Malta’s accounting lobby launches initiative to address critical industry shortage of accountants

The Malta Institute of Accountants (MIA) launched an awareness campaign that will help students in secondary schools make informed decisions about pursuing a study path in accountancy. The initiative targets all students in Year 8 (Form II) and Year 11 (Form V) in state schools, church schools, and independent schools.

Addressing a press conference on Thursday, MIA President Fabio Axisa told the audience that the shortage had been felt “phenomenally” for the past five years, with demand, thanks to Malta’s robust financial services industry, far outstripping supply.

While such demand would ordinarily be met through foreign workers, global events such as the pandemic and Brexit meant this is no longer a viable solution.

He said currently, between 150-200 accountants are being registered annually, and that this was around half of what Malta’s economy requires.

The campaign reaches out to students with interactive virtual sessions where they can learn more about a career in accountancy and how to approach the educational journey. The meetings will give students the opportunity to raise any questions and the speakers can address any misconceptions surrounding the profession.

“Accountancy is a rewarding and dynamic profession that prepares the up-and-coming generation well for the future,” explained MIA CEO Maria Cauchi Delia. “This is the first campaign of its kind by the Institute, and we want to bring accountancy closer to students.”

The project outcomes are based on a study conducted earlier this year with students in secondary schools with the support of the Directorate for Learning and Assessment Programmes. Participants in the survey shared their opinions and perceptions about accountancy.

Ms Cauchi Delia described the campaign as a future-looking initiative that fits into the national education strategy and seeks to build new competencies fit for the 21st century.

Addressing the launch press conference, Education Minister Justyne Caruana said that the campaign sets a good example for other professions to follow. “This is a significant initiative because it focuses on critical years in children’s educational journeys. It is our duty to align our aims with the needs of the country and the MIA awareness campaign will offer all the opportunities of accountancy to students.”

Mr Axisa said that the accountancy profession is crucial to Malta’s economic and social development. “As an Institute we feel an obligation to stimulate new talent that can keep transforming the profession as well as the country. Accountancy does not only provide technical skills, but human skills as well and we are delighted to make this investment in education.”

The campaign will be supported by a year-long digital communications effort to keep students and their guardians as well as educators engaged in the process.