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Interest is beginning to wane in careers in audit when compared with areas such as consulting, according to statistics from student career research firm High Fliers.
Despite the big four firms having historically been some of the UK’s top graduate recruiters, recent data from High Fliers show that the number of graduates applying for roles in accountancy in 2023 dropped to 7.9% from 10.8% in 2013.
Meanwhile, interest over the same period in consultancy has increased, with 19% of graduates applying for roles in the sector this year.
A possible reason for why accountancy has become less attractive for graduates is due to the median pay for an accounting first-year is £35k. While this sum is above the median graduate salary of £33,500, it lags behind others in the world of financial services.
This is coupled with an expectation for long hours, particularly in the post-financial year end.
In June of this year, Jan du Plessis, the chair of the FRC, called for major accountancy firms to increase their pay for junior staff to keep the profession attractive.
The falling percentage of graduates applying to become auditors at a time when applications for consultancies are surging suggests accountancy may also have an “image” problem.
Fiona Czerniawska, chief executive of Source, said: “Audit is seen as a less exciting and glamorous career opportunity than being a consultant. There are some auditors that go on to be chief financial officers of huge companies, but it is quite hard if you’re starting out as a graduate to see that that’s within your grasp.”
A survey of 2,000 people in the UK aged 16-25 by Grant Thornton also found 53% of Gen Z think accountants sit at a desk all day.
It also found that many respondents thought there were significant obstacles to becoming an accountant, with 62% thinking they needed high grades. Some 57% thought they needed to go to university and another 57% thought training was expensive.
