Professional accountants will need to balance a full complement of abilities, not just technical skills and a strong ethical compass, but a flexible mix of seven key qualities to ensure business and personal success, according to ACCA’s latest global research titled, “Professional Accountants – The Future.”
The study reveals that there are seven skill areas - or quotients - essential to the evolving profession. Central to the model is the Technical and ethical quotient (TEQ). The different quotients are outlined below.
Technical and ethical (TEQ)
The skills and abilities to perform activities to a defined standard, while maintaining the highest standards of integrity, independence and scepticism.
The ability to acquire and use knowledge: thinking, reasoning, solving problems and the ability to understand and analyse situations that are complex and ambiguous.
The ability to use existing knowledge in a new situation, to make connections, explore potential outcomes and generate new ideas.
The awareness and application of existing and emerging digital technologies, capabilities, practices, strategies and culture.
Emotional intelligence (EQ)
The ability to identify your own emotions and those of others, harness and apply them to tasks, and regulate and manage them.
The ability to anticipate future trends accurately by extrapolating existing trends and facts, and filling the gaps by thinking innovatively.
The ability and skills to understand customer expectations, to meet desired outcomes and to create value.
ACCA has developed an online quiz where you and your team can have a go testing your existing skills set.