The Accountant – Issue 2 of 2021 (MIA Publication)

Accountancy is not simply a career choice; it is a way of going about life. In today’s financially demanding lifestyle, an understanding of money management is fundamental. Virtually everyone has a bank account, but how many people can manage their payment commitments or work out their loan interest? The same with taxation – many people do not know how to check their pay slip deductions or fill in an annual tax return.

And this does not apply only to employees or business laymen. I often come across successful entrepreneurs with solid business know-how, but who still confuse profit with cash flow or have a difficult time doing basic budgeting.

For those who go on to study the subject more deeply, accounting presents an exciting and rewarding career path. Market changes in recent years have opened up new opportunities as the jobs market in the field has become quite varied.

Typically, students who study accounts at an early stage in school have accountants in their families or demonstrate a flair for numbers, but at post-secondary level, their decisions to pursue the subject are mainly driven by career prospects.

For several years now, students have had the chance to choose from more than one route to further their studies after sixth form, with work-study arrangements, travel opportunities and a multitude of areas to specialise in.

I feel a sense of pride and joy when I see former students establishing their careers, sometimes even overseas in countries like Japan, the UK or Luxembourg. Accountancy has an increasingly international dimension and professionals based in Malta also need to liaise with foreign contacts frequently and travel abroad on assignments.

 "Accounting knowledge is a lifelong advantage, and I believe that everyone should develop a grasp of the basic concepts."

That is not to say that a career in accountancy is not challenging. Students often find the transition from their studies to the professional world to be quite sobering. The demands in the pre-graduation phase are preparation for a career path that involves strict deadlines and is full of reports and meetings. But I strongly believe that “what doesn’t kill you makes you stronger”, and if students manage to work their way up to a master’s level of education, they will have built the stamina and skills needed to be successful in this line of work.

The accountancy curriculum in Malta has been through several changes over the years, reflecting the transformations in the professional and financial climate. Nevertheless, there are still wide gaps in knowledge that are not being sufficiently addressed. Among them, is the inadequate use of digital solutions.

From my personal experience as an accountant, which was before my role in the education sector, accountants are expected to become spreadsheet gurus. Yet, even at A level standard, students still feel intimidated by a screen full of rows and columns. In class, I choose to use the software myself and project my workings to help students understand what a functional and flexible tool it can be.

I feel that it is up to us teachers to show students that what is being done on paper can be translated digitally to prepare them for the real world when they enter the profession. To achieve this, the education sector needs more investment in tools and learning resources.

"Accounting is a very practical subject and I find that hands-on learning is always the best method of teaching. One of my ambitions is to, one day, be able to offer work placement opportunities at sixth form level for students to get the real feel of an office and live a genuine experience of a professional.

The pandemic has added pressure to both teachers and students, but online schooling has also opened a toolbox that was not being tapped into before and which I believe will change our ways of working. At the same time, however, as far as learning is concerned, online classes are not a substitute for in-person teaching, particularly with a subject like accounting.

Teaching is about showing your students that they can achieve what they put their mind to – with the right determination and work consistency. Helping the next generation of professionals to realise their aspirations and contribute to the success of others, whether in the private sector or the public sector, is a source of joy for me.

Accountancy is far from the boring profession that it is stereotypically made out to be. While a role in accounting may not always be teeming with activity, there is ample opportunity for professionals to push themselves out of their comfort zone. The accounting environment is constantly evolving and professionals have something to look forward to every day.

Dona Falzon has been teaching at sixth form level for the last ten years. Her background in the accountancy industry makes her teaching style on a practical level stand out.