6 young accountants share the changes they want to see in 2024

2023 has been a transformative year for accountants. Few professions are avoiding the impact of the proliferation and accessibility of generative AI tools – accounting certainly isn’t.

The profession as a whole is also seizing the opportunities in sustainability, climate reporting, assurance, and managing the trust and brand impacts of the PwC scandal.

For those who are newer to the profession, this is a turbulent time to be climbing the ladder.

While shortages in skilled labour may make finding work easier, the work itself is more complex than ever. Legislative frameworks are lagging behind the pace of change, and traditional accounting practices are evolving at an unprecedented rate.

As technology continues to reshape the landscape, accountants find themselves at the intersection of tradition and innovation, navigating a field that demands agility and continuous learning.

Less experienced professionals require support from peers and mentors, as well as from policymakers who influence the frameworks in which they operate.

As we prepare for the new year, we asked six accountants who are building their careers now about the changes they hope to see in 2024 and the support needed to turn them into reality. 

“In 2024, I would like to see young accountants provided with greater leadership development. It's never too early to begin building the foundations of our future in leadership and to cultivate the necessary abilities and characteristics to succeed.”

“While it’s exciting to be in this era of technology evolution where data analytics are highly in demand, I hope deployment of effective leadership practices will not be forgotten.”

“Empowering young accountants today ensures a resilient financial landscape tomorrow.”

“In 2024, let's champion innovation, foster mentorship, and cultivate an inclusive profession that paves the way for a secure and dynamic future anchored in unwavering ethics and integrity.”

 “As accountants, we need to embrace and adapt with AI and all the new emerging accounting technology, and harness these tools to enhance data-driven insights and analysis.”

“With these resources, accountants can better assist businesses and key stakeholders in making well-informed decisions that align with both operational and financial objectives while ensuring regulatory compliance.”

“Prioritising mental health and wellbeing in the workplace is of high importance in the industry. There is a need for accountants and their team members to support and look after one another.”

“This is where employers can play their part by ensuring that they invest in mental health support programs such as Employee Assistance Programs, software/programs to automate data entry, and streamlining processes to minimise the stress for accountants.”

“I believe that the biggest challenge for young accountants is to keep pace in a fast-moving world. Being in management accountant roles now comes with advising strategy, operations and technology decisions which means we become a key say in the decisions influencing the entire value of the organisation.”

“The traditional role of the accountant who reports on short-term financials is not sufficient in a world of disruptive technology.”

“Young accountants are increasingly looking to flexible study options such as micro-credentials to customise their education. This flexibility is crucial for adapting rapidly in an environment of blurring lines between professions, with more value placed on multi-disciplinary skill sets.”

“Younger professionals also take for granted that embracing diversity and inclusion is not just an equity issue but also improves the performance of teams and organisations. I hope to see the accounting profession progress its thinking in these areas in 2024.”