The changing role of the Maltese professional accountant in the financial services industry

Abstract

Purpose: The aim of this study is to analyse the changing role of the Maltese professional accountant in the financial services industry. The skills and expertise required in this industry were assessed. Furthermore, the need for education and training was also tackled. Design: The methodology consisted of semi-structured interviews with various experts in the financial services sector. A questionnaire was also sent to professional accountants working in the insurance, banking and funds sector. Findings: The study found that regulatory complexity is one of the fundamental factors that has changed the role of the professional accountant in the financial services industry. Moreover, it was found that there is a greater need for both soft skills and technical skills. Communication skills are also considered amongst the most relevant skills in the financial services industry. The research indicates the importance of educating students on subjects which are related to financial services as well as retaining and training accountants after they qualify. Conclusions: The study concluded that the professional accountants? role in the financial services sector has been altered due to the challenges posed by a continually expanding sector. Shortage of accountants was ascertained since there are skill gaps in funds and insurance sectors including that of an actuary. Areas for improvements with respect to educating those students that intend to become accountants within the financial services sector and providing relevant training to those CPAs in this industry were acknowledged. Value: It is predicted that this study will increase awareness of the ever-changing role of the professional accountant vis-à-vis an expanding financial services industry. Recommendations include greater exposure to subjects concerning the financial services at the UOM, promotional drive to attract more students, enhanced training and redesign of CPE.