Profession must evolve to encourage new talent

The UK accountancy sector is facing an urgent talent crisis with accountants blaming outdated and negative perceptions for the weak talent pipeline according to research from accounting software provider FreeAgent.

The data found a sharp decline in the number of students choosing to pursue accountancy qualifications. The main reasons for this are negative stereotypes about the profession cited by 57.1% of respondents high education costs (47.1%) and the lengthy qualification process (41.9%). Other factors include a lack of understanding about the profession’s diverse opportunities (37.7%) and limited access to apprenticeships or internships (28.9%).

This may not only be limiting the profession’s ability to attract new talent but is also threatening the diversity and inclusivity of its workforce. According to the research a fifth of accountants have experienced discrimination or bias based on their gender race ethnicity or sexual orientation.

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