Sustainability is often seen as the domain of large corporates but SMEs have the collective potential to be more powerful players. Sheila Killian explains why Social and environmental sustainability is often seen as more relevant to big multinational companies (MNCs) than to SMEs, small-to medium enterprises employing no more than 250 people. MNCs are more likely to have a sustainability strategy, and resources for its implementation, monitoring, reporting and communication.  They are more likely to report externally, integrating their reporting across sustainability and financial activities, and to be scored by ESG rating agencies.  This does not mean that MNCs carry all the responsibility or should reap all the benefits, however.  SMEs are enormously impactful in aggregate and have a huge amount to gain by getting involved. So, why and how should they engage? The potential impact of SMEs on sustainability SMEs have a massive collective impact. In Ireland, they account for seven jobs in 10. While large companies are commonly exporters, SMEs tend to serve their local region.  In terms of where people live, work, shop and spend their leisure time, smaller enterprises dominate. This amplifies both their responsibility, and the opportunities open to them. Because SMEs are embedded in their communities, they often make a huge contribution socially without realising it. This may lie less in strategy than in values.  David O’Mahony of O’Mahony’s Booksellers Ltd, a long-established independent bookshop in the south-west, sums up the position: “It’s only when you really think about it and put all the things together that you realise that there’s a lot more going on … [in corporate responsibility and sustainability] … than we would have probably realised ourselves.”  O’Mahony’s enjoys high social capital locally, gained through understated good work for the community and environment, derived from values and a sense of neighbourliness rather than from formal reporting.  Why SMEs do not report Despite this implicit moral accountability, many SME owners do not think about reporting externally on their sustainability. This is often because they don’t see the value to be gained. Compared with MNCs, there is much less separation between ownership and management/control in SMEs.  Therefore, the need for both internal and external reporting is reduced because the main shareholders are already intimate with what is going on in the business, and employees are closer to the leadership.  Unless the business is considering raising external finance, there is little need to consider how potential investors might perceive it, and if there is a perception that customers are not interested in sustainability activities, these will not be reported.  It seems to come naturally to SMEs to be community-oriented, however, often because they are family-owned, and such behaviour reflects the origins and values of the family.  Such firms tend not to have formal, written codes of conduct, but instead propagate the personal values of their owners, who do not consider that a separate, published set of values and reporting on their social and environmental activities is necessary for business. Why SMEs should report One reason for SMEs to begin some form of sustainability reporting is so that they can compete with MNCs locally to attract and retain talented employees.  The labour market is tight, remote working has shifted the power balance, and younger generations are more focused on sustainability.  Increasingly, SMEs are framing their sustainability credentials more clearly, and connecting them with their employer brand so that they can attract the talent they need.  There is also a consumer angle. The challenge posed by behemoth online retailers to small, local bricks-and-mortar businesses is now well-rehearsed.  A small, independent business, like a bookshop, needs to clarify and articulate its values and personal touch as a competitive advantage.  This ‘personality’ needs to be communicated externally if it is to reach the right customers effectively. Sustainability reporting can convey a sense of what the company is all about, its values and purpose – its ‘soul’. A third reason, particularly applicable to SMEs operating in the business-to-business sphere, is that reporting on strong sustainability metrics confers an advantage in entering the supply chains of larger firms.  If, for instance, an MNC is moving towards zero-carbon, it is likely to require smaller companies in its supply chain to be also on that journey.  A fourth reason to report is the internal value to be gained from paying attention to sustainability. Measuring, reporting and constructing a narrative around social and environmental values will improve the culture of the business, and pave the way to greater innovation.  Hotel Doolin in County Clare is an example of a small business that tells its sustainability story effectively. It has shortened its supply chain by buying local produce.  The hotel harvests rainwater, it has eliminated single-use plastics, and uses environmentally low-impact energy and heating. It became Ireland’s first carbon-neutral hotel in 2019, under the Green Hospitality Programme, ahead of many larger competitors.  The business also promotes social sustainability, employing refugees, supporting local community groups and actively seeks to be a good employer. This has enhanced its reputation not only locally but nationwide.  Partnering with not-for-profits Smaller companies that are ambitious in terms of sustainability targets will inevitably want to achieve things that are beyond their capacity.  If, for example, a business decides to work on the water quality in the area in which it operates, it may lack in-house expertise, jeopardising its credibility with the local community. One solution may be a partnership with a not-for-profit organisation (NFP). NFPs often have the expertise to tackle social and environmental issues but lack the resources, whereas companies may have resources (money) but lack the knowledge. A partnership can achieve sustainability goals if the match is right.  The NFP needs to be operating in the area in which the company wants to make progress, and the company needs to align with the NFP’s approach to society and the environment.  Mutual respect and consultation are key. At worst, a partnership can be seen as a ‘fig leaf’ for the SME and can undermine the legitimacy of the NFP. At best, it can be truly impactful for all involved. SMEs’ supply chain responsibilities  MNCs are famously held responsible for the working conditions in which their goods are produced by companies in their supply chains. Scandals, including the sweatshop labour exposed in the 1990s to the Rana Plaza garment factory collapse in Bangladesh in 2013, have forced companies such as Nike, Gap and Nestlé to change their practices.  Bad practices persist today, however, even where goods are produced close to home. In 2020, for example, it was revealed that online vendor BooHoo was selling clothes made in extremely poor working conditions in Leicester in the UK.  For a small, independent retailer, this means that, unless it takes steps to assure itself of the origin of the goods it sells, the risk remains that all or some element/s of those goods may have been produced in sweatshop conditions.  Smaller firms may lack resources to monitor conditions in their suppliers’ factories. Nor are they likely to have the requisite buying power to impose a code of conduct on their suppliers. So, what can they do about the conditions under which the goods they sell are produced? The International Labour Organization has clarified that a firm has responsibility as far up the supply chain as it has ‘reasonable influence’.  Large firms can leverage direct buying power to positively impact supplier. Starbucks works with its coffee producers to bring them up to higher social and environmental sustainability standards, for example.  A small trader is, however, limited to choosing suppliers wisely, and using their influence when feasible, perhaps working with other firms in the sector. The key differences between the supply chain responsibility of MNCs and SMEs, then, relate to power and influence. This principle also applies to other areas of sustainability. More power means more responsibility and the potential to make a positive impact.  SMEs need to address all the key issues of fair pricing, employee welfare, human rights and environmental impact within their own operations and – as far as possible – outside of them, bearing in mind their levels of resources and power.  The key questions here are: “Are we doing all we reasonably can to achieve sustainable practice?” and “Are we seeking to improve?”  Sometimes, acting in concert with other SMEs, can achieve more. The outcome may not be perfection, but honest efforts in the right direction will carry collective weight.  Sustainability and the SME advantage While corporate sustainability is often seen as the domain of MNCs, SMEs – because of their numbers and connection with, and impact on, society – are potentially more important players.  Many SMEs do not report their sustainability policies for several reasons, including informality, time and resource pressures, unfamiliarity with reporting standards and frameworks, or because a strong internal locus of value and ethical behaviour is already vested in their owners and leaders.  However, SMEs generally have high levels of engagement with their local communities and implement sustainability on an intuitive basis, drawing on leaders’ personal values. Reporting these efforts can bring significant advantages externally and internally.  Despite a lack of resources relative to larger companies, the key to building sustainable value for SMEs lies in making the best choices that are within their power at a given time. Sheila Killian is Associate Professor at Kemmy Business School, University of Limerick, and author of Doing Good Business: How to Build Sustainable Value

With the Central Bank of Ireland’s consultation on the Individual Accountability Framework drawing to a close later this month, Níall Fitzgerald reviews the scope and effectiveness of similar regimes already in place in other parts of the world Following the 2008 financial crisis, global governance and regulatory reforms in the financial services sector have had a significant impact on how financial institutions, such as banks, insurance companies and investment firms, are run.  The EU has been at the forefront of regulatory change in financial services in Ireland since the creation of the Banking Union, which includes the European Supervisory Mechanism, and significant regulatory developments from rule-setters such as the European Banking Authority.  The Central Bank of Ireland has also put in place governance requirements for all financial institutions and implemented fitness and probity standards. These have included regulations requiring minimum competencies for individuals working in certain roles and, in some cases, regulatory pre-approval before individuals can be appointed to certain management positions, such as – to name just a few – board director, head of compliance, head of internal audit and chief risk officer. The proposed Central Bank of Ireland Individual Accountability Framework (IAF) is an extension of the current suite of regulations and efforts to address cultural failings and ensure better governance, performance and accountability among financial services firms.  The IAF is not the first of its kind, however, and while it has some unique features, it also shares similarities with regimes of this nature operating in other parts of the world.  UK: Senior Managers and Certification Regime The UK introduced the Senior Managers and Certification Regime (SM&CR) in 2016. Following a three-phase roll-out over three years, the SM&CR now applies to banks, insurance companies and a large portion of the remaining regulated financial services firms in the UK. This regime introduced: Prescribed responsibilities for certain roles; Requirements for firms to follow when allocating those roles to individuals, including: applying a certification process (up to obtaining pre-approval from the Regulator for an appointment to a role); and  the introduction of individual conduct rules. Hong Kong: Manager-in-Charge Regime In Hong Kong, The Securities and Futures Commission introduced the Manager-in-Charge (MIC) Regime for licensed corporations in 2017.  The regime did not bring in any new sanctions and was implemented by way of circular, rather than legislation, but it provided the regulator with additional powers of enforcement and the ability to hold individuals to account. A key objective of the MIC regime is to enable Hong Kong’s Securities and Futures Commission to assess culture within the licensed organisation.  The regulator attributes non-compliance with elements of the regime – e.g. failure to assess whether individuals have discharged their responsibilities appropriately, as evidence of cultural failings. Australia: Banking Executive Accountability Regime  Australia’s Banking Executive Accountability Regime (BEAR) came into effect in 2018, applying to the directors of, and the most senior and influential executives within, banks and authorised deposit-taking institutions (ADIs). The regime introduced prescribed responsibilities for certain roles, an accountability framework, and a list of accountability obligations, which look a lot like conduct rules.  The regime also introduced a requirement for relevant firms to defer a portion of the variable remuneration of any person found to be non-compliant with the regime until an investigation concludes, whether or not any or all of the remuneration is subject to clawback.  Singapore: Individual Accountability and Conduct Guidelines  The Individual Accountability and Conduct (IAC) Guidelines were introduced in Singapore in 2021. Like the MIC regime in Hong Kong, Singapore’s IAC Guidelines are not supported by underlying legislation and are described as “best practice standards”.  The level of adherence to IAC Guidelines among the financial institutions will impact the Monetary Authority of Singapore’s overall risk assessment of the relevant organisation or individual.  These guidelines focus on embedding a strong culture of responsibility and ethical behaviour by ensuring individual accountability and a supportive governance framework within regulated organisations.  Prevention is better than cure While there are similarities between the accountability regimes outlined above, none is the same.  The instances of enforcement action taken under these regimes are very low and, if prevention is better than cure, this may be a good measure of success.  Just one enforcement action was taken against an individual for non-compliance during the first four years of the UK’s SM&CR, for example. Following a review of Australia’s Banking Executive Accountability Regime, and amid public criticism citing the lack of enforcement action, the Australian government is currently proposing the wider reaching Financial Accountability Regime (FAR).  The FAR contains additional requirements and extends the regime beyond banks to other financial service providers regulated by the Australian Prudential Regulation Authority.  Elsewhere, the United Arab Emirates does not have a specific accountability regime. However, its laws and regulations, which pre-date 2016, give financial services regulators enforcement powers to hold individuals to account and apply sanctions.  Looking at just one member of the United Arab Emirates, Dubai, the Dubai Financial Services Authority has taken enforcement action against 32 individuals since 2016. The majority of these cases have related to individuals providing investment services.  Perhaps it is still too early to reliably judge the effectiveness of these various models of individual accountability regimes.  Sometimes, there is a benefit in not being first past the post in introducing a regime of this nature and being able to stand back and learn from global experiences.  With our Individual Accountability Framework, Ireland is building on a solid foundation of banking regulations and governance requirements. The IAF is only one of many regulatory changes impacting financial services providers. Other requirements on the way include the EU’s Digital Operational Resilience Act (DORA) and the inevitable evolution of governance codes, and other regulations, addressing sustainability and other emerging risks.  World-class standards are laudable, but their true outcome is only evident when we have a high level of public trust and a financial services sector that is efficient and competitive, driving a better future for society and a prosperous economy. Níall Fitzgerald, FCA, is Head of Ethics and Governance at Chartered Accountants Ireland Impact of individual accountability on organisational culture Chartered Accountants Ireland welcomes the timely publication by the Central Bank of Ireland (CBI) of the Individual Accountability Framework (IAF) draft regulations and guidance, and the certainty of action required for Irish financial services firms, writes Níall Fitzgerald.  The framework contains measures, including conduct standards and prescribed responsibilities, designed to enhance customer-focused cultures and embed responsibility and ethical behaviour across financial services in Ireland.  While it promotes the necessity for cultural change, the CBI agrees that more is required to achieve this. Insights from the introduction of similar measures in other jurisdictions show that an individual accountability regime better impacts on organisational culture when supported by: Promoting individual accountability but emphasising collective decision-making Being accountable as individuals for actions and behaviour is not new. Professionals are accountable to codes of ethics. There are also many laws and regulations that hold individuals accountable for their roles in an organisation, such as fiduciary duties of directors. However, many organisations thrive on collaboration, teamwork and diversity, which improve collective decision-making. Individual accountability is not designed to override this, and emphasising other positive behaviours, such as these, supports the objectives of the IAF. Promoting a ‘just culture’ and avoiding a ‘blame culture’ A blame culture focuses on identifying culprit/s, penalising them, and moving forward on the assumption that the same issue/s won’t happen again, because an example has been set.  A just culture acknowledges that mistakes and underperformance can occur, but that both are better addressed by reflecting on what went wrong and focusing on what can be learned to improve future outcomes.  Individual accountability exists in both scenarios, but the latter will have a more positive impact amongst the workforce, helping to achieve the objectives of the IAF. Promoting trust and integrity Certain informal reactions to a regime such as the Individual Accountability Framework can undermine its objectives. In some jurisdictions individuals with prescribed responsibilities prepare personal compliance files, for example, privately maintained outside of the firm’s documentation system.  A ‘cover your actions’ (CYA) approach has developed in these jurisdictions, whereby there is a tendency to give advice formally (e.g. in writing), which would differ if given informally (e.g. verbally).  Notwithstanding the risk of breaching privacy and confidentiality rules, these informal practices are indicative of low levels of trust and integrity within a firm.  Embedding a culture of psychological safety can deter this risk and foster greater trust within the organisation.

As this year’s annual LGBTQ+ celebration begins, we talk to six BALANCE members about their experiences in life and work As Pride celebrations kick off all over the world this month, six members of BALANCE, the Institute’s LGBTQ+ Allies network group, tell us about their experiences and what employers can do to support true equality.  Eimer Proctor Senior Manager When I first came out, Pride felt like a celebration and a safe space to be myself. Over the years, I’ve come to appreciate that this is not always possible, but I respect the path that has been forged by others to get us where we are today. During Pride 2023, I will remember those who lost their lives and stand in solidarity with my LGBTQ+ community around the world who still face persecution and continue to fight for their right to be who they are. It’s eight years since Ireland achieved marriage equality, and yet it was only in January 2020 that the law in Northern Ireland finally caught up. Given our current political situation in Northern Ireland, it’s unlikely that we will see any further advancements in LGBTQ+ rights and equality in the near future.  I find this very concerning given the rise in hate crimes, conversion therapy and anti-trans rhetoric in the media. It is up to everyone to help end discrimination for the LGBTQ+ community and promote equality.  There has been some great progress in recent years concerning diversity and inclusion in the workplace, but there is still work to be done to protect LGBTQ+ employees and at the heart of this is education.  Employers can introduce diversity and inclusion policies and practices, for example appoint diversity champions and work with employees to help them understand the appropriate language they should use in the workspace. Liaising with employees in the LGBTQ+ community and their allies is vital to understanding the obstacles the members of this community face every day. This, in turn, facilitates a greater understanding of how and why diversity and inclusion policies can directly impact business.  Those employees will, in time, become more comfortable to be themselves within their workplace, as they navigate the corporate world with the full support of their employer. Having these policies in place will also help to attract talented candidates, who will be carefully considering organisations with a strong commitment to diversity and inclusion.  Conor Hudson Finance Director It’s a general perception that Pride means ‘celebration’ and ‘party’. And, yes, this is a part of Pride – a platform to be yourself and express yourself, but still people are also joining Pride to ‘protest’ and it is important to remember that Pride started as a protest. Equality for LGBTQ+ colleagues in the workplace isn’t about sticking up a rainbow flag at the start of June.  Last year, in my organisation, a colleague and I launched an LGBTQ+ Employee Resource Group (ERG) with the intention of discussing Pride. While the initial reaction was positive, one response we received was, “We support LGBTQ+ rights; why do we still need to talk about Pride?” This remark justified why we needed an ERG – to increase visibility and offer a safe space to LGBTQ+ colleagues and colleagues with LGBTQ+ family. It is important for employees to feel part of an open and inclusive workplace from day one and allyship helps support this.  One of the actions we have taken to demonstrate visible allyship is to create MS Teams backgrounds and badges to highlight that this person identifies as an ally. We have found these a useful tool during recruitment and first introductions.  Allyship and open workplaces not only positively impact LGBTQ+ colleagues but can also support colleagues with LGBTQ+ friends and family.  Creating safe spaces for allies is equally important. They can’t be expected to know all the answers and they should be able to ask genuine questions without being judged. This culture not only creates open environments for LGBTQ+ colleagues, but also for other intersectional aspects of diversity. Hugo Slevin Head of Function Pride is a great day for us as an LGBTQ+ community, along with our allies, to come together and show unity, and strengthen through open visibility. It is always around this time of year that we start hearing the same question, “Why do we still have Pride?”, but I think it remains such an important day as shown by events over the past 12 months. First, we continue to witness attacks against our community members in ever-increasing numbers. Attacks across Europe are currently at a 10-year high and recent media coverage in Ireland has again brought this sharply into focus.  As a community, we should be able to feel safe in expressing and being who we are. Pride is very much our time to come together and have a platform to vocalise and display these concerns. We have also witnessed attempts to control the narrative on gay rights across the globe. Of significant concern has been what appears to be a regressing of rights in parts of the US, where this downward trend seems set to continue.  Even in Ireland, we have seen attacks on libraries and the cancelling of drag events in the last 12 months. Pride is the time of year during which our voices can be heard, and we stand against deliberate attempts to silence our community. Finally, Pride is fun! The streets of Dublin come alive – there is a real sense of occasion and happiness in the air. We get to walk the streets, dance and celebrate with our family, friends and co-workers. Jonathan Totterdell Major Programmes, Financial Services Pride in 2023 means a day of visibility and courage for both the progress we have made and the long path ahead for LGBTQ+ people around the world.  Recent events such as anti-LGBTQ+ Bills being passed in Florida and – closer to home, the rise of the far right and their anti-LGBTQ+ rhetoric – remind us that progress can be rolled back quickly, and it is imperative that those who live in relative safety can make some noise for those who can’t, without fear of repercussions. Over the past decade, I think we have seen some huge successes with gay marriage, a more open culture and a focus by corporates among Ireland to bring diversity, equity and inclusion (DE&I) to the C-suite. The financial services sector has been making really impressive strides. While there is a business case for DE&I, and many studies have shown that it leads to improved return on investment, I would like to see corporates in Ireland mature on this front, continue to grow their social consciousness, and see DE&I as a positive without the need to prove its financial return. Employers are expected to be ‘all in’ on DE&I in 2023, having the uncomfortable conversations that sometimes come with this topic, appointing champions and including DE&I as part of their leadership ethos. Inclusion is key on the DE&I agenda. You can have a diverse workforce, but without active inclusion, you will be missing a vital ingredient.  One thing I practice is to try to make sure everyone gets a chance to speak up at meetings and contribute ideas and viewpoints to decision-making. When people feel comfortable, they will be able to communicate their ideas more effectively.  Padraig Kilkenny Finance Manager For me, Pride is first and foremost a celebration. It is also an opportunity to reflect on the struggles for equality, not only in our own country, but for LGBTQ+ people across the world.  There is no doubt that Ireland has made considerable progress in terms of LGBTQ+ rights and fostering greater equality in recent years. Landmark victories such as the 2015 Marriage Equality Referendum and gender recognition legislation have increased visibility and acceptance across Irish society.  The Ireland of today reflects a society that embraces diversity and supports LGBTQ+ rights. This has never been more evident than at Chartered Accountants Ireland with initiatives such as the BALANCE network and, more generally, with its support for diversity and inclusivity initiatives. Personally, I am fortunate that I have never felt discriminated against in the workplace, but this is not to say that discrimination does not exist. What I have found helpful in my career is having LGBTQ+ representation at senior levels of the organisation and feeling that I have support from my colleagues and leadership.  I think this support can come in many forms from the highest levels where diversity and inclusion form part of the organisation’s strategy, values and by extension its culture, to more practical efforts, such as establishing and enforcing inclusive policies that protect LGBTQ+ employees from discrimination in areas like recruitment, promotion and benefits. Effective allyship is more than just having policies and strategies in place. It is about supporting and advocating for the rights, well-being and inclusion of LGBTQ+ employees.  Everyone should understand and challenge their own biases through education and listen to LGBTQ+ colleagues, valuing their experiences, and amplifying their voices and perspectives in discussions and decision-making processes.  Pride is a great marker in the calendar for employers to stop and reflect where they are on this journey to foster and support real equality across the board. Áine Crotty Audit and Outsourcing Manager As a leader of a team in my workplace, I believe in the power of people and the true potential that is inside each and every one of my colleagues regardless of their gender, age, sexual orientation, etc.  Therefore, being an ally to my LGBTQ+ colleagues is important to me because it supports them in reaching their full potential.  Non-LGBTQ+ professionals need to be aware of their actions and any potential bias they might have – without the awareness, there cannot be any action or change.  I would recommend attending events such as those organised by BALANCE so you can become aware of the issues your LGBTQ+ colleagues are facing.  There are also some fantastic resources and training out there about unconscious bias that will enable you to change the language you use or how you perceive and treat your colleagues.  After awareness comes accountability. As a non-LGBTQ+ professional, hold yourself accountable to making your work environment a more inclusive place for your colleagues. Make a commitment to yourself and others to change how you act with your LGBTQ+ colleagues for the better. Become an ally and be open and proud of that fact. Letting your colleagues know that you are an ally, and that you fully support them, can make them feel more comfortable in the workplace and allow them to speak more freely about any issues or discrimination they might be facing. It is widely known and accepted that culture comes from the tone at the top. Leaders, whether it be partners or senior executive management team members, need to bring DE&I to the forefront of their agenda. They need to live and breathe what they believe in and what they are trying to achieve for their employees. They need to lead by example and visibly demonstrate their belief in equality for all.

Ann-Marie Costello became the first female partner on the Corporate Finance Team at Grant Thornton earlier this year. Her advice to other women? Back yourself and take opportunities I grew up in a family of medical professionals, so accountancy was not necessarily the expected path. I actually changed from veterinary to commerce and German the day before the CAO application process closed, so my career could have been very different.   Opting to do a degree in commerce and German gave me time to decide what I wanted to pursue as a career. I found I really enjoyed the economics and accountancy modules, so it felt like a natural progression to go on to do the Master of Accounting at UCD Smurfit School before taking up a training contract with KPMG Corporate Recovery.  At the time, the accountancy ‘milk round’ was more geared towards traditional audit and tax routes, so joining an advisory team was the path less taken, but I really wanted the commercial experience that came with it.  Hitting the ground running Having a solid background in accountancy meant I could hit the ground running in Corporate Recovery and I had great training working on trading insolvencies. After qualifying and becoming a manager with KPMG, I left Ireland for a year of ‘anti-reality’, travelling the world.  When I returned, I met with Grant Thornton’s Debt Restructuring Team, who were pivoting away from insolvency. I liked the team and the idea of working to bring businesses back onto a stable footing.  After a few years, I transitioned to Corporate Finance and I made Partner in January of this year, becoming the first female partner in the department.  These days, my work is focused on helping shareholders to position themselves for the sale of a business and to maximise value. Most of my work has an M&A or due diligence focus.  So, in my career so far, I have been able to work with businesses across the entire economic cycle. Fall-off in female talent It just so happens that the areas in which I have worked have been particularly male-dominated, especially at senior levels.  My intake and training contract had a healthy mix of female versus male trainees but, from the manager level onwards, I saw a fall-off in female talent.  The reasons for the fall-off vary, ranging from the lack of a clear path for career progression, lack of support or mentorship, and movement from practice to industry, to work-life balance considerations and family commitments.  The diversity, equity and inclusion (DE&I) agenda was not well-developed when I was training, and as that has begun to change in more recent years, I think that it has brought some significant benefits. I do believe we have seen a move towards greater equity at senior levels – although the pace of change is slower than we may like, I think we’re getting there. We do need more balanced representation to attract younger generations – the ‘if you can’t see it, you can’t be it’ adage.  Greater supports are needed in the form of allyship and mentorship, as well as ensuring the wider conditions to support talent retention are met – these include issues such as childcare, paternity leave (both availability and take up) and flexible working.  There are wider societal shifts that need to become the norm to level the playing field further. Gender pay gap reporting Gender pay gap reporting has been a welcome development in terms of driving good behaviours within business and providing employees with greater transparency.  However, nothing can substitute the conversations on the ground that can provide you with clarity as to where you stand.  Conversations regarding remuneration, promotion and performance are often uncomfortable, so we sometimes tend to avoid broaching these subjects.  Time and time again, recruiters and HR teams tell me that, as women, we often undersell ourselves and have lower expectations for remuneration. We need to value our contributions more.  Do your research, back yourself and don’t be afraid to step out of your comfort zone to take on opportunities as they present themselves. Learning the skills for success At some point in your career, you will need to do more than just to be ‘good at the job’. At that stage, developing your career becomes about your network, your profile and your leadership. It is important to learn to have confidence in yourself and to value your input. This often comes with surrounding yourself with the right people, so don’t be afraid to talk – to your peers, your friends and your network. You will only ever regret the things you didn’t do, or say, so speak up and say ‘yes’ to opportunities for development. In my own experience, navigating career development and parenthood is not without its challenges. You need all the support you can get and to always try to look after yourself.  We just had our second baby towards the end of last year, a year during which I was also going through the partnership process, as well as taking on the role of Chairperson of Chartered Accountants Ireland Leinster Society.  I took on a lot, but there were several opportunities that presented themselves around the same time and, weighing it all up, I chose to go for them. I am lucky in that I have huge support from my family and, in particular, my husband, who had to pick up some of the slack. The role of mentoring and networking I sincerely believe that mentoring and sponsorship are key to development, and I’m glad to see so many businesses providing necessary resources and supports in these areas.  It’s important to have someone who can mentor you – someone who will tell it how it is, act as your sounding board and provide constructive criticism.  It is equally important to have a sponsor within your organisation – someone who will support you and guide you in your career development. I would encourage these relationships to be with both male and female mentors and sponsors.  It can often be helpful to have a mentor outside of your work environment to speak to about your work and personal development. Chartered Accountants Ireland provides a mentorship programme for members, which is a helpful resource. Networking can seem like a daunting task, particularly with the reopening of society post-pandemic. However, it really is never as bad as it seems.   The network of people Chartered Accountants will have from their time at university and training will be huge, and the Irish accountancy profession is particularly well-connected at home and abroad.  Try to keep this network active. You never know when you might be able to help someone, or when they might be able to help you.

As the new President of Chartered Accountants Ireland, Sinead Donovan is intent on showcasing a vibrant profession to ‘Next Gen’ members As she prepares for the year ahead as President of Chartered Accountants Ireland, Sinead Donovan’s key objective will be positioning the profession to attract the next generation. Her appointment to the role at the Institute’s AGM on Friday, 19 May, was a source of deep and genuine pride for Donovan, whose late father Cecil Donovan took on the same role in 1986. “It means a huge amount to me personally because of my father’s legacy and, professionally, I see it as the pinnacle of my career so far,” says Donovan.  “I’ve wanted to get here for a long time, because it matters enormously to me to be able to emulate my father, whom I admired so much, and to represent the profession I love.”  In the year ahead, Donovan says she will give “every possible effort” to representing all members of Chartered Accountants Ireland on the island of Ireland and overseas.  “The way I look at it, this role is about passing on the baton for the benefit of our members and the wider profession now and into the future,” she says. “My father passed the baton to me and being a Chartered Accountant has always felt to me like being part of a family that is unique in how we support each other. “So, my job is to pass the baton to the next generation – to show them what this profession is really about, and all that it can offer – and bring them into the family of accountants in which I have been able to build a fulfilling career that I love.” Donovan’s career has brought her to the pinnacle of the profession, as Chair of Grant Thornton Ireland and a Partner in the firm’s Financial Accounting and Advisory Services practice. “There has been a lot of variety in my career and a lot of opportunity. I have built some amazing relationships and worked in environments that are just really people-focused. “So, I want to get away from this idea of the ‘grey-suited accountant’ who works only with numbers. That is just not what a career as a Chartered Accountant is about.” Despite this, the perception of the profession among the Gen Z cohort (born between the mid-90s and early 2000s) now entering the workforce is not as positive as Donovan would like it to be. Gen Z research findings Recent Gen Z research carried out by Chartered Accountant Ireland, under the auspices of Chartered Accountants Worldwide, revealed a troubling ‘perception gap’ between respondents who had no experience of chartered accountancy and those who had commenced their training.  The study aimed to find out how the ACA qualification is perceived by Gen Z respondents in Ireland and worldwide. The Gen Z respondents in Ireland with no experience of chartered accountancy reported viewing the profession as challenging (56%), numbers-based (34%) and boring (19%).  They were considerably less likely than the global average to view the profession as purpose-led (2%), creative (0%), or exciting (4%).  Encouragingly, however, the Irish respondents who had begun their training were far more likely to view it as varied (up from 8% to 25%) and purpose-led. The respondents in this cohort describing it as boring halved.    “It’s clear that, once students commence their training, they get a much better sense of what the qualification is about, but for those who haven’t made the decision yet, the perception gap is pretty stark,” Donovan says.   “Irish students recorded a significant difference in perception, which shows us there is work to do. Engaging the next generation of accountants and the next generation of leaders will be front of mind for the Institute this year.” There are more routes into the profession today than ever before, but as Donovan sees it, more must be done to promote the qualification to the next generation, including changing the established and accepted ways of doing things.  “If the next generation does not buy into what we do and see itself in our profession, it will be because we are not adequately selling it to them, whether at school or third level, or in the early stages of their professional training,” she says.  “I want to ensure that students understand what ACA is and what the benefits of entering the profession are. Gone are the days of calculators and ledgers. Our focus now is on technology, data analytics, leadership skills and global developments.  “Being an Irish Chartered Accountant is respected around the globe and the qualification enables truly global travel and ability to do business. Our profession is in the middle of a recruitment and retention challenge and if we don’t step up to harness this talent pool, we are missing out.” Next Gen values and skill sets  There has been a lot of attention in public discourse about the need to ‘step up’ post-pandemic and help students and new recruits adapt to the working environment, Donovan says.  “There is also a need for us to re-examine that status quo and use this opportunity to ensure the environment is one that works for the next generation of the profession. Those at the start of their careers are seeking a greater degree of flexibility and better work-life balance and genuine diversity, equity and inclusion at work. “This idea of the ‘grey-suited accountant’ is just not it anymore. What I see in our younger members is a very vibrant cohort who will be leading business decisions into the future,” Donovan says. “They value sustainability and Chartered Accountants have an enormous role to play here in every sense – not just in terms of reporting and assurance, but also in shaping sustainability policy within companies and in advising organisations on sustainability best-practice.” Technology will also continue to play an ever-greater role in the work of the Chartered Accountant of the future, Donovan says. “Our Next Gen members will have to be at the forefront of information technology and data analytics, and in understanding the impact Artificial Intelligence is bringing to the world,” she says. “So, we need to make sure their education in these technologies is deep and comprehensive so that they are fully equipped with the skills they need to thrive in a rapidly changing world.” Next Gen education  For Donovan, education is also critically important to ensuring that the profession is “represented credibly” to the Next Gen members of Chartered Accountants Ireland.  “We’ve got to engage them in interesting methods of learning, syllabus content and topics that are actually relevant to the work of the Chartered Accountant from second level right through to third level, in their training and exam experience with the Institute and right through their career from there,” she says.  “In terms of secondary-level education, Pat O’Neill, our outgoing President, has done amazing work over the past year in raising awareness of how outdated the current Leaving Cert accounting syllabus is.  “The Institute has had a number of meetings with the Department of Education and Minister Norma Foley on this issue and Pat will now continue in the year ahead to progress to the next phase of this effort, which will be about driving action in updating the syllabus sooner rather than later.” As it stands, Chartered Accountants Ireland is already leading the way in helping secondary school pupils around the country understand what a career in accountancy is really about. In early 2020, the Institute launched Boot Camp, an online programme designed to help Transition Year and Senior Cycle students improve their accounting and business skills. The Boot Camp Challenge presents participants with a realistic scenario of a business in trouble, whose management must make important decisions about its future. Students review the relevant financial information, consider the wider circumstances, and suggest a possible course of action.  The programme has over 5,000 users active in all 26 counties in the Republic of Ireland “I’ve done the Boot Camp challenge myself, it’s brilliant. It teaches pupils about business, about how accountants are engaged in really critical business decisions, and the impact these decisions can have,” says Donovan. “Most importantly, I think it shows them that accountancy is not all about maths and numbers and breaks that perception that, unless you’re really good at maths, a career in accountancy isn’t for you, because that’s not the case at all.” Project Athena roadmap Innovation is already leading the educational agenda within Chartered Accountants Ireland, which completed Project Athena in 2022. Undertaken with funding from the Chartered Accountants Education Trust, the extensive research project included close to 100 interviews with senior members, academics and regulators in Ireland and overseas.  The findings were academically validated by Trinity College’s Learnovate Centre and will now drive the Institute’s Next Gen educational strategy.  “The roadmap for future innovation in education stemming from Project Athena is in place and we will begin to introduce changes to our education tools and delivery methods from September 2024 starting with CAP 1 and moving to CAP 2 and FAE,” says Donovan. “Some of the developments we’ll be seeing over the next two to three years will include real-time exams, which will bring more certainty to students as well as greater flexibility.  “Data analytics will be used to review students’ activities and performance on an ongoing basis so we can see how each of them is getting on in real-time and identify who might need help and support before their exams.” Global member outreach Chartered Accountants Ireland is Ireland’s largest and oldest professional accountancy body. Dating back to 1888, it represents over 31,700 members around the world and is currently educating more than 7,000 students.  It is an impressive reach and one Donovan plans to harness as she endeavours to highlight the vibrancy and variety of the profession in her role as President. “Above all, I want all of our members to know that they can reach out to me. It’s incredibly important to me to be accessible and plugged into what people are doing. I’m on social media channels, particularly LinkedIn, and I’m more than happy to engage with people, if they want to, any time,” she says. With members in more than 90 countries and active local chapters in international cities ranging from New York in the US and Sydney in Australia to Dubai in the United Arab Emirates, the Institute has a healthy presence outside the island of Ireland. “My outreach work over the next 12 months will be international as well as national. I want to meet as many members as I can in the UK, the US, Australia and the Middle East – wherever I can get to, I will! “I worked in Australia myself back in the 1990s, so I know how much it means when a President or Officer Group visits from the Institute.  “When you’re away from home, your accountancy family becomes even more important and it’s just lovely to see the President and to see them interact with, and hear the views of, members overseas.” On home turf, Donovan’s itinerary will be no less busy as she has plans to visit, celebrate and engage with District Society members across the island. “We plan to hold our council meeting in November in Cork with a dinner in the evening for our members there and that’s very much along the lines of what I want to do throughout the next 12 months — just get out there and meet members as much as I can.” Beyond its own activities, Chartered Accountants Ireland offers a crucial voice to members on the world stage in professional, policy-related and regulatory matters relevant to its membership.  The Institute is a founding member of Chartered Accountants Worldwide, an international network of over one million chartered accountants. It also plays key roles in the Global Accounting Alliance, Accountancy Europe and the International Federation of Accountants.   Advocacy and representation will be another key priority for Donovan. “I’m very keen to continue growing and solidifying these relationships so that our members have the voice they deserve wherever it needs to be heard,” she says.  “I want to build on the relationships and reciprocity agreements we have with other corporate bodies throughout the globe and to make sure that we take every opportunity to let the younger generations we want to attract to the profession know that ours is a global qualification that can take them all over the world.”

With exam season kicking off this month, it can be an extremely overwhelming and pressured time for students. Dee France, Thrive’s Wellbeing Lead, shares her advice on handling exam stress and anxiety  It is a perfectly normal experience to feel worried and stressed when faced with impending exams or any type of performance situation.  A healthy and ordinary amount of stress can even be good for you, giving you the motivation to push through and keep you focused. However, when worry, self-doubt, fear of failure and the pressure to perform well become too intense, they can interfere negatively with exam preparation and performance.  As feelings of stress push past optimal levels, it can have a devastating effect on our concentration, and our ability to learn, remember and demonstrate what we know.  Causes of exam anxiety  To effectively manage anxiety, it is important to understand why you are feeling this way. There are many variables that may contribute to and relate to these feelings:  Past experience with exams;  Poor preparation, inexperience undergoing exams and unfamiliarity with exam and study techniques;  Poor self-care, such as bad sleep habits, unhealthy eating, lack of exercise and limited relaxation time; Intrusive and unhelpful thinking patterns such as saying to yourself, “I can’t do this” or “I’m going to fail”;  Strong sense of failure; or  Extreme pressure to achieve placed on you by yourself or others. Tips for handling exam anxiety  How you spend your time leading up to your exams can have a huge knock-on effect on your anxiety and stress levels.  Routine  Essential to managing anxiety and stress when faced with exams is creating a study routine early in the year as opposed to haphazardly cramming a year’s worth of learning into a few days.  Design a study schedule and map out how you will spend your days.  Schedule your study time in short, succinct time blocks with a 10-minute break for every hour.  It is important to have a hard stop each evening to allow some time to unwind, and block out a day each week that is revision free. By carving out a comprehensive and realistic schedule, you will focus better, feel in control and be less likely to procrastinate.  Being prepared will help you feel more relaxed and confident and goes a long way to easing stress levels and keeping your nerves in check. Mind and body  When we are busy, other parts of our life can be easily neglected, and we can forget to take care of ourselves.  When it comes to managing anxiety and stress, nourishing your mind and body should not be underestimated.  It is important not to push yourself too hard or overlook your needs.  Regular exercise, eating well and sleeping properly are some of the most effective stress relievers at our disposal and are essential for being at our best physically, mentally and emotionally.  Incorporating fundamental self-care practices into your study routine can ease the pressure of trying to balance your time with other vital activities. Relax  To relieve symptoms of anxiety and stress, practise deep breathing or other relaxation techniques such as progressive muscle relaxation or yoga to help calm the body, alter the body’s response to anxiety and release tension.  In general, relaxation techniques are about refocusing your attention and increasing awareness in the body. It is a good idea to engage in these activities when you are relaxed and practise regularly to reap the benefits.  Ask for help  If you are overwhelmed by upcoming exams, you might find it helpful to share how you are feeling.  At Thrive, we witness a spike in students contacting our services at this time of year regarding exam stress and anxiety, which is one of the most common concerns students are dealing with.  Thrive is the Institute’s dedicated well-being hub, which is freely accessible to all students.  The hub provides a wide range of services tailored to our students' well-being, such as wellness coaching and professional counselling. All services are delivered in complete confidence and are available at any stage of your journey with the Institute.  For more advice or information, check out Thrive’s dedicated wellbeing hub.  Alternatively, you can contact the Wellbeing team by email at: thrive@charteredaccountants.ie or phone: (+353) 86 0243294

European Commissioner Mairead McGuinness speaks to Neil Stokes, Tax Associate at PwC, about the European economy, the possibilities for a digital euro and sustainable finance What is your outlook for the European economy in 2023, given the backdrop of the continued war in Ukraine, monetary tightening and the spectre of a recession looming large? The past few years have been a time of immense change.  While we are not yet completely out of the woods with the pandemic, people are back at work, and the threat to global health has decreased.  However, we find ourselves in a very dark time for Europe, and indeed the world, with the Russian invasion of Ukraine on 24 February 2022. The terrible impact has been, first and foremost, on Ukraine and its people. But there are knock-on effects, including dramatic volatility in energy prices, requiring Member States to take action to help the most vulnerable families and businesses.  The EU is among the most exposed advanced economies due to our proximity to the war and our past reliance on gas imports from Russia.  Despite these headwinds, the EU economy has shown remarkable resilience. We have thus far avoided recession and energy shortages.  Political unity of EU Member States is paying off. The Commission worked hard to counteract the worst impacts of the war, just as it acted to avoid the worst impacts of the global pandemic.   We need the same collective effort for the year ahead to make progress on the transition to net zero and maintain the competitiveness of European businesses.  We are also strong in our solidarity with Ukraine. What is your outlook in the medium to long term for cryptocurrencies/decentralised finance, given the recent collapse of FTX? Digitalisation is a game-changer. We can all see that. It’s causing deep structural changes and creating new opportunities and challenges in the financial sector.  I can’t say what will happen with crypto in the long term, but the EU is ahead of the curve in acting to regulate these relatively new developments.  The FTX collapse is evidence that all that glitters is not gold, and it is a cold shower for ‘believers’ in crypto – who see it as the future of finance.  Our approach to cryptocurrency is to address the clear risks and shortcomings while still enabling innovation to flourish.  We will soon have the Markets in Crypto-Assets regulation in force, which will bring crypto into the regulatory and supervisory fold.  We also have a new pilot regime for Distributed Ledger Technology, or DLT, which is the technology that underpins crypto. This pilot will allow financial companies to experiment with DLT for the trading and settlement of ‘tokenised’ financial instruments in a safe environment and let regulators learn from the experience.  What do you see as the main advantages/disadvantages of cryptocurrencies from a consumer standpoint? Do you see them being used as a widespread medium of exchange in the near future? Crypto comes with risks, as we’ve seen all too clearly.  Some consumers invested in crypto, lured by a false promise of value going up and up and up.  Crypto is a risky investment and subject to volatility. What goes up can also come down – and very dramatically, as some investors have experienced.  Others have been victims of scams or hacks that are all too frequent in what’s still a largely lawless ‘Wild West’ of crypto.  There are advantages to blockchain technology. It cuts out the middleman – removing the need for centralised processes and intermediaries. It can make transactions more efficient and transparent by recording key information in an unchangeable format, making it accessible to all market participants.  For instance, this could make payments cheaper, faster and safer. Blockchain technology also has the potential for the trading and settlement of securities. But those benefits cannot emerge in a Wild West scenario. So, we need regulation, and that’s what the EU is doing. What are your thoughts on the future of the digital euro and its interaction with the physical euro? First, a note on the process. It is the European Central Bank that will decide on whether to issue a digital euro or not. But a decision with such huge consequences for people, businesses and economies needs a strong democratic basis.  This year, the Commission will propose a legal framework to regulate the essential elements of a digital euro, and the European Parliament and Member States will discuss and shape this proposal. What should a digital euro look like if we decide to proceed? I always stress that the idea for the digital euro is that it will complement, not replace, cash.  We are witnessing a society becoming increasingly digital, and the pandemic accelerated this trend with the closure of bank branches and more transactions on mobile apps and online services.  A digital Central Bank euro would ensure that we maintain a public complement to private digital means of payment.  It could, for example, address some of the shortcomings in current options, like enabling offline payments – serving people without access to the internet or in remote areas.  It could be an open solution, unlike many private options that often rely on both sender and receiver using the same closed interface.  It could also be useful for payment providers, especially national providers that want to expand into other countries – which is essential because we want public and private solutions to coexist.  We have to carefully consider the possible design: privacy and data protection are vital, but we also need to consider how we fight financial crime.  Commercial banks are wondering about the impact it would have on them – the investigative work of the European Central Bank is pointing to a digital euro primarily to be used as a means of payment, not a store of value – so it doesn’t create an incentive to move deposits away from commercial banks.  We’re also considering questions around who would distribute a digital euro, the costs involved and ensuring easy access to it.  The key point is that a digital euro would have to provide real added value. And – again – we would also make sure that people can access and use physical cash. There is a need for a public discussion about a potential digital euro, and our pending legislative proposal will allow for that discussion. What are the European Commission’s priorities on sustainable finance and how does the EU plan to finance the transition to a more sustainable economy? The ambition of the European Green Deal is high: Europe should become the first climate-neutral continent by 2050.  The cost of the transition cannot be funded by the public purse alone; we need every part of the economy and the financial system to play its part.  Overall, when it comes to sustainable finance, we are thinking both about how the financial sector is resilient against climate risks, and the contribution it can make to the transition.  The EU sustainable finance agenda is about transparency, so we have a number of tools relating to disclosure. Companies will disclose their transition plans, helping to refocus and track their efforts towards sustainability.  The key to becoming a more sustainable economy is to invest in the transition.  Our work on Capital Markets Union is important in providing the necessary private financing of the transition and allowing citizens to become more involved in capital markets, putting their money towards this more sustainable future.

Conal Kennedy writes: Sustainability is probably the most important issue of our times. However, when it comes to sustainability reporting, your first questions may well be how and when does this affect you, your firm and your clients? The short answer is that sustainability reporting will directly affect a large proportion of members in practice, and sooner than they may think. The Corporate Sustainability Reporting Directive (CSRD) has been passed by the European Union and it is in the process of being transposed into Irish legislation. It applies to a number of categories of entities, but of most immediate interest to readers of Practice Matters may be its application to large private Republic of Ireland registered companies, as defined by the Companies Act. Amongst a number of requirements, these must provide detailed information in electronic format in their annual management reports under CSRD for years commencing 1 January 2025 and thereafter. Furthermore, these companies will need to obtain independent assurance that the information is presented in compliance with the Directive. This assurance, which initially will be at the level of limited assurance, will be given and reported on only by properly authorised individuals and firms. A very large proportion of practices have at least one large company client. The impact of inflation in recent years has brought many more companies into the large category, and the future impacts on balance sheets of the proposed changes to lease accounting under FRS 102 will bring in some more marginal cases. These clients may well engage your firm for assistance with reporting under CSRD or the provision of assurance. This will mean applying the European Sustainability Reporting Standards (ESRS), and reporting on their application. These standards are currently published in draft, and are available at this link. As can be seen, the standards are substantial and detailed, and obtaining a working knowledge of them will require a large commitment of time and resources. Assurance standards will also be published in due course. Even if a firm has no large Republic of Ireland company clients, the firms may need to assist clients with the provision of “upstream and downstream” reporting of sustainability information to customer or supplier entities with broader reporting obligations under CSRD. You should determine what level of knowledge you need to obtain regarding sustainability reporting and assurance. I would suggest the following broad categorisation for the purposes of this article: Level 1 – This applies to firms who have no large Republic of Ireland company clients. Knowledge of upstream and downstream reporting requirements sufficient to assist clients to provide this information. Level 2 – Firms with large company clients. A general understanding of the reporting and assurance requirements, reporting dates, size limits as applicable to these clients. Level 3 – A level of knowledge sufficient to assist a large company to report correctly under CSRD. This will mean obtaining a detailed knowledge of the CSRD, the transposing legislation, and the final versions of the ESRSs. Level 4 – The knowledge set out at level 3 above, together with the knowledge, training and authorisation to provide assurance on sustainability reporting. Individuals who are statutory auditors (responsible individuals) on 1 January 2024 or are undergoing the approval process at that time and are approved before 1 January 2026 will be eligible to be grandfathered as assurance providers. Grandfathered sustainability assurance providers will be required to undertake sufficient and appropriate CPD to demonstrate competence. Once the grandfathering window has closed, subsequent applicants will need to follow a set procedure, which will include obtaining sufficient relevant training and practical experience and passing an examination. If your firm has one or more clients who are large companies likely to be affected by CSRD, some of the courses of action open to firms could be set out as follows: Key partners and staff within the firm will obtain the knowledge to provide assistance to relevant clients. One or more partners within the firm may obtain authorisation to provide independent assurance to relevant clients. The firm may recruit staff or partners who have a knowledge of sustainability reporting and assurance in order to provide these services. The firm may decide that it will not provide services related to sustainability reporting, and engages with its large company clients to determine how their needs will be met. The firm may decide that the needs of its large company clients are best served by others who are in a position to provide a full range of financial and sustainability reporting services, and engages with the clients to ensure a smooth transition to new service providers. All of the above courses of action require informed decisions, planning and implementation. A key consideration is the future availability of trained and suitably qualified people to provide sustainability related services. Many firms will see the potential to provide these services to their clients and will make their plans accordingly. Other firms are currently having difficulty in resourcing their current range of services, and this will influence their current and future courses of action. Firms in Northern Ireland, many of whom are registered as Republic of Ireland auditors, may be interested in providing sustainability reporting assistance services and assurance to Republic of Ireland companies. The acquisition of knowledge and training is essential to all firms to enable them to make effective decisions and to provide services to their clients as needed. The Institute is committed to supporting its members though its Technical, CPD and Specialist Qualification offerings. We have had a strong uptake of the Certificate in Sustainability Strategy, Risk and Reporting which first ran in 2022 and is continuing. We expect to launch a Sustainability Reporting Qualification with an assurance aspect in due course. Have a look also at our Sustainability Centre and look out also for our upcoming Sustainability Reporting Hub, which will be supplemented by a selection of Q&As to answer your key concerns. In Practice Consulting, we will ensure that you obtain the supports and toolkits that you need as practitioners. I have concentrated in this article on large private companies. Other entities affected include entities already subject to the Non-Financial Reporting Directive, Public Interest Entity SMEs, and ultimately small and medium sized companies which have a further three years to comply. These have different requirements and timelines, with which you should familiarise yourself if relevant. The important point is that this is an issue that cannot be ignored. If you have already put plans in place, I hope that this article was helpful to you. If your firm is affected by the issues dealt with in this article, and you have not started the planning process, then the message I have is that the Sustainability Reporting train has already left the station. Don’t underestimate the scale of this project and the benefits to be obtained from timely actions.

Clever branding can mean the difference between success and failure for small businesses competing in a crowded market, writes Gerard Tannam Branding is a tool available to every business. Every type of business can compete for their best customers with a strong brand that influences choice.  Because a smaller business can play to the singular strengths of its brand relationships with customers to distinguish it from others, it can level the playing field with its own competitive advantage. A strong brand is good for business. It provides an advantage over competitors by distinguishing a business from them in a way that matters to customers and influences their choices.  Despite its importance, however, this simple business tool, which is available to every business, is often misunderstood, underestimated, and underused, particularly by smaller companies. ‘Brand’ can be defined in many ways: as a mark of origin or quality, as image or reputation, as a proposition or promise, and even as a badge of community or a shared belief system.   None of these definitions is entirely satisfactory, however. While each definition says something true about what a brand is or can be, none captures the part a brand plays in choice. A definition of brand As well as being a tool that businesses use to influence choice, brand is also the tool that customers use to make their choices and reassure themselves that they are correct.  When customers are spoilt for choice or do not have the time or inclination to analyse every buying decision, they often rely on brand to help them choose. And so, the brand tool is used in two different though complementary ways:  a business uses brand to help it become the natural choice of its customers;  its customers use brand to help them make the right choice of product or service.  A brand is a tool that influences choice by reflecting the relationship between buyer and seller and the value they exchange. Marks of quality or identity, such as names, symbols or logos, are means of representing the brand relationship and its value, rather than being the brand. Wedding rings, for example, symbolise a relationship (marriage) between two people – they are not the relationship itself.  The brand bridge To understand brand and how it works, consider the relationship between buyer and seller as a ‘bridge’. Just as a bridge is designed to enable people to cross over safely, quickly, and easily from one side to the other, a brand bridge enables people to exchange value safely, quickly, and easily. The two-way traffic on the bridge of give-and-take between buyer and seller suggests a partnership of equals, both of whom want something the other has and must agree on the value to be exchanged through the transaction. Brand bridges are more handshake than arm wrestle, a basis for good and sustainable business. A definition of branding Defining brand as a tool for business leads to a definition of ‘branding’ as the influencing of choice by building a relationship between buyer and seller based on the value they exchange. A brand relationship establishes a connection between a business and its customers around the value each understands the other is offering.  Branding involves putting the brand relationship to work to build and maintain the commercial relationship with existing customers and turn potential buyers into new customers. Why branding matters to small businesses Success in business comes down to an ability to influence choice. A superior product or service only takes a business so far.  Many hardworking businesses have brought an exceptional offering to market and failed. To be successful, a business must influence enough of the right kind of customer to choose what it brings to market. Brand relationship plays a critical role in the choices customers make. Even in a busy marketplace, where customers are spoilt for choice, a strongly branded business can lead its market and command a premium for its product or service.  Every business has a brand, strong or weak. The brand’s strength or weakness results from actions taken by the business in building the relationship with its customers.  A strong brand is especially important for small businesses, which are unlikely to have the spending power or marketing resources available to larger competitors.  The smaller business can play to the strengths of its brand relationship with its customers to distinguish it from other businesses in the marketplace, and so level the playing field.  Five steps to defining a brand 1. Define the value to be exchanged The value to be realised through the brand relationship is not set by one side or the other but must be agreed. For any relationship to work both parties must continue to see and realise its value.  However, while the brand relationship is defined by the value sought by the buyer and offered by the seller, this must at least match the seller’s asking price for the exchange to work.  The asking price, which the business requires for the exchange to be profitable, is a useful starting point for defining value.  This is typically based on the costs of the resources the business must invest in the relationship, plus its margin or premium.  Then the business considers how the customer is likely to rate the benefits on offer, if this accumulated value matches or tops the asking price, and whether they are likely to  pay it.  2. Identify and target the ‘best customer’ For the brand relationship to work, it is vital that the business carefully chooses the type of customer with whom it and its value proposition are best matched.  When business development lacks focus, a business will attract a wide variety of prospective customers, some well matched with it, but many not.  A business that deals with too broad a mix of customers will struggle to profitably realise the value in many of its individual transactions.  A well-matched or ‘best customer’, on the other hand, will add predictable and significant value to the exchange and deliver the premium that the business needs. Your best customer:  needs what you have to offer, considers it essential;  wants what you are offering, finds it highly desirable; values what you offer, prioritises it above all others; engages fully with all of the elements of your offering, not just its purchase; can pay for it (an ability not confined to affordability). 3. Identify and fix the customer’s ‘key problem’ People buy from other people to fix what they experience as a problem and to enjoy the benefits that result. Potential customers are more likely to be ‘best customers’ when they consider that the product or service offered by a business fixes their key problem. There are two aspects or sides to a customers’ key problems: the practical and the social.  The practical is what the product or service does and the direct, functional benefits it provides, while the social is how the customer relates to others and the world through their choice of that product or service and can be understood in terms of how it makes them feel.   For example, someone is thirsty and buys bottled water. Any bottled water will do. Another customer is thirsty but is concerned that many bottled water products use irreplaceable natural resources.  They choose a brand of water that is carbon-neutral with recycled packaging. The business with the sustainable brand has found its best customer; the customer has used brand value to meet all their needs and fix their problem. 4. Identify and fix both aspects of the key problem More customers are choosing products and services that fix the practical and social aspects of their problems, so it is important that a business identifies both aspects and determines the role that it will play in fixing them. This role must go deeper than the complementary role of seller to the customer’s buyer, and deeper too than the functional role played by the business in fixing the practical problem. When the product or service offered by a business is largely the same as that offered by its competitors, it is the role that the business plays in resolving the social aspect of its customer’s key problem that adds real value, and greater profitability, to the transaction. For example, a business owner seeks an accountant to prepare monthly accounts to support their management of the business. Any suitably qualified accountant can answer this practical aspect of the business owner’s problem.  However, the owner struggles to make sense of how accounts relate to their business and can feel overwhelmed and helpless.  They will choose an accountant that fixes this personal (social) part of the problem, guiding and advising the owner to help them to understand the numbers and the performance of their business. 5. Provide information required for the buying decision When customers are considering which product or service to choose, they will search for some or all of 10 types of information about how a business solves their key problem: Attraction – ‘What is it about this offer that appeals to me?’ Engagement – ‘What tells me that it is right for me?’ Demonstration – ‘How does this offer work?’ Sample – ‘How can I try it for myself?’ Testimonial – ‘Who else has benefitted from this offer?’ Proposition – ‘How do I take up this offer?’ Delivery – ‘How is this offer provided to me?’ Support – ‘How will you help me make the most of it?’ Recovery – ‘What will you do to help me if something goes wrong?’ Feedback – ‘How will I let you know what I think of your offer?’ Final word When the success of a business depends on the effectiveness of its brand in influencing choice, building brand relationships should not be left to chance.  Branding is a tool available to every business. Every type of business can compete for their best customers with a strong brand that influences choice.  Because a smaller business can play to the singular strengths of its brand relationships with customers to distinguish it from others, it can level the playing field with its own competitive advantage.   Gerard Tannam is founder of Islandbridge, a brand planning and strategic development company

Now more than ever, employers must do all they can to support LBGTQ+ employees, break down career barriers and fight discrimination, writes John McNamara Spoiler alert…there is a call to action for all members in this article. I was shocked to read in a new report launched in February that 2022 was the most violent year for LGBTQ+ people in Europe in a decade.  The report from the International Lesbian, Gay, Bisexual, Trans and Intersex Association (ILGA-Europe), a leading equality organisation, stated that there had not just been a stark rise in violence, but also in the severity of this violence, much of it fuelled by an ongoing rise in hate speech, often related to trans people.  ILGA-Europe noted that the translation of hate speech into real-world, physical violence is occurring “not only in countries where hate speech is rife, but also in countries where it is widely believed that LGBTQ+ people are progressively accepted”. According to the report, a dozen far-right groups targeting people due to their sexual orientation and gender identity, have been identified in Ireland. The outlook in Ireland There may be a sense in Ireland that the LGBTQ+ agenda is complete following the 2015 marriage equality referendum. The reality is different.  Just two weeks after the ILGA Report was released, new research published here by Belong to Youth Services revealed that 87 percent of young LGBTQ+ people had seen or experienced anti-LGBTQ+ hate and harassment on social media in the previous year.  This followed earlier research, carried out in October 2022, which found that 76 percent of LGBTQ+ students feel unsafe at school, 69 percent had heard homophobic remarks from other students, and 58 percent had heard homophobic remarks from school staff. The reality remains that many LGBTQ+ people still choose not to disclose their sexuality at work, while many senior executives have not come out at the office.  Fear of homophobia, judgement, exclusion and being passed over for promotion, are still very real for many LGBTQ+ employees.  The power of positive action So, what can businesses do to break down these career barriers, reduce workplace discrimination and better support LBGTQ+ employees in the workplace? Positively, every one of us can take action within our own businesses, by providing leadership and tangible support.  Numerous studies over many years have demonstrated that companies that truly support diversity and inclusion as part of their culture thrive in areas such as: Increased employee satisfaction, engagement and retention;  Increased productivity and team collaboration; Improved employee mental health; and Improved innovation, customer engagement, financial performance and shareholder value. What you can do Only through tangible and meaningful support can employers reap the benefits outlined above, however. Refreshing a company logo during Pride Month, or making a big social media splash, won’t cut it.  At best, it’s a good first step but businesses need to back up these symbols of solidarity with meaningful support.  Here are five ways we can make a real difference through our actions in the workplace. 1. Lead by example from the top Put aside feeling awkward or the fear of using the wrong words. Instead, those in leadership roles should take the time to learn and understand the relevant issues.  Consider setting up an employee resource group or a focus group or ask HR to work on specific topics. Have a senior leader take the lead on LGBTQ+ employee inclusion. This person may not be LGBTQ+ themselves, but they can still be an ally.  LGBTQ+ employees feel more engaged and invested in a workplace that is a safe place, that is accepting and that allows them to be themselves, and more so if they have a boss who is sympathetic to their own struggles. 2. Develop a supportive LGBTQ+ inclusive policy framework and live it LGBTQ+ inclusion should be a core part of your Equality and Diversity policy. As a first step, make sure these policies explicitly mention how you as an employer support LGBTQ+ people within your organisation.  Test any employee surveys for inclusive language. Make your benefits inclusive for all employees by being conscious of the words you use in communications and favouring gender-neutral terms.  Make clear your support for LGBGT+ inclusion in your recruitment practices and back this up in employee induction programmes. Your workplace policies should establish a strong sense of anti-discrimination so that all employees know what is not tolerated, whether from employees or customers.  Create a communication plan to be sure all employees know what is not tolerated and be clear on the consequences.  3. Support your local LGBTQ+ community Use your position of influence to show your support for your local LGBTQ+ community. Provide information about local events and groups, invite speakers to share their lived experiences, consider sponsoring local resource or sports groups, or encourage staff volunteering at LGBTQ+ events.  These are small but tangible first steps in developing a year-round programme of authentic support and allyship, and not just for Pride month. 4. Support transgender employees All the available research shows that transgender people face a unique set of experiences and challenges, and in an increasingly toxic external environment.  Education and learning can be vital first steps. Request HR support to be clear on what steps to take after an employee comes out as transgender to create a supportive and encouraging environment.  There is a lot of easily available information that can help to support greater understanding of trans issues. Explicit statements of support are crucial.  Back this up with practical support. If you offer health benefits, seek to make them trans-inclusive, develop supportive leave policies, use gender-neutral wording and try to provide the ability to allow changes to company records.  5. Talk, listen, act Above all, speak regularly and openly with all staff and your customers about what LGBTQ+ inclusion looks like in your business, how you should address it and how staff can help support it.  We all know that staff who are better understood will be happier and more productive. We develop plans all the time for most aspects of our business and speaking to an agreed plan on these issues often provides a framework for that ongoing dialogue.  At the same time pro-actively look out for signs of problems or issues - identifying signs that staff are under stress, feel unable to be their true selves or are not happy at work, can help you deal with problems at an early stage before they become more difficult to resolve or manage. About BALANCE Chartered Accountants Ireland needs to lead by example too. BALANCE is the LGBTQ+ Allies network group established in 2022 with three events taking place over the course of the year.  Simply put, BALANCE exists to promote awareness of LGBTQ+ inclusion and highlight issues of relevance. We want to be a profession of choice for new students.  We want to encourage visibility and to ensure students and members can be their authentic selves, both during their studies and at work. We want to build and strengthen relationships with our LGBTQ+ allies who work to ensure that the LGBTQ+ perspective is represented at all tiers. This year will see a partnership event in May with KPMG on issues related to digital world engagement, a regional event, profiling of member experiences and further work to highlight issues of importance.  I encourage you to look at our web pages to find out more about BALANCE, access links to resources you may find helpful and we actively welcome new committee members.  Please do get in touch if you have any questions or suggestions at BALANCE@charteredaccountants.ie or check out charteredaccountants.ie/diversity-and-inclusion/balance-lgbtq-network-group John McNamara is Chair of BALANCE and Executive Director and CFO at AIB life

As Ireland’s housing crisis deepens, Pat Dennigan of Focus Ireland is calling on the Government to take immediate steps to support those at risk  Faced with a 24 percent rise in homelessness and this month’s lifting of the Government ban on no-fault evictions, Pat Dennigan is forecasting a challenging year ahead for Focus Ireland, the homelessness charity he has led as CEO since 2018. Figures published by the Department of Housing put the number of people officially homeless in Ireland in February at 11,742, up 24 percent on the same month last year. “About 12,500 people came to us last year for support and the lifting of the eviction ban means we are about to enter a new phase of homelessness,” says Dennigan. “Nothing has changed since the ban was introduced. We still have a housing crisis in this country and lifting the ban will do nothing to allay fears among landlords as they are selling up in vast numbers because of high taxation and market uncertainty.” As CEO of Focus Ireland, the not-for-profit organisation founded in 1985 by Sister Stanislaus Kennedy, Dennigan leads a team of 400 people providing services nationwide. “We offer about 90 different services and operate a two-tier approach. The first tier is prevention—making people aware of their rights and responsibilities and making sure they have access to the right information and entitlements,” says Dennigan. “The second tier is our sustained exit policy whereby people who are homeless can get a long-term home and keep it.” Focus Ireland also has Focus Housing Association, an Approved Housing Body operating 1,400 long-term homes nationwide. “One of the big attractions of this job for me is the variety of the work I do and the people I meet. The situations and challenges I encounter are completely different from one day to the next,” says Dennigan. One of these challenges is ensuring that the experiences of the people Focus Ireland works with are fairly and accurately reflected in public policy. Fair reflection “We are almost unique among Irish charities in the sense that, from our foundation, we have concentrated on having an evidential response to what we do, based on the data we accumulate. All of our work is underpinned by research and evaluation,” says Dennigan. “Given current circumstances, where we have record numbers of people who are homeless and entering homelessness every month in Ireland—and also the ending of the moratorium on evictions—we face a massive challenge in putting forward constructive and progressive proposals that have a national impact.” To this end, Focus Ireland has partnered with Chartered Accountants Ireland to launch a joint briefing paper calling on the Government to help ease the housing crisis by introducing targeted measures to keep small-scale landlords in the private rented market. While the long-term government objective of increasing the delivery of social, affordable, and cost rental housing is the right course of action, the short-term challenge presented by the large-scale departure of private landlords from the market must also be addressed, Dennigan says. “The vast majority of families who come to us, who have fallen into homelessness or are facing the risk of homelessness, come from the private rented sector,” he says. “They have been served with a notice to quit and, in many cases, this is because their landlord is selling the property they live in and leaving the market.  “Typically, the landlord decides to sell the property, serves the tenant with a notice to quit and then puts the property up for sale. The property is then bought by someone who is going to be the owner-occupier. “On a wider scale, this means that the stock of rental property is shrinking daily and, for the tenant served with the notice to quit, finding somewhere else to live is hugely difficult, particularly if they want to live in the same area with links to schools and the local community.” The Focus Ireland and Chartered Accountants Ireland briefing paper sets out seven fully costed proposals, primarily using tax policy as a lever to encourage small-scale landlords to remain in the residential rental market in the medium- to long-term. “At Focus Ireland, we believe Government targets set out in Housing For All are too low, but until we begin to address the issue of increased housing supply, there will continue to be a shortage of private rented homes to buy,” says Dennigan. “In order to incentivise landlords to stay in the market until we increase our housing stock, we believe short- to medium-term measures are needed over four to six years to help deal with our housing crisis.” Meaningful work Sligo-born Dennigan joined Focus Ireland in 2014, initially as Acting Finance Director, having spent much of his career in the multinational sector in the west of Ireland. “I worked for organisations like Boston Scientific, Nortel Networks and other medical device and tech companies. In the background, I was always motivated by applying the skills those experiences gave me in the service of others and the community,” he says. “My role with Focus Ireland gives me the balance of applying my skills in what is, hopefully, a meaningful way. There is a lot to juggle but I enjoy that and the feeling that I am helping to make a real difference in people’s lives.” Focus Ireland published its current five-year strategy in 2021, laying out plans to support more than 4,000 households out of homelessness and prevent 3,000 households from becoming homeless. The strategy aims to deliver 1,150 new homes in partnership with local authorities and other State agencies through a mix of direct build, buying and leasing. “We have ambitious targets and a significant fundraising requirement each year,” says Dennigan.  “We receive substantial state funding, but it is not close to being enough to meet our overall financial needs. This year, we will have to raise over €14 million to fund our services and that is a big challenge.” A Fellow of Chartered Accountants Ireland, Dennigan says he was delighted to partner with the Institute to publish the joint briefing paper calling for targeted measures to keep small-scale landlords in the private rented market. “The document is relevant and appropriate in the current situation. We also believe there is an amplified voice when Focus Ireland and Chartered Accountants Ireland come together with a similar view and a similar set of proposals,” he says. “I would personally like to thank Chartered Accountants Ireland for helping us to share our message and we look forward to building on this collaboration in the future.”

Minister for Finance Michael McGrath TD talks to Accountancy Ireland about his political career, profession as an accountant and priorities for the months ahead Minister for Finance Michael McGrath can still recall the first time he walked through the doors of Leinster House in 2007 as a publicly elected member of the Dáil. It was, he says, “a humbling experience”. “It still is today—to be elected by your community. I will always be humbled walking into Leinster House as an elected representative of the people. It is an enormous honour,” he says. McGrath’s appointment last December as Minister for Finance was the latest milestone in a political career stretching back to the late nineties.  It was also an apt appointment for McGrath, a Fellow of Chartered Accountants Ireland, who is, he says, determined to “hand over the national finances in good health” when his term draws to a close. The seeds of McGrath’s political interests were sown at a young age, growing up in Passage West on the west bank of Cork Harbour. “During my school days, I enjoyed history as a subject and an interest in current affairs was encouraged at home,” he says.  “The news would always be on in the background and there were always newspapers around we were encouraged to read.  “I remember, because we lived in a rural area where it wasn’t possible to walk or take a bus to school, we would be driven there in the morning and the radio would be on in the car. I can still hear David Hanly interviewing people on Morning Ireland.  “It’s amazing how things stick with you. Listening to those interviews sparked an interest in me about the world around me and about political life, the reach it has and how much it influences pretty much everything that we do.” Start in politics While growing up, McGrath was also heavily involved in community sports and the local development association in Passage West. “I was very fortunate to be brought up in an area where there was a Town Council. They are all unfortunately abolished now, but it was a great starting point for someone like me with an interest in politics,” he says.  “You didn’t need a huge number of votes to get elected. If you had a good network of family and friends in the community, you could succeed.” As his interest in politics was taking root, McGrath was also learning that he had a head for numbers and an interest in business. “I did business studies at second level and decided to study commerce at UCC from 1993 to 1997,” he says. “That actually coincided with the introduction of specialised degrees at the university, such as finance and accounting and Business Information Systems. But I chose the BComm because I hadn’t studied accountancy at second level.” In his third year at university, McGrath began to seriously consider his career options. “I knew I wanted to stay in Cork and that I wanted to secure a professional qualification,” he says. “The obvious next step was to sign up to a training contract and continue with my studies. There wasn’t much accounting in the BComm, so I was only exempt from the old Prof 1 and some of the Prof 2 subjects, but I was very eager. “I finished the Prof 2 exams before I even started my training contract with KPMG the September after leaving college and went straight into Prof 3 in my first year of training, and the FAE the following year.” Value of the profession McGrath chose to qualify as a Chartered Accountant because, he says, he “saw the value of the qualification and the analytical skills it gives you”. “There was a lot of respect for the qualification, then as now. It is a professional passport—a globally recognised qualification that can take you anywhere in the world. I felt that it was the natural next step for me.” Shortly after joining KPMG and aged just 22, McGrath ran for his first Town Council election in Passage West and Monkstown.  “It was the year of my FAEs. While on study leave, I split my time between studying and canvassing for the election. I really enjoyed my four years with KPMG, learned a huge amount and met my future wife Sarah working there. As I always say, we fell in love across an audit file! After qualifying, an opportunity came up that I simply couldn’t refuse. I joined Red FM in Cork as financial controller,” he says. “It was a really exciting start-up radio station in Cork with some dynamic investors and I was there for a few months before it went on air, so I was involved in setting up the commercial relationships and recruiting staff.” McGrath’s work with Red FM involved reporting daily to the station’s chief executive and monthly to the board of directors. “As a young newly qualified accountant, it was a fantastic experience and gave me a great sense of the practical application of the qualification,” he says.  “I was doing monthly accounts, reporting to the board, managing relationships with suppliers, driving commercial revenues through advertising sales, and helping out with managing staff.” From there, McGrath returned to UCC, joining the finance office as head of management information systems. “My qualification as a Chartered Accountant allowed me to stay in Cork at a time when my interest in politics was really developing and I could pursue that in parallel,” he says.  “I managed to do both for a while, but eventually had to make a decision as to where my future lay. I stayed at UCC for a couple of years, but in truth, politics was taking hold at that stage. “I was on the Town Council and ran for Cork County Council in 2004, which was a much bigger deal. It required a much more vigorous campaign covering a larger area and I needed several thousand votes to get elected.  “After I was elected, I realised very quickly that I simply couldn’t do it all. I couldn’t be a County Councillor attending meetings during the day and, at the same time, hold down a senior role at UCC. I took the decision with my now wife, Sarah, to go for politics. “At that stage I knew where I wanted to go, but I wasn’t sure I could get there, and in many ways I was blind to the personal risks of giving up a secure pensionable job at UCC. It was a great place to work, but my passion lay with politics.” Proudest achievements McGrath was elected to Dáil Éireann for the first time in 2007 as Fianna Fáil TD for Cork South Central and went on to serve as Minister for Public Expenditure and Reform from June 2020 to December 2022, when he became Minister for Finance. “Looking back on my time as Minister for Public Expenditure and Reform, what I think I am most proud of is my role in maintaining social cohesion during the COVID-19 pandemic, which was a very dark period for the country,” he says. “We had to make decisions, sometimes with limited information, and make them very quickly. I really take heart now in the way the Irish economy has since rebounded.  “It vindicates the approach we took in introducing the Pandemic Unemployment Payment Scheme and the Wage Subsidy Scheme. “Reaching political agreement on the review of the National Development Plan with a commitment of €165 billion in capital investment through to 2030 is another achievement I am very proud of—and the fact that we managed to negotiate two public sector pay deals at a time of high inflation.” “As a percentage of national income, our annual capital investment is now among the highest in the European Union and this year, over €12 billion will fund vital infrastructure in areas such as housing, transport, education, enterprise, sport and climate action.” Now, as Minister for Finance, McGrath’s highest priority is, he says, to manage the public finances safely at a time of global turbulence.  “I am acutely aware of this responsibility, not just to the people we serve now, but to the next generation and those yet to come,” he says. “As Minister for Finance, I am ultimately the guardian of the public purse and ensuring that it is properly managed is my number one priority. “I am determined to play my part in handing over the national finance in good health whenever the term of this government ends or my term in this office finishes.” Current priorities Top of the agenda for McGrath currently is navigating the ongoing economic uncertainty prompted by the war in Ukraine and resulting inflationary pressures worldwide. “We are facing huge international challenges at the moment with the ongoing war, the spiral of inflation it has triggered, and the cost-of-living pressures households and businesses are having to endure,” he says. “Despite all of this, the Irish economy is in relatively good health compared to many other developed countries and we anticipate growth across the economy this year.  “The public finances are in good shape. We recorded an estimated general government surplus last year of over €5 billion, equivalent to two per cent of our national income, and we will be forecasting a larger surplus this year. “We have more people working in Ireland than at any time in our history—close to 2.6 million.  “Safeguarding these successes against the background of international economic uncertainty is a key priority for me—managing public expenditure in a sustainable way and handling the fall-out of signing up to the international OECD BEPS agreement.” Agreed in 2021, the OECD’s Domestic Tax Base Erosion and Profit Shifting (BEPS) deal will bring to an end Ireland’s long standing 12.5 percent corporate tax rate, instead introducing a 15 percent global tax rate for multinationals with annual revenues exceeding €750 million. The lower 12.5 percent rate will be retained for multinationals with annual revenues below this threshold. BEPS will also bring changes to the way in which corporate taxes are applied and collected. “I think BEPS will, in time, come at a cost to Ireland, but that has to be balanced against the policy certainty it affords us in relation to corporate tax as a key lever and, of course, at a European level, efforts are underway to negotiate reforms to the Stability and Growth Pact,” McGrath says. “There are changes to the fiscal rules and Ireland is very much part of this process and seeking to shape the overall outcome.” Indigenous business supports In the months ahead, McGrath says he will be “paying very close attention to the suite of enterprise taxes we have in our code”. “My question is: are we doing enough for SMEs through schemes such as the Key Employee Engagement Programme, the Employment and Investment Incentive Scheme, the Capital Gains Tax environment for entrepreneurs and, of course, the R&D tax credit system?  “I am very conscious that we have an extraordinarily successful Foreign Direct Investment community in Ireland. We must protect and continue to improve this where we can by remaining competitive and investing in our infrastructure and in our talent.  “However, I also think that it will be increasingly important in the future that we have an appropriate balance in how we support our indigenous economy.  “I will be looking very closely at the suite of enterprise tax measures we offer indigenous businesses to see if there is more we can do to incentivise entrepreneurship in Ireland, to reward it and create an environment in which start-ups see Ireland as a location in which they can scale.” Wise investment in public services is another key priority for McGrath. “It is crucial for me to ensure that we have a successful economy, but also that we use the fruits of that success to invest in vital public services,” he says. “We must continue to reform our healthcare system and build up permanent capacity within the system, while also focusing on the green and digital transition, both of which will be central to our economic development over the next 10 to 20 years. We must, of course, also address the huge challenges we face in housing.”

Andrew Keating, CFO at Musgrave Group, looks back at his career progression and tells us the most important lessons he has learned along the way Tell us about your current role? What does it involve? I was appointed as the Chief Financial Officer of Musgrave Group earlier this year. We operate 12 food and beverage brands, including SuperValu, Centra, Donnybrook Fair and Frank & Honest coffee, and feed one-in-three people on the island of Ireland every day.  Through our partnership with entrepreneurial independent retailers, Musgrave Group is also the largest private sector employer in Ireland with over 40,000 colleagues.  My role involves partnering with our CEO, executive colleagues, and our Board of Directors to develop and execute Musgrave Group’s business strategy in line with our purpose: “Growing Good Business”.  In addition, I lead, motivate, and develop our finance team—and, very importantly, I aim to act as a role model for our values across the wider organisation. You have had a highly successful career. What do you attribute this to? I believe my career progression to date has been as a consequence of the value and leadership I have brought to the organisations I have worked with, for my colleagues, customers, and wider stakeholders.  Of course, strong and relevant technical skills are important, but I have also found that, as my career has progressed, these skills have really just become the “minimum ticket to the game”.  Equally important for me has been my investment in developing my leadership competencies in areas such as impact and influence, commercial focus, change management and inspiring people.  Developing these competencies to a decent level takes time, a lot of practice and a willingness to learn from your mistakes. It’s important, therefore, to start your journey as early as possible. I would encourage ambitious Chartered Accountants to compare the amount of time they have invested in their technical skills (through school, third level, if relevant, professional exams, CPD, etc.) with the amount of time and energy they have invested in developing and nurturing their leadership competencies.  What was the best career advice you ever received and why?  One piece of career advice that really inspires me is to bring your whole self to work every day. This contributes strongly to a trusting, inclusive and authentic environment.  So much of the value we bring to our organisations comes through our collaboration with other people—colleagues, customers, and wider stakeholders.  The more effective these relationships, the more valuable our contribution to the organisation will be, and the more successful our own careers.  What do you look for yourself when you are hiring? When hiring new colleagues, I’m drawn to individuals who, I believe, could have a long-term career with our company. I don’t tend to simply recruit for a particular vacancy or role.  Once I have determined that the individual can do the job on offer from a technical perspective, my priority is to understand their competencies and values.  I want to understand where they are on their journey in terms of developing an authentic leadership style, how they might contribute to an inclusive team environment, how they will collaborate with colleagues, customers, and other stakeholders, and if their values are consistent both with the values of the organisation and my own. You can read this article and more about your career in accountancy in the Accountancy Ireland Career Guide 2023.

Investing time and effort in networking can help young professionals to develop important relationships and progress faster in their careers. Sonya Boyce explains why Networking is defined, broadly speaking, as: “the action or process of interacting with others to exchange information and develop professional or social contacts”.  When we think of networking as a transactional, one-sided, and artificial relationship, however, it can make us feel slightly uncomfortable about the concept, as though we are somehow using someone for our own professional gain.  Through our work with clients at Mazars and our own experience, we can see that post-COVID-19, working habits have reinforced artificial or contrived perceptions of networking.  Many employees have lost the appetite to network effectively and it can be difficult to mobilise people to re-engage with their existing network and forge new connections in-person.   Just as those connections become even more important in a physically disconnected professional environment, it is key that people invest now in re-establishing and developing their networks in a meaningful way.  Unlocking your network effectively in a post-COVID-19 world could be the key to deeper engagement with colleagues, faster career development and more enjoyable working environments and relationships.  Benefits of networking A strong professional network can be a powerful asset in your career development, playing a critical role in progression, professional opportunities, and making work more enjoyable. Building a network is about relationships with colleagues, bosses, friends, industry colleagues or connections.  Your network isn’t just the relationships you have nurtured over time with friends and colleagues. It also includes more distant relationships and connections with thought leaders, business leaders, and “infrequent contacts”, such as casual acquaintances, and people you have met at conferences.  While not necessarily as close, these connections can be an invaluable part of your network and often possess information or links that can grow your reach and opportunity to learn.  This network, of both close and looser ties, developed over the course of your career, can support greater job mobility, while also being beneficial for employment opportunities, career progression and rewards. Top networking tips Developing a network or networking is not simply about attending conferences and events to “sell” yourself professionally.  Growing a network is about relationship building, developing trust and engaging with the needs and interests of the people you meet and connect with.  To help you enhance this network, especially if you find the process intimidating, here are some useful ideas to consider:  Networking as learning Developing a network is not about gaining connections immediately. Like any relationship, it takes time to develop trust and understanding. Therefore, considering networking as a learning exercise in which we engage is important. Understanding people’s “currencies” Different people are motivated and engaged in different ways. Allan R. Cohen and David L. Bradford, the organisation psychologists known for their work about the power of influencing, wrote extensively on understanding people’s currencies, in order to be able to influence others without authority. Their work identified five primary currencies:  Tasks Position Inspiration Relationship  Personal These five “currencies” can help us identify areas for potential collaboration with other people, develop our networks, and deepen our relationships with others. Networking to get ahead Building your network is just as much about those outside your organisation as it is about your colleagues inside the organisation. One Cornell University study on networking found a correlation between a person’s ability to engage with internal network and their professional opportunities.  In the study, lawyers whose personal views of networking were positive ended with more billable hours and greater choice over the projects they wished to work on, than their colleagues who were less inclined to network.  In essence, those who engage colleagues, make connections and put themselves forward—i.e., those willing and able to develop their personal networks—were more successful in their careers.  Overcoming your fear There is a great opportunity for employers to support and encourage employees to network.  Julia Hobsbawm, author of The Nowhere Office, has, for example, promoted the idea of a Chief Networks Officer (CNO) as a means for organisations to put focus and energy into ensuring that employees are getting the most value out of their connections. Hobsbawm says: “Really, the office is going to be good for two things—social networks and learning. Because people have been out of the office, the last thing you want  to do is to send them to a conference.” Putting networks, and networking, at the C-Suite level would send a clear message to employees and customers alike about the importance of relationships, consistent engagement, chance encounters and stretch projects or developmental opportunities that come from our direct and indirect network.  Sonya Boyce is HR and Organisational Development Consulting Director with Mazars in Ireland You can read this article and more about your career in accountancy in the Accountancy Ireland Career Guide 2023.

Your personal brand is a definer of success in your career and the most visible marker of you and what you stand for. Veronica Canning explains why My definition of a personal brand is, “what people say about you when you leave the room”. It’s not what you say it is. It’s what others say it is—what others say about you. You know what I mean. Usually, the description is short, pointed and deadly accurate. Irish people are good with words, and there’s none better when putting someone down. So, your personal brand is not what you say it is. It’s what others say it is. It is also a definer of success in your career as it is the most visible marker of you and what you stand for and, as such, it offers you the chance to take control of what people say about you in a corporate setting.  It can give you a distinct advantage in having an active input into building your career. Listen well the next time you hear the side comments after a meeting, especially when someone has been upset.  How many times have you sat in a room and heard someone being written off with one sentence, or heard someone else being damned with faint praise? Whether or not you believe you have a brand, such comments constitute it.  Think of the most memorable descriptions that you have heard. Remember that a similar comment could be attached to you. Often admiration is expressed in few words, like: ‘rising star’, ‘jet-propelled’, ‘one to watch’, ‘born gentleman’, or ‘straight as a die’. Everyone has a personal brand. It’s not something you can opt out of. It is inevitable, but the good news is that you can control whether yours is ‘purposeful’ or ‘accidental’.  A crucial point is that what your brand looks and feels like is up to you! I believe that when you take control of all aspects of your personal brand, you craft a purposeful one that is authentic and is an integral part of your career plan.  In addition, a purposeful brand is considerably more likely to be a positive one, as you will see as you read on. I often say this to audiences when speaking at conferences, and I see the odd sceptical face, but when I ask them if their personal brand is accidental or purposeful, the scepticism disappears.  They move to questioning which kind of personal brand they have. It is an enlightening moment when you realise that every day people are interacting with you and judging you by your appearance, accent, behaviours, moods and by your impact on them.  If you are unaware of this and just do and say what you want, as you want, without reference to those around you, you definitely do not have a purposeful personal brand. Exploring your personal brand begins with these four hard-core truths: 1. You are at the centre of your personal brand The number one truth is that you are at the centre of your personal brand. It is built on you and your values, it emanates from you, it is played out by your behaviours.  For it to succeed and contribute to your development it must be authentic. You may think you can fake it like the person who asks everyone how they are and wants to look like they care, but then rosters them on long hours, or ignores requests to take leave for important occasions like weddings and funerals.  They fake that they are good people managers and care about their staff, but their deeds show that all they care about is results. You may be good at faking it, but believe me, others will eventually see the real you.  The inconsistency between the two is surprisingly visible to observers. It is often given away in subliminal ways and expressed as a feeling or intuition.  There is a dissonance, and observers catch it. Someone will express a fear that the person “is not all they seem to be”, or “there is something off about that person” and the result is an accidental brand, not a purposeful one. 2. You are in charge of your personal brand You create your brand daily, and you are responsible for it. Every action you take further defines it. It is vital that you realise that it is not an optional extra that you may get to later, when you are happy, wealthy and wise.  It is a big part of you now, at this moment. There is no point blaming your colleagues or your boss if you are in difficulty at work. You are a key player in your own drama.  Often, when I work with people who hate their job and everyone they work with, they see the answer as leaving so they can start afresh in a new place.  I always remind them that the unfortunate reality is that they take themselves with them to the new job. It’s far too easy to blame everyone else when you are the problem. 3. It is your single biggest transportable asset As people move away from having a job for life, or being a ‘lifer’ in one company, and move to having a career made up of different parts–jobs, periods of transition, breaks for education or childcare and, increasingly, periods of unemployment–your brand becomes your most valuable transportable asset.  In an increasingly fluid workplace, you have to move to a ‘portfolio’ approach to your career. You are the only constant as you move through a career spanning decades.  You therefore need to concentrate on imagining yourself as a little enterprise, ‘You Incorporated’, with unique skills, competencies and a personal brand. 4. It is a vibrant, evolving part of you The core ‘you’ remains more or less the same, but your confidence, experience, self-knowledge, projection and the extent of your fame changes.  You will not have the same personal brand as a mid-level executive as, later, a successful senior executive – at least I hope you won’t. The key message is that you have a brand at every stage, and as you learn from your mistakes, you will continuously adjust it. The great thing about getting older is that although you keep making mistakes, they are different ones, and you avoid repeating the disasters of the earlier part of your career.   Veronica Canning is a motivational speaker executive mentor and consultant, and author of Your Brand: Advance your Career by Building a Personal Brand You can read this article and more about your career in accountancy in the Accountancy Ireland Career Guide 2023.

Getting ahead in a new organisation requires planning, commitment and a willingness to be seen and heard. David Manifold, CFO of eShopWorld, explains how to do it right The best advice I can give young professionals on how to hit the ground running in a new job is to ensure you put the right plan in place before your start date.  Having grown from a headcount of 350 to over 1,000 in three short years at eShopWorld, I’ve seen first-hand how putting a strong plan in place before their start date has really benefited some of our new hires.  This plan should clearly detail your goals and objectives, broken out over the short-, medium- and long-term.  These goals, and the timeline you put in place, must be realistic, and you should be prepared to revisit and update your plan on a regular basis as you continue your journey through the organisation. Identify the key stakeholders in the organisation. During your induction, ask for one-to-one time with these decision-makers. This will help you to gain an understanding of the business as a whole.  Today’s accountant needs to have a wide breadth of knowledge when it comes to the dynamics of an organisation and, indeed, the wider industry in which it operates. You need this to perform your role in guiding future strategic direction.  Taking the right insights from decision-makers at all levels of the business can provide a goldmine of valuable information. One critical piece of advice I have here is to take the time you need reflect on what this information means and to form your own ideas and conclusions. This will give you a strong basis for determining your own career trajectory within the organisation.  Time and again, I see candidates rush into a new role with bundles of enthusiasm, and ideas they haven’t fully thought through. Unfortunately, this can have consequences. First impressions are important in winning stakeholders over.  I would encourage people to take at least three months of this induction period to muse and reflect on the insights they’ve gathered, and perhaps socialise draft ideas with some of the key stakeholders they have identified, before bringing them to the wider organisation.  This will give you a sound foundation on which to build ideas that could genuinely impact the business and set you on the right path for progression. So, by now you have your plan with your goals and objectives, and you’ve committed to updating the plan as you progress. To help keep you on track, I would highly recommend scheduling in formal one-to-ones with your manager at the outset. You will need this in order to gauge your progress and performance and keep track of where you’re going.  If this isn’t standard practice in your organisation, do it yourself. This will demonstrate a willingness to accept feedback (both good and bad!) and, in my view, huge initiative. Asking your manager to commit time to supporting your personal development is equally important for the wider organisation. I’ve seen first-hand the benefits, from a company perspective, of devoting resources to helping employees grow and develop, beyond their immediate contribution to wider business goals. Giving employees a sense of ownership is key to embedding the right mindset and culture in an organisation. Starting any new position at any time in your career is often challenging. Everyone will have those familiar feelings of trepidation, but, for young professionals with less experience, it can be especially daunting.   Putting a plan in place with support from your manager can really help to lessen the impact of the learning curve, and separate you from the pack. Stick with it, commit—and, above all, good luck! David Manifold is Chief Financial Officer with eShopWorld (ESW), the global e-commerce company founded in Dublin. ESW offers a range of in-country cross-border solutions, which allow global brands and retailers to localise their online offering in markets all over the world. Prior to joining ESW in 2019, David managed the group finance function at Oasis Group and spent close to a decade with Aer Lingus as Director of Integration and Corporate Strategy. He is a Fellow of Chartered Accountants Ireland and holds an MBA. Setting goals for career progression Having a clear picture of what you want from your career is key to realising your ambitions, writes Caroline Frawley Goal setting is a huge part of my life. I am a big believer in writing down goals, putting in the work and being conscious of what I want to achieve. When it comes to new career opportunities, having a clear idea of what you want is a great tool when beginning a job search.  Making a wish list of your dream jobs can really help you target your search and narrow down and identify what you want.  You can go into as much detail as you want, including factors such as: Organisation The size of the business – Would you like to work for a multinational, a large Irish business or do you prefer being in the heart of a growing SME with exposure to all facets of the business? Progression opportunities What is your medium to long term plan? Would you like to be able to grow in your next role? Leader Who are the type of leaders that inspire you? Location How do you envisage your commute? Would you like a role closer to home? Is fully remote something you would consider or would you prefer to be onsite with more day-to-day interaction? Salary Is a jump in salary extremely important, or is finding the right role or getting a foot in the door of a particular organisation more important? Work life balance  We all want it, where does it rank in your priorities? Environment What type of office would you like to work in?  Can you see yourself sitting in the heart of a manufacturing facility or would you prefer a Shared Services Centre or a company’s headquarters? Skillset Do you want to continue using the skills within your current area of expertise or would you like to pivot into a new area? Flexibility What does flexibility mean to you? Is a job where you can work from home for some of your week crucial in your next move? Team Who are the type of people you want to spend the majority of your week collaborating with? Non-runners Are there any things that you don’t want in your next move? Not every role will tick all the boxes, but having a wish list will help narrow down your non negotiables.  This list can be really useful whether you are working with a recruiter or applying for roles directly.  It’s likely this list will evolve over time as you review different job specs and start the interview process across different businesses. And you never know, you might be one of the lucky ones, and a year from now, you might realise you have manifested your dream job. Caroline Frawley ACA works with Barden’s Mid-Senior Accounting Team, supporting accounting professionals in Munster You can read this article and more about your career in accountancy in the Accountancy Ireland Career Guide 2023.

Starting a new role with a new organisation can be daunting, but you should embrace  the challenge and plan ahead to hit the ground running, writes Pamela Fay “Will I fit in and belong here?” For most candidates starting a new role with a new employer, this question will be top of mind.   You may be apprehensive about how best to understand and define your role in relation to the wider organisation, or you may be preoccupied with ‘culture fit’. Will you be a good fit in terms of the work you will be expected to do, the way you will be expected to work, and your traits and values? You’ll be thinking (probably quite a lot) about the projects and tasks you will be working on, and the people you will be working with.  All of this is normal and natural—and believe it or not, you can start to prepare for any uncertainties or challenges that might lie ahead long before you join the organisation. Your starting point is to go about finding out as much information as you can about the organisation in advance. Do your research Context is incredibly important when you’re about to take on a new role with different people in an unfamiliar culture and environment.  You want to find out what day-to-day life is like. Many Chartered Accountants will be joining big firms and these firms will have their own stated way of doing things—i.e. their values and what they say they do. In all organisations, however, there are also hidden systems.  You need to know what time you are expected to be at your desk, for example, what the accepted dress code is, and the extent to which you can work from locations outside the office, if at all. To get ahead of these questions, I would recommend reaching out to any existing connections you might have to people already employed at the organisation, either directly or via their extended network.  Find out what day-to-day working life is going to be like and research your team—who will you be working alongside and reporting to?  What is acceptable and encouraged in terms of communication style and presentation? What’s frowned upon? Listen and learn Your first six weeks in any new job is a time for observation. You shouldn’t really be aiming to do anything radical, or cause a stir, during this period.  Instead take the time to talk to your new colleagues, join them for tea or coffee, attend all the meetings you are invited to. In short: listen and learn.  It can take a long time to find out how an organisation functions, and you need to understand your role in the organisation, and what you are being asked to do.  You should be curious. Do as much research as possible, and ask as many questions as you can (never be afraid of appearing stupid), and take any support you’re offered. Appear, behave, communicate When it comes to the impression we make in the workplace, I always come back to the ‘ABC’. This is how you appear at work, how you behave, and how you communicate.  How you appear If you wear a suit on your first day, you need to wear a suit all the time. The team around you needs to know what impression you will be putting forward both within and outside the organisation. How you behave This is about how you conduct yourself at work. Are you behaving in a way that leads others to believe you are responsible, conscientious and empathetic? Are you polite and respectful of other’s views and contributions? Do you turn up, or log in, to meetings on time? Are you actively demonstrating that your are trustworthy and reliable? How you communicate Some people respond to emails quite quickly. Others don’t. Really, it doesn’t matter which category you fall into. What matters is that you are consistent. Nobody is perfect For many people, the thought of putting a foot wrong in the early stages of a new role will be a worry.  No one wants to get off to a bad start, but it’s also important to remember that we can almost always recover.  If you make a mistake, own up to it and face the consequences.  Look for support when you need it, chat to family and friends about what went wrong, and don’t try to handle the situation alone.  Colleagues may also be able to help you out because they’ve already ‘been there, done that’.  If your problems run deeper, however—if you’re not happy with your boss, for example, or you don’t share the same values as the people you are working with, you may need to start considering your next move. Trading places My mother had some great advice. She used to say, ‘never get stuck in a corner’.  If you’re unhappy with your role with an organisation, take your time before you make any definite decisions.  Don’t get cornered. If you decide that it would be best to move on, leave on your own terms. Again, this comes back to my earlier advice about doing your research.  An extra couple of weeks in a role you may not be enjoying is nothing compared to moving on to another role you may later regret. Life is all about learning and, really, it comes back to that saying ‘short-term pain for long-term gain’.  In my own career, I once took a job I wasn’t suited to. I stayed in that role for a year, but during that time, I was also actively looking for new career opportunities.  I realised pretty quickly that the organisation I was working for wasn’t going to change, so it was up to me to bring about the change I needed. Find your tribe Even if you’re happy with your new organisation, you may still find that you’re not getting the chance to fully utilise your skills in the role itself. In this situation, it’s a good idea to think about how these skills might be deployed in the wider organisation-in collaboration with another team or department, for example, or as part of a specific project. Seek out, take and create opportunities to showcase your abilities and demonstrate how you can add value to the organisation. Remember, different teams will work in different ways.  I’m a big believer in getting into an organisation you want to work for and then assessing your situation six months or a year in.  By then, if you have the sense that you would be better suited to another part of the organisation, you may be able to make the case to switch teams and take on different responsibilities.  Teams and team dynamics play a crucial role in how we experience our working lives.  Even if we enjoy the work we are doing, we need to feel valued within our team, and to be able to trust, rely on, and draw inspiration from our team-mates.  This is especially true for Chartered Accountants, who are often required to work very hard under severe time pressure. Support, camaraderie and teamwork really matters.  Recommended reading In her book Working Identity: Unconventional Strategies for Reinventing Your Career, author Herminia Ibarra outlines an active process of career reinvention. Ibarra’s approach leverages three ways of “working identity”.  These include: experimenting with new professional activities; interacting in new networks of people; and making sense of what is happening to us in light of emerging possibilities. Pamela Fay is an executive coach, coach supervisor and owner of Business Performance Perspectives You can read this article and more about your career in accountancy in the Accountancy Ireland Career Guide 2023.

Nailing your job interview comes down to preparation, presentation and delivery. Michelle Byrne outlines the golden rules to help you succeed on the day When you’re looking for a job, always remember that, while your CV gets you the interview for the job, it’s the interview that will get you the job itself. When we’re hiring someone new into a firm like Deloitte, it’s crucial that they are the right fit for our firm. Skills and experience are important, but we also want to find out what motivates you—your passions, interests, and hobbies—and how they can make an impact within a firm like Deloitte, and with our clients.  If you have travelled a lot, for example, this tells us that you have had different cultural experiences, and you could potentially bring these experiences with you to your new role if we decide to hire you. Here are some traps to avoid and tips to help you get ahead at interview and increase your chances of getting that new job: DON’T oversell yourself Honesty and integrity are crucial. The interviewer will soon discover if your story doesn’t match your CV and, remember, the interviewer will ask you questions based on the information contained in your CV. Your answers should be specific and include examples that demonstrate what drives you as a person and showcase your skillset.  If you worked as part of a team, explain how you contributed as an individual, rather than taking personal credit for the team’s achievements.  DON’T be vague Prepare a good opener and a strong closer for your interview. First and last impressions matter.  When your interviewer concludes by asking you if there is anything more you want to know about the organisation, use the opportunity to talk about your ambitions.   Don’t ask an obvious question when the answer is already available on the organisation’s website. At Deloitte, we’re looking for people who have ambition to grow and pursue their passions through their work.  Remember, your interview is your opportunity to ask questions about your potential employer, so don’t be afraid to challenge the interviewer.  Don’t give the interviewer answers you think they want to hear. Give them the answers that demonstrate the power of your story. DON’T be nervous You have been called for this interview because, on paper, you look fantastic. We always encourage our candidates to relax to ensure their confidence shines through.  If you don’t appear to be confident in your own abilities, the interviewer is going to find it difficult to decide if you are the right fit for the organisation. At the same time, try not to be too over-rehearsed. I want to know about you, who you are, where you are from, and what you do in your spare time.  You don’t want to be too informal, but when you are doing an interview, you are having a conversation with the interviewer as you tell your story.  DO nail the basics Never neglect the basics when you’re interviewing for a new role. How you present yourself, and your body language during the interview, are both very important. Your interviewer will form an opinion of you quickly.  If your interview is in-person, your initial handshake will be very telling—and you must be engaging: use direct eye contact at all times and don’t forget your posture.  If you sit in a very rigid position, it can make it difficult for the interviewer to build up rapport with you during the interview, so pay attention to this. And you can never be too overdressed when you are interviewing for a professional role. Dress neatly and professionally. DO prepare thoroughly Once you’ve been invited to interview, it’s important to do your homework in advance so that you know and understand the firm you want to work with, its values and business drivers. If I’m interviewing you, I will want to see how you can demonstrate the impact you can bring to our firm. Equally, I will want to know what you want us to give you as your potential employer, and what you value among colleagues and team leaders. It’s a good idea to do a mock interview with a friend before your formal interview—not your best friend, but someone you would be a little bit nervous sharing your life story with.  This will help you to relax on the day of the interview and also to anticipate questions that may take you outside your comfort zone. DO build a rapport  You know there will be other candidates for the job on offer, who will have excellent qualifications and experience, but your interview is your chance to shine and set yourself apart. Try to build a rapport with your interviewer. Ideally, they should leave the encounter feeling that they know you as a person, and that your story has made an impact on them.  You will have demonstrated that you share the organisation’s core values and purpose, and that you will help to drive the organisation forward. Michelle Byrne is a Partner in Audit and Assurance, leading the Financial Reporting Advisory team at Deloitte Ireland You can read this article and more about your career in accountancy in the Accountancy Ireland Career Guide 2023. The interview process has changed massively as a result of the pandemic and interviews are now being held both remotely and in-person.  At Deloitte, we operate a fully hybrid model, so it’s important for candidates to be prepared to shine in both scenarios. Remote interviews are particularly attractive for employers who want to employ candidates based overseas, but we shouldn’t underestimate the significance of the in-person experience.  If you think you can make a bigger impact in person, there is no harm in asking to be interviewed face-to-face. Remember, there will also be different stages to the interview, however. While your initial interview may be done remotely, the second interview will often take place in person.

The right approach to your job search and career planning will give you the best possible chance of securing the perfect role for the next phase in your career, writes Dave Riordan Every year brings a slightly different job market for Chartered Accountants and 2023 is no exception.  As a Chartered Accountant at the early stages of your career, you will need to keep a close eye on economic trends, both national and global, as well as the sectors that are buoyant and those that are stagnating.  Even if you have only just gone through the job search process as a newly qualified ACA, it’s worth revisiting the key elements of the process that you need to get right.  This will give you the best possible chance of securing the perfect role for the next step in your career path. Here are some key pillars of the process worth considering: 1. Know your strengths and weaknesses The best place to start is by getting to know yourself. There are several methods by which you can test your aptitudes, strengths and weaknesses.  Think about taking aptitude tests and talking honestly with mentors and peers about your work and career. Take time to explore and define: what you are good at; what you have been praised for at annual reviews, and;  what you want to improve and develop. Create your own ‘career file’ aligning all three items with your career goals. 2. Define your brand Build your CV while being cognisant of your personal brand. What unique selling point (USP) do you want to convey to set you apart from your competition?  When building your CV, don’t just list off the historical duties and responsibilities of the roles you have held.  Describe your value and highlight your key achievements concisely to the reader. Remember this is your sales document. Its purpose is to get you to the interview stage.  3. Prepare for interviews Plan for both formal and informal interviews. Write down your key stories and examples and refine how you will put these across to an interviewer.  Start to build your interview narrative: what are your main selling points, key stories that illustrate your abilities, strengths and accomplishments, and examples of how you have added value in previous roles?  Don’t be afraid to ask for advice. Contact the Institute’s Careers Team or a respected recruiter to request an interview preparation session. Remember, every interview is different, so customised preparation is always advised.    4. Document your career plan As we’ve mentioned here already, it’s a good idea to put together your own ‘career plan’ document, and to get into the habit of updating it on a weekly basis.  Your career plan should become an essential resource when you are job-hunting, with information on market intelligence, key networking contacts, prospective job titles, and preferred companies to work for. Once you have worked out what your USP is, think about how you will articulate this to recruiters and hiring managers.  Write an action list aimed at enhancing your profile in the market. Have an ongoing segment in your career plan examining extra qualifications or courses, charities you can get involved with, pro bono board positions, etc.  Make sure you fully research the different directions you could potentially take your career in, particularly if there is more than one sector you are passionate about.  Don’t worry too much about what your peers are earning, or whether their employers seem ‘glamorous’—far off hills are always greener! 5. Do some market mapping You should begin market mapping during the initial research phase of your job search and document the results in your career plan.  Mapping will help you job search more efficiently, rather than taking a scattergun approach to applications.  Analyse which organisations you want on your list of ‘top ten’ preferred employers and follow them on social media to stay abreast of current developments in each.    Set up alerts for different job titles you are interested in with various jobs boards. The roles sent to you will give you a broad snapshot of what your target market looks like.   While standing at your ‘job change crossroads’, make sure you step back and take a helicopter view of the many ways you can use your qualification, and the myriad sectors and roles open to you.  6. Build your network When you qualify, it can be tempting to distance yourself from the Institute, which you have perhaps come to associate with study, exams and hard slog over the course of your three-and-a-half year training contract.  However, now is the perfect time to stay close to the Institute and leverage this ready-made network by participating in events, committees and CPD talks, etc.  Adopt a networking mentality by starting to speak to your peer group about what they plan to do with their careers in the years ahead.  Use social media platforms, such as LinkedIn, and start to build sector and business connections. This will also serve to raise your visibility in the market, as well as enhancing your personal brand.  Don’t be shy about exploring the LinkedIn profiles of successful Chartered Accountants that are a few years ahead of you. It can be useful to look at the steps they have taken in their own careers and the upskilling they have taken part in along the way.  7. Apply the right way When it comes to active job applications, there are three main ways to secure a new role: recruiters; direct applications, and; your personal network.  Pay attention to how much time you are investing in each of these three options, bearing in mind the stage you have reached in your career pathway.  If you are working with a recruiter, make sure they fully understand the nuances and intricacies of a career as a Chartered Accountant.  And keep in mind when making applications, that a short- or medium-term contract might be the perfect move for you at this juncture. 8. Round up the right referees Consider formalising your professional relationship with a few experienced mentors whose advice and support you can count on as you look to progress your career. Think about who you would like your referees to be in 2023 and beyond—making sure they will be ready to sing your praises when needed.  9. Consider overseas experience Any recruiter will tell you that Chartered Accountants with international experience tend to display a worldliness and maturity that comes across well at interview.  Working abroad can deliver great experience, giving you valuable ammunition and confidence for future interviews.  Very often, greater responsibility is given to Chartered Accountants working overseas, which can help to accelerate your career trajectory if you return home.    Dave Riordan, FCA, is a recruitment specialist and career coach with the Careers Team at Chartered Accountants Ireland  You can read this article and more about your career in accountancy in the Accountancy Ireland Career Guide 2023.

A well-timed professional pivot can turbo-charge your progress and propel your career in an exciting new direction, but it’s not without its challenges, writes Siobhán Sexton   It can be difficult when we’re starting out in our careers to know exactly where we want to be in the future.  We’re navigating the ins and outs of the professional world, many of us for the first time, learning about our strengths and weaknesses, and striving to meet our responsibilities and, where possible, exceed expectations. It’s not surprising then that, for some of us, the bigger picture can take a back seat and it’s a few years down the line before we realise that we may be heading in the wrong direction.  For Chartered Accountants with a few years’ post-qualified experience under their belt, it’s not impossible to pivot and propel your career in a new direction—from practice to industry, for example, or vice versa, or from a Big 4 firm to a smaller practice.  Timing is important, however, so, if you find yourself questioning your choices where you are, get the advice you need to make the move to where you want to be. Options starting out Once Chartered Accountants qualify, they have a number of options open to them. The majority move into industry or financial services, depending on the department they have trained with.  Typically, between 75 and 80 percent will move into a financial role in industry. Ten to 15 percent, meanwhile, will become financial analysts, and the remainder will become internal auditors or tax specialists—again, depending on the area they have trained in. Some might choose to move abroad to gain international experience and others will choose to stick with the practice they trained in, gaining additional experience and becoming managers and assistant managers.  For those that move from a bigger to a smaller practice, the draw is often the opportunity to gain experience they did not have access to during their training contract.  Financial accountants and financial analysts have different job titles in different companies. At Barden, when working with qualified accountants, we spend a lot of time deciphering what these job titles mean. Your options now It’s possible to move from practice into industry, or from industry into practice. However, the further along a professional is in their career, and the more senior they have become, the trickier it becomes to make a lateral career move, one potential consequence being a drop in salary.  Hence, most professionals tend to make the move earlier, rather than later, in their career.  The most common move we see is from practice into industry. The appeal here for some candidates is that, in business, accountants tend to gain really good exposure to reporting and analysis. It’s less common for accountants to move from industry to practice, but doing so can actually be very rewarding.  You have the opportunity to gain experience across different industries, for example, and to learn about building key business relationships with clients and other stakeholders. Long-term opportunities The earlier you make the move from practice to industry, or vice-versa, the easier it will be. Ultimately, you have to ask yourself, ‘where do I see myself in the long-term?’  If you don’t see yourself as a partner in practice, for example, it would be more beneficial for your long-term career to move out of practice sooner rather than later. If you stay in practice for a couple of years and then look to make a move, you may be competing with people who have already switched course and gained experience in industry.  Also, the more senior you are in your existing career, the more likely it is that you will have to compromise on salary or title to gain traction where others have already proved themselves. Joining a smaller practice Leaving the Big 4 realm to join a smaller practice will typically allow you to gain broader experience.  If you’re coming from the audit department of a Big 4 firm, for example, you naturally won’t have gained a lot of exposure to tax.  Working at a smaller practice, you will gain wider experience of financial reporting, tax and advisory services, acting as a trusted partner to clients in businesses that are typically owner- or manager-led.  It’s important to bear in mind that, by their nature, these businesses will be smaller than the clients you will have worked with in Big 4. It’s a different dynamic. To move or not to move? A career-focused Chartered Accountant will typically move two or three times in their first five years PQE, either internally or externally. At Barden, we recommend that you initially seek out opportunities internally, because you will already have gained a solid understanding of the business and that can be a big advantage. There are no hard and fast rules in this scenario. If you’re gaining good experience in your existing team, learning from good people around you and you’re progressing, don’t move just for the sake of moving. If you feel you’re not the best person on your team, however, you’re probably not in the right place and an internal move could bring better career benefits. Moving overseas For those who have itchy feet and an urge to travel and explore after the stifling restrictions of the recent pandemic, the good news is that the Chartered Accountants Ireland qualification is recognised in the majority of countries worldwide. Better yet, in the current market, there is strong demand internationally for Chartered Accountants trained in Ireland.  The ease or difficulty of moving abroad will depend on a number of factors, including an individual country’s visa requirements. In some cases, you might also need to consider language barriers.  If you want to work in France, for example, you will need to factor in your ability to speak French well enough to communicate clearly with colleagues and clients. Plotting your job search If you’re looking for a new role, either in your existing field or a new one, your first port-of-call should be an expert recruitment firm specialising in your profession and skill set. At Barden, we are all qualified Chartered Accountants, advising Chartered Accountants.  Sending out your CV blindly, without having a fundamental knowledge of the role you’re applying for, or the organisation you’re applying to, is a huge risk. Instead, you should thoroughly research the companies and organisations that are recruiting and for which you would like to work.  Other people’s views and experiences matter so don’t be afraid to talk to people who may have experience of working for these companies—but take care to maintain a balanced view of what they have to say. Gather as much information and insight as you can before you make any final decision. At Barden, we advise and guide Chartered Accountants on a daily basis. We give them step-by-step guidance on their CVs and support them with interview preparation, so that they have the best possible chance of succeeding in their job search. The primary focus of your CV will be on your professional qualification and work experience, but don’t neglect your interests and activities outside work. You may enjoy sports, have an interest in the arts, or engage in voluntary work, for example.  All of this makes you human and, for the majority of employers, culture fit is very important. Preparation for interviews is also crucial. At Barden, we will spend an hour with you either over coffee or via Microsoft Teams, going through sample interview questions and answers to make sure you are properly prepared.  Siobhán Sexton, ACA, is Business Lead Expert in Recently Qualified Accounting, Tax and Practice Careers with Barden You can read this article and more about your career in accountancy in the Accountancy Ireland Career Guide 2023.