"Cyprus Gen Z – Career Insights" - Academic Research

RSM Cyprus, in collaboration with students of the Cyprus University of Technology at the Department of Finance, Accounting and Management Science, conducted academic research in 2024 titled "Cyprus Gen Z—career insights."

The aim of the academic research was to examine how students in Accounting and Finance and other related disciplines select their profession and the firm they will work with, as well as how firms in the professional services sector, ICPAC member firms, choose new talents for collaboration in the Cyprus market.

Nicoletta Odysseos and Athos Economides, now graduates of the aforementioned department, distributed questionnaires to undergraduate students of the same or similar discipline of study at public and private Universities in Cyprus, as well as professional firm's representatives, members of The Institute of Certified Public Accountants of Cyprus (ICPAC), to collect their insights. The answers received were analysed to provide information that could improve the communication channels between the younger generation and employers in Cyprus.

The academic research was carried out under the guidance of Dr Isabella Karasamani, Cyprus University of Technology, within the context of CFS 441, Internship Program, in collaboration with RSM Cyprus.

George Themistocleous, Managing Partner, CEO of RSM Cyprus, disclosed, "The starting point of this initiative was the difficulty our industry generally faces in Cyprus and abroad in attracting new talents. As a matter of fact, in recent years, several surveys have been conducted on Gen Z requirements and expectations, but none of them focused on Cyprus and especially on our sector.

Having this in mind, we collaborated with the Cyprus University of Technology students to perform academic research to identify and understand the expectations and requirements of the younger generation in Cyprus. We believe that students who are members of Gen Z are the best representatives, and they are the ones who can help us to better understand their way of thinking. Understanding is what will help us adjust our strategies. It will also assist us in creating and enhancing the appropriate channels of communication between us. The findings presented in the academic research will assist all of us to understand the expectations and requests of the new generation from their future employers. At the same time, as employers, the findings can guide us in forming a favourable working environment that satisfies the needs and prospects of the younger generation.

Last but not least, I would like to take this opportunity to warmly thank Nicoletta Odysseos and Athos Economides for completing and analysing the academic research results and congratulate them for the successful completion of their studies and the awards received during their studies at the Cyprus University of Technology. Equally, I would like to sincerely thank Dr Isabella Karasamani, Dr Christos Savva and the Cyprus University of Technology Rector, Dr Panagiotis Zaphiris, who warmly supported this effort. I would also like to thank ICPAC for their valuable help in distributing the questionnaires; the undergraduate students and firm representatives responded to our call by answering the questionnaires."

Key Findings of Academic Research

The academic research revealed that the new generation preparing to enter the professional field of assurance, tax and consulting services has future earnings as a priority, highlighting the importance of financial stability. In addition, Gen Z is looking for flexible working conditions, emphasising the importance of work-life balance. Professional development opportunities are significant for Generation Z, which is why they are looking for jobs that can offer prospects for development, new skills acquisition, and support the needs for lifelong learning and overall progress. Factors such as the modern working environment and activities with colleagues outside work are also considered influential. At the same time, the reputation and size of the firm, as well as the presence of effective communication mechanisms between employees, play an essential role in their selection.

However, while there is already a high degree of alignment between Gen Z's expectations and firms providing assurance, tax and consulting services, there are some areas that firms may consider.

According to academic research, most sector firms offer a pleasant work experience, with modern workplaces, training programs and career development opportunities, flexible working conditions and hybrid work models. Conversely, the research revealed some limitations related to Cyprus firms' ability to meet the younger generation's expectations, such as providing job opportunities abroad and internal transfers.

The "Cyprus Gen Z – Career Insights" research provides helpful information about the new generation's expectations. It also reveals valuable insights into the ability of assurance, tax, and consulting firms to meet those expectations. Therefore, its findings can assist in achieving a more aligned professional relationship that is simultaneously beneficial for the overall success of our sector in Cyprus.

Read the academic research "Cyprus Gen Z – career insights".