Boardroom Brief | Maria Cauchi Delia on AI, Talent and the Future of Malta's Accountancy Profession

As Chief Executive Officer (CEO) of the Malta Institute of Accountants (MIA), Maria Cauchi Delia leads the sole recognised professional body representing the accountancy profession in Malta, engaging with regulators, government entities and European institutions on issues affecting the profession and the wider economy.

In this edition of The Boardroom Brief, Maria discusses the impact of the EU's new Anti-Money Laundering Authority on Maltese accountants, how artificial intelligence (AI) is reshaping the skills the profession demands, and what the MIA's workforce planning work is revealing about talent attraction in financial services.

Maria, for those who may not be familiar with the Malta Institute of Accountants, what does the organisation do and what does your role involve day-to-day?

The Malta Institute of Accountants is the sole recognised professional body representing the accountancy profession in Malta. Today, the Institute has a membership base of more than 6,000 members and students and plays an active role in supporting the profession through education, advocacy, technical guidance, policy engagement and continuous professional development. Beyond traditional accountancy matters, the MIA contributes to national and European discussions on the wider financial services industry, sustainability, digitalisation, corporate governance, taxation, talent development and the fight against money laundering. 

As CEO, a large part of my work involves engaging with regulators, government entities, European bodies and industry stakeholders on issues impacting the profession and the wider economy. Internally, we work closely with our technical and policy Groups and members to ensure the Institute remains responsive to emerging developments and able to translate them into practical support. Another important aspect of the role is ensuring that our members are equipped with the right skills and knowledge through continuous professional education (CPE), particularly in areas where regulation and technology are evolving rapidly. This reflects a message I have made consistently in previous MIA statements: the Institute’s role is not only to represent accountants, but to strengthen the foundations of Malta’s competitiveness, credibility and long-term economic resilience. 

The new EU Anti-Money Laundering Authority (AMLA) is now operational and will directly affect how firms across Europe approach compliance. What does that mean in practice for accountants in Malta?

The establishment of AMLA marks another important step towards greater harmonisation and consistency across Europe in the fight against financial crime. This implies increased expectations around compliance, governance, risk assessment and documentation. For Malta, this is particularly significant because accountancy professionals play a frontline role as gatekeepers within the financial system. 

In practice, firms will need to continue strengthening their internal procedures and ensuring that anti-money laundering (AML) obligations are embedded across their operations rather than treated as a standalone compliance exercise. At European Union (EU) level, the direction is clearly towards greater supervisory convergence and a more consistent application of standards across jurisdictions. While a degree of harmonisation is necessary, the MIA continues to advocate for proportionality, recognising that a one-size-fits-all approach cannot reasonably be applied to smaller firms and smaller jurisdictions.

Our role remains focused on helping members understand evolving obligations, interpret regulatory developments and implement them effectively in practice. This is done through regular engagement with the Financial Intelligence Analysis Unit (FIAU) and other authorities, technical feedback on EU consultations, dedicated CPE sessions and flagship events such as the MIA AML Conference. I have previously emphasised that strong AML systems are not merely a compliance requirement; they are essential to safeguarding Malta’s international reputation and maintaining trust in the jurisdiction. 

You've spoken about AI bringing both challenges and opportunities. How is AI changing the skills required of accountants in Malta, and how is the MIA ensuring its training and development offer keeps pace with that shift?

Artificial intelligence is undoubtedly changing the accountancy profession, but rather than replacing accountants, it is reshaping the skills they require. Routine and repetitive tasks are progressively being automated, which means accountants are expected to focus more on analysis, professional judgement, strategic advisory work and guidance to management. 

At the same time, AI introduces important considerations around ethics, governance, data quality and reliability. Professionals need to understand both the opportunities and the limitations of these technologies. 

The Institute has long recognised digitalisation as one of the key developments shaping the future of the profession. We have therefore invested in training and professional education in areas such as AI, digital finance, cybersecurity, data analytics and emerging technologies. Through conferences, seminars, CPE sessions, technical updates and our technical Groups, we aim to ensure members remain informed, adaptable and confident in using technology as an enabler of better professional judgement and service delivery. 

Importantly, the MIA is not approaching digitalisation as a generic training theme.  Through its Digitalisation Group, the Institute is considering how it can better support different categories of members, including small and medium practices, professional accountants in business and professionals working in different areas of specialisation.  The objective is to ensure that training, information sessions, practical tools and guidance are sufficiently targeted to members’ needs, rather than delivered as one size-fits-all initiatives. This approach also reflects previous statements I have made on the need for digitalisation to reduce friction, support competitiveness and help professionals adapt without creating unnecessary operational burdens. 

The MIA contributes to workforce planning and skills-gap analysis through the Malta Financial Services Advisory Council (MFSAC). What is that workstream revealing, and how do you make accountancy a compelling career choice for the next generation?

Through our work within the MFSAC, one of the clearest trends emerging is the growing challenge around talent attraction and retention across the financial services sector, including accountancy. Demand for skilled professionals continues to grow, while the pace of change in regulation, sustainability and technology means that the skills required are also evolving rapidly. This is not only an issue for the profession; it is a national competitiveness issue. 

The MIA is strengthening this knowledge base through surveys within the profession, to better understand the challenges being faced by members, and through wider skills gap work aimed at obtaining a clearer picture of the skills available and those required across the economy. These insights allow us to move beyond anecdotal evidence and contribute more effectively to policy discussions on education, workforce planning and labour migration. 

The MIA has worked actively to strengthen awareness of these opportunities, particularly through initiatives such as the #AccountsForYou campaign, school outreach activities, firm visits, engagement with accounts and guidance teachers and collaboration with students. We also place significant importance on financial literacy and on showcasing the profession as one that is dynamic, internationally connected and central to economic development. This links to a point I have made in previous CEO messages: reversing declining interest in accountancy requires visibility, confidence and a clear articulation of the value and breadth of opportunities offered by the profession. 

At the same time, workforce planning requires broader national discussions, particularly around education, upskilling, quality talent attraction and access to international talent. For this reason, the MIA has submitted important contributions  including towards Malta Vision 2050, Human Resources and Financial Education  Strategy, Malta’s National Education Strategy 2024-2030, Malta’s National Skills  Strategy 2026–2035, Labour Migration Policy, Digital Education Strategy 2024-2030 and continues to participate actively in discussions that seek to align policy, education,  regulation and industry needs. The Institute’s contribution is therefore both practical and strategic: supporting members today while helping shape a stronger talent pipeline for the future.

For anyone who wants to find out more about the Malta Institute of Accountants, whether they are a practitioner, a student or a business looking to engage with the  profession, where should they go? 

Anyone interested in learning more about the Malta Institute of Accountants can visit miamalta.org, where they can find information about membership, professional qualifications, training opportunities, events, technical resources, policy updates and  the Institute’s ongoing work. 

The Institute is also very active across social media platforms, where we regularly share updates on conferences, CPE events, policy developments and industry discussions. We seek to remain accessible and responsive to members, students, practitioners, businesses and stakeholders. Ultimately, the MIA aims to stay closely connected to the profession while continuing to contribute positively to Malta’s wider financial services sector and economic development. As I have said in previous statements, when the profession is strong, businesses thrive, investors trust the jurisdiction and the wider economy benefits.