organisation.  Positive ageing initiatives can also help reduce turnover, increase job satisfaction and enhance loyalty within the organisation. Positive ageing in the Irish workforce is not just a trend but a critical component of building a resilient, productive and inclusive workplace.  Employers must recognise the value of older employees and take proactive steps to support them.  By addressing common pitfalls and adopting best practices, employers can create a work environment in which workers aged over 55 feel valued, supported and empowered to continue contributing to the success of the organisation. Dee France is Wellbeing Lead with Thrive, Chartered Accountants Ireland’s dedicated wellbeing hub  

Carmel Moore, FCA, Director at the One Moment Company, has seen the number of women in senior positions rise throughout her career, but, she says, true equality has yet to be reached From my convent school days to becoming a Chartered Accountant, an in-house Tax Director, a Big Four Tax Partner, and now running my own business, my career has been far from linear.  I never followed a grand plan or five-year roadmap – just trusted my gut, took risks and made mistakes along the way. My original aspirations were creative, but the harsh reality of Ireland’s job market steered me towards the accountancy profession.  As a law graduate, I started my career with KPMG. On the first day of my training contract, despite the new suit, the shoulder pads and the briefcase, the bus conductor still charged me the children’s fare.  This early career path laid the groundwork for an unexpected, yet deeply fulfilling, professional journey.  I moved to London (for romantic reasons) in the late 1980s. My heart was broken while I was there, but my career flourished. I spent 13 happy years on the in-house tax team at Barclays.  My next chapter took me to Pfizer, as Senior Director of the European Tax Centre. That role, filled with challenge and variety, alongside a hugely talented team, sparked my interest in coaching and leadership development. I became a Partner at EY in London, specialising in tax transformation, honing my expertise in change management and leadership development for deep technical experts, focusing on balancing subject matter expertise with soft skills, communication and handling ambiguity. Since 2017, I’ve been on a different path, co-founding the One Moment Company with my wise and wonderful business partner, Marty Boroson.  An unlikely combination of a zen priest and a Chartered Accountant, we are a specialist consulting and leadership business that is 100 percent focused on time, with a radical approach that is very different from traditional time management.  I believe that women have been taught to think about time differently to men. Growing up, I learned that time was a resource to be used for the benefit of others.  The women around me put their own needs last. It’s still a deep-seated belief that underpins the busy lives of the women I coach, and it holds them back.  I’ve always had an academic side hustle. I like to say it’s a love of learning, but it’s really a love of pens and stationery!  I have a master’s degree in English literature from King’s College London and I am a Master Practitioner in Neuro-linguistic Programming.  I’ve studied organisational development. I’ve done an Advanced Diploma in Personal, Leadership and Executive Coaching at Kingstown College. And now, my son has just signed me up for a refresher course in Irish. Every day really is a school day. Gender equity in the accounting profession I’ve witnessed significant progress in gender equity over the years, but it is never enough. I’ve been the only woman on a team several times (including at the gym this morning). I didn’t work for a woman until 2006.  I’ve experienced everything from clumsy flirtation, to pay disparity, to being overlooked for an overseas promotion opportunity (“But you have a baby! We didn’t think you would want to go!”) to being formally reprimanded for my more eccentric fashion choices.  I’ve run the gamut of the many indignities a woman can experience in the workplace.  My way of dealing with things early on was to be very, very professional – aka terrifying. One particularly mortifying round of 360 feedback revealed that is exactly how people experienced me: scary.  Even my handbag received an honourable mention in the feedback: “She wields her handbag like a battle shield.”   Being this way was exhausting. I would come home wrung out every evening, remove the suit of armour and collapse with a Chardonnay. A coaching course taught me that flexibility, softness and openness are part of leadership.  I haven’t always been vocal and visible when it comes to women in the workplace. As I became busier with family and with work, I relaxed my vigilance. I had this vague idea that things were better, weren’t they? I was so wrong.  A chance hosting of a young female leader’s event revealed that, despite advancements, women were still not feeling there had been any change.  They had the same questions that had troubled me all those years ago: imposter syndrome, not speaking up in meetings, not advocating for oneself, work-life balance issues, fear of failure, networking difficulties and lack of mentorship.  I resolved to do better and use my coaching and leadership development skills to support others. It has been a joy.  Today, more women are stepping into influential leadership positions in finance with grace and strength, though the journey is far from complete.  I would love to see a continued push towards not just increasing the number of women in leadership, but also ensuring their voices are heard and valued equally and integrated into commercial decision-making processes. Navigating career advancement and mentoring My career has been one of many organic steps. It has evolved through recognising opportunities as they have arisen.  I will give anything a go – I am open to new experiences. That, and retaining an Irish sense of humour. It’s defused many a tense steering committee! Mentoring and networking relationships are crucial for women as they progress in their careers. Everyone needs to take all the help they can.  There are potential mentors everywhere. Make a list of people you admire in your company, ex-colleagues, or someone interesting you met at a conference. Ask for advice. Good people love to help.  My own experiences with mentoring have been enriching; particularly the dynamic exchange in my reverse mentoring relationships. I would recommend it.  The quest for work-life balance Achieving work-life balance has been tough, especially in high-demand roles.  A major spine operation in 2014 forced me to reevaluate my priorities and slow down, reminding me that self-care isn’t optional.  I learned the hard way. The key is setting boundaries and being intentional about how you allocate your time.  If I could give one piece of advice to my younger self, it would be to trust your instincts.  The times when I ignored or overrode my gut feelings didn’t end well. Trusting your intuition in decision-making is crucial, as it aligns with your core values and aspirations.  The future of gender equality I joined a group of women leaders at the Institute recently to meet with the Minister for Finance, Jack Chambers. We discussed the unique challenges faced by women in their career journeys and how these barriers can be more effectively addressed by policymakers.  But the discussion went deeper. There was a profound exchange on how society needs to change for the better, to create and foster truly inclusive workplaces.  Women shouldn’t have to contort their lives to fit in. The Institute is committed to taking this agenda forward and we’ve been shaping what a dedicated women’s programme could offer. I would advocate for more courageous workplace conversations in real-time, rather than relying solely on policies and events.  It is important to address inequities as they occur and foster a more immediate and impactful learning environment for everyone. But women need the skills and confidence to host these conversations. This is where coaching and mentoring play their part. Reflecting on my journey, I find that each step and misstep along the way has contributed to a broader understanding of work and life.  Despite the miles travelled, I still feel as though I am just starting, eager to learn and contribute.

Ireland is facing fiscal challenges ranging from unaccrued liabilities to over-dependency on multinationals, yet these critical issues remain largely absent from public discourse, writes Cormac Lucey The most basic task of accountancy is to measure the results of a business over a given period. In the public sector, however, things are different. Voters may not want to know how serious everything is. Even when they are told, they may not care.   The US government’s budget deficit is expected to hit 5.6 percent of national output this year – far above the three percent limit set in law in the European Union – yet the issue has hardly featured in this year’s US presidential campaign.  Likewise, Ireland’s media has a hard time featuring the stories and facts people need to know. Here are four major issues that are generally absent from Irish public debate. Issue 1: Unaccrued public sector liabilities While formal US government debt is estimated to equal 123 percent of US national income (GDP), unaccrued public sector liabilities were reckoned (in a recent edition of The Economist) to come to around 580 percent of GDP. In America, the bulk of the national debt iceberg lies below the surface.  The same situation applies in Ireland. According to the Irish Fiscal Advisory Council (IFAC), the Irish government’s debt will equal €181 billion by the end of 2024.  However, a 2017 actuarial analysis carried out by KPMG estimated that the state’s unaccrued liability to PRSI contributors equalled €335 billion in 2015. On top of this, the state’s pension liability value concerning public service employees was estimated to be €176 billion at the end of 2021.  Actual state debt vastly exceeds publicly measured debt.  Issue 2: Looming long-term fiscal problems  A 2023 report carried out by the Office for Budgetary Responsibility warned that the UK’s national debt was on track to nearly triple relative to the size of the economy, from 99 percent of GDP today to 270 percent by 2070.  The key drivers of this expected deterioration are an ageing population, and costs related to climate change and higher defence spending (because of rising geopolitical tensions). Each of these factors applies to Ireland.  In addition, by 2070, Ireland may have to face up to the fiscal costs of national reunification. Data from Britain’s Office for National Statistics shows that, for the financial year to April 2023, Northern Ireland raised £21.5 billion in revenue, mostly taxes, but spent £32.9 billion in current expenditure and £3.1 billion in capital expenditure, spending £14.5 billion (€17.5 billion) more than it raised. Issue 3: Dependence on tax revenues from multinationals Eighty-five percent of the state’s corporation tax revenues come from multinationals (MNCs), as do 55 percent of Ireland’s income tax revenues and 54 percent of VAT.  Apply this 54 percent share to the residual, smaller tax sources, and you can quickly see that more than 60 percent of the state’s total tax take is derived – directly and indirectly – from the multinational corporation (MNC) sector.  Meanwhile, the EU wants to strangle Ireland’s MNC golden goose, Donald Trump wants MNCs to repatriate their jobs to the US and Neil Morris – Amazon’s boss in Ireland – has warned that Ireland is “becoming complacent about foreign direct investment.”  Issue 4: Growing complexity and politicisation risk smothering productivity The reason we live vastly improved lifestyles compared to our antecedents 200 years ago is not that we are intrinsically superior but because of much higher productivity.  However, there is little appreciation of the central importance of productivity, or of how it can be smothered by needless complexity and politicisation of the rules we must operate under.  The common feature of these four issues is that, while they are extraordinarily important, they have barely featured in public debate.  Sadly, the media in Ireland and Britain is dominated by plausible and pleasant talkers who have little understanding of what’s really going on. As a result, amiable spoofing wins out over hard facts.  Cormac Lucey is an economic commentator and lecturer at Chartered Accountants Ireland *Disclaimer: The views expressed in this column published in the October/November 2024 issue of Accountancy Ireland are the author’s own. The views of contributors to Accountancy Ireland may differ from official Institute policies and do not reflect the views of Chartered Accountants Ireland, its Council, its committees, or the editor.  

The world of academia is crying out for accountants who can teach valuable skills to students based on real-world experience, writes Dr. Neil Dunne, FCA Universities need accountants to teach accounting. This seemingly obvious fact is sometimes overlooked in third-level institutions, however, where academic credentials such as a PhD outrank professional accounting qualifications.  Consequently, universities may assign non-accountants to teach technical accounting courses, a situation hard to imagine in other professional fields – law or medicine, for example.  Professionally experienced personnel truly bring a subject alive. Without them in our lecture theatres, we forsake education rooted in the ‘real world’ of professional accounting, and thus risk deterring students from an accounting career. Academia needs qualified accountants, but we also need them to join academia in an informed manner. Here are four points to consider if you are thinking of making this move. Heed the signs There may be indicators that academia is for you. For me, my parents were both teachers, and I was always comfortable in explaining things to others when working as an accountant. Additionally, I enjoyed accounting at school, at university and during my ACA training. Speak up Don’t let a fear of public speaking hold you back. Although my own natural disposition is far from extroversion, I teach (which is a role I am passionate about) to students (whose progress I care about) in an ‘extroverted’ manner. When you are involved in something you care about, you can transcend quietness, shyness or introversion. Research is king To work at most colleges, you will need to have commenced a PhD at the very least. A PhD needs a supervisor. So where to begin? My approach was to attend the annual conference of the Irish Accounting and Finance Association (IAFA). I knew nobody there my first time, but everyone was welcoming. There, I found an especially interesting seminar, which led me to my own PhD supervisor, Professor Niamh Brennan at University College Dublin.  Mind the gap There is usually an initial income fall associated with moving from a professional role to academia, but with time and progress this gap can be bridged. What newcomers may not anticipate, however, is a parallel status change. Moving to academia means we ‘start again,’ in a sense, at the foothills of a whole new mountain. For me, this was a short-term price worth paying for the autonomy, flexibility and meaning associated with an academic role. I would advise any Chartered Accountants curious about academia to investigate more. Reach out to the IAFA, a professor whose classes you may have enjoyed, or to others that have completed PhDs. I ‘made the leap’ myself 17 years ago and have never regretted it.    Dr. Neil Dunne, FCA, is Programme Director and Assistant Professor in Accounting  at Trinity Business School, Trinity College Dublin