Outdated perceptions are costing the accounting industry talent

• Only 20% of those who hold an accountancy qualification currently work in an accounting-related role. 
• Employees from lower socio-economic backgrounds take 25% longer to progress compared to those from higher groups. 
• More than one in five AAT starters are later‑career entrants who chose accounting after time in another field. 

AAT has today published its Filling the Gap skills report, The Talent Pipeline, the second chapter in its three-part series, exploring the UK’s growing skills shortages in accounting and finance. While Part 1 highlighted the widening mismatch between employer needs and candidates’ skills, this chapter examines where the talent is going and what must change to close the gap.  

The findings show an industry with no shortage of employer demand and employment opportunities, but one held back by outdated perceptions of what accounting offers. The research shows that business leaders are crying out for the skills and attributes that those put off by the traditional image of ‘the profession’ want to learn and deploy. The research also highlights the uneven access to opportunity and a need for collaborative action across employers, government and professional bodies to build and diversify the talent pipeline, so that more people, from every background, can see a future for themselves in the wide range of careers that accounting and finance skills unlock. 

Understanding entry pathways  

AAT’s research shows that people enter accounting through a wide range of routes, including school leavers, university graduates and career changers. More than one in five AAT starters join the profession after time in another field, demonstrating the breadth of opportunity accounting qualifications can unlock. However, despite this diversity of entry routes, only 20% of those who hold an accountancy qualification currently work in an accounting related role. Many qualified professionals are being drawn to other sectors thanks to the versatility of accounting qualifications, which is increasingly being used as a foundation for career mobility, entrepreneurship and leadership roles.  

Why the pipeline is narrowing 

The pool of new career entrants is narrowing as technology reshapes the realities of work and deep-rooted socio-economic barriers continue to influence access to the profession, who stays and who moves up. 

As AI becomes more embedded in everyday work, AAT’s research shows it could help attract new talent, with two in five people saying they’d consider switching to accounting if mundane tasks were automated. Among those who have already left the profession, 23% say they would have stayed longer with access to AI tools, and 22% would consider returning if automation supported basic activities. 

Socio-economic barriers are also restricting who enters and progresses. Despite multiple entry routes, accounting is still widely viewed as a career for the privileged or highly academic, shutting out capable candidates. With nearly one million young people not in education, employment or training (NEET), many could thrive in accounting and finance roles, jumpstarting their career into meaningful, purposeful work. And for those already in the profession, these same barriers are mirrored in progression rates, with 51% of the workforce coming from higher socio-economic background and those from lower income groups advance 25% slower, even when performance and experience are similar.  

Commenting on the research, Sarah Beale, AAT CEO, said, “This research makes it clear that accounting isn't struggling because of a lack of talent; it’s struggling because too many people still don't see a place for them. Careers in accounting and finance are still shaped by an outdated, one-size fits all narrative, when we should be talking about the careers they lead to and the impact finance skills have in every business. People change careers, move between sectors and build experience in many ways, and finance skills are valuable wherever they go. At AAT, we help people build those skills so they can excel in their aspirations, switch careers or start businesses of their own. By challenging outdated perceptions and making these opportunities visible to everyone, we can rebuild the talent pipeline. Accounting and finance skills are needed in every type of business, and it's time the world knew it.” 

A roadmap to closing the gap and rebuilding the talent pipeline together 

Strengthening the talent pipeline means promoting the breadth of careers available through accounting and finance. That includes better early careers advice and wider access to meaningful work experience. Employers increasingly need adaptable, digitally confident people, while individuals are looking for careers with creativity and purpose, so it’s imperative to show how accountancy delivers exactly that.  

To achieve this, professional bodies, employers and government need to work together to open up clear, fair pathways into the sector, challenge outdated stereotypes and ensure qualifications continue to reflect the realities of today’s workplace, including many people who now use accounting skills outside traditional roles. 

Sarah Beale, AAT CEO, continues, “without coordinated action from government, professional bodies and employers to help people understand the importance of accountants across every business and the careers they can lead to, we risk losing talented future. That would mean locking out people who could thrive in these roles and contribute to economic growth across the country."

For more information on filling skill gaps within the finance and accounting sector, visit: Filling the Gap: Closing the UK finance and accounting skills gap | AAT

For media enquiries please contact media@aat.org.uk    

Editorial notes:   

• To create the evidence basis this report is founded on AAT commissioned six questions in the YouGov omnibus survey looking at the destination of accounting professionals.  
• It also included some questions in the recent salary survey which went to 5,615 of our members and students looking at their intention to remain in the profession, and if not why.  
• Alongside this AAT conducted desk research and broader market data analysis to complement its analysis, while also pulling in some insights from recent social mobility research.