Strong employer demand and higher earning potential for accountants
Accounting bodies congratulate Leaving Cert class of 2023; welcome 27% increase in those taking accounting in last five years
Friday 25 August – The body representing professionally qualified accountants in Ireland has said it is vital that accountants remain on the government’s Critical Skills Occupations List. Its call comes as it responds to the Department of Enterprise, Trade and Employment’s public consultation to review the eligibility of occupations on this list. The list is subject to regular review to ensure it reflects shortages of critical skills required for the proper functioning of the Irish economy.
The Consultative Committee of Accountancy Bodies - Ireland (CCAB-I) is the representative committee for Chartered Accountants Ireland, the Association of Chartered Certified Accountants (ACCA), the Institute of Certified Public Accountants in Ireland (CPA Ireland) and the Chartered Institute of Management Accountants (CIMA). Its 43,500 members work across industry, professional practice, and the public sector.
Commenting, Crona Clohisey, Tax & Public Policy Lead, Chartered Accountants Ireland said,
“The accountancy profession plays a pivotal role in delivering professional services and advice to all sectors of the Irish economy, but presently most firms in which CCAB-I members operate have active vacancies that they are unable to fill. There is a critical shortage of accountants with audit experience; and a deficiency of accountants with practice experience of all types, including tax, data analytics, consultancy, and sustainability.
“The accountancy profession plays a pivotal role in delivering professional services and advice to all sectors of the Irish economy, but presently most firms in which CCAB-I members operate have active vacancies that they are unable to fill. There is a critical shortage of accountants with audit experience; and a deficiency of accountants with practice experience of all types, including tax, data analytics, consultancy, and sustainability.
“In the larger firms in particular, over half of new recruits filling vacant positions for experienced hires are currently being sourced from non-EEA countries due to a significant shortage of suitably qualified EEA-based candidates. Therefore, the inclusion of accountants on the Critical Skills Occupations List helps to meet ongoing capacity shortages.”
CCAB-I notes that the problem will be compounded by global trends and challenges. The Corporate Sustainable Reporting Directive (CSRD) will bring all quoted and large companies (as defined) within scope of a new set of sustainability reporting and assurance requirements from 1 January 2024. In addition, Ireland is bidding to host the new European AMLA (Anti-Money Laundering Authority), and if successful, there will be a considerable demand for accountants with AML and Combatting Terrorist Financing (CTF) skills.
Building the talent pipeline
CCAB-I is engaged with the National Apprenticeships Office (NAO) on the potential creation of a new national professional accountancy apprenticeship to facilitate the entry of school leavers into the profession on an “earn and learn” basis. It is also liaising with the Department of Education on the reform of the outdated Leaving Certificate accounting syllabus as part of wider efforts to attract candidates into the profession.
There are 16,500 students studying to become accountants in businesses and firms around Ireland, and in addition to strong demand from employers, there is continued strong earning potential, with newly qualified Chartered Accountants receiving an average salary package of €58,967 in 2022.
Commenting Brian Feighan, Chair of the CCAB-I Working Group on Leaving Certificate Syllabus Reform said;
“Looking at the results for Leaving Certificate Accounting, it is really encouraging to see a 27% increase in those taking the subject since 2018, and an increase in those taking higher level. But this increase in popularity at second level is not feeding through to sufficient take-up of places on accounting courses in third level and further education.
“We have long highlighted that students are being dissuaded from pursuing accounting as a career choice because of the outdated Leaving Certificate accounting syllabus. We are engaged with the Department of Education to prioritise the introduction of a new specification for Leaving Certificate Accounting which will better reflect the role of the accountant in today’s workplace.
“A huge amount of work is being done by the CCAB-I at second level to attract students into the profession. I would say to students receiving their exam results (and their parents), that employer demand for accountants is extremely strong. Salary levels for qualified accountants reflect this demand and the vitally important roles that accountants perform in all organisations. There have never been more ways to enter the profession, be it directly from school, or after third level. This demand continues to grow and so too does the range of opportunities.”
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