Advancing Integrated Thinking and Decision-Making Capabilities in the Profession 

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Integrating relevant information about key value drivers (or capitals) is critical to understanding how value is created or destroyed and to make more informed decisions as a result. The challenge is that many companies are siloed with functions thinking about success from their own perspective. Finance and accounting professionals are uniquely placed to help enable a more integrated approach across functions, but to seize this opportunity, they need to understand integrated thinking and its key components.  

The PAIB Advisory Group identified the most critical integrated thinking capabilities and needs and how they might vary by career stage/role.

At the senior level, the key focus is establishing a clear organizational purpose, setting the right tone and culture and fostering aligned/enabling behaviors (such as empowerment, innovation, curiosity), and driving effective decisions throughout the organization based on robust data and insight. This requires: 

• Strong leadership and influence (including political awareness). 
• Emphasis on holistic and integrated knowledge of the business, its governance structures (for accountability), and strategy. 
• Ability to think strategically, as well as scenario planning, and transition planning.  
• Stakeholder engagement and an understanding of value from different stakeholder perspectives, as well as sustainability trends and dependencies (externalities).  
• Risk/opportunity management, resilience, and flexibility to respond to changing circumstances.  

At the mid-level, systems thinking is key to enable connectivity across processes, and between financial and non-financial information to deliver relevant strategic and operational insights. This requires: 

• Aligning departmental processes with organizational strategy, and resource allocation with objectives and KPIs.  
• A broader understanding of other functional areas and encouraging a cross-functional approach to problem-solving.  
• Key skills such as critical thinking, people and project management, and professional judgment.  
• Technical skillsets based on function and process e.g., data analytics and presentation, risk management, process management and technology, reporting and compliance. 

At the entry level, there is a need to build on the foundational technical skillset and ethical awareness of accountants, including: 

• Effective communication skills. 
• Professionalism and collaboration skills.  
• Curiosity and understanding of the broader organizational strategy and priorities, and how different functions fit into the overall picture. 

Enabling Climate Resilience 

PAIBs are central to mobilizing the finance needed for a low-carbon transition. By improving the quality of climate-related financial disclosures, they can help create the conditions to attract investments in renewable energy projects and infrastructure upgrades. Professional accountants can enhance transparency, guide organizations in setting realistic climate targets, and align business strategies with sustainability objectives. 

Contributing to Supply Chain Management and Procurement Excellence 

Supply chain management and sustainable procurement have emerged as critical pillars in addressing strategic risks and enabling business resilience. Disruptions like the pandemic, geopolitical tensions, and evolving compliance demands have highlighted the need for organizations to adopt more agile and responsive supply chain strategies. At the same time, with growing emphasis on environmental, social, and governance (ESG) performance, companies must prioritize ethical sourcing, regulatory compliance, and sustainability metrics such as emissions and land use. At the core of these efforts is the need for cross-functional collaboration, and accountants, with their strategic mindset, financial expertise, and data capabilities, are uniquely positioned to partner with procurement, operations, and compliance teams to optimize processes, enhance risk management, and achieve ethical and sustainable procurement and supply chain management practices. 

Potential Roles for Professional Accountants in Business

How the Global Accountancy Profession Can Respond 

To seize these transformational opportunities, the profession must adapt, grow, and develop to ensure a global pipeline of accountants equipped with essential future skills.  

Talent and Growth Strategies 

Organizational needs and expectations are evolving, and while the market demand for talent is high, some jurisdictions are experiencing a decline in the number of people entering the profession. There needs to be a concerted and coordinated effort across the accountancy profession to meet the demand for professional accountants and increase the overall size of the profession to meet market needs. Globally this requires new approaches and innovative thinking. 

• A number of professional accountancy organizations (PAOs) are innovating to create flexible and accessible paths into the profession to support a more diverse membership. Examples include: 
  • CA pathways program In Australia: The New CA Pathways | CA ANZ 
  • AICPA’s finance business partner apprenticeship: US Apprenticeship | Resources | AICPA & CIMA  
  • SAICA’s success diversifying entry into the profession in South Africa: Case Study: Diversifying Entry into the Accountancy Profession in South Africa | IFAC 
• PAOs are also working more closely with employers to recruit accountants, and they’re building stronger partnerships with:  
  • Companies (including business leaders who are non-accountants). 
  • Industry organizations such as chambers of commerce and employers’ associations. 
  • Regulatory bodies and government departments. In Indonesia, this includes the Ministry of Cooperatives and SMEs. 
• Many PAOs are proactively engaging schools and universities to do a better job of explaining what accountants do, break stereotypes, and show the opportunities provided by the profession in public practice, advisory, public sector, business and SMEs. They’re also leveraging social and other channels to connect to students. 

Promoting Career Mobility 

The movement of accountants across firms, companies, and sectors is a vital dynamic, offering both opportunities and challenges. Mobility enhances the value of professional qualifications and reflects shifting career preferences. Historically tied to firms, the CA/CPA brand is evolving as professionals increasingly pursue diverse career pathways. Insights shared during the meeting included that: 

• Audit firms can struggle with retention due to perceptions of long hours and stress, with many CPAs moving into corporate roles. 
• In India, many new accountants are bypassing firms for industry or SMEs.  
• There is a trend for accountants, particularly for younger accountants such as in India and Indonesia, to move into advisory and consulting, and work in start-ups or entrepreneurial roles.  
• The public sector is a large employer of accountants in many countries and can attract accountants from the private sector. However, in some countries like the UK, such a move is becoming less common post pandemic as some of the benefits of working in the public sector are now offered in the private sector e.g., hybrid working.  

Future Skills and Competencies 

PAOs are providing greater flexibility in accountancy education and delivery using technology and new platforms to improve student experience and accessibility. An example of this is the AICPA-CIMA study platform, which is designed to prepare professionals through real-life case studies at different levels and equip them with real-world and human skills. 

Calls to Action 

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To drive transformation for meaningful impact, IFAC and its members can: 

• Equip PAIBs with the tools, resources, and training needed to address systemic risks, integrate sustainability into business strategy, and foster innovation through emerging technologies like AI. 
• Advance integrated thinking capabilities, addressing gaps in current capabilities and skills among PAIBs through professional development and innovative delivery methods. 
• Coordinate initiatives around attractiveness and growth of the profession, including shared learning, advocacy, and additional research and insights, to address the talent and attractiveness challenge. 
• Strengthen partnerships between PAOs, businesses, governments, and educational institutions to share best practices, create flexible learning pathways, and ensure a global pipeline of skilled accountants. 

The ability of PAIBs to address systemic risks, embrace emerging technologies, and integrate sustainability into business strategies is critical to ensure they remain trusted advisors and strategic enablers of business success.  

Collaboration and adaptability will be key to meeting the challenges of a dynamic business environment, and as we look ahead to 2025 and beyond, the PAIB Advisory Group will continue to explore the transformational opportunities for PAIBs at its next meeting in April in Tokyo.