Last updated: 29 Aug 2023 11:00 Posted in:
Generation Z have misconceptions about a career in accountancy that may be preventing them from seeing it as an attainable goal, potentially limiting the talent pool for the profession going forward.
That’s the conclusion of research by Grant Thornton on Generation Z’s view of accountancy as a career. Analysing responses from 2,000 people aged between 16 – 25 in the UK, the study found the top misconceptions are:
· 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
The research also found that two-thirds (65%) of the young people surveyed have never received careers advice about accountancy, possibly explaining their misconceptions.
However, it also found that those attending private schools are 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% against 43%).
Grant Thornton said social media and online research are the next most popular ways to source information about accountancy for Gen Z. Those from lower socio-economic backgrounds are more likely to find information in this way, they are also less likely to receive advice about the profession from a family member or friend.
The research also found that the school you attended has a significant impact on whether you view accountancy as an attainable career. Private school attendees are 25% more likely to believe that a career in accountancy is attainable than those from comprehensive schools.
And men are 13% more likely to believe that a career in accountancy is attainable than women.
Overall, half of respondents believe that accountancy is an attainable career for them, while one in four (24%) disagreed. Of those who disagreed, a third attributed it to not knowing enough about the profession to consider it for a career.
“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,” said Richard Waite, People and Culture Director at Grant Thornton. “But it’s clear that there remain significant, and detrimental, misconceptions about access to and working in the accountancy profession.
“It’s therefore vital that employers, such as Grant Thornton, take action to help bridge that gap so we do not miss 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.
“Alongside the engagement and awareness work we currently do with schools and youth charities, this week we’ve launched a myth busting campaign ahead of our 2023 trainee recruitment window which challenges some of the commonly held myths and offers personal stories from our people about their career path in accountancy.”
• Censuswide surveyed 2,000 respondents aged between 16-25 in the UK between 20 – 29 June 2023 on behalf of Grant Thornton.
"Tt’s clear that there remain significant, and detrimental, misconceptions about access to and working in the accountancy profession"
Richard Waite, People & Culture Director, Grant Thornton