The accounting world has changed a great deal since the 2008 economic meltdown. Stricter and more demanding regulatory and business environments have developed that accountants need to navigate through. Chief financial officers are experiencing a growing pressure to cut costs, manage risk, and deliver value to stakeholders and clients. And all these pressures are being passed down the chain, all the way down to the new grads making up the Big Four's next generation of accountants.

To handle this growth in demand from regulatory bodies and clients, big accounting firms have begun to realize that their future recruits (and current staff) need more than strong technical knowledge: they need strong soft skills. These findings were outlined by Grant Thornton LLP who conducted one-on-one interviews with 32 CFOs for a new study titled, The Evolving Accounting Talent Profile: CFO Strategies for Attracting, Training and Retaining Experienced Accounting and Finance Professionals. So what's the gist? According to Gina Kim, director at Grant Thornton LLP, the key takeaways include (italicized portion first published in CA Magazine):

• Screen candidates on technical and soft skills (critical thinking and problem-solving, negotiation and communication skills, and leadership and managerial skills). Assess both technical and soft-skill needs when evaluating potential accounting hires.
• Address soft-skill needs by training existing personnel. Hire for specialized technical expertise, but use training to build soft skills among existing accounting staff.
• Employ on-the-job training for technical accounting capabilities. Find opportunities for accounting staff to apply recently-acquired technical skills to real-world situations.
• Focus on career growth potential to reduce flight risk. Address anxieties about advancement and promote retention by providing accounting personnel with opportunities to demonstrate their expertise and gain new skills.

We asked a few of our contacts at the Big 4 what they thought of the study and how they measured up when it came to developing the soft skills and the overall career growth of their new hires. As soft skills become more and more important in a business world based on relationships, KPMG evaluates students throughout the process not only on their r├®sum├® and interview with the firm, says Louisa Lungu, CA, senior talent attraction manager, National Campus Recruiting at KPMG, but also on their ability to interact in a proficient manner with those around them. 

This position is shared by James Davidson, talent acquisition manager, National Campus at PwC. That's why when it comes to training and development, Davidson was quick to note that, At PwC, we believe our best training takes place in our close team environment, on the job and in front of our clients. As part of our 'Enhanced Working Practices' (EWP), our 'teach don't tell' approach to learning through hands-on experience and coaching, ensures our staff learn faster and deeper than class room training alone would allow.

As for helping young accountants plan and build their careers, Lungu says that KPMG is committed to helping its people develop to their full potential. In fact, KPMG's Business School works with staff to help them understand, What is expected of them in their job, what success looks like, what skills are needed to meet expectations, as well as an outline of activities/education available to develop and enhance skills for career progression. 

Overall though, Davidson cautions that when it comes to soft skills and development, it's up to the students to take ownership over their development to really get ahead. Students are increasingly more aware of the importance of these (soft) skills and are working harder to gain experiences at university and through extra-curricular and volunteer activities to demonstrate these skills. If the skills can be combined with a sound academic record, students are on the right track for setting themselves up for success ... (during recruitment season).