Career specialisation for the Maltese CPA : an analysis

Abstract

Purpose: The study aims to investigate the topic of career specialisation within the Maltese accountancy profession. This involves issues regarding training, experience, CPE, job mobility, the advantages, disadvantages and risks of specialisation, and the future of specialisation within the profession. The study also aims to investigate the different levels of specialisation within different sized firms, and whether such level of specialisation is linked to the size of the firm. Design: Primary data was obtained during a series of 30 interviews, of which 14 were conducted with principals of different-sized accountancy firms, and 16 with specialists in different areas within the profession. Findings and conclusions: The study found that the main motivating factor for specialisation is a personal affinity with the area. The main advantage for the specialists is job satisfaction, while for firms it is the better service provided. The main disadvantage or risk is over-specialisation. In specialising, both experience and training are equally important, and both need to be present to be considered a specialist. The interviewees also stated that specialisation is set to increase in the future due to changes in legislation and regulation making it harder to stay abreast of the whole profession. The researcher also found that size and level of specialisation within firms are proportional. While Big 4 and large firms can afford to employ various specialists, small firms are quite limited in their specialisation. Firms in Malta are also very aware of the importance of training and CPE and do their utmost to improve the level of their employees training. Value: The study sheds light on useful aspects of specialisation within the Maltese profession. The recommendations put forward are addressed mainly to potential specialists, accountancy firms and professional bodies to try and improve on the current situation and to allow specialisation to be implemented better.