How is the Accounting Industry Empowering Women in Accounting?

The accounting industry is one of the most significant industries globally, with a massive economic contribution. However, the industry has been male-dominated for decades and has been underrepresented in Empowering women in the accounting field. Despite this, organizations have changed their paradigms in recent years and attempted to address the gender imbalance in positions of leadership. Women have proved to be just as capable as men, and the accounting industry is changing to promote women's leadership in 2023.

This article shows the journey of empowering women and how it ended torments for them.

1. Historical gender disparities in Advancing Women in Accounting

According to a survey conducted in 2020, more than 60% of accountants and auditors are female, yet only 33% of them sit on management committees. The fact that there is such a drastic gap between women in accounting and leadership positions is not surprising at all. As a result of this, women are often relegated to supporting roles in the workplace, and they aren't given the same opportunities for advancement and career growth as men.

1.1 Factors contributing to the gender gap

The gender gap is a complex issue that is influenced by various factors. One of the main factors is gender stereotypes, which can shape how people view and treat men and women differently. In addition, discrimination and bias in hiring, promotion, and pay decisions can also contribute to the gender gap. Due to these factors, women in accounting may face several challenges, including:

• Gender Bias: Women may face bias and discrimination in hiring, promotion, and pay decisions due to gender stereotypes and unconscious biases.
• Lack of Representation in Leadership Roles: Women are underrepresented in leadership roles in accounting firms and organizations, which can limit their career opportunities and advancement.
• Work-Life Balance: Work-life balance for women in accounting is the main challenge for women in the accounting industry, especially for those with caregiving responsibilities. The lack of women role models and women representation in leadership positions can also discourage women from exploring certain careers.
• Pay Gap: Women in accounting may experience a pay gap, where they earn less than men for the same work.
• Limited Networking Opportunities: Women may have limited networking opportunities, hindering their career growth and advancement.
• Workplace Culture: A workplace culture that is not inclusive of women or supportive of work-life balance can create additional barriers for women in accounting.

Addressing the gender gap requires a multifaceted approach that includes promoting gender diversity and equity, addressing bias and discrimination, and Supporting women's career advancement in accounting.

2. Practice Adopted By Industry for Empowering women in accounting

Here are some practices adopted by the accounting industry to empower women:

• Flexible Work Arrangements: Accounting firms offer flexible work arrangements, such as telecommuting and job sharing, to help women balance work and family responsibilities.
• Mentoring and Coaching: Firms are providing mentoring and coaching programs to support women in their career growth and advancement.
• Diversity and Inclusion Training: Firms are providing diversity and inclusion training to promote awareness and reduce bias and discrimination in the workplace.
• Pay Equity: Accounting firms are committed to paying equity and are conducting regular pay audits to ensure women are paid fairly.
• Women's Networks: Firms are establishing women's networks to provide networking opportunities and support for women in the industry.
• Leadership Training: Firms are providing Women leadership programs in accounting and development programs to help women build their leadership skills and advance in their careers.
• Recruitment and Hiring Practices: Firms are implementing recruitment and hiring practices that promote gender diversity and equity, such as diverse interview panels and blind resume screening.

3. Future trends and outlook for women in accounting: What's next?

The future outlook for women in accounting is positive, as the industry continues to make progress in diversity and inclusion. Here are some future trends to watch for:

• Greater Diversity and Inclusion: Diversity and inclusion are becoming increasingly important in the accounting industry, which has historically been dominated by men. Many firms are now actively seeking to recruit and promote women, people of color, and other underrepresented groups.
• Flexible Work Arrangements: As more firms adopt remote work policies and flexible scheduling options, women in accounting will have more opportunities to balance work and family commitments. This can help reduce the gender pay gap and promote better work-life balance.
• Increased Use of Technology: The accounting industry is becoming increasingly reliant on technology, which can help reduce manual tasks and improve efficiency. This can create new opportunities for women with strong technology skills.
• Emphasis on Soft Skills: While technical accounting skills will always be important, there is a growing recognition of soft skills like communication, collaboration, and leadership. Women tend to excel in these areas, which can help them stand out and advance their careers.
• Focus on Sustainability and Corporate Social Responsibility: Many accounting firms are placing a greater emphasis on sustainability and corporate social responsibility. This can create new opportunities for women who are passionate about these issues and have the skills to help companies navigate the complex regulatory landscape.

4. Women in accounting role models: Perks

Having more women in leadership roles can bring numerous benefits to organizations and society as a whole. Firstly, it can lead to more diverse perspectives, ideas and approaches to problem-solving. Women may bring a different set of skills and experiences to leadership, which can improve decision-making and increase innovation.

Additionally, women who hold leadership positions can serve as role models and encourage other women to pursue leadership positions. Promoting gender equality and breaking down stereotypes can be achieved through this.

Thirdly, research has shown that having more women in leadership roles can lead to improved financial performance and increased profitability. This may be due to better employee engagement, increased collaboration, and stronger relationships with customers and stakeholders.

Overall, having more women in leadership roles can lead to a more inclusive, innovative, and successful workplace.

5. How is myCPE encouraging women in the accounting industry?

myCPE is a continuing professional education platform that offers online courses such as live webinars, self-study courses, E-books, podcasts, live conferences, etc. to CPA professionals, CIA professionals, CMA professionals, ABV professionals, CFF professionals, CFE professionals, and etc. for CPE/CE/RCH/PDC/PDC credits. 

For the advancement of women’s roles in the accounting field, myCPE is also stepping forward to encourage women through:

Flexible Learning: myCPE offers online courses and webinars that can be accessed from anywhere. This allows women to balance their professional development with their personal and family responsibilities.

Diversity & Inclusion: myCPE promotes diversity and inclusion in the accounting industry. myCPE seeks to inspire women, offering them equal opportunities to pursue their continuing education and earn credits. Not only this, but every year, myCPE honors women professionals with the “myCPE - Most Impactful Women Leaders in Accounting” award to encourage them.

Career Development: myCPE offers a range of courses that can help women to advance their careers in accounting. This includes courses on leadership, communication, and financial analysis, as well as resources on job search strategies and career planning.

DigitALL Women Experts at myCPE - Passing on their Invaluable skills for continuing education

myCPE features a diverse range of DigitALL Women Experts/speakers who share their knowledge and expertise through webinars and courses. These accomplished women professionals offer invaluable skills for continuing education, covering topics such as accounting, tax, HR, and leadership development. With their guidance, learners can expand their knowledge and advance their careers. Listed below are a few:

• Marcey Rader: Workplace well-being expert, productivity consultant, and author. She has delivered over 50 webinars with consistently high ratings on topics at myCPE such as time management and stress reduction.
• Milla Austin: Accounting and tax professional with expertise in IRS representation. She has conducted over 30 webinars with excellent feedback at myCPE, covering topics such as tax resolution and collection.
• Allison McLeod: She is a full-time Senior Lecturer and speaker at myCPE. She has trained 15k+ professionals and delivered over 174 courses on taxation and ethics. 
• Shelli Huston: Personal, business, estate, trust, and gift taxation, as well as QuickBooks and payroll expert. She has conducted over 17 webinars at myCPE with excellent ratings on topics such as Estate and Financial Planning: Latest Topics and Best Techniques, etc.

6. Conclusion

In conclusion, the accounting industry is changing to promote women’s leadership in 2023. We are seeing a shift towards gender diversity in the workplace, more flexible work arrangements, mentorship and sponsorship programs, professional development opportunities, addressing unconscious bias, and supportive company culture. These changes are creating a more inclusive and diverse industry that recognizes the value of women’s leadership. During the next few years, we can expect to see even more progress in the direction of gender equality and Women's initiatives in accounting firms.

FAQs:

1. What factors contribute to the gender gap in the accounting industry?

The gender gap in the accounting industry is influenced by various factors, including gender stereotypes, discrimination and bias in hiring, promotion, and pay decisions, challenges balancing work and family responsibilities, lack of Representation in leadership positions, and the absence of women role models.

2. What practices have accounting firms adopted to promote women's equality?

Accounting firms have adopted various practices to promote women's equality, including flexible work arrangements, mentoring and coaching programs, diversity and inclusion training, pay equity commitment, women's networks, leadership training and development programs, and recruitment and hiring practices that promote gender diversity and equity.

3. What are some future trends and outlooks for women in accounting?

Future trends and outlooks for women in accounting include greater diversity and inclusion, flexible work arrangements, increased use of technology, emphasis on soft skills, and a focus on sustainability and corporate social responsibility.

Imtiaz Munshi, CPA

CFO, AZSTEC LLC

The author Imtiaz Munshi is a Certified Public Accountant and CFO at Azstec, LLC. He is Business Strategist, Tax Planner, Entrepreneur and Advisor to "HNEs" (High Net Worth Entrepreneurs).