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| Sharath Martin, Senior Policy Consultant, ACCA, ASEAN ANZ |
New ACCA report maps out what learners want and how educators can deliver
KUALA LUMPUR, June 3 (Bernama) -- In a post-pandemic economy, talent development is a key enabler, with human capital being an essential element in economic growth and development. While the COVID-19 pandemic had disrupted all sectors, education was among the hardest hit. Professional education is now hard-pressed to meet the ongoing demand for a highly-skilled and knowledge-driven workforce with the changes in business models and talent needs, impacted by technology advancements, adaptive work environments and a global workforce that is more diverse. [1]
As the learning and development (L&D) sector races to fill these gaps, professional education is expected to grow at a compound annual growth rate of 4.4 percent from the 2021 base of £5 trillion to £7 trillion (about RM27 trillion to RM38 trillion) by 2030.[2]
“We believe there are three key areas of opportunities which educators, learners and employers can leverage for finance skill development - such as how to develop and tailor capabilities for the varied roles, taking into account business trends which may give rise to new roles in the future, and how to cater to learner populations that differ greatly in age and culture - while also considering the role of technology and other innovations to drive efficiency in the education process and enhance learner engagement,” said Sharath Martin, Senior Policy Consultant, ACCA, ASEAN ANZ.
Developing capabilities for the sustainable business and finance professional
The new ACCA report, Developing the Skills of the Sustainable Business and Finance Professional, which was based on feedback from over 800 learners, employers and educators from around the globe, revealed that over 70 percent of educators and learners agreed that critical thinking and digital skills are capabilities that need the most advancement within the current development programmes, followed by capabilities such as ethics and sustainability.
“Today, employers are also expecting communication, collaboration and leadership capabilities among other soft skills to be included within the initial development programmes (IPDs), in some capacity. However, driven by the resource constraints of employers and educators, learning often focuses on assessment success,” added Martin.
“We need to expand our horizon and push for new frontiers in L&D to develop well-rounded professionals. For instance, blended learning programmes, which also includes the development of sound, practical experience and collaboration skills, would become more prevalent. We should understand that professional accountancy exams may not include teamwork, but the ability to work well in teams will support the practical experience requirements in IPDs.”
Catering to diversity
While the dynamically-evolving business environment is changing the skills required of professionals, there are also questions raised in the context of a longer working life (with the age range of people requiring skills development in the next five years expected to widen from 18 to 80[3]), and the lifelong learning options which can support the diversity of learning needs among the young and the older workforce in various stages of their careers.
This multi-stage approach, as recommended in the report, requires a keen understanding of learners’ interests and motivations, the adoption of a multichannel, modular approach that can be personalised to suit different learning preferences, and contain elements that are relevant to learners, such as national and/or regional statistics together with cultural and social references, social and environmental matters.
“However, the survey results show that a significant segment of learners felt that current programmes do not adequately reflect their purpose and motivation for learning nor their preferred learning method or competence with technology. This represents a vast opportunity for educators who are able to personalise their programmes accordingly,” said Martin.
Capitalising technology and other education innovations
Technology should be central to the education operations and management, with artificial intelligence (AI), machine learning and gamification used to enhance engagement and steer learning effectiveness.
“Gamification, especially when used alongside AI, allows professionals to understand and learn how to manage undesirable or extreme scenarios, and helps accentuate critical thinking. Today tutors can have learners role-play in groups, with the learner assuming different roles in a given scenario, so that they learn to look at problem-solving from different perspectives as well. Many games require learners to reflect on what they have learnt and then develop action plans,” said Ong. “While this approach is time consuming and resource-intensive, it has improved learners’ performance in the ACCA’s Strategic Professional examinations.”
Even though AI and gamification is proven to create an immersive education environment, they are largely untapped and unappreciated L&D tools, according to the report findings.
“Future learning and development programmes should leverage on digital and data to support the development of strategic and critical thinkers. They should also take on a learner-friendly approach, which is an essential dimension identified in our report, in order to meet the needs of individual learners while driving achievements and confidence. The most crucial of all is that the programmes are highly-adaptable to the ever-changing business and financial ecosystem, to ensure they continuously nurture the relevant skills, capabilities and knowledge that the world needs, especially in weathering the worst of times,” said Martin.
To help bridge the gaps, the report further details the way forward for educators and organisations to develop future-ready L&D programmes. For more information, download the full report HERE.
About ACCA
ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants, offering business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.
ACCA supports its 219,000 members and 527,000 students (including affiliates) in 179 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 110 offices and centres and 7,571 Approved Employers worldwide, and 328 approved learning providers who provide high standards of learning and development.
Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.
ACCA has introduced major innovations to its flagship qualification to ensure its members and future members continue to be the most valued, up to date and sought-after accountancy professionals globally.
Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. More information is here: www.accaglobal.com.
KUALA LUMPUR, June 3 (Bernama) -- In a post-pandemic economy, talent development is a key enabler, with human capital being an essential element in economic growth and development. While the COVID-19 pandemic had disrupted all sectors, education was among the hardest hit. Professional education is now hard-pressed to meet the ongoing demand for a highly-skilled and knowledge-driven workforce with the changes in business models and talent needs, impacted by technology advancements, adaptive work environments and a global workforce that is more diverse. [1]
As the learning and development (L&D) sector races to fill these gaps, professional education is expected to grow at a compound annual growth rate of 4.4 percent from the 2021 base of £5 trillion to £7 trillion (about RM27 trillion to RM38 trillion) by 2030.[2]
“We believe there are three key areas of opportunities which educators, learners and employers can leverage for finance skill development - such as how to develop and tailor capabilities for the varied roles, taking into account business trends which may give rise to new roles in the future, and how to cater to learner populations that differ greatly in age and culture - while also considering the role of technology and other innovations to drive efficiency in the education process and enhance learner engagement,” said Sharath Martin, Senior Policy Consultant, ACCA, ASEAN ANZ.
Developing capabilities for the sustainable business and finance professional
The new ACCA report, Developing the Skills of the Sustainable Business and Finance Professional, which was based on feedback from over 800 learners, employers and educators from around the globe, revealed that over 70 percent of educators and learners agreed that critical thinking and digital skills are capabilities that need the most advancement within the current development programmes, followed by capabilities such as ethics and sustainability.
“Today, employers are also expecting communication, collaboration and leadership capabilities among other soft skills to be included within the initial development programmes (IPDs), in some capacity. However, driven by the resource constraints of employers and educators, learning often focuses on assessment success,” added Martin.
“We need to expand our horizon and push for new frontiers in L&D to develop well-rounded professionals. For instance, blended learning programmes, which also includes the development of sound, practical experience and collaboration skills, would become more prevalent. We should understand that professional accountancy exams may not include teamwork, but the ability to work well in teams will support the practical experience requirements in IPDs.”
Catering to diversity
While the dynamically-evolving business environment is changing the skills required of professionals, there are also questions raised in the context of a longer working life (with the age range of people requiring skills development in the next five years expected to widen from 18 to 80[3]), and the lifelong learning options which can support the diversity of learning needs among the young and the older workforce in various stages of their careers.
This multi-stage approach, as recommended in the report, requires a keen understanding of learners’ interests and motivations, the adoption of a multichannel, modular approach that can be personalised to suit different learning preferences, and contain elements that are relevant to learners, such as national and/or regional statistics together with cultural and social references, social and environmental matters.
“However, the survey results show that a significant segment of learners felt that current programmes do not adequately reflect their purpose and motivation for learning nor their preferred learning method or competence with technology. This represents a vast opportunity for educators who are able to personalise their programmes accordingly,” said Martin.
Capitalising technology and other education innovations
Technology should be central to the education operations and management, with artificial intelligence (AI), machine learning and gamification used to enhance engagement and steer learning effectiveness.
“Gamification, especially when used alongside AI, allows professionals to understand and learn how to manage undesirable or extreme scenarios, and helps accentuate critical thinking. Today tutors can have learners role-play in groups, with the learner assuming different roles in a given scenario, so that they learn to look at problem-solving from different perspectives as well. Many games require learners to reflect on what they have learnt and then develop action plans,” said Ong. “While this approach is time consuming and resource-intensive, it has improved learners’ performance in the ACCA’s Strategic Professional examinations.”
Even though AI and gamification is proven to create an immersive education environment, they are largely untapped and unappreciated L&D tools, according to the report findings.
“Future learning and development programmes should leverage on digital and data to support the development of strategic and critical thinkers. They should also take on a learner-friendly approach, which is an essential dimension identified in our report, in order to meet the needs of individual learners while driving achievements and confidence. The most crucial of all is that the programmes are highly-adaptable to the ever-changing business and financial ecosystem, to ensure they continuously nurture the relevant skills, capabilities and knowledge that the world needs, especially in weathering the worst of times,” said Martin.
To help bridge the gaps, the report further details the way forward for educators and organisations to develop future-ready L&D programmes. For more information, download the full report HERE.
About ACCA
ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants, offering business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.
ACCA supports its 219,000 members and 527,000 students (including affiliates) in 179 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 110 offices and centres and 7,571 Approved Employers worldwide, and 328 approved learning providers who provide high standards of learning and development.
Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.
ACCA has introduced major innovations to its flagship qualification to ensure its members and future members continue to be the most valued, up to date and sought-after accountancy professionals globally.
Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. More information is here: www.accaglobal.com.
[1] Institute for Capital Market Research. ‘Malaysia’s Capital Market: Talent as the Driving Force for the Post-Pandemic Future (2021)’, https://www.icmr.my/wp-content/uploads/2021/09/ICMR-Talent-Report-210-x-270mm-20210922-B-002.pdf
[2] Pearson 2020 Annual Report, https://plc.pearson.com/en-US/investors/our-2020-annual-report-accounts
[3] CarringtonCrisp 2022
Source: ACCA (M) Sdn Bhd
FOR MORE INFORMATION, PLEASE CONTACT:
Name: Sophia Lee
Tel: +6016-229 7727
Email: sophia@indeedcommunications.com
Name: Yap Yung Meng (YM)
Tel: +60 11 1658 3515 / +60 (3) 2289 0119
Email: YungMeng.Yap1@accaglobal.com
--BERNAMA
[2] Pearson 2020 Annual Report, https://plc.pearson.com/en-US/investors/our-2020-annual-report-accounts
[3] CarringtonCrisp 2022
Source: ACCA (M) Sdn Bhd
FOR MORE INFORMATION, PLEASE CONTACT:
Name: Sophia Lee
Tel: +6016-229 7727
Email: sophia@indeedcommunications.com
Name: Yap Yung Meng (YM)
Tel: +60 11 1658 3515 / +60 (3) 2289 0119
Email: YungMeng.Yap1@accaglobal.com
--BERNAMA
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