In Practice
Accountants fear graduate exodus
Salaries too low to attract fresh talent
05 August 2008
Nearly one third of accountants fear that graduates entering the profession will leave within just two years of qualifying.
A survey by audit recruitment website CareersinAudit.com finds that only 27% of graduates are expected to stay in the profession for five years or more.
The research suggests that 76% of accountants consider the £23,000 starting salary inadequate to attract a good calibre of accountant, with 26% believing salaries should increase by one half, and 29% by one quarter.
Over a quarter of the survey’s respondents feel the profession needs better training for graduates, eg, mentoring, more study leave and more investment in management development courses. Smaller firms should also provide ‘proper training’. 61% of accountants believe that graduates are unaware of career options in accountancy after qualification.
Max Williamson, director of CareersinAudit.com, comments: ‘Firms are inviting a high turnover and must do more to attract and retain talented people to the industry.
‘The accountancy profession has a great prospect to sell, and simply needs to make more of an effort to sell it. These benefits may be obvious to people working in accountancy already, but it is not necessarily clear from the outside.’
Eight out of 10 respondents believe more communication is needed as to the benefits of accountancy, with 63% wanting involvement from companies to promote this.
Williamson adds: ‘If young people don’t hear that accountancy offers travel, qualifications, client contact and an opportunity to get to the heart of the business, the stereotype of accountancy as spreadsheets and isolation will only gain ground or, worse, people will only enter the industry with the intention of leaving it in just a few years.’
This is particularly relevant as while business insight is described by 44% as the most exciting part of the job, client contact is viewed by 20% as second. Almost one third state ‘people skills’ as the most important quality of an accountant (after aptitude), proving that the stereotype of an accountant as a ‘solid, dull, number-cruncher’ is disappearing.
Some 83% of accountants would still recommend a career in accountancy, while 62% caution that it is not for everyone.
A survey by audit recruitment website CareersinAudit.com finds that only 27% of graduates are expected to stay in the profession for five years or more.
The research suggests that 76% of accountants consider the £23,000 starting salary inadequate to attract a good calibre of accountant, with 26% believing salaries should increase by one half, and 29% by one quarter.
Over a quarter of the survey’s respondents feel the profession needs better training for graduates, eg, mentoring, more study leave and more investment in management development courses. Smaller firms should also provide ‘proper training’. 61% of accountants believe that graduates are unaware of career options in accountancy after qualification.
Max Williamson, director of CareersinAudit.com, comments: ‘Firms are inviting a high turnover and must do more to attract and retain talented people to the industry.
‘The accountancy profession has a great prospect to sell, and simply needs to make more of an effort to sell it. These benefits may be obvious to people working in accountancy already, but it is not necessarily clear from the outside.’
Eight out of 10 respondents believe more communication is needed as to the benefits of accountancy, with 63% wanting involvement from companies to promote this.
Williamson adds: ‘If young people don’t hear that accountancy offers travel, qualifications, client contact and an opportunity to get to the heart of the business, the stereotype of accountancy as spreadsheets and isolation will only gain ground or, worse, people will only enter the industry with the intention of leaving it in just a few years.’
This is particularly relevant as while business insight is described by 44% as the most exciting part of the job, client contact is viewed by 20% as second. Almost one third state ‘people skills’ as the most important quality of an accountant (after aptitude), proving that the stereotype of an accountant as a ‘solid, dull, number-cruncher’ is disappearing.
Some 83% of accountants would still recommend a career in accountancy, while 62% caution that it is not for everyone.
CCH is a trading name of Wolters Kluwer (UK) Limited. Registered in England & Wales, No. 450650. Registered office: 145 London Road, Kingston upon Thames, Surrey KT2 6SR. Wolters Kluwer (UK) Ltd is authorised and regulated by the Financial Services Authority for general insurance business.