Misconceptions about careers in accountancy among many young people risk creating unnecessary barriers and may be preventing them from seeing it as an attainable option, new research from Grant Thornton (GT) has found.

A lack of understanding about the career routes open to young people may also be limiting the potential future talent pool of the profession, according to the study, conducted among 2,000 people aged between 16 and 25 in the UK. The study set out to better understand the attitudes and perceptions towards the accountancy sector of this age group. 

The survey findings expose the top misconceptions held by Gen Z about accountancy:

• 62% believe you need high grades to become an accountant
• 57% believe you need to go to university to become an accountant
• 57% think training for accountancy qualifications is expensive
• 53% think accountants sit at desks all day

Outdated or limited careers advice

Grant Thornton warns that this level of misunderstanding about the profession may be explained by the absence of useful advice about accountancy – two-thirds of the young people questioned had never received careers advice about the profession. 

Those who have are most likely to have received it at school or college, with individuals attending private schools 20% more likely to have received careers advice about accountancy than those from comprehensive schools. Private school students are also more likely to know an accountant than those attending comprehensive schools (52% vs 43%). Private school pupils are also 25% more likely to believe that a career in accountancy is attainable than those from comprehensive schools.

Social media and online research are the next most popular ways to source information about accountancy for Gen Z. Those from lower socioeconomic backgrounds are more likely to find information in this way, and they are less likely to receive advice about the profession from a family member or friend.

Richard Waite, People and Culture Director at Grant Thornton UK LLP, said: “There are now so many different routes available for young people considering joining the accountancy profession, whether that is starting on an apprenticeship straight from school, undertaking an internship or placement, or following the traditional graduate route. But it’s clear that there remain significant, and detrimental, misconceptions about access to and working in the accountancy profession.”

Waite said it was vital that employers across the accountancy profession take action to help bridge that gap to avoid missing out on attracting the next generation of new and diverse talent to the sector. 

“Employers need to take the time to actively educate young people, to reach out and work with schools in target areas, such as social mobility cold spots, to tackle some of these false barriers and provide much-needed advice and insight to those considering the next step in their lives,” Waite said.

Grant Thornton is a founder member of the ICAEW-led Rise initiative, which provides engagement and awareness work in schools and youth charities. This week the accountancy firm also launched a myth-busting campaign ahead of its 2023 trainee recruitment window to challenge some of the commonly held beliefs, and highlights personal stories from GT employees about their career paths. 

The attainability gap

Gender is also found to affect young people’s perceptions of attainability. Men are 13% more likely to believe that a career in accountancy is attainable than women. Non-binary people are less likely than men or women to feel a career in accountancy is possible.

Overall, half of respondents believe that accountancy is an attainable career for them, while one in four (24%) disagreed. Of those who disagreed, one-third attributed it to not knowing enough about the profession to consider it for a career.

Jenn Barnett, Head of Inclusion, Diversity and Wellbeing at Grant Thornton UK LLP, said: “It’s clear that the accountancy profession needs to work harder to bust historic misconceptions. There remain clear misunderstandings about not only the routes to entry but also the scope of the career on offer, which may be preventing many from considering it as an option.

“Both the people and the careers available within accountancy are now more varied and diverse than ever before, with opportunities for international travel, varied work across different sectors and specialities and long-term career prospects. It’s evident that we need to showcase this more prominently and shine a light on the reality of the working accountancy world and the broad and rewarding career path it can offer,” Barnett added.

The research findings chime with broader concerns about the attractiveness of the profession, as firms of all sizes struggle to recruit the talent they need. In a blog published at the end of her ICAEW presidency term in December, Julia Penny said that diversity, regulation and the culture of the profession all have a role to play in attracting the best talent into accountancy roles. 

“We need to ensure that we are communicating the value of the work that we do, not only to the people that enter the profession, but to its external stakeholders. We need to ensure that progression and development plans are clear; that people will have a strong and fulfilling future through accountancy and audit.”