The profession has a real perception problem, and accountants need to start demonstrating their value to wider society, according to the findings of the ‘Society First’ report from ICAS.
The ground-breaking study found half of the general public (exactly 50%) admit they do not clearly understand what the accountancy profession does.
Worryingly, some 55% believe accountants “cater to the wealthy”.
Many outside the accountancy profession still associate it mainly with tax and bookkeeping services. Reputational damage from sector scandals isn’t helping, either. Just 62% of the general public associate accountants with ethical behaviour.
The research discovered overall trust in the profession sits at 66%. However, this drops to 58% among those less familiar with accountants’ work.
Even accountants themselves highlighted the fact that a key challenge is the fact that profession is seen as too complex (41%). It means accountants themselves see staying relevant as the profession’s main challenge (57%), partly because of technological changes and disruption.
James Baird, Chair of ICAS’ Shaping the Profession steering group, said: “Our research shows that public perception of the profession is generally positive, particularly around trust, but there is limited understanding about what accountants do, and outdated stereotypes persist.
“What’s clear, and exciting, about our findings is that there is significant opportunity for the profession to take on a broader role in areas such as strategic advice and the adoption of AI.
The profession can also do more to demonstrate to stakeholders and the public the full range of capabilities that it offers beyond the numbers, and how it positively contributes to society.
“ICAS is committed to making these opportunities a reality by shaping a profession that feels more accessible, understandable, and supports society’s evolving needs.”
- The ‘Society First’ report is the first publication of ICAS’ ambitious Shaping the Profession programme.
