Interviews and Profiles

In every issue of The Bottom Line, we ask students for their thoughts on a particular topic. This month, we want to know: What change do you hope to see in Ireland in 2025? Colm O’Keeffe PwC  One change I would like to see in the next year is to the capital gains tax (CGT) regulation, which requires payment on unrealised gains for shares held for more than seven years, which is extremely onerous for Irish investors.  This rule forces early sales to avoid taxes, which deters long-term investment. Flexibility and sustained investment would result from matching CGT liability to actual realised gains. A change to this regulation would encourage market activity and promote economic expansion.  I hope legislators take these things into account and enact changes that strike a balance between the advantages of long-term investment and the need for tax money. Ireland's investment climate would be more vibrant and resilient if CGT regulations were more investor-friendly. Mark Healy EY  Ireland has the potential to be a beacon of inclusivity, especially in today’s challenging global landscape.  As we navigate issues like climate change, economic uncertainty and social inequality, we must foster a society that embraces diversity.  In 2025, I hope that we as a country place a large emphasis on promoting the voices of marginalised communities. We must encourage policies that support equal access to education, healthcare and employment ensuring that everyone has a fair chance to thrive. We need community initiatives that celebrate cultural differences and can foster understanding and solidarity among citizens. Moreover, we should engage in open dialogues about our shared values and collective future, recognising that our strength lies in our unity.  By embracing inclusivity over the coming years, Ireland can not only strive domestically but also serve as a model for other nations, demonstrating that a diverse society can lead to resilience in the face of adversity. Conor Flynn EY  In 2025, I hope to see Ireland harnessing the €14 billion received as part of the recent Apple tax ruling to significantly boost infrastructure investment.  This landmark ruling could provide a vital opportunity to enhance transportation, housing and water infrastructure across the country. With the strategic allocation of these funds, Ireland can improve roadways, public transit systems and aged water systems thereby fostering economic growth and regional development.  Additionally, investing in sustainable infrastructure would not only address current challenges but also prepare for future needs. By prioritising these enhancements, Ireland can create a more resilient and interconnected society, ensuring prosperity for all its citizens.

From overcoming exam setbacks to discovering unexpected career paths, the journey of Nuala McAdams, Manager of Government & Infrastructure at EY, highlights resilience, growth and the rewards of saying yes to new opportunities in the world of finance Five years ago, where did you think you would be now? Have you lived up to your own expectations? Five years ago, I had just attended my conferring ceremony and was about to move to a new department in my organisation. I have since made another move internally (three different departments in nine years).  I don’t think I had a five-year plan at that point if I’m honest. I had just qualified and didn’t know what I wanted to do next.  I think I have lived up to my own expectations in that I have tried new things and avenues in accountancy that I hadn’t heard of. I am so glad I did, as it has taught me new skills and given me new opportunities to develop. What has been the biggest challenge of your career? The biggest professional challenge was definitely failing three out of four of my CAP 2 exams – it was a terrible day!  It was so frustrating and devastating, especially as I knew it was totally on me. I hadn’t attended class as much as I should have, and it showed. For me, it was 100% my approach to the exam. The videos on charteredaccountants.ie on exam prep became really important to me when I moved to FAE. Fortunately, that went a lot smoother. Thankfully, I was able to wallow for a few days then pick myself up, work out where I went wrong, put the work in and pass second time around.  What do you wish you had known earlier in life? I wish I had known that it doesn’t matter where you are or what you are doing, you can always change your path. I started accountancy with no background in it, couldn’t tell you what a debit/credit was but I’ve never looked back. Where do you see yourself this time next year? I see myself being a lot more organised and making time for things that I love, like my voluntary roles, and hopefully doing some teaching in accounting!  Who inspires you, personally and professionally? My mammy’s motto in life is: “Sure what odds?” (In other words, ‘no big deal’.)  I would love to be so relaxed about things and I do think it’s really important to have that kind of perspective. It’s important to remember that no mistake is that bad –  and we all make them!  How has being a Chartered Accountant changed your life? I honestly don’t think I would have had as many amazing opportunities if I hadn’t followed this career path.  I have met so many new people, built my confidence, travelled a lot, and gained a host of new skills which translate to a lot of different organisations and roles.  Also, during your grad induction, you are always told that you’ll make friends for life. I didn’t believe it but it is true. If you weren't a Chartered Accountant, what do you think you'd be doing? I’d love to host a radio show…or be President of Ireland – both are essentially just talking to people all day, right? What advice do you have for those who will soon qualify as Chartered Accountants? Say yes to things, especially events – you never know who you’ll meet – and make time for the things you love or are interested in!

In every issue of The Bottom Line, we ask students for their thoughts on a particular topic. This month, we want to know: What do you hope to see in Budget 2025? Daragh Connolly  Gilroy Gannon I would like to see the VAT rate reduced for the hospitality sector from 13.5 percent to nine percent.  The expiration of the temporary nine percent VAT rate in September last year, which has coincided with high inflation rates, has forced businesses to increase prices considerably which, in turn, has priced many customers out of the market.  According to the Restaurant Association of Ireland (RAI), 577 restaurants across the country closed their doors between September 2023 and July 2024. The reduction in the VAT rate should help alleviate some of the pressure that many restaurants in Ireland are facing, as well as broadening the industry’s customer base.  Furthermore, the current cost of eating out is not attractive to tourists visiting Ireland and may be having a negative impact on Ireland's tourism sector as a whole.  James Smyth  KPMG The cost-of-living crisis continues to be a key issue across the country. With housing prices and rental demand at record highs, it’s crucial the budget addresses these issues sustainably.  One measure I would like to see is the reduction of VAT on construction materials to boost housing supply nationwide.  Additionally, I would like to see an increased drive for investment in cross-border and cross-country infrastructure to support those commuting from rural areas and the North, creating cost-effective and sustainable travel. As inflation begins to slow, it’s essential for the budget to include forward-looking and sustainable measures to safeguard against future challenges, like retaining reduced rates of VAT for retail and other businesses in order to bolster the SME market. This approach will address immediate concerns and ensure long-term stability and growth.  The budget’s focus on these areas could provide much-needed relief and hope for a more secure future. Collette O’Shea  Mazars Last year, the Government announced the establishment of a Tax Administration Liaison Committee subgroup dedicated to identifying opportunities to simplify and modernise the administration of business supports. I want to see the impact of this tax simplification in Budget 2025.  Tax legislation with convoluted rules and requirements hinder businesses ability to stay tax compliant or avail of tax reliefs. All businesses in Ireland, especially our domestic SMEs, should know exactly what reliefs they are entitled to claim and  how they can claim them.  Furthermore, it needs to be unambiguous what taxes businesses have to pay and  when to pay them. Simplification of tax legislation would lead to increased compliance and better tax revenue collection as businesses would be better placed to understand their tax reporting and payment obligations. Removing the needless complexities and ambiguities in Irish tax legislation would reduce the level of incorrect claims and errors that arise from complicated tax legislation.

Evan O'Donnell, Chartered Star 2024, shares insights on overcoming challenges, the importance of learning from mistakes, and his aspirations for continued growth Five years ago, where did you think you would be now? Have you lived up to your own expectations? Five years ago, I had just commenced my final year at university. I had envisioned myself in a stable and fulfilling career, one where I could use my skills and knowledge to make a meaningful impact. I imagined that, by now, I would have passed all my exams, gained significant experience and provided clients with quality deliverables.  Looking back, I can safely say that I have lived up to those expectations and surpassed them! I have become qualified as a Chartered Accountant having gained an invaluable training contract on the Assurance Team at PwC Ireland. I have secured an exciting role within Finance in Avery Dennison and I am the current Chartered Star, which I am absolutely delighted with!  I am looking forward to representing both my profession and country on at international level in Canada later this month. What has been the biggest challenge of your career? The biggest challenge of my career as a Chartered Accountant has been balancing the rigorous demands of professional exams with the tight deadlines of audit engagements.  Juggling intense study schedules alongside assurance client work required a level of time management and project planning. This challenge forced me to improve these skills significantly.  I became more disciplined with my time, better at prioritising tasks, and more adaptable to changing circumstances. What do you wish you had known earlier in life? One thing I wish I had learned earlier in life is that making mistakes, both in life and at work, is not only okay but essential for growth.  I used to fear failure, believing it was a sign of weakness or incompetence. However, I’ve come to understand that mistakes are invaluable learning opportunities. Each failure is like practice for success, teaching resilience, adaptability and problem-solving.  Embracing mistakes allows you to grow stronger, refine your skills and approach challenges with a more informed perspective.  Success isn’t about avoiding failure; it’s about learning from it and continuing to move forward. Where do you see yourself this time next year? This time next year, I see myself continuing to grow in my current role with Avery Dennison, taking on more leadership responsibilities and perhaps exploring new areas within the finance sector.  I am eager to further develop my expertise in areas like financial strategy and risk management, and I hope to contribute even more to the success of my firm.  Additionally, I am considering opportunities to mentor younger professionals, as I believe that sharing knowledge and experience is vital to the profession's future. Who inspires you, personally and professionally? Personally and professionally, I am inspired by people who demonstrate resilience, integrity and are always willing to share their knowledge.  Personally, I look up to my father. My dad has not only achieved so much in his career but his morals, love for his family and his incredible ability to put everyone else’s needs above his own has made him my role model my entire life!  Professionally, I look up to Barry Doyle, Chartered Accountants Ireland President. Barry is the youngest-ever President of the Institute. Barry’s humbleness in his accomplishments is admirable, his grit and determination are truly inspirational. He is also a marathon runner – his talents know no bounds! How has being a Chartered Accountant changed your life? Becoming a Chartered Accountant has significantly changed my life. The versatility of this career has opened doors to opportunities I wouldn’t have had otherwise, provided me with a sense of huge accomplishment and given me a solid foundation on which to build my career.  Being a Chartered Accountant also brings a level of respect and credibility in our industry, which has been invaluable in establishing trust with clients and colleagues.  If you weren't a Chartered Accountant, what do you think you'd be doing? If I wasn’t a Chartered Accountant, I believe I would be working in a field related to education or mentoring.  Coming from a family of teachers (in both primary and secondary school) and always having a passion for helping others learn and grow, I think I would find great satisfaction in a role that allows me to teach, guide or influence young people in their life and on their professional journeys. What advice do you have for those who will soon qualify as Chartered Accountants? Keep your head down with exams, plough through them and persevere. You will forget the gruelling hours of study put in, but you won’t forget your qualification – it will all be worth it once you become an ACA!  Don’t be afraid to ask questions – it is the only way to learn.  Build your network and don’t underestimate the value of soft skills such as communication and leadership – they are just as important as technical knowledge.

In every issue of The Bottom Line, we ask students for their thoughts on a particular topic. This month, we want to know: What do you think of pension auto-enrolment? Becky Maye PwC Many young professionals may not view pension planning as a priority while they navigate other challenges. Many graduates will prioritise their professional exams, housing, and social or sporting commitments. As such, they may not even know of the existence of this scheme.  The new pension scheme operates as an opt-out, lessening the burden of those aged between 23 and 60 who earn over €20,000 but haven’t already enrolled in a pension scheme. It allows a foundation to be laid where an individual may later decide to enrol in a pension scheme while simultaneously allowing those who decide not to opt into a pension scheme access to a sum upon retirement that has accumulated over the years.  Investing in a pension scheme is essentially a tax-efficient investment into your future but it may be seen as an onerous task for many young professionals. The auto-enrolment scheme allows this view to be altered and provides a system where the burden is lifted.  Eoin Hartnett KPMG The auto-enrolment pension scheme is a semi-mandatory retirement savings system expected to be introduced in Ireland in January 2025. It’s a system whereby every €3 an employee contributes to their pension will be matched by their employers. In addition to this, the state will top it up with a further €1. What’s unique about this system is that it is an opt-out system rather than an opt-in one.  So, any employee between the ages of 23 and 60, not already on a pension scheme and earning over €20,000 per annum, is automatically enrolled.  Personally, as a 24-year-old six months into my graduate contract, I see this as a huge positive.  After 19 years in education, and only fresh out of college, there is a lot of change when you enter the working world that you have to deal with, and realistically, when you’re getting started, all your focus is on getting up to speed with the work and getting used to the working environment. Your pension is the last thing on your mind.  It would probably be another five or ten years before I would even think about it. Instead, now, in five or ten years, when I try to put a more comprehensive pension plan in place, I will already have accumulated a tidy lump sum upon which to build. I think that is the true benefit of this scheme, how, with minimum fuss, it helps set a foundation. A foundation that otherwise might not have been laid until years later. Conor Flynn EY Retirement planning is generally not a priority for young workers in their 20s and 30s. This is unsurprising given the other immediate challenges facing young people, such as access to housing, high rents, and the rising cost of living.   A CSO 2023 survey stated that only 32 percent of workers aged between 20 and 69 were signed up to a private pension. As a result, many workers would be solely dependent on their State pension (approximately €13,500 pa) upon retirement. This presents a major challenge for Ireland. An ageing population and rising life expectancy mean that a lack of corrective action, such as auto-enrolment, would result in a significant future burden on the Exchequer.   It is critical that we reshape our thinking around pension and retirement planning. Pension contributions can no longer be regarded as an unnecessary cost but rather a tax-efficient investment in our future!  

In every issue of The Bottom Line, we ask students for their thoughts on a particular topic. This month, we want to know: would you move abroad? Sean Landers  Associate KPMG I think it puts me in the minority, but moving abroad is not something I am yearning for now.  I appreciate the stability and routine I have at the moment in my training contract with KPMG and Chartered Accountants Ireland, as well as outside of work.  As a first-year associate, moving abroad wouldn’t make the most sense for me professionally, unless the opportunity was too good to turn down. It is quite probable that I will go abroad after my training contract is complete.  I’ve always had it in the back of my mind that I would love to work in the US for a period.  However, I think the best times for me to do this would be once I am fully qualified.  As for how long I would stay abroad, I really don’t know! While the experience would be great, I will always be drawn back home. Colm O’Keefe Associate PwC I would move abroad as I would love to see more of the world!  Travelling is one of the best experiences in life, and I would take any opportunity to try something new while I am young.  I would love to go to Australia to spend time with family there and to experience a different lifestyle.  I would also like to experience living in a different European country for a period and improve my language skills while enjoying a different culture. Shane Connolly  Associate Deloitte While travel is a very attractive idea to many, personally, I would choose to remain in Ireland. I fully believe in prioritising family time and having family involved in your life as much as possible.  I find the advice, guidance, and counsel that only family can give is very important, along with all the crucial memories to be made!  From a career perspective, I believe the opportunities available in the Irish market for accountants have never been greater, which should result in attractive positions becoming available as my career progresses.  Even locally in Cork, the opportunities available from practice to industry to academia are encouraging. As a University College Cork alumnus, one of my ambitions is to work in academia. Having started building my network from my internship days, I fully intend on leveraging this throughout my future career here in Ireland!