Last updated on October 8th, 2024 at 12:06 pm
The global finance industry is growing quickly, and the recognised ACCA professionals are responsible for the change. New technologies, improved regulators and shifting market forces have see-sawed the accounting paradigm and how things are done.
As a result, specific ACCA skills are slowly becoming a more crucial factor for success – this is true for both freshers and experienced professionals looking to keep the edge.
Let’s look at some of the most in-demand skills that, as an aspirant, you must keep your eye on for 2024 and beyond!
Top ACCA Skills 2024
1. Tech Savviness and Digital Proficiency
We’re in a tech-driven world and it is no surprise anymore. The power of tech has permeated across industries, and accounting is no different. Accountants of today do more than just crunching numbers. With AI-enabled automation tools and data analysis suits, it is more crucial than ever for financial professionals to be comfortable navigating advanced digital tools.
ACCA professionals who invest in learning how to use cloud-based accounting systems, AI tools and even blockchain technology will find themselves ahead of the curve. To keep up with this demand for tech-savviness, ACCA courses increasingly focus on these digital competencies, making them key ACCA skills to master for 2024.
2. Risk Management and Regulatory Expertise
Continuing from the previous sentiment, increased tech dominance in the world has made it more interconnected than ever. This, inevitably, puts businesses under all sorts of complex risks —from financial to operational. As a result of this, there is a growing need for ACCA professionals skilled in risk management and compliance. In terms of jobs, companies often look out for accountants who can identify and mitigate risks and ensure compliance with the latest regulatory standards.
Regulatory frameworks constantly change, so staying updated through continuous education and specialised ACCA courses is critical. Risk management is no longer a niche area but a core function for accountants at all levels, and those with this expertise will find themselves in high demand.
3. Sustainability and ESG (Environmental, Social, Governance) Reporting
Over the last decade or so, more and more companies across the globe have shifted towards sustainable practices. While governments, companies and other institutions try to deal with the threats posed by climate change, adapt better to the climate shifts, or promote better corporate governance, they are evaluated on their ESG scores. It has become a prerequisite for every organisation to hire professional accountants with adequate knowledge of ESG reporting and sustainability metrics.
This shift means ESG expertise has become one of the most rapidly developing ACCA skills. Thus, accountants who can develop credible sustainability reports and infuse ESG factors into financial management will be instrumental in leading organisations in this new age of transparency.
4. Data Analytics and Financial Insights
Accounting is no longer solely the process of capturing and reporting on past business transactions as it used to be. Today, an accountant has to work on data analysis, come up with conclusions and recommend the best decision to be made. The ACCA future trends indicate that individuals with expert financial analysis, modelling and report writing skills will thrive in 2024.
Necessary changes in course curricula are also visible in the examples of the courses offered by the ACCA that focus on data-driven choice. The individuals who will be able to effectively translate complicated information into well-articulated and sound managerial decisions will find themselves being of great value in their respective organisations.
5. Leadership and Strategic Thinking
As finance professionals move into more senior roles, leadership skills are becoming increasingly important. Today's Businesses expect accountants to manage finances and contribute to overall strategy. This means having a deep understanding of the business, being able to lead teams and aligning financial planning with broader corporate goals.
ACCA trends show a growing emphasis on leadership and strategic thinking within the qualification, preparing accountants to step into more senior roles. Those who develop these leadership skills will be better positioned for promotions and career growth in the coming years.
6. Ethical Decision-making
Ethics remain crucial for decision-making as the world continues to pay attention to transparency in organisations. Ethical decision-making is a non-bargainable skill, considering finance professionals deal with sensitive information about organisational finances. There are ethical considerations run through the core curriculum of ACCA so that people who practise will appreciate the fact that there is a high level of ethics expected of them.
Ethical decision-making is not just the act of doing the right thing but also establishing and preserving trust and credibility within an organisation. As the competitive environment is becoming higher, it will be crucial to have ethical employees to sustain the company’s image and sustainable growth.
Final Thoughts
When it comes to the requirements for 2024, the work of the ACCA professional is evolving further and shifting towards a strategic level. This has translated to new demands arising in the profession, such as technology, risk management, sustainability and leadership. Knowledge of and learning about these emerging trends will enable the ACCA professionals who embrace them to work hard, persevere and be most rewarded.
Whether you’re new to the ACCA journey or an aspirant progressing towards this leading credential, it’s clear that keeping up with these in-demand ACCA skills will help future-proof your career. One of the best ways to do so is by enrolling in the ACCA course offered by Imarticus Learning.
Being India’s only authorised prep provider of top certifications like ACCA, Imarticus prepares you for the competitive finance world with a robust curriculum.
