Women In Accounting and Finance: International Women’s Day 2023

International Women’s Day has arrived, and this year’s theme is ‘DigitALL: Innovation and technology for gender equality’. A bit of a mouthful, but being a female-led and cloud accounting business, we can relate to this here at BXD Accounting!

The accounting and finance industries have long been the face of male-dominated sectors, but the gender imbalance is slowly being addressed with each passing year. The opportunities available to women only increase as accounting becomes increasingly digital.

To celebrate the event, we’re shining a light on how far the accounting industry has come and how far it has to go. Keep reading.

The rise of women in accounting

Accounting was traditionally a man’s world, but the number of women entering the profession increases yearly.

The Financial Reporting Council’s latest report on key trends in the accounting profession found that women’s membership in the seven accounting bodies has increased from 36% in 2017 to 37% by 2021.

While that might seem like a slow change - though progress is progress - there’s an interesting shift in how the student body has changed. The same report found 50% of students in the accounting bodies’ programmes are now female, with ACCA having the highest ratio at 60%. 

With the future generation of accountants, the future looks increasingly female, but that doesn’t mean we’re done with making accounting an equal playing field.

The challenges women in accounting still face

Now that we’re three years from the pandemic's start, it’s clear Covid-19 has disproportionately impacted women’s careers. 

Our society’s emphasis on women looking after children also disproportionately affects female accountants. This is slowly changing: a 2022 survey found that 32% of accountants had seen increased childcare support from their employers, while a third (33%) were working a four-day workweek. 

While this is a great direction of travel until flexible working, reduced hours and help with childcare costs are the standards for all, we will still see women in accounting paid less and not progressing as far as their male counterparts.

This lack of progression affects the number of women in top positions in accounting. While 42% of women had reached manager level at the Big Four accounting firms, just 19% had made it to partner.

There’s also a stubbornly persistent gender pay gap to contend with in the industry. While the national average is around 10%, the gender pay gap is between 15-20% in the accounting sector. 

None of this is insurmountable. Family-friendly work cultures that recognise the load put on women in child-raising, external targets that companies take seriously and considering intersectionality are all simple things the industry can do to enact real change.

But we need to be that change and call on others in the sector to ensure it happens.

Wrapping up

Women across the world are making great strides in the accounting industry. As we celebrate IWD for another year, we need everyone to advocate for equal opportunities in the sector.

Here at BXD Accounting, we’re a woman-owned small business that can help you with all things taxes. From sending off returns to ensuring you’re making the most of your allowances, we have you covered. Get in touch today to find out more.