The accountancy profession is facing a worrying significant talent shortage worldwide. In the US, a decline in college enrolment (The CPA Journal in 2022 reported a 4.7% decrease), and compounded by high attrition rates (The Wall Street Journal in 2022 reported a 17% decline in registered certified public accountants or CPAs), has led to a dwindling pool of qualified accountants and auditors.

In Malaysia, a 2019 report by the Department of Statistics Malaysia (DoSM) says 72.1% of Sijil Pelajaran Malaysia (SPM) graduates did not intend to continue their studies after secondary school. Although the data did not specify the enrolment for accounting undergraduate students, ICAEW Malaysia in 2023 explained that the Covid-19 pandemic significantly disrupted the recruitment of new accounting professionals. Lockdowns, remote work arrangements and economic uncertainty affected hiring processes, leading to a shortage of both qualified and trainee accountants. According to former Malaysian Institute of Accountants (MIA) president Datuk Bazlan Osman (2023), over-regulation is a significant factor that is contributing to the decline in talent within the accounting profession.

These challenges lead to sustained concerns within the profession that highlight the crucial need for collaborative efforts between academia and practitioners to revitalise the accounting profession.

First, a comprehensive reform of the present accounting curriculum should be initiated without delay. Tertiary accounting education should ideally encompass requirements of International Education Standards (IES), including technical competence (IES 2), professional skills (IES 3), professional values, ethics and attitudes (IES 4), practical experience (IES 5) and assessment of professional competence (IES 6). These should be combined in tandem with the MIA Sustainability Blueprint for the Accountancy Profession (June 2024) and the revised Malaysia Qualifications Framework (MQF) Second Edition 2024, which emphasises four key areas: value-based education (VBE); flexible learning pathway; Global Sustainability Agenda; and harmonisation of MQF with other sectoral/occupational frameworks. Both academicians and practitioners represented by members of external advisory committees should work collaboratively to create a dynamic curriculum that aligns with industry trends and prepare students for the workforce. In the curriculum development context, the constructive alignment of teaching and learning activities in the classroom with assessments focused on critical thinking, self-awareness and integrated problem-solving skills enables higher education institutions to play a significant role in addressing the shortage of accountancy talent.

Second, to ensure that our accounting curriculum remains relevant and practical, we should prioritise regular guest lectures from practitioners. These “executives-in-residence” could share invaluable insights into contemporary challenges and opportunities within the profession. By collaborating with academics in team-teaching sessions, students are provided with unique, real-world perspectives on the applications of their studies. This approach, combined with well-crafted lesson plans that integrate theory and practice, enhances students’ engagement and appreciation for the profession that likely improves attraction and retention rates within the profession.

In addition, internships offer students valuable opportunities to apply classroom knowledge in practice. Employers play a crucial role in fostering student interest in the profession by assigning mentors and ensuring that interns have meaningful learning experiences. This experience facilitates applied learning by students that provides them with a better understanding of workplace dynamics and expectations. An excellent internship experience could enhance their appreciation for the profession, thereby increasing the likelihood that they will pursue careers in the field upon graduation.

Third, strategic partnerships with professional accounting bodies are essential in shaping the accounting curriculum. Higher education institutions should strategically collaborate with these bodies to integrate professional papers into the curriculum, thereby maximising students’ exemptions within the programme duration. This alignment not only prepares students for the profession’s challenges and expectations but also enhances the curriculum’s relevance and provides a clear path to eventual professional qualifications. Furthermore, this integration strengthens ties between academia and professional bodies, creating opportunities for innovative collaboration and mentorship.

Finally, as curriculum developers, we must ask ourselves: What kind of graduates do we want to produce for the profession? Do we envision them possessing only technical competence, professional skills and values? Or do we also aspire to produce holistic individuals who are socially responsible, adaptable lifelong learners who embody integrity, humility and a commitment to excellence?

Although academics, practitioners and professional accounting bodies are dedicated to collaboratively inspiring the next generation of accountants, we should remain focused on the fact that our students are the heartbeat of the profession. We should continuously engage them, helping them uncover their purpose and reframe perceptions of the profession — often stereotyped as involving long working hours and limited appeal.

To realise this vision, higher learning institutions must stay committed to collaborating with stakeholders to continuously enhance the curriculum, keeping it relevant to the rapidly evolving profession. By strengthening our relationships with practitioners and professional bodies, we can indeed foster a career path that is both attractive and sustainable for future generations.