CPABC in Focus November/December 2014 | Page 22

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. S 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. S 11 22  CPABC in Focus • Nov/Dec 2014