How diverse is the accounting profession in 2022? And what is being done to improve diversity and inclusion?
Diversity in the workplace is essential if organisations are going to ensure they have the best talent available. However, even in 2022, women and ethnic minorities still face adversary in many professions, including accounting and finance.
In a recent survey conducted by The Association of Accountants and Financial Professionals in Business, it was found that over 50% of women working in accounting had experienced bias against them in the profession. This prejudice led to some women leaving their companies or the profession altogether.
This year, there has been a concerted effort to combat this discrimination. In April, the Financial Conduct Authority (FCA) introduced rules regarding diversity in the boards of UK listed companies. They focused particularly on gender, requiring that at least 40% of the Board must be women, including at least one senior Board position. This contrasts with the seemingly less stringent requirement for one Board member to be from an ethnic minority.
Following this, four major accounting firms, KPMG UK, PwC, Deloitte and Grant Thornton UK were named in The Times's Top 50 Employers for Women list, suggesting that the discrimination against women in the profession has been recognised and progress is being made to combat the problem.
But with this focus on gender diversity, are ethnic minorities receiving the same level of support? Is FCA’s focus on women in accounting at the expense of progress in other areas of diversity? Organisations need to expand their definition of diversity beyond just gender and greater focus needs to be put diversifying race and cultural backgrounds in the accounting profession.
If so, PwC's recent announcement that they are removing the 2:1 requirement for its graduate roles suggests that things may be changing, as they seek to improve diversity in areas beyond gender. They have clearly stated that the move is an attempt to improve diversity and provide more opportunities for 'students from a broader range of backgrounds, including those from lower income households'.
With their new applicants being assessed on their 'potential' rather than academic achievement, it will be interesting to see whether this makes a change to their diversity, and whether the accounting profession starts to make more progress on the broader issue of diversity.
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