Over time, the profession of accounting has made strides toward inclusive practices and the provision of equality. While those improvements have been admirable and important – considering the distinct lack of diversity in the early days of the profession – there is still room for improvement.
Diversity, especially in leadership, remains a key issue for individual firms and accounting in general. Accounting practices preparing for the future should take diversity into account and commit to long-term plans for improving diversity in staffing and leadership.
Room for Improvement
Currently, leadership in accounting skews heavily male and heavily Caucasian. The American Institute of CPAs reports fairly static rates of women and minorities in partner positions, with partnerships comprising approximately 19% women and 5% people of color.
These statistics are at odds with the trends of who composes the accounting workforce and who studies accounting. Notably, the AICPA’s “CPA Firm Gender Survey” indicates that more than 60% of accountants and auditors are women. Similarly, the “2019 Trends in the Supply of Accounting Graduates and The Demand for Public Accounting Recruits” report indicates that 42% of accounting graduates are from minority groups.
These statistics suggest a problem with hiring and with the pipeline to leadership, rather than a lack of talent. SDC CPAs have long benefitted from and relied upon the diversity of their staff. As a women-owned firm, SDC CPAs has a commitment to diversity informed by its founder, Dee Studler, and her experiences with the importance of opportunity and the detriments of bias.
Working Toward Diversity
As an increasingly diverse field, accounting practices that cannot maintain diversity and provide equal opportunity may become unsustainable. To move toward more diverse and inclusive staffing, firms should consider taking the following actions:
- Performing an assessment of both staff composition and attitudes toward diversity.
- Setting measurable goals for increasing diversity.
- Familiarizing leadership with the AICPA Accounting Inclusion Maturity Model.
- Implementing long-term diversity training.
While there is certainly progress to be made, a future of diversity and equality is not out of reach for firms and for accounting as a profession.