A new report has sparked a renewed focus on accounting’s inclusion as a science, technology, engineering, and maths (STEM) education subject in the UK, a discussion welcomed by AICPA & CIMA, together as the Association of International Certified Professional Accountants.
The report by the All-Party Parliamentary Group (APPG) on Accounting for Growth, for which CIMA provides the secretariat, found that including accounting in STEM would help “raise the status of the profession” at a time when attracting new talent to the profession is vital, according to a news release.
The inclusion of the accounting profession “would bring new commercial focus and acumen to STEM”, the report said. Andrew Harding, FCMA, CGMA, chief executive–Management Accounting at AICPA & CIMA, welcomed the report and said he hopes it stimulates further debate on designating accounting as a STEM subject.
“In recent years, accounting has developed many high-level technical aspects, including the use of data analytics and advanced forecasting tools,” Harding said in the release. “It is right that this technical component is recognised through the STEM designation.”
This clarification would be a benefit for both prospective accountants and the wider economy, the release said. Technological innovations continue to free up finance teams to make way for more high-end, purposeful work.
The APPG recommends that the UK government address the gap between the current perception of the role of an accountant and the work accountants are now doing, which is more technology-driven and focused on social purpose around topics such as sustainability, gender pay, improving productivity, and performance.
Updating STEM education can help guide young people towards developing high-end skills relevant to the modern workplace at a time when young people have many career options to choose from, the release said.
“Young people choosing their career paths should fully understand that if they train as accountants, they will be using cutting-edge technology to influence organisational decision-making at the highest level,” Harding said.
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