Global accountancy profession exceeds post-crisis employment growth

Thursday, 15 October 2015 00:00 - - {{hitsCtrl.values.hits}}

New York: A report released yesterday by the International Federation of Accountants (IFAC), the global organisation for the accountancy profession, reveals that growth in membership of professional accountancy organisations (PAOs) far exceeded total employment growth across almost all global regions and economies for the period 2009-2013.

IFAC Chief Executive Officer Fayez Choudhury said, “This study reinforces the importance of the global accountancy profession in good times and bad. In challenging environments, expert and trusted professional accountants help make sense of rapidly changing regulation and provide strategic advice that strengthens organisations and advances economies.”

Nexus 1: The Accountancy Profession, Behind the Numbers, a study conducted for IFAC by the independent Centre for Economics and Business Research (Cebr), analyses data from IFAC’s more than 175 members and associates in 130 countries and jurisdictions. The findings show that, following the global financial crisis, the number of professional accountants IFAC represents through its members grew:

• 20% in advanced economies, despite low total employment growth of 2.6%;

• 15% in BRIC (Brazil, Russia, India, China) countries, despite low total employment growth of 2.9%; and

• 18% and 11%, respectively, in MINT (Mexico, Indonesia, Nigeria, Turkey) countries and emerging markets, while their economies enjoyed total employment growth, respectively, of approximately 10% and 5%.

“From emerging to advanced economies, the report indicates the importance of the strong, vibrant profession IFAC’s members support. It tells motivated young people considering career choices that accountants are required in all economic conditions; that rapid growth in emerging economies means there is need for more and better trained accountants; and that strong PAOs and professional accountants are intrinsic to the success of advancing economies,” Mr. Choudhury said. “In addition, the role of accountants is not one-dimensional: more than half of the professional accountants IFAC represents through our members work in business and industry, the public sector, and academia, and some 45% work in public practice.”

In another key finding, the study estimates for the first time how many people are working in accountancy-related fields worldwide. The number of people identified as working in the field of accountancy or supporting its function is approximately three times the size of IFAC PAOs’ membership.

IFAC is the global organisation for the accountancy profession, dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. It is comprised of more than 175 members and associates in 130 countries and jurisdictions, representing over 2.8 million accountants in public practice, education, government service, industry, and commerce.

Centre for Economics and Business Research Ltd (Cebr) is an independent consultancy with a reputation for sound business advice based on thorough and insightful research. Since 1992, Cebr has been at the forefront of business and public interest research, providing analysis, forecasts and strategic advice to major UK and multinational companies, financial institutions, government departments and agencies, trade bodies and the European Commission.