Determinants of career specialisation for a professional accountant in Malta

Abstract

Purpose: The objective of this study is to explore which determinants influence career specialisation for professional accountants in Malta, and whether a difference in determinants between areas of specialisation (AoS) within the Accountancy Profession (AP) prevails. It also appraises whether specific skills and personality factors make a professional accountant better suited for a given AoS. This research further identifies whether mandatory practising certificates for every AoS could potentially be career determinants which influence the choice of specialisation. Design: In pursuit of the research objectives, a concurrent mixed methodology approach was adopted. An online questionnaire was distributed to professional accountants working within Maltese Professional Service Firms (PSFs). 160 valid responses were obtained. Simultaneously, fifteen semi-structured interviews were conducted with professional accountants specialised in different areas of the AP. Findings: The general consensus was that career determinants do not differ by AoS. Irrespective of the AoS, intrinsic determinants are afforded the most significant weighting in the career decision-making process. Professional accountants in Malta seek fulfilling career paths which allow them to act on their interests. Accordingly, accounting internships can be influential determinants as far as they give students exposure to different AoS, to help them appreciate which AoS bestows more personal meaning to them. Professional accountants in Malta should also have good command of communication skills, time management skills, problem solving skills, critical thinking skills and analytical skills. However, those who specialise in advisory and consulting roles should be more creative, open and enterprising, tax specialists should be more conscientious whereas auditors should be more assertive and investigative. Furthermore, while mandatory practising certificates exclusive to each AoS may benefit the AP, they would not be considered career determinants. Conclusions: ‘Self’ interests and perceptions are conspicuously more influential career determinants than external influences and formal designations. In Malta, it cannot be concluded that there are significant differences in the influence of determinants between AoS. The level of importance attached to intrinsic motivation in career decision-making is further corroborated by the finding that different personality types are suited in different AoS. Therefore, the individual is in the optimal position to decide which activities of the AP are best aligned with his/her interests. Value: This study raises awareness on determinants influencing the specialisation decision of professional accountants in Malta. Prospective accountants and PSFs alike may use the findings to align perspectives regarding the different AoS with their, or their employees’ career intentions.