By Emily Coltman FCA, Chief Accountant at FreeAgent
Despite the current turbulent economic landscape, a significant hiring boom is expected in the UK finance and accountancy sector this year, with over half (52%) of hiring managers expecting to expand their headcount. While this may signify the resilience of the sector, job applications across the financial services industry are dropping meaning talent is scarce, leading to fierce competition for hiring and retaining new recruits.
Fintech has become a magnet for this talent thanks, in part, to its modern and disruptive image. Accountancy, on the other hand, faces being held back by misconceptions that are creating barriers for hiring a new generation of talent. The profession is often seen as ‘stuffy’ and ‘dull’, with the common view that an exceptional ability in mathematics is the only prerequisite for success. It’s therefore imperative that the industry change these perceptions and showcase the exciting, strategic and people-oriented nature of modern accountancy.
A profession stuck in stereotypes
Even though the accountancy profession has evolved into a dynamic, technology-driven industry that plays an increasingly critical role in business growth and decision-making, the image of a quiet number-cruncher hunched over a calculator in a grey office still lingers. However, while a good grasp of numbers will always be crucial in the role of an accountant, it isn’t the whole job – modern accountancy requires much more than just mathematical skills.
To believe that accountancy is a maths-orientated, stuffy or dull profession, overlooks the varied work that accountants do. With automation taking over routine number-processing tasks, accountants are now increasingly focusing on tasks that drive business success, such as providing strategic insights, risk assessments, and financial forecasting. Accountants are no longer confined to back office roles and now have a seat at the boardroom table, acting as key strategic advisors to businesses.
Accountants are essential in providing financial advice that helps businesses navigate growth, manage risks, and make informed decisions. From mergers and acquisitions to sustainability initiatives, accountants play a pivotal role in shaping corporate strategy. As businesses become more complex, the ability to analyse financial trends, forecast future scenarios, and develop strategic recommendations is highly valued.
The skills defining accountancy today
As the accountancy sector adapts to these changes, the skills accountants need are also becoming more varied and less number-focused. Analytical thinking, problem-solving, and strong interpersonal skills are just as crucial as understanding financial statements.
Being a good communicator is essential for accountants to bridge the gap between numbers and actionable business strategies. Working with a diverse range of clients and colleagues, accountants need to be able to translate complex financial information into digestible insights. Being able to communicate clearly in plain language ensures that everyone involved understands the financial data, implications and strategies,which in turn helps them make informed decisions about their businesses.
Underpinning this is the need to build strong, trusted relationships with clients and colleagues. Without interpersonal skills, accountants will find they struggle to collaborate effectively, which will make a smooth workflow and business success a lot more complicated to achieve.
In addition to these soft skills, accountants need to have an understanding of the latest technology and a high level of digital proficiency to remain competitive and effective in their roles. Accountants are at the forefront of embracing innovation as the rapid advancement of technology reshapes the profession. With AI and automation streamlining traditional accounting tasks, cloud-based accounting software, data analytics, and cybersecurity measures are now part of the accountant’s toolkit.
For example, in an era where data is king, the profession is increasingly harnessing the power of data analytics. Accountants must therefore be able to analyse large volumes of financial data to provide insights and forecasts that drive strategic business decisions. Familiarity with data analytics tools enables accountants to interpret complex datasets, identify trends and add significant value to their organisations.
Rebranding the pathway into accountancy
If the accountancy profession wants to break free from its outdated image and attract the next generation of talent, it must take active steps to change the way it is perceived. A key way in doing this is promoting apprenticeships as a pathway into the sector.
While university has traditionally been seen as the most successful in opening doors into the sector, apprenticeships should also be seen as an equally valuable alternative. They offer a fast-track into the job market by providing aspiring accountants with hands-on training in real-world environments, allowing them to apply theoretical knowledge directly to their work. It is also a financially viable option for many as apprenticeships offer payment during the training, unlike university where the fees and associated costs can be a barrier for young talent.
Accountancy is a profession of opportunity, innovation, and strategic influence, yet outdated stereotypes threaten to hold it back. By actively working to change these misconceptions and showcasing the dynamic and diverse nature of the industry, the profession can attract the best and brightest minds of the future. It’s time for accountancy to shake off its old image and present itself as what it truly is: an exciting, impactful, and rewarding career choice.
