The labour market shortage for qualified accountants in Malta : an analysis

Abstract

Purpose: This study seeks to evaluate the causes of the accountants’ shortage, the skills that are demanded but not being supplied and aims to assess the possible impact that this is having on the firms, accountants themselves and possibly their clients. Design: The author adopted a qualitative approach and carried out interviews with HR managers (or the equivalent) of the Big 4s and four mid-tier firms, and interviews with individuals who could shed light on the situation. Findings: The shortage’s main causes are deficiencies in the education system, booming economic growth and cultural factors. Recruitment is difficult within all service lines, especially audit and tax. Although the available supply is technically competent, qualified accountants in themselves are in a shortage. On soft skills, these are even more difficult to find and a distinction was made amongst basic soft skills and those required at a more senior level. The interviewees expressed mixed views on whether the shortage affects the employees and possibly their clients. The shortage might affect the country’s competitiveness. Conclusion: The shortage is not merely a perception but it is an issue affecting the profession. Both firms and entities such as the Ministry of Education and Jobsplus are taking positive initiatives to address it, yet there is still room for more measures. Value: The information on the shortage was limited. This study has shed more light on the issue and gave a comprehensive overview of the problem while putting forward various suggestions. Such knowledge is useful to entities dealing with the issue, such as the accountancy profession, accountancy firms and policy makers.