Misconceptions about accountancy careers creating barriers for Gen Z, GT finds

Young people may have misconceptions about careers in accountancy which could be creating unnecessary barriers and “preventing them from seeing it as an attainable option”, according to new research from Grant Thornton UK.

Its research explores Generation Z’s view of accountancy as a career, and analyses the responses of 2,000 people aged between 16 – 25 in the UK.

The firm said the study seeks to better understand the attitudes and perceptions towards the accountancy sector of this age group.​

It found that the top misconceptions held by Gen Z about accountancy, identified in the research, 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 

Grant Thornton said the level of misunderstanding about the profession identified by the research may be explained by the finding that 65% of young people have never received careers advice about accountancy. ​

It noted those that have received this advice were most likely to have done so at school or college, yet the type of school attended affects how much information young people receive. 

The firm found that those attending private schools are 20% more likely to have received careers advice about accountancy than those from comprehensive schools, and private school students are also more likely to know an accountant than those attending comprehensive schools (52% vs 43%).​

Following its research, the firm said that 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, it found.

Richard Waite, People and Culture director at Grant Thornton UK LLP, said: “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. 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.”