JOB MOBILITY OF MALTESE CPAS: MYTH
OR REALITY?
Hive of Activity
CPAs are like honey bees. Bees symbolise hard work, creativity, productivity and teamwork; all of which
precisely describe the profession of a CPA. Recounting William Shakespeare, “For so work the honeybees, creatures that by a rule in nature teach the act of order to a peopled kingdom.”
Compared to the traditional professions, the accountancy profession is relatively new but the importance
and value of a CPA is continuously increasing. Nowadays, all professionals have become much more
mobile, and CPAs are no exception. The majority of CPAs start their career in audit firms, and then move
on to the industry. Accounting is far-reaching and varied, and whilst studying, CPAs touch upon numerous
subjects and areas of accounting, which are all careers in their own right. These would give them a good
horizon, and encourage them to experiment and grasp different fields.
The concept of a lifetime commitment to one particular entity is no longer valid. When contacted, a
foremost politician contended that “we are losing the concept of a job for life” and that technological
advances and economic instability are two of the many factors that may be driving this process.
When interviewed, Big-Four representatives agreed upon the existence of job mobility amongst CPAs,
brought about primarily by the fact that the industry offers CPAs limitless advancement opportunities.
Results from a questionnaire which was sent to a sample size of 1,202 Maltese CPAs, achieving a 27%
response rate (n=320), established that 63.6% of the respondents who still work as CPAs have been
job mobile throughout their career. Moreover, 96.4% of the job mobile participants were mobile in
Malta, 23.1% worked in the EU as well, whilst only 15.4% attempted employment in non-EU countries.
Besides, 62% of the CPAs who left the profession were job mobile when they were still working in the
accountancy profession.
Young CPAs are more inclined to explore and experience new opportunities, as opposed to the elder
generation. Moreover, newly qualified CPAs may be also looking around to improve their remuneration
package.
Like A Queen Bee
Just like bees single out pollens that are rich in nitrogenous substance, CPAs are likely to migrate to where
there is the highest demand, where conditions are optimal, and where they are rated highly.
Whereas in the past there were concerns about overproduction of qualified CPAs, nowadays, not only
graduates have no difficulty in finding employment once they qualify, but Maltese audit firms require the
engagement of foreign CPAs in order to fill certain gaps when necessary. It was deduced that the need to
recruit foreign CPAs as a result of shortages of supply in Malta is largely due to the increased job mobility
of the younger generation.
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Europe As The Land Of Milk And Honey
Free mobility of EU citizens is a core value of the EU. It is also thought that free labour mobility contributes
to a better labour allocation across the EU, and thus assists in countering labour market imbalances.
Honey bees are likely to travel up to 6.5km to collect nectar and young CPAs are just as eager to venture
into working abroad, especially within Europe, which enables them to acquire diversified job experiences
and increased confidence in one’s own ability, aimed at taking up senior positions once they return to
Malta. At that point, locally we would end up with more experienced and skilful CPAs, enriching the
labour market.
Since Malta’s accession in the EU, there has been an upsurge of Maltese people working in other Member
States. The most popular country visited by Maltese CPAs is England, suggesting that the British legacy in
Malta still lives on.
Venturing Beyond The Territory
The number of CPAs who decide to work outside the EU is on the increase and the most popular
destinations are the U.S., Canada and Australia. This trend is foreseen to step up in the years to come,
especially once the international convergence of accounting standards is achieved. Undoubtedly, having
international experience opens up broader horizons.
The Determinants That Contribute To Or Limit The Drive
Of Job Mobility
Factors That Encourage Job Mobility
Big-Four firms believe that job mobility is existent as a consequence of the accountancy qualification. In
addition, the most common reply given by Maltese politicians was that of ‘increased opportunities and
job diversification’. Indeed when asked about the main reason behind becoming job mobile, ‘to gain
experience’ resulted in being the most popular hit for CPAs (30.3%), followed by ‘no opportunity for
career advancement and training opportunities’ (17.9%) and ‘to set up own practice’ (13.3%).
Males and females have contrasting motives behind becoming job mobile. For instance, whereas males
are more likely than women to change job due to no opportunity for career advancement and training
opportunities, women are more inclined to become mobile due to unsatisfactory working conditions.
The CPA warrant is another important factor that contributes to mobility, because a significant number of
individuals change jobs once they obtain the warrant. The skills that CPAs acquire until they achieve their
qualification and get warranted are quite widespread, so much so that they put them in a steady position
to hop around and exploit opportunities.
Finance Malta deems Malta to be “internationally recognised as a brand denoting excellence in financial
services”. Being a financial hub, Malta offers numerous openings and opportunities for CPAs, brought
about as well by the growth of funds, insurance, betting and gaming industries. However, CPAs determined
that job mobility may also occur due to lack of opportunities for career advancement. Salary is the main
Members of Nexia International, a worldwide network of independent accounting and consulting firms
Nexia BT, The Penthouse, Suite 2,
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contributing factor of overseas job mobility of CPAs. In fact, 28.2% of CPAs who were job mobile but
never worked abroad would be heartened to go overseas in case of prospects of better income. This
could be because although on the increase, salary ranges in Malta are quite low when compared to other
developed nations. Moreover, the younger generations are continually inveigled by high remuneration,
which attracts Maltese CPAs like bees to honey. In addition, only 0.9% of CPAs stated that they would go
overseas due to better chances of finding employment. This confirms once again that the opportunities
in Malta for CPAs abound.
Factors That Hinder Job Mobility
“The love of one’s country is a splendid thing. But why should love stop at the border?” – Pablo Casals
Just as bees cannot see red and struggle to recognise it from green leaf backgrounds, barriers to
international labour mobility for CPAs may be profuse. These may include work permit issues, cultural
differences, lack of available information on working abroad, recognition of qualifications and worse
working conditions, amongst others. The loss of direct contact with family or friends is the most prevalent
deterrent of overseas job mobility to Maltese CPAs. In the words of Marcus Aurelius, “That which is not
good for the bee-hive cannot be good for the bees”, and the fear of disrupting close-family relationships
will always be the predominant hesitance of Maltese citizens to go and work abroad. 27.4% believe that
their home is Malta; whereas 12% are turned off due to the necessity of adapting to a different culture.
Research findings identified that age is one of the most significant determinants of job mobility. Advancing
age, coupled with the preference of employers to engage younger CPAs, makes job mobility in the later
stages of life much less prevalent.
The Benefits And Ill Effects Of Job Mobility
On The Positive Side
The benefits of job mobility to CPAs are countless. Job mobility broadens minds, allows firms to fill gaps in
their workforce, reduces labour shortages in other countries and enriches the quality of the labour force
through the experiences undergone and knowledge accumulated.
That labour mobility is beneficial to the accountancy profession is unquestionable. The diversified and
rich job experiences imply that further knowledge can be obtained from different work practices. In
addition, cross-border job mobility enables individuals to gain first-hand knowledge of highly specialised
areas, which they would otherwise never experience in a small country like Malta. Thus, whilst the
accountancy profession would be ‘getting broader’, Malta would benefit from improved labour force
once they repatriate. One major Maltese politician conveyed that “job mobility can be a positive concept
for businesses, as it frees more people with strong skill sets to join job markets and bring new skills and
talents to traditional practices”.
Research findings denote a common acceptance amongst all participants that the younger the person, the
easier it is for a professional to move between jobs, or else between countries. For a young CPA, working
abroad is relatively enticing, especially when the family offers encouragement and support.
Members of Nexia International, a worldwide network of independent accounting and consulting firms
Nexia BT, The Penthouse, Suite 2,
Capital Business Centre, Entrance C,
Triq taz-Zwejt,
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Tel: +356 21637778
Fax: +356 21634383
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The Negative
Apart from the benefits, job mobility has its downside as well, considering that as the Swedish proverb
runs, “The bee has a sting but honey too”. Accounting in Malta is largely sought after, and tends to be short
of supply. Indeed, long-term large scale outmigration could be a fly in the ointment, as it could undermine
human resource potential and further increase this problem, especially at lower levels of staff.
Likewise, increased CPA job mobility may also create a human capital flight and a brain drain for Malta,
where talented and motivated CPAs who go and work overseas opt to remain outside Malta. CPAs who
opt to remain overseas would not be contributing to the Maltese economy.
However, quoting William Blake, “The busy bee has no time for sorrow” and this issue shall be fought
through improved pull factors. This may consist mainly of better remuneration and working conditions
and offering promising opportunities for career advancement in Malta. Something must be done, since
as the old saying goes, “If a bee stings you once, it’s the bee’s fault. If it stings you twice, it’s your fault.”
Audit and accountancy firms lose talent, knowledge and experience whenever a CPA leaves the firm. In
addition, continuous change of staff may hinder the harmony within an office. As a result, such firms make
huge efforts to step up employee retention and satisfaction. Showing them respect, giving them ongoing
feedback, and recognizing their hard work will surely do the trick.
Designing The Future
Jumping In The Dark
Everyone shall mind their own beeswax, irrespective of others’ career progression. Job mobility involves
a mix of feelings and realities, weighing alternatives and making a decision based on how one views his
future.
Audit and accountancy firms have become much more aware of their talent and young CPAs are becoming
more interested in pursuing a career in such firms, perhaps because over the years, working conditions in
these firms improved greatly. Young graduates are still of the opinion that the best way to start their career
is by working in an audit firm. Moreover, it is still a case that people leave after they obtain their warrant,
because they either feel that they have achieved their maximum within the three years, or as they would
be desirous to put to the test something new.
With regards to the future, a former Prime Minister of Malta expressed that “the overall culture, also
promoted by private sector employers, discounts the image of lifelong jobs as out of tune with present
day realities”.
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Nexia BT, The Penthouse, Suite 2,
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NO BEES, NO HONEY; NO WORK, NO MONEY
The outlook of the younger generation has changed; it is more open and international, rather than inward
looking. People want to experience what is happening out there, and are ready to give it a shot. Whereas
bees give chase to nectar-rich flowers, CPAs are moving around to find the best opportunities.
Times have changed and the more opportunities available, the better the working conditions and
the greater the job mobility. Firms are bound to compete on offering the best conditions and training
opportunities, preeminent quality of work and the highest remunerations.
Whilst the accountancy profession is international, the CPA designation is a brand. IFRSs have gone a
long way in giving the profession an international dimension and the convergence programme with the
Financial Accounting Standards Board will continue to increase the international flavour of accounting, and
it can lead to more mobility.
POLLINATING THE WORLD
Worldwide work experience for CPAs is the bee’s knees. International mobility is a lucrative business
opportunity and can lure investment to Malta due to enhanced knowledge and new experiences gained.
All Maltese politicians interviewed foresee that cross-border job mobility of Maltese workers will continue
to increase in the years to come. At large, the majority of CPAs (76.5%) who took part in this research
perceive job mobility to increase in the years to come.
In this day and age, a CPA must be mobile if s/he desires to have the breadth of professionalism required.
Above all, Maltese CPAs are of high calibre, and they are highly demanded from abroad due to their
top-level standards. As expressed by the writer Arthur Guiterman, “It takes a bee to get the honey out.”
Job opportunities should not be confined to geographical boundaries. CPAs shall be encouraged to look
beyond the local boundaries to gain more holistic work experiences. Today’s increased regulation in
the financial services industry and ever more specialisation would require gaining top notch experience
overseas. Moreover, thanks to the convergence of financial reporting standards, accountancy is on the
verge of becoming the first global profession. This would surely leg up professional mobility of CPAs.
Cross-border job mobility is the future, and quoting a former Prime Minister of Malta, “long-term
prospects remain positive and optimistic”.
HOME IS WHERE YOUR HONEY IS
Alternating between jobs could hamper continuity, resulting in lack of efficiency and stability. Whilst worker
bees return to the hive with their load after visiting between 150 to 1500 flowers, CPAs hop from one
opportunity to the next until they become masters in one particular job. This would depend upon the
personal characteristics of the individual and the particular opportunities he / she is faced with. At a certain
point in life, job stability would enable an individual to specialise in a particular area or industry, and grow
up in the career.
Members of Nexia International, a worldwide network of independent accounting and consulting firms
Nexia BT, The Penthouse, Suite 2,
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Once CPAs achieve their career goal, they should settle down. To a CPA who has advanced to senior
management positions, changing jobs would not necessarily lead to significant career advancement. Thus,
at this point, CPAs would discern mobility to be more of an unnecessary risky move, rather than an
opportunity for career progression.
THE MILLION DOLLAR QUESTION
Yet, will job mobility increase or decrease in the following years? Job mobility is becoming the trend in all
walks of life. Research findings deem job mobility to be on the increase, and there is no evidence that this
tendency will decrease. The internationalisation of the profession provides CPAs with global openings, as
every CPA in the world would speak the same language.
Just as flowers require bees for pollination, businesses are aware that CPAs have a set of skills which
are very useful for their ongoing development. As time goes by, the general public is becoming more
conscious of the good qualities and attributes of CPAs, and that will naturally open up broader horizons
for CPAs. Gradually, the world is becoming a global village. We are moving towards increased integration,
making it easier to travel around. This would surely affect the labour market, where young graduates are
grown into thinking within a global mindset, as opposed to a local one.
Maltese culture is changing. In the past, people were more family- oriented, whereas nowadays, people
are more curious and disposed to live abroad for the added experience and extra perks. Conforming to
the behaviour of bees where they rapidly adapt to change, the younger generation of CPAs is perceived
to be more job mobile and ready to take on new challenges.
The increased job mobility could also be an indirect effect of the upsurge in international businesses
moving outside their country of residence, pushing for people and resources to become more mobile.
Maltese CPAs excel and they are being requested from abroad, where foreigners acknowledge Maltese
CPAs to be extremely hardworking and honest. In addition, recovery of international economies will
definitely increase job mobility of CPAs, as labour will become a scarce resource.
From an economical point of view, the increase in diversification is triggering infinite local and foreign
opportunities for CPAs. In Malta, growth of new markets is expected to continue, increasing the amount
of places where professionals can work. Besides, local and foreign politicians are working hard to remove
all obstacles that hinder cross- border mobility of workers. Indeed, in the words of Benjamin Franklin,
“The honey is sweet, but the bee has a sting.”
CONCLUDING NOTE
CPAs shall not be afraid to leave what they know to embark on new experiences. In particular, the
younger generation shall be heartened to experience overseas appointments, and this will enable them to
gain priceless knowledge, work practices and expose them to new perspectives. As conveyed by Anthony
J. D’Angelo, “Don’t fear change, embrace it”.
Members of Nexia International, a worldwide network of independent accounting and consulting firms
Nexia BT, The Penthouse, Suite 2,
Capital Business Centre, Entrance C,
Triq taz-Zwejt,
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Tel: +356 21637778
Fax: +356 21634383
[email protected]
www.nexiabt.com
Dismantling barriers to labour mobility is tomorrow’s main challenge. Those responsible for policy-making
should turn this challenge into a successful opportunity. Keeping in mind Elvis Presley’s words; “Ambition
is a dream with a V8 engine”.
Although this study has identified that the majority of CPAs agree that labour mobility is beneficial to the
accountancy profession, there is still the need for more education and awareness of the benefits that job
mobility brings about. Above all, as expressed by Paul Hoffman, “The full potential of labor can be utilized
only if there is mobility in labor”.
The accountancy profession has grown tremendously, locally and internationally. There is a general
consensus that job mobility should be encouraged, and that CPAs, their families and Malta’s professional
reputation benefit greatly from mobility. CPAs shall keep their nose to the grindstone and take advantage
of opportunities available. As the saying goes, “Most look up and admire the stars. A champion climbs a
mountain and grabs one.”
This phenomenon will continue fertilising the Maltese accountancy profession, imbuing it with the vital
international expertise. Working across cultures opens doors to different mentalities and work approaches.
Above all, gaining experience in different fields results in increased professionalism. In the words of
Leonardo di ser Piero da Vinci: “Learning never exhausts the mind.”
About Ryan Finch
Ryan Finch obtained a First Class degree in Bachelor of Commerce and will graduate with a Master in
Accountancy from the University of Malta this November. He is an associate of the Malta Institute of
Accountants. Ryan holds the position of a semi-senior auditor in the Auditing Department at Nexia BT.
His main responsibilities include performing audits, preparation of financial statements in accordance with
IFRS or GAPSE, preparing tax computations and liaising with audit clients. Prior to joining Nexia BT in
2014, Ryan enjoyed a work experience as a student intern in taxation and advisory with KPMG Malta.
References
All references used in this article are available upon request at the Department of Accountancy, University of Malta.
The material has been prepared by professionals in the firm of Nexia BT. It is intended as a general guide only, and its application to specific situations will
depend on the particular circumstances involved. Accordingly, we recommend the readers seek appropriate professional advice regarding any particular problems
that they encounter. The information should not be relied upon as a substitute for such advice. While all reasonable attempts have been made to ensure that
the information contained herein is accurate, Nexia BT accepts no responsibility for any errors or omissions it may contain, whether caused by negligence or
otherwise, or for any losses, however caused, sustained by any person that relies upon it.
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