In today’s rapidly evolving environment, professional development and continuous learning have never been more essential for chartered accountants. Staying informed on emerging trends changes not only helps CAs remain competitive but also provides a clear advantage for those looking to advance their careers and increase their earning potential.

The career benefits of upskilling

Upskilling in high-growth or emerging areas of accounting can fast-track your career advancement and lead to higher paying roles. By strategically planning your career and focusing on in-demand or niche skills, you can unlock new opportunities with greater earning potential and career growth.

Expanding your skill set enhances your chances of securing specialist or leadership positions, while demonstrating to current and future employers your commitment to continuous learning and self-improvement – both highly valued traits in any candidate.

Upskilling linked to higher salaries locally and abroad

Based on the 2024 CA ANZ Remuneration Survey, there is some correlation between professional development and increased salary for CAs. Many credit upskilling – whether through postgraduate studies, micro-credentials or professional development courses – as one of the key factors that propelled them into higher paying roles.

Upskilling in high-demand areas not only enhances earning potential locally but also opens doors to lucrative opportunities abroad. “The portability of the CA designation has always been a strength. While the international survey respondents largely held senior roles, it does highlight the strong remuneration available overseas," says Ainslie van Onselen, CEO at CA ANZ.

The benefits largely outweigh the costs in professional development

Some CAs may hesitate to upskill due to cost or time commitment concerns, but the long-term financial benefits typically outweigh the investment for those most driven to level up in their careers. It pays to understand your company's professional development budget and how to best use it to develop high-demand skills.

Specialist areas that drive salary growth

Unsure of which areas to upskill in? Pursuing learning and qualifications for niche, in-demand skills could be a great starting point.

Emerging niche skills in demand

While core accounting expertise remains vital, specialising in high-demand areas boosts both career progression and earning potential. Some of the most lucrative specialisations include:

• Forensic accounting – businesses increasingly require experts to investigate fraud, misconduct and financial irregularities
• Sustainability and ESG reporting – as environmental, social and governance sustainability regulations tighten, companies seek CAs proficient in climate risk assessment and non-financial reporting
• Cybersecurity and risk management – with cyberthreats on the rise, accountants who understand risk mitigation strategies are highly valued.

The advantage of adding tech expertise

There is no denying that technology is reshaping finance and CAs with tech-driven insights will certainly stand out in the job market and distinguish themselves from their accounting colleagues.

Key areas where AI, automation, and data analytics impact accounting include:

• Blockchain and cryptocurrencies – understanding decentralised finance and crypto taxation is an emerging must-have
• Data analytics – advanced analytics help businesses predict financial trends and make data-driven decisions
• Automation and AI – many firms seek accountants who can implement AI-powered financial reporting systems.

The demand for tech-aware accountants continues to rise, making this an excellent area for upskilling.

Setting career goals aligned with market needs

To maximise salary potential, CAs should look to align career aspirations with market trends. Consider these career planning steps:

• Assess industry demand – review job market reports and salary surveys to identify growth areas
• Define long-term goals – do you aspire to be a CFO, partner or specialist consultant? Map out the required skills and key milestones you’ll need to tackle along the way
• Stay agile – the industry evolves quickly, so regularly reassess your goals and upskill accordingly.

Identify skill gaps

Don’t rely on your manager to guide you through this process. You can identify the most valuable areas for improvement by using a range of resources:

• Self-assessment tools to evaluate proficiency in core and emerging skills
• Industry reports that highlight in-demand expertise
• Mentor feedback to gain perspective on professional strengths and weaknesses.

Leverage CA ANZ learning

CA ANZ provides a wealth of upskilling opportunities, including:

• Online courses and micro-credentials covering emerging finance topics
• Webinars featuring industry leaders on regulatory changes and career strategies
• Mentorship programs connecting CAs with experienced professionals.

With diverse learning options, CAs can customise their development journey to fit their career aspirations.

How to show your employer that upskilling offers mutual benefits

It can be difficult having conversations about professional development when time or budget is tight. However, many employers are willing to fund professional development when they see a clear return on investment.

Key points to highlight when pitching upskilling are:

• How new skills will solve active business challenges (e.g., cost reduction, efficiency improvements)
• The potential revenue impact, such as expanding the company’s advisory services or improving risk management
• Cost-saving benefits, such as reducing reliance on external consultants.

By positioning upskilling as a win-win scenario, CAs can secure employer support, while enhancing their career prospects.

Upskilling and professional development is more than just a strategy for salary growth – it’s a pathway to your career resilience and financial security. CAs who continuously expand their expertise remain competitive, adaptable and highly valued in the market.