Over the next decade, CPAs will likely be
spending more time working on strategic
financial management and interpretation;
this will include developing financial strategies,
providing financing leadership and support,
creating financial systems to support the strategic direction of the organizations, preparing
financial information analysis, supporting
corporate restructuring, conducting environmental safety assessments, and auditing
computer systems.
In addition, financial auditors are now more
involved in business operations; they’re working more closely with systems instead of data,
verifying system reliability, and managing data
confidentiality. As a result, auditors are often
expected to provide recommendations on
operational security, organizational viability,
accounting control effectiveness, and risk
assessment.
Filling the gap
RKA forecasts that the accounting profession
will need to fill over 8,000 positions in BC
and over 10,000 in Alberta over the next 10
years. To do so effectively, it will become increasingly important to attract and recruit
individuals who are currently pursuing their
undergraduate degrees.
According to Statistics Canada, the enrolment of students in programs relevant to the
accounting profession, such as business
management and public administration, has
grown substantially faster than enrolment in
other programs. In BC, for example, overall
baccalaureate enrolment grew at an average
annual rate of 4% between 2001 and 2011,
while enrolment in business management
and public administration programs grew
by an average annual rate of 9%.9 Similarly,
overall enrolment in baccalaureate programs
in Alberta grew by an annual average of 3%,
while enrolment in business management and
public administration programs grew by 7%
during the same time period.10
While the domestic market will fill some of
the available positions, new Canadians will
also play an important role in meeting future
labour market needs. More and more international students are enrolling in business
management and public administration programs at universities and colleges in BC and
Alberta. In fact, between 2001 and 2011, the
average annual growth rate in international
student enrolment in business administration
and public administration programs in BC was
25%.11 With that in mind, it will be important
for CPABC to reach out to local international
students during campus recruitment.
Forecasting the future
As the BC and Alberta economies continue to
prosper, both provinces will see an increasing
demand for professional accountants. Although economic growth is projected to occur
at a steady and manageable rate, the accounting
industry is also expecting the retirement of a
significant portion of its membership. To keep
up with the growing demand for accountants
while simultaneously filling the positions left
vacant by retiring accountants, both CPABC
and CPA Alberta will need to recruit, train,
and retain an adequate supply of qualified
CPAs.
A simple way to mitigate the impending labour shortage in the accounting profession
is to encourage mature workers to postpone
retirement. However, the more crucial objective for both CPABC and CPA Alberta will
be to attract capable and committed young
practitioners.
tatistics Canada, “Enrollment and Graduates, BC, by Field of Study, 2001/02 to 2011/12,” CANSIM Tables 477-0019 and 477-0020.
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9
Statistics Canada, “Enrollment and Graduates, Alberta, by Field of Study, 2001/02 to 2011/12,” CANSIM Tables 477-0019 and 477-0020.
10
tatistics Canada, “Enrollment and Graduates, BC, by Field of Study, 2001/02 to 2011/12,” CANSIM Tables 477-0019 and 477-0020.
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11
22 CPABC in Focus • Nov/Dec 2014