From being a male-centric field, accounting is now a mixed profession where women strive and increase their numbers. In today’s world, women are increasingly interested in this field and pursuing careers as accountants. The reason for increased interest in accounting among women is that many seek jobs in the field. Because other competent women in the profession can act as role models and guide newcomers, it becomes easier for female newcomers to find the motivation and start looking for a career in what is considered a male-centric profession.
Although there is a widespread belief that women are not skilled in mathematics, more women are employed in accounting than men. Women are increasingly choosing to work as accountants. In the last 30 years, there has been a substantial increase in the proportion of female accountants.
In the Chief Financial Officers (CFOs) role, women are doing an excellent job. Recruiting firm Korn Ferry found that companies with female finance chiefs saw profitability rise by six percent within the first 24 months of their tenure and an eight percent boost in stock returns. Moreover, firms with female CFOs earned $1.8 trillion more than the industry average during the study period.
Women in accounting made up 62 percent of workers as accountants, such as payroll management and audits, in the year 2021, according to the U.S. Bureau of Labor Statistics (BLS). According to this figure, the companies are offering plenty of opportunities for women interested in accounting careers.
Reasons to Work in Finance and Accounting for Women
Although it was not easy to get the recognition of the importance of women in the accounting profession, their work impressed enough to get the attention of other women to pursue their careers in this profession.
Change of Trends in the Accounting Sector
The finance and accounting sector has strongly addressed concerns of inclusion and diversity over the past ten years. Many companies have formally reviewed their hiring procedures and workplace cultures to hire and keep more women.
A job in finance offers the opportunity to work in various industries and allows one to take a more innovative mindset to one’s career, which is something that more women are beginning to understand. Some women have launched their own companies that align with their principles and ambitions, using accounting as a launching pad. Due to the growing requirement for accountants, there are more stable and challenging chances for women to build up exponential career trajectories confidently.
Diversity of Accounting Profession
A young woman should choose an accounting career because many different work options are accessible. One subject that is not specific to a product, a business, or an organization is accounting. It has all of them. The candidate might choose the industry or company that interests her. A few well-known careers include public accounting as a Certified Public Accountant, industrial accounting as an accountant for industry, governance, research, teaching, and auditing. The girl can choose a specialty within these categories, like taxation, consultation, pricing, or payroll.
Women with senior roles in the accounting industry, such as corporate partners, can also foster a supportive climate that motivates the next group of female accountants to keep working toward their professional growth. By starting their own business, women can serve as important role models and encourage other women to think about following their unique entrepreneurial paths.
Different Levels of Jobs in Accounting
While some professions offer a small number of designations, others offer a wide range. The latter group includes accounting. Although it is widely accepted that a high degree of intellect is necessary to become a qualified chartered accountant, those who are less intelligent or less motivated can obtain employment in the accounting industry. Bookkeeping and accounting clerks work in lower levels of administration. Jobs for junior, semi-senior, and senior accountants are available as one advance in their professional careers. Supervision or specialist consultancy jobs are typical in middle management. Effective corporate governance and administrators typically have accounting backgrounds at the top level. There are numerous varying degrees within these levels to suit the demands and aptitude of the seeker.
Surveys reveal that female accounting professionals actively seek careers in the public and non-government sectors and media and entertainment. This is because such industries seem more likely to offer flexible work schedules and job balances.
Among One of the Highest-Paid Profession
Most individuals are motivated by money, or at the very least, by the desire to maintain a reasonable living level. While starting salaries vary by area, bachelor’s degree holders typically earn between $10,000 and $13,000 per year.
The wage range for experienced chartered accountants in Australia is AU$70,000 to AU$140,000. An Accountant with over ten years’ experience makes at least CA$150,000 a year. A CPA earns an annual wage of US$75,000 in the United States.
Final Words
Even though women are rapidly entering and progressing in finance and accounting, women who wish to pursue careers in accounting are motivated by the above reasons. Accounting provides them with better career opportunities based on their abilities. But more is needed. We can foster the next generation of female leaders by creating flexible, inclusive, and equitable policies and processes.
