Malta Institute of Accountants (MIA) President David Delicata has placed a spotlight on the insufficient supply of accountants when compared to the surging demand for them, especially in the light of the profession's profression over the years, which keeps “evolving at a rapid pace”.

Mr Delicata was elected Council President during MIA’s 58th Annual General Meeting last month, being joined by Fabio Axisa, Jonathan Dingli, Shawn Falzon, Ivan Grixti, Christopher Portelli, and Annabelle Zammit Pace as new members of its council. He was first elected President of the MIA at the end of 2021 during the organisation's 57th AGM, and was reconfirmed this year.

“The role of the accountant in today’s world is evolving at a rapid pace and with the times. An accountant is no longer just a number cruncher but a key trusted business advisor,” Mr Delicata said. Today, accountants are sought after by clients for “many reasons”, including to enter a new market, evaluate financial operations and recommend best practices, offer guidance on cost reduction, revenue enhancement, and profit maximisation, as well as advise on digitisation and environmental, social and governance (ESG) matters, with the latter being “an area where the profession demonstrates flexibility and an ability to create value for businesses,” he mused.

This is coupled with the fact that recent years have seen an “unprecedented transformation” in the way accountants go about their business, particularly amid increased legislation aimed at fighting financial crime, tax avoidance, and other legislation that “puts a constant demand on the professional to get up to speed with new developments, invest in new skills, and more”.

MIA Council President David Delicata / Facebook

Mr Delicata added that “MIA members’ challenges are MIA’s challenges, despite its limited resources”, with it having “close to 4,000 members”. In order to act as their voice, the institute has to “remain close to its members to understand their challenges and support them along the way”.

“The institute has been at the forefront in representing its members on a multitude of issues, particularly in relation to the steady stream of legislation, regulation, and standards being proposed and implemented at various national and supranational levels,” he said, before thanking MIA’s committees and technical staff for their “tireless efforts” in preparing the institute’s responses for various consultation documents or draft legislation that require feedback.

With a focus on members’ needs, MIA has taken a number of “strong positions” with various authorities to “ensure that in the enactment of the required legislation and regulation, the challenges being faced by the profession are addressed”, while new requirements are not “unduly prescriptive or unbalanced” on members in a way that may unnecessarily stifle business. The institute focuses on making sure its members are regularly informed, educated, and trained on the key changes affecting accountancy and that its members’ professional development reflects the fast-changing landscape they operate in.

When asked about MIA’s efforts in attracting new accountancy talent to the industry, Mr Delicata explained that while educational institutions give us “hundreds of new accountants every year, the demand continues to outstrip supply”, an issue that MIA is addressing “in a number of ways”.

“We launched the #AccountsForYou campaign for the first time last year. The feedback from educators, parents, sponsors, and the profession alike was overwhelming and encouraged us to continue with this campaign this year,” he said. As part of this, various industry leaders joined MIA staff in leading over 60 physical and virtual sessions, “sharing practical examples of how an accountancy professional can thrive in Malta or abroad, making the profession one which offers stability and durability”.

In order to address the issue of lack of accountants, MIA is investing towards targeting more students in senior schools, and during its visits to such schools, it is seeking to “increase awareness about the opportunities that lie ahead”. “Our objective is to show students the relevance of being financially literate and the doors that accounts as a subject can open, including an accountancy qualification,” Mr Delicata added.

One of MIA's school visits earlier this year / Facebook

However, while he believes that greater emphasis has to be given to accountancy in local educational institutions from a younger age, Mr Delicata also pointed out that the market is indicating that increased local supply “will not be enough and that foreign accountants will be needed to supplement” it.

“We are competing for talent with other top European financial centres and unfortunately, we are still facing various challenges beyond our control, which thus reduces Malta’s attractiveness for talent,” he explained. MIA is engaged in discussions with authorities to bring forward some key recommendations, even through regulatory changes, to facilitate the recruitment and retention of third country nationals.

“For example, from the time a candidate is recruited, it normally takes between four to six months to obtain the necessary work permits and visas for third country nationals to be able to start working in Malta, which we consider rather excessive. Also, third country candidates are only permitted to bring their immediate families to Malta after having worked in the country for one year,” Mr Delicata remarked. He added that as a jurisdiction, such processes need to be reviewed so that Malta “remains attractive to professionals” seeking a career here.

Asked about MIA’s plans for 2023, Mr Delicata emphasised that it aims to continue being a “strong advocate for high standards of governance and ethics” within the accountancy industry and business community. Furthermore, it also seeks to “serve as a beacon for the profession and a bridge building between accountancy and auditing professionals and the relevant stakeholders”, while also working with the Accountancy Board to amend the Accountancy Profession Act to “better define the role of the accountant” and put forward restructuring proposals to improve the profession’s overall quality.

Apart from his roles at MIA as President and Council President, Mr Delicata is also Director at professional services firm Deloitte Malta. During his 30 years at the company, he has led a number of audit and related assignments covering a wide range of national and international clients operating in different fields.

Established as the voice of the accountancy profession in Malta, MIA forms part of leading international accounting organisations and is tasked with ensuring that professional standards and ethics applied locally meet the requirements of international regulatory bodies.