Abstract
Background: The financial accounting profession faces several challenges in the 21st century. Research is needed to prepare financial accountants for these challenges.Aim: This study aimed to determine which 21st-century competencies were essential for financial accounting students in South Africa from the perspectives of students, their educators and professionals and to investigate the capabilities of these three stakeholder groups.Setting: Stakeholders in financial accounting (students, their educators and professionals) across institutions and organisations in South Africa.Methods: A quantitative method and cross-sectional survey were used. Financial accounting students (N = 112), lecturers (N = 12) and professionals (N = 42) completed the 21st Century Universal Competencies Questionnaire and the Capability Set for Work Questionnaire.Results: The findings showed that thinking and learning to learn were the most critical 21st-century competencies for the financial accounting profession. Stakeholders differed regarding the second-highest ranked competencies: For professionals, it was working skills and entrepreneurship; for lecturers, it was information and communication technology and for students, it was self-care and managing everyday life. Cultural competencies and building a sustainable future were ranked lowest in all three stakeholder groups.Conclusion: Similarities and differences exist between stakeholder views of the importance of specific 21st-century competencies for financial accountancy. Financial accounting professionals and lecturers showed high capabilities, except for involvement in decision-making and earning a good income for lecturers.Contribution: This study offered a new perspective on the 21st-century competencies and capabilities as perceived by different stakeholders.