MEDIA RELEASE

Today the Australian Financial Review published an Opinion Editorial about the introduction of new pathways to the CA Program.

There are some misconceptions about the new pathways that must be corrected.

Firstly, it is important to be clear that the CA Program itself is not changing, nor is the sanctity of the CA Designation.

All candidates, regardless of how they arrive into the CA Program, will be expected to meet the very high standards set by the program, including three years of mentored practical experience under the guidance of fully qualified Chartered Accountants.

If they don't meet this high bar, they will not pass.

Upon completion of the CA Program candidates are awarded a post graduate degree recognised under the Australian Qualifications Framework.

But the training of a Chartered Accountant doesn't end there – all CA ANZ members are required to undertake at least 120 hours of continuing professional development each triennium to ensure their capabilities are maintained and up to date.

That includes at least six hours of verifiable ethics training.

By offering pathways to the CA Program for those who do not have access to the resources required to attend university, hold degrees in non-traditional disciplines, or possess significant work experience, we are taking a crucial step towards enhancing public trust in our diverse and inclusive profession.

This is about fostering a diverse profession that truly reflects the community it serves.

Secondly, recognising the value that university degrees offer young professionals, we estimate that more than 95 per cent of CA candidates will continue to come from university accounting, finance and commerce degrees.

This is because the new pathways cannot replace, nor are they designed to replace, a university student's experience studying a three-year degree.

However, the reality is not every person has the circumstances, means and desire to go to university. This is about ensuring we have pathways for all people – be they employers or individuals – who are passionate about our profession.

It is well documented that the number of students commencing accounting degrees in both Australia and New Zealand has been in decline in the past 10 years and that decline is accelerating; in the past five years university enrolments in accounting in Australia declined by almost 50 per cent.

But with only an estimated five per cent of CA candidates coming to us via these new pathways, obviously they alone cannot address this decline.

But that has never been the intention. Rather the new pathways form part of a much broader program of work aimed at addressing the declining pipeline of talent into our profession.

Our overall 'Attractiveness of the Profession' strategy aims to change perceptions of accounting careers by engaging students, academics and educators in universities and secondary schools, supporting them with innovative and practical tools aimed at piquing interest in and dispelling myths about our profession.

We've also advocated for government policy, including migration settings to address the critical shortage of audit and accounting talent in Australia and New Zealand.

With that important context, we hope our members and other important stakeholders can now see that this is not about moving the profession away from university education – far from it.

CA ANZ believes that suggestions that inclusive pathways lead to lower paid Chartered Accountants is patently untrue. To date there has been no evidence to suggest this is the case in the United Kingdom, where we have regular discussions with our membership body counterparts.

We have long been vocal about the importance of employers fostering safe and inclusive workplace cultures where all members can thrive and belong. As well as our extensive DEI Strategy and toolkits we develop for our members, we also have regular discussions with large employers where our members work.

CA ANZ has also advocated for appropriate remuneration for the profession, including the yearly CA ANZ Remuneration Report. Last year 45 per cent of members with less than five years' experience received a pay increase of 7.6 per cent or above.

We also know that pay is important for graduates, but it is not the only factor. They have told us that accounting is appealing because it provides a secure, long-term career, and global opportunities, such as overseas secondments.

To suggest that the new pathways is a revenue push for either CA ANZ or large employers is a cynical over-reaction considering we anticipate that less than five per cent of candidates will arrive to the CA Program via this pathway over the next five years.