Women in Accountancy – the changes, challenges and future
A quick glance around a First Intuition classroom reveals two things: engaged students learning from passionate tutors and a nearly equal split of individuals of all genders. We’re proud to foster true equality, not just in student numbers but also in career success, qualification progress, and exam results. This trend extends across awarding bodies, with women now making up 50% of registered students.
An increasing number of women are registering as students and our own centres have a virtually equal split in the male to female ratio within classrooms. So, why is it that women struggle to make it to the upper echelons of our industry? Research conducted in 2024 found the following:
- The number of firms with female leaders within the UK’s top 100 Accountancy Firms has dropped 20% to 12%.
- The average of female partners across the 100 firms was 24%.
- Across the top 100 firms, the average percentage of female qualified UK accountants was 41%.
Factors that may affect a woman’s progression to senior roles.
To explore this further, we reviewed existing research on women’s progression in the accountancy industry. In 2021, we hosted a special webinar and podcast featuring a panel of female professionals who shared their real-life experiences. The discussion focused on what it’s like to be a woman in accountancy and the challenges they have faced. We were delighted to be joined by:
- Laragh Jeanroy – Partner RSM
- Christina Christoforou – Business Owner CMNC Associates
- Jill Wright – Director Kirk Newsholme
- Ellie Bullman – Finance Manager Wisbech Grammar School
- Beatrice Scarano – Assistant Accountant BHP
- Rebecca Taylor – Chelmsford Apprentice CBHC
You can listen to the recording using the link below:
Click here to listen to our FI Podcast
Family matters
A key factor hampering women’s progression into senior roles is the additional caregiving responsibilities many women face outside the workplace, often for children or, increasingly, aging family members.
Women returning from maternity leave often experience changes in their career paths. A 2023 study by That Works For Me revealed that while 98% of mothers want to return to work after childbirth, only 13% believe full-time employment is realistic. The study also found a 32% decrease in women holding managerial roles after starting a family, and that women are two-thirds less likely to be promoted within five years. Although many employers have introduced more flexible HR policies, the loss of full-time work experience can still impact career progression.
Conversely, a survey by ‘Working Dads and Working Mums’ revealed many fathers are unable to share childcare responsibilities, and women often find their requests for flexible working declined. The burden of childcare remains predominantly on women, as shown by the fact that 70% of those furloughed during the Covid-19 pandemic were working mothers.
During our webinar, we discussed this issue in depth. Our panel agreed that while the workplace has evolved, with more flexibility available, the COVID-19 pandemic demonstrated that working outside the standard 9 to 5 is possible while remaining an effective leader or team member.
Workplace Culture
A 2018 report by PWC, based on a survey of over 3,000 women, identified workplace culture as a key factor in women’s progression to senior roles. Many women cited the lack of identifiable role models as a major barrier, particularly those balancing childcare or working flexibly. During our recent webinar, the panel discussed how the perception still persists that women must be tough and develop a hard exterior to succeed. They advocated for more senior roles to be held by women who don’t fit this mould.
The report also highlighted the inconsistency of policies across companies as a challenge for women’s career progression. A survey by The Working Mother found that, among 100 companies, policies varied widely. Some offered generous parental leave but lacked career development programmes, while others provided mentorship without flexibility in working arrangements.
Changing Mindsets
The report also emphasised that HR plays a crucial role in instilling equality into the mindset of an organisation’s line managers. Stereotypes persist, and assumptions are often made about what women can achieve based on their circumstances. Creating a culture and framework for progression based on ability and performance, rather than assumed barriers, is essential. For instance, assuming a woman cannot attend important evening events due to family commitments may be incorrect if she has support at home. During our recent webinar, the panel agreed that a supportive line manager is key to a woman’s success in the workplace, with those who have families themselves often being the most understanding.
Culture also plays a significant role, as 39% of women surveyed would only apply for a promotion if they believed they met all the required criteria. Only 17% would apply if they met some but not all of the criteria. Therefore, it is crucial that talent is recognised, nurtured, and supported with clear development plans.
Networks
A woman’s network is crucial to her success. The PWC report highlighted that women need both formal and informal mentors of all genders to support their career progression. This includes a supportive line manager, as well as informal advocates and advisors to discuss and share experiences with. Equally important is a woman’s external network, particularly if she has caring responsibilities outside of work. Our panel of qualified and trainee accountants fully endorsed this, with those receiving support from family or parents describing it as invaluable. They also emphasised the need for companies to recognise and support women without external help, offering the flexibility and working arrangements they need.
How have things changed for women in accountancy?
Some of the guests on our recent webinar have worked in the accountancy profession for over twenty years. When reflecting on the changes they’ve seen, all of the qualified accountants on the panel recalled joining businesses that were predominantly men in grey suits. However, they all agreed that this is no longer the case. Despite this progress, the panel highlighted that few women occupy the most senior positions. The younger members of the panel shared their experience of feeling the need to prove themselves more than their male counterparts, acknowledging that there’s still a struggle to be taken seriously. On a positive note, they felt there were no significant barriers to their progression.
As the accountancy field evolves and becomes less reliant on technical skills, our panel agreed this shift plays to women’s strengths. Juggling tasks, effective communication, and empathy have all become key skills in the workplace. However, they also felt that the more emotional nature of women is often viewed negatively, leading many to downplay these traits in their roles.
A key point that emerged was the return of women to the workplace. The panel emphasised that taking time out to care for young children should not be seen as a negative, and employers could do more to encourage and support qualified women in their return to work.
Women at First Intuition
At First Intuition, we take pride in having a strong representation of women at all levels, especially in senior leadership. With over 77 women in leadership positions, many of our team leaders and managers are female, providing clear opportunities for progression.
In addition, many of our staff, both male and female, work part-time and flexibly, allowing them to balance caring responsibilities. These flexible roles include management positions, enabling staff to progress their careers while managing external commitments. Our culture fosters development, offering regular opportunities for staff to grow their skill sets and explore new areas within their roles.
We are equally proud of our work with local schools and colleges. We promote accountancy careers and encourage all young people, regardless of their sex, to find out more about the opportunities in our industry. Our ever-popular Accountancy Academy attracts an equal number of young male and female students aged 16-18. We recognise the need for further action and are determined to challenge existing norms, raise awareness, and ensure fair opportunities for all in recruitment and progression.
The future of women in accountancy – what can we do?
Like many businesses we are looking to see what else we can do to address the balance. In the coming months, our team will be looking at opportunities to encourage women into accountancy. We’ll work more closely with schools to encourage not just young women but people from all backgrounds to consider accountancy. Our mission is to help anyone who might be interested in our industry to explore their options. We will be investigating ways to provide the support needed to do this. We hope to achieve this by widening the work we already carry out with local schools and colleges.
Our panel of qualified and trainee accountants had some firm ideas about how women themselves can address the balance. The discussion highlighted the importance of women being more confident. We encourage young women to define their own path rather than simply letting events unfold. The panel also challenged the notion that women must “have it all”. Women should be able to shape and flex their careers around their external commitments. They shouldn’t feel like they have to return to the workplace to maintain progression. However, there should be plans in place to accommodate them if and when they wish to return.
You can listen to the full debate using the link below:
Click here to listen to our FI Podcast
SOURCES
FRC wants more diversity at top of profession
Top 50+50 Accountancy Firms 2024: Female leadership falls 20% despite rise in partner diversity
PWC: Time to talk: What has to change for women at work