To further sharpen their competitive edge, young CPAs are encouraged to embrace “Accounting Plus”, and create business value for employers using high-order analysis skills and technical abilities in the ever-changing business landscape, all while handling the emergence of disruptive digital technological advancements.

Nowadays, CPAs are expected to go beyond traditional accounting/auditing to further elevate their contributions. Having acquired the essential professional skills and technical knowledge as well as strengthening their higher-order capabilities through work, CPAs are well positioned to diversify into other equally essential value-adding roles or specialisations in their organisations, adding value to business in this “Accounting Plus” era. Eric Tong, president of the Hong Kong Institute of Certified Public Accountants, says these specialisations include risk management, forensic accounting, strategic management, and IT consultancy.

At the “HKICPA Career Forum 2018”, now in its 11th year, attendees will be able to build an understanding of the new career possibilities available to CPAs. Leaders in these various specialisations will share insights and provide updates on the latest developments in their fields. They will also discuss how young CPAs can equip themselves to excel in these diverse roles.

“To maximise the benefits of this annual forum, students should capitalise on the opportunity to give some thoughts to their future careers by developing a thorough understanding of ‘Accounting Plus’ and gain an in-depth look at the diverse roles available beyond accounting and auditing,” Tong says. “They should also take the opportunity to get to know the CPAs attending the forum and explore the career exhibition to find out more about the profession and get some ideas about the corporate cultures of the various exhibiting firms.”

To equip themselves for the exciting possibilities brought about by diversifying roles, young and aspiring CPAs should first identify their interests and then map out the overall direction of their career path accordingly so that they will have the sustained passion to pursue their career goals. “The HKICPA has developed many programmes to support its member CPAs throughout their careers. For instance, our mentorship programme matches mentors and mentees, who do not work in the same organisations, based on their experiences and personalities. The objective is that both mentors and mentees can feel at ease while sharing their experiences and the mentees will receive guidance, which is not confined to their own workplaces,” says Tong. He adds that the HKICPA organises many continuing professional development training courses that help its members enhance their knowledge and skill sets as well as organising a host of conferences and networking events that help members build connections.

Overall, Tong believes that CPAs are at an advantage to take up and excel in these diverse specialist roles under “Accounting Plus” because the nature of their work and training requires them to look at the big picture.

“For instance, in my line of business, auditors gain exposure to many industries, encounter different business models and consider a wide array of business scenarios, such as bad debt provision,” Tong notes. “Through this exposure, CPAs adopt a forward-looking mindset by assessing various scenarios. Over time, auditing CPAs will accumulate experience and develop insights which they are able to draw on when they specialise in other roles.”