EY’s Survey Highlights Disconnect Between Accounting Industry and Aspiring Professionals
Ernst & Young (EY), one of the world’s leading accounting firms, recently unveiled the findings from its Accounting Professional of the Future Survey. The report highlights a significant disconnect between how a career in accounting is currently promoted by employers and what the next generation of accountants expects from their future careers.
The accounting field is often seen as offering long-term stability and strong career growth, but the report underscores that many students hold misconceptions about the profession. According to EY, addressing these misconceptions is critical for attracting fresh talent and aligning with the values of the next generation. The survey gathered insights from 500 students studying accounting or Science, Technology, Engineering, and Mathematics (STEM) and 500 senior executives in the industry.
Optimism from Executives vs. Disconnect with Student Aspirations
Although 97% of senior executives expressed confidence in the future of the accounting profession, the survey revealed a gap between what organizations are offering and what students are looking for in an employer. The findings show that companies have ample opportunity to align more closely with students’ values, especially in areas like diversity, community engagement, and environmental responsibility. Here are some key points from the report:
Diversity and Inclusion (DEI): Nearly 79% of students said that working in diverse teams and inclusive environments is either "very" or "extremely important" for their professional future. However, only 36% of senior executives actively promote DEI initiatives to potential recruits.
Community Involvement: Over 75% of students reported that engagement with the local community is important to their professional aspirations. In contrast, just 27% of senior executives in finance, accounting, and recruitment roles prioritize community involvement as part of their employee value proposition.
Environmental, Social, and Governance (ESG) Initiatives: A staggering 81% of students surveyed ranked positive ESG impacts as essential to their career decisions. However, only 29% of senior executives currently highlight these factors when promoting a career in accounting.
This disconnect shows that while students are increasingly drawn to socially responsible and inclusive workplaces, companies are not adequately positioning themselves as aligning with these values during recruitment efforts.
Concerns Over AI’s Impact on Accounting Jobs
Another key finding is the different perceptions between students and executives regarding the future role of artificial intelligence (AI) in the accounting profession. Nearly 40% of senior executives believe that AI will reduce the burden of mundane tasks, allowing employees to focus on higher-level thinking and judgment-based work. Yet, only 19% of students agreed with this optimistic view. Instead, 39% of students expressed concerns that AI could lead to job losses, making accountants more expendable in the future.
Students Seek Meaningful Careers Aligned with Personal Purpose
The survey found that students are not only looking for job stability, but also careers that provide personal fulfillment. For example, 34% of students already view accounting as a rewarding career, while another 34% see it as a pathway to leadership roles. More notably, 73% of students expressed a desire to pursue careers that allow them to work on global issues. This suggests that highlighting opportunities related to ESG, diversity, and global challenges during the recruitment process could significantly enhance the accounting profession’s appeal.
EY Americas Vice Chair for Talent, Ginnie Carlier, emphasized this point:
"Workplace expectations have evolved. Not only do people want to be supported personally and professionally, but they also want the work they do to align with their personal purpose. As the competition for skills and talent continues to grow, organizations need to stay attuned to the workplace preferences of the next generation, foster a culture of care, and offer career opportunities that align with employee aspirations."
A Call for Alternative Paths to CPA Licensure
A major finding in EY’s report was the consensus that alternative paths to earning a Certified Public Accountant (CPA) license could help strengthen the talent pipeline. Nearly 90% of senior executives support the idea of offering more flexible paths for students to meet CPA licensure requirements. Among students, 58% echoed this sentiment.
Becky Burke, EY Americas Assurance COO, emphasized the importance of offering multiple routes to becoming a CPA:
"Our survey findings underscore the importance of creating alternate paths for students to become CPAs. A career in accounting can open the door for many opportunities. Organizations, academic institutions, and professional associations can collaborate to demonstrate the benefits that a career in accounting provides and remove potential barriers to entry."
EY’s Career Path Accelerator: A Model for the Future
EY has already taken steps to address some of the challenges highlighted in the survey through its Career Path Accelerator program. Launched in 2021, this program offers an alternative, affordable route for students to meet the 150-credit hour requirement for CPA licensure eligibility. Students can complete this program either while pursuing their bachelor’s degree or during the summer after graduation. Upon completing the program, they become eligible to join EY US.
Since its inception, over 500 current and former EY interns have participated in the Career Path Accelerator. This initiative reflects the firm’s commitment to broadening access to the CPA credential and making the accounting profession more accessible to a diverse range of students.
Conclusion
EY’s Accounting Professional of the Future Survey reveals both optimism and challenges for the future of the accounting profession. While senior executives are confident in the industry’s trajectory, the next generation of accountants is seeking careers that align with their personal values and social concerns. For organizations looking to attract top talent, it’s essential to emphasize diversity, community involvement, ESG initiatives, and offer flexible paths to CPA licensure. By addressing these gaps, the accounting profession can build a stronger, more diverse talent pipeline for the future.
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