By introducing reforms in phases, beginning in 2018, Ng says current students and QP course providers will have time to adjust to the new syllabus. The reforms are based on comprehensive research, including face-to-face meetings in Hong Kong and the mainland with a variety of stakeholders such as employers, academics, education providers, practitioners, students, and graduates.

Ng says that while the majority of the technical aspects of the QP syllabus will remain, greater focus will be placed on cyber security and corporate governance, and the use of technology. “In the information age, employers tell us they are looking for people who can demonstrate higher-order skills such as the ability to think laterally, analyse complex problems from different perspectives, and provide innovative solutions,” Ng says. Employers also favour individuals who can communicate effectively and have a strong awareness of ethics.

According to Ng, the most notable changes to the QP structure are the three successive steps, with associate level (10 modules), professional level (four modules) and a final capstone level examination. “We consider the capstone component, a very important addition because through workshops and self-reflective learning activities, it integrates and assesses higher-order skills with the knowledge students have gained from the workplace and previous exams,” says Ng. He also highlights that, in keeping with the government’s policy of supporting an increase in post-secondary education opportunities, the new QP structure provides a common entry point and widens the opportunities for individuals from a non-finance background to join the accounting profession.

Meanwhile, the Association of Chartered Certified Accountants (ACCA) has also taken a major step forward in shaping the future of accountancy by recently unveiling changes to its master’s level qualification.

The qualificatoin is tailored to meet the strategic challenges of the 21st-century economy, says Alice Yip, chairman of ACCA Hong Kong. The redesign enhances it with a greater focus on employability and the practical application of core skills in the contemporary workplace. Changes to the qualification process include new strategic professional-level exams, which will replace the existing format in September 2018. A new ethics and professional skills module will also be introduced in October 2017.

“The redesign will give students the forward-thinking strategic abilities and advanced skill set required of modern professional accountants,” Yip says. The new format will include a strategic business leader case-study exam, based on a realistic scenario. The aim is to equip students with the skills and technical expertise required by modern companies where decisions need to be made, measured and effectively communicated to the wider organisation. In addition, the strategic business reporting exam is intended to expose students to the wider context of finance and business reporting, giving them the vital skills needed to explain and communicate to stakeholders the implications of transactions and reporting.

“We are delivering a qualification that meets the demands of professional accountants while maintaining the rigorous standards of technical, ethical and professional skills,” explains Yip.

She says changes to the exam process follow two years of extensive consultation and design testing with hundreds of members, employers, C-suite executives and students from around the world. To provide more study options, ACCA also offers the world’s first master’s degree combined with a professional accountancy qualification, delivered in partnership with the University of London. The arrangement allows students to take the master’s route while completing their professional exams, or take the master’s degree following their ACCA qualification.

“We will continue to provide the essential learning support to ensure our students achieve success in their exams and careers,” says Yip.

Meanwhile, ACCA’s recent “Generation Next” survey of some 19,000 respondents under the age of 36, from 150 countries, revealed that finance professionals are keen to progress in their careers, but believe the paths to success in their current organisations are not clear. Polling among Hong Kong professionals reveals that 98 per cent want to continue working in the same field, but in a more senior position. But 38 per cent are concerned there is not enough capacity or scope available for their next in-house move. As a result, only 29 per cent say they agree that their current organisation offers sufficient opportunities to achieve their career goals.

When asked what attracts them to an employer, the highest score, at 88 per cent, was for financial reward and remuneration, closely followed at 85 per cent by the opportunity to develop skills. Hong Kong respondents are also tech-savvy, with 71 per cent believing technology will enable them to focus on higher-level, value-added work. The majority - 72 per cent - also believe that a finance background will be valuable for those hoping to be future leaders.

Jane Cheng, head of ACCA Hong Kong, says it is clear from the research findings that young Hong Kong finance professionals are inspirational and ambitious. “They want the pay packet and the promotion. But there’s a sense of stalling in their careers because opportunities are not clear at work. They want to progress and learn more,” says Cheng.

As employers increasingly seek multi-skilled talent, combining an MBA with the internationally recognised qualification offered by the Chartered Institute of Management Accountants (CIMA) is an ideal way to establish a firm grounding in business and finance, according to William Chen, deputy chairman, CIMA Hong Kong branch committee. CIMA offers an accelerated “Master’s Gateway” for MBA or master of accountancy holders. These eligible are required to take five exams out of a total 17 - which in 2017 will be reduced to 16 - before sitting the final exam of the CIMA Chartered Global Management Accountant (CGMA) professional qualification.

“The skills and knowledge complement each other, allowing professionals to provide deeper insights to management, ranging from data and financial analysis to technology adoption, market strategies and long-term planning,” Chen says. The accelerated Master’s Gateway is also an ideal way for ambitious professionals to boost their career options, while offering the skills and professional qualifications employers look for. On completion of a recognised MBA programme, Chen says, it should be possible to complete the CIMA exams in 12-18 months.

Not to be confused with the Certified Public Accountant (CPA) qualification, the CIMA qualification, says Chen, is distinguished by its relevance to business and its focus on developing financial, non-financial and business management skills with leading-edge techniques. The CIMA qualification also places the focus on management and strategy, which involves helping businesses navigate an array of increasingly complex issues. “We like to say that CIMA-qualified professionals join the dots within businesses by telling the entire story using financial and non-financial insights,” notes Chen, who has more than 20 years’ experience of financial management with local and global organisations. 

In terms of career mobility opportunities and qualification recognition, Chen says the integration between CIMA and the American Institute of Certified Public Accountants (AICPA), which becomes official in 2017, will widen the exposure of the management accounting designation. With more than 220,000 members and students operating in 170 countries, the CIMA is currently the world’s largest professional body for management accountants. The new joint venture will be called the Association of International Certified Professional Accountants and represent about 600,000 members and students.