Breaking the glass ceiling in UK accounting sector

This Worldwide Ladies’s Day, Gemma Gathercole, Strategic Engagement Lead at ACCA UK and Emily Coltman FCA, Chief Accountant at FreeAgent share their opinions on the present state of the UK accounting sector in relation to gender range

The UK accounting sector has made progress in the direction of gender range. ACCA is proud that 48% of ACCA members and 59% of scholars are feminine. However whereas that augurs nicely for the long run, it’s clear there’s a lengthy method to go as girls are considerably underrepresented in management positions throughout the sector. Actually, based on a world report by Deloitte, inside monetary companies establishments, girls held 21% of board seats, 19% of C-suite roles, and 5% of CEO positions in 2021. These figures present there’s nonetheless a glass ceiling in terms of girls’s profession development throughout the career – with little in the way in which of stability between women and men in greater positions and management roles.

Breaking by means of the glass ceiling

Regardless of accounting being a subject the place girls make up a big proportion of the workforce, they’re nonetheless vastly underrepresented in management positions. The abilities, views and experience of ladies of all backgrounds are important to making sure that the accounting business stays aggressive, modern, educated and consultant. Particularly at a time the place the business is seeing a big abilities and expertise scarcity, and the economic system is  precarious to say the least. The accounting sector wants to make sure the business is welcoming and accessible for ladies, by means of apprenticeships and different skills-focused initiatives, while discovering new methods to retain current expertise.

Commenting on this difficulty, Gemma Gathercole, Strategic Engagement Lead at ACCA UK mentioned: “In latest instances, accountancy has additionally seen a surge within the should be extra digital – information and software program have gotten a significant a part of the enterprise and our companies. It’s subsequently important that we’re actively coaching girls and ladies into the sector to encourage this innovation throughout all corporations. There are such a lot of methods to realize a extra numerous group in corporations – from offering mentorship and networking alternatives, offering a versatile work-life stability to cater to all girls, and in the end, by embracing a spread of abilities.”

Based on a latest FreeAgent report what accountants required so as to put together adequately for the long run, one third (33%) acknowledged that gaining an understanding of newer applied sciences was crucial issue for future-proofing their position. Different elements impacting the position of accountants embrace the power to strategically determine areas of progress (52%,) studying about new applied sciences similar to app integrations (56%) and creating technical abilities (49%). These parts will likely be – and already are – important for the way forward for accountancy amidst the continuing implementation of Making Tax Digital (MTD), the most important shake as much as the tax system in a long time, in addition to ongoing financial uncertainty.

Embracing versatile working

ACCA’s 2023 World Expertise Traits report discovered that whereas women and men valued hybrid working nearly equally (at 88% and 86% respectively), girls felt the advantages of distant working extra considerably. Within the survey, 73% of ladies felt they have been extra productive after they labored remotely, in comparison with 66% of male respondents. Ladies additionally felt higher in a position to handle the impression of distant engaged on collaboration and engagement, with a decrease proportion reporting they discovered collaboration tougher when working remotely (43% compared to 52% of male respondents), or that they felt extra disengaged.

Emily Coltman FCA, Chief Accountant at FreeAgent mentioned: “Whereas it’s constructive to see that accountancy is approaching gender stability in terms of junior roles throughout the career, it’s a distinct story while you look additional up the chain of hierarchy. Evaluation of the career in recent times suggests there’s considerably of a glass ceiling in terms of girls’s profession development – with far much less stability between women and men in greater positions and management roles.”

With versatile working changing into extra widespread within the accounting sector, girls can use this to their benefit. Versatile working preparations similar to job sharing, distant work, and part-time work might help girls stability their work and household tasks whereas persevering with to advance of their careers. It is very important negotiate for these preparations early in a single’s profession and to hunt out employers who’re supportive of versatile working.

As Coltman suggests, clearly there’s extra that must be completed to attempt to handle the inequality that exists within the business, and the post-pandemic period gives the right alternative to take action. Offering alternatives for versatile and distant working – as some practices are already doing – would be the key to attracting and retaining feminine expertise and, hopefully, serving to to shrink the gender discrepancy at senior ranges as girls progress of their careers.

In the end, eradicating the glass ceiling for ladies within the accounting career is a posh difficulty that requires a multifaceted method. However it’s going to take appreciable efforts from people, organisations, and society as an entire to beat these challenges. Hopefully we are going to see extra alternatives created sooner or later for ladies to advance of their accountancy careers.

Advocating for Change

Lastly, girls within the accounting sector can advocate for change inside their very own organisations and the business as an entire. Nonetheless, contemplating there are fewer girls in management positions, this poses its difficulties. To ship change, it will be important for senior girls to mentor and advocate for ladies in addition to difficult their organisation. This contains pushing for range and inclusion initiatives, selling versatile working, and inspiring the event of ladies in management roles. Moreover, collaborating in business teams and organisations that work to advertise gender range and equality is strongly inspired.

In the end, breaking by means of the glass ceiling within the UK accounting sector requires persistence, dedication, and strategic considering in addition to help from colleagues within the wider career. As these 59%/48% stats from ACCA present girls at the moment are strongly represented however we have to construct on that by taking daring steps.  Ladies have to  construct robust networks, develop key abilities, hunt down mentors and sponsors, be seen and assertive, embrace versatile working, and advocate for change. By doing all that girls can to beat the limitations that forestall them from reaching their full potential within the subject of accounting.

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