A severe shortage of accountants has prompted the Malta Institute of Accountants (MIA) to launch a campaign to attract more students to the profession.
Addressing a press conference on Thursday, MIA president Fabio Axisa said the shortage had been felt “phemonenally” for the last five years, as demand outweighed supply.
"An average of 150-200 accountants are being registered each year, and this is currently 50% of what we need,” Axisa said.
One of the reasons leading to the growth in demand was a thriving financial services sector, he pointed out.
He also explained certain roles linked to compliance and regulation necessitated a background in accountancy.
"International standards regulating business have changed drastically in the last five to seven years and new roles have been created as a result,” he said.
The issue was not only being felt in Malta, but throughout the EU, where poaching of accountants had become prevalant, he explained.
While the sector in Malta often resorted to employing foreigners to address unfilled vacancies, this was not a long-term fix, which was why the campaign to draw more students to the profession was crucial, he said.
MIA CEO Maria Cauchi Delia explained there were several misconceptions surrounding accountancy among secondary students, and a lack of awareness regarding the variety of roles one could take up with an accountancy background.
"Some are under the impression you need to be very good at maths to become an accountant or that it isn't an exciting profession. They tend to think of the traditional role of the accountant as the only role, but in actual fact the profession is very diverse," she said.
The campaign would target students in year 8 and 11 and would be focused on giving more information about what the profession entails, she said.
Through social media, the association would be uploading video clips and having online virtual sessions to increase awareness about accountancy.
Education Minister Justyne Caruana, who was also present at the press conference, said initiatives like these were important to ensure a smooth and seamless transition between school and the workplace.
She said it was the ministry's aim to make sure the education system also responded to economic needs.
“We need to align the education system with what is happening around us, to ensure we are sustaining these sectors that are not only important to the country, but which are offering new and diverse opportunities,” Caruana said.