As accountants, we’re usually all about the numbers and financial advice. But this month, we want to talk about something we’re deeply invested in, and know a thing or two about. Our belief is simple: as companies, our responsibility goes beyond delivering a service and extends to educating the bright minds of tomorrow. We’re passionate about passing on our knowledge.
In this article, we break away from tradition to highlight the importance of knowledge-sharing. Education isn’t just an obligation; it’s a profound investment in the future.
Join us as we explore why we see educating others as a fundamental part of our corporate responsibility and ask if a career in professional services still worth it?
The current landscape
In an era saturated with ‘get rich quick’ courses and the glamour of influencer lifestyles, the appeal of a career in professional services, particularly in accountancy, may seem to face considerable challenges. As we celebrate our 40th year in the business, we find ourselves at the crossroads of assessing the evolving landscape of professional services and sharing insights on how to make this sector enticing for emerging talents in 2024.
The digital age has ushered in a wave of unconventional career paths, with social media platforms often portraying alternative routes to success. However, recent findings from Student Accountant and LinkedIn trends reassure us that the accountancy field remains resilient and continues to hold its ground among the top-tier jobs in 2024, even in the face of a slowing job market.
Career pathways in accountancy
Becoming an accountant offers two main pathways: the traditional university route or gaining practical experience through working and training in an accountancy practice. Each route has its distinct advantages, with university providing a structured and theoretical approach, while on-the-job training offers a more hands-on, practical learning experience (whilst earning a living).
As a practice, we embrace both pathways and are ACCA-accredited employers, but irrespective of the chosen route, we always look at fostering a combination of analytical and soft skills.
Low cost – high rewards
Hiring apprentices proves to be a cost-effective method for businesses to cultivate talent while managing expenses. The commitment, however, should not be taken lightly. It is a rewarding journey that demands time and effort for proper training and development.
The key lessons we’ve learnt from offering apprenticeships include:
Time commitment: Only embark on a trainee/apprenticeship programme if you genuinely have the time to invest in training and managing the development of these individuals. The beauty of this commitment lies in its potential for shaping someone to your exact needs whilst having the power to inspire their career.
Eventual departure: Be prepared for apprentices to eventually move on. Apprenticeship schemes protect the employer’s investment for the duration of the training, but businesses should be prepared to let go. People, especially the younger generation, often prefer to move between employers to acquire new skills or pursue retraining. Embracing this reality can be as challenging as seeing your children move out for university, but their choice to move on is not always a reflection on you; people simply evolve in their careers.
Shifting attitudes: People’s attitudes toward work have shifted, especially among the younger generation. The emphasis is now on individuality and sustainability. While the older generation often identifies strongly with their profession, this is no longer the case, particularly after the lessons learned from the last pandemic. Feeling valued as a human being, appreciation, and the opportunity to acquire new digital skills are the main aspects that younger professionals seek in their jobs. Being mindful of these factors, especially in a demanding profession like accountancy, is essential for talent retention.
Involvement with schools
In our commitment to fostering the next generation of accountants, we recognise the importance of engaging with schools and educational institutions.
By collaborating with schools, we can offer insights into the diverse career paths within the accountancy sector, breaking down stereotypes and demystifying the profession. Workshops, career talks, and internship programmes can play a crucial role in igniting the interest of young minds and showcasing the dynamic and rewarding nature of a career in accountancy.
Moreover, our involvement with schools extends beyond recruitment efforts. We aim to contribute to educational programmes that focus on financial literacy, equipping students with essential skills for managing their personal finances. By actively participating in school initiatives, we not only invest in the future talent pool but also fulfil our responsibility to empower individuals with financial knowledge.
Final reflections
Regardless of the strategy or roles you aim to fill in our industry, thorough research into the apprenticeship qualifications you can offer is crucial. Communication is key, especially when targeting students at such an early stage in their career exploration. In a world where young minds are bombarded with options and often uncertain about their career paths, being open and transparent about the opportunities available is paramount. By clearly communicating apprenticeship pathways and the skills they can acquire, we empower students to make informed decisions. It’s not just about filling roles; it’s about nurturing the right talent. When you provide clarity and honesty, the right individuals will step forward.
For any career or recruitment advice, contact Kate Smart, Head of Talent at Cottons Group on ksmart@cottonsgroup.com or visit www.cottonsgroup.com
