Connect with us

Business

Breakdown of Global Trends: The Current State of Female Professionals Working in Accountancy

Published

on

Breakdown of Global Trends: The Current State of Female Professionals Working in Accountancy 1

By Sarah-Jane McQueen, General Manager of the accountancy course comparison website CoursesOnline.

Accountancy is a strong sector, which is growing on an international level. Despite economic issues rooted in 2020, the industry expects to see a swift recovery from the COVID-19 pandemic. So, how are women represented within this industry? Over the years, there has been an encouraging trend in this area but it’s not without pitfalls. Here’s a breakdown of the current state of female professionals in accounting.

Around 50% of Accounting Students are Women  

Women tend to make up approximately 50% of accounting students around the world. What’s more, in some regions, women are now surpassing men when it comes to undertaking courses of this nature. In 2020, internal data from CoursesOnline showed that of those purchasing accounting courses, 56% were female and 44% were male.

With that in mind, there is no issue when it comes to encouraging women into this particular field. The statistics speak for themselves, revealing that women have just as much appetite for the subject matter as men do. Over the years, initiatives toward gender equality in this sector have been well-placed and supporting female students in this area.

Women are Highly-Represented in Accounting 

Not only are many women studying accounting, but they are also entering the industry at a high rate. On a global level, women are highly-represented in the field of accounting.

In Canada, more than 50% of women were accountants than men in 2016, and in the United States, women and men are parity in accounting. Moreover, over in Europe, women make up more than two-thirds of professionals in accountancy and law.

These figures are encouraging. However, that is not to say that there is no problem in terms of equality in this growing and developing field. Statistics reveal that there is a significant gap when it comes to women of colour working in this sector.

That is a hurdle that has to be overcome in the years to come. Furthermore, the gender pay gap within the sector is notable and needs addressing. While women are entering this field en-mass, they are not gaining the same rewards and benefits as men.

Women of Colour are still Underrepresented

Women of colour are underrepresented in the field of finance and accounting. Back in 2018, the AICPA Trends in the Supply of Accounting Graduates and the Demand for Public Accounting Recruits report revealed that 71% of professional staff members at CPA firms were white.

The same report showed that only 4% of employees were black while 6% were Latinx. Additionally, Asian and Pacific Islanders were the most represented people of colour, making up 17% of employees within this field.

This disparity is significant since almost half of graduates with accounting degrees were people of colour, accounting for 41% of Bachelor’s degree graduates and 46% of Master’s degree graduates.

With that in mind, the fact that people of colour, and particularly women of colour, are not proportionately represented in the field is concerning. It suggests a culture of inequality which stretches across the board within the finance and accountancy sectors. With social justice movements gathering speed, it is time for positive change.

The Gender Pay Gap in Accounting 

Despite the fact that women are proportionately well-represented in finance and accounting, there is a persisting gender pay gap. In the United States, for instance, women working as accountants or auditors earned a weekly median salary of $1,141 in 2019. On the other hand, their male counterparts earned a median salary of $1,419.

However, the tides may be set to change. Research now suggests that more than a third of CPA firms assess pay equity by both race and gender. That means that more finance companies are approaching the gender pay gap internally. Last year, the same review showed that 90% of firms have partners review the results of internal pay equity surveys. That figure is up from 74% when the review was last held back in 2014.

Despite these figures and a new trend toward counteracting pay inequality, the industry still has a long way to go. Given that women are highly represented within this sector, it is disturbing to see that there is a gulf of difference between their pay scales and that of men in the same industry. Many CPA firms have a responsibility to change their approach to this aspect of the work and conduct further reviews in the years to come.

The Takeaway 

More women than ever before are studying and working in the field of accounting. However, there is a need for significant change within this sector and its practices. Moving into the 2020s, there has to be continuous reviews of the pay scales and hiring practices of firms in this industry, should the sector aim to reach a level of just equality.

Business

Surging industry expectations drive up German business morale

Published

on

Surging industry expectations drive up German business morale 2

BERLIN (Reuters) – German business morale rose by far more than expected in February, hitting its highest level since October as the industrial sector powered along Europe’s largest economy despite lockdown restrictions, a survey showed on Monday.

The Ifo institute said its business climate index increased to 92.4 from an upwardly revised 90.3 in January. A Reuters poll of analysts had pointed to a February reading of 90.5. The reading surpassed even in the highest forecast in the poll.

“The German economy is robust despite the lockdown mainly because of the strong industrial economy,” Ifo President Clemens Fuest said in a statement.

The stronger-than-expected Ifo reading showed businesses are looking beyond the short-term effect of lockdown measures.

Once a role model for fighting the COVID-19 pandemic, Germany has struggled with a second wave. Chancellor Angela Merkel and state premiers have agreed to extend restrictions to curb the spread of the coronavirus until March 7.

The government last month slashed its GDP growth forecast to 3% this year, a sharp revision from last autumn’s estimate of 4.4%. This means the economy probably won’t reach its pre-pandemic level before mid-2022.

But Ifo economist Klaus Wohlrabe told Reuters companies have revised up production plans significantly and export expectations for industry have also risen.

“The order books are well filled,” he added.

Other sentiment indicators have also been promising.

The ZEW economic research institute said last Tuesday investor morale in Germany rose beyond even the most optimistic forecast in February on expectations consumption will take off in the coming months.

Earlier this month, industrial conglomerate Thyssenkrupp raised its full-year outlook for the first time in nearly four years, and CEO Martina Merz said “we’re noticing signs of an economic recovery”.

Last Thursday, German carmaker Daimler AG said it expects significant improvements in sales and operating profit in 2021.

(Writing by Paul Carrel; Editing by Maria Sheahan)

Continue Reading

Business

Vodafone’s Czech subsidiary held talks on cooperating with utility CEZ

Published

on

Vodafone's Czech subsidiary held talks on cooperating with utility CEZ 3

PRAGUE (Reuters) – Vodafone’s Czech subsidiary said on Monday it had held talks with state-controlled energy utility CEZ regarding strategic cooperation, but not on selling the unit as reported by a Czech newspaper.

Financial daily Hospodarske Noviny reported on Monday that CEZ, central Europe’s largest listed energy group, was interested in buying Vodafone’s Czech business. Talks over a price for the market’s number three operator have been ongoing since the summer months last year, the paper said.

“We confirmed to Hospodarske Noviny that there have been talks with CEZ on different options of strategic cooperation. We did not confirm, however, that it is about selling the whole Vodafone (in the country),” Vodafone’s local spokesman Ondrej Lustinec said.

CEZ declined to comment on the report, and Vodafone did not give further details on the nature of the cooperation being discussed.

CEZ, which is 70% owned by the state, already has a smaller mobile operatation with 130,000 clients, leasing network capacity from O2 Czech Republic.

Hospodarske Noviny said Vodafone’s local operations could be valued in the low tens of billions of crowns in the event of a sale.

Vodafone Czech Republic has around 4 million customers and reported a net profit of 1.46 billion crowns ($68.08 million) in its fiscal year to March 2020.

($1 = 21.4460 Czech crowns)

(Reporting by Robert Muller and Jason Hovet, editing by Louise Heavens, Kirsten Donovan)

Continue Reading

Business

Think Local: The Marketing Trend of The Pandemic 

Published

on

Think Local: The Marketing Trend of The Pandemic  4

By Sarah Bryers, Head of Experiential, TMW UNLIMITED’s

The term ‘localism’ may not have been used as widely as ‘social distancing,’ ‘new normal’ or ‘you’re on mute’ but, for marketers at least, it may be among the most enduring changes that we have seen since Covid. In the immediate term, the move towards localism, particularly in retail, is undeniable. 64% of the UK population have said they are now more inclined to shop locally, according to research data from our insight partners, Walnut Unlimited. This is reflected in the sales data too, with independent local retailers seeing a 69% increase in sales in 2020.

Two primary reasons for this trend, the first of which will be self-evident to most of us. The restrictions on travel have meant that people are leaving their homes less and, when they do, they are less likely to travel far. The other factor though, points to a potentially deeper change in the population, and this is where brands need to be most attuned.

As a result, the impact of the pandemic – and all of the challenges that it has entailed – has enhanced the sense of community among consumers, and this is manifesting in the way people shop, meaning now more than ever, being able to centre brand strategy on understanding human is crucial to delivering marketing strategies that cut through the noise.

Localise your message 

The importance of activating national campaigns locally has long been an underestimated element of the marketing mix. According to internal research across our client-base at TMW Unlimited, we discovered that 66% of purchases are affected by some form of local activity. Effective local marketing which takes national campaigns and finds ways to tailor messaging to a smaller audience has always given brands the opportunity to increase their cut through, response rates and inspire more brand affinit

Engage your retail network

Understanding the local market is a skill that only the local network can deliver authentically. Providing the tools to deliver national messaging to a local audience is important to harness local communities, as well as mobilising and upskilling the network into action. For franchises who are used to managing their own marketing, it is up to brands to drive the focus and allow them to speak to the community. For brand-owned stores with more centralised marketing, this could require a more significant adjustment, a movement towards system where messaging is more devolved.

Manage your message, be true to your brand

Given the PR disasters some brands have faced from local markets going off messaging, companies will no doubt be reluctant. it’s crucial to offer guidelines when adapting communications to a particular location’s audience to ensure that it does not dilute the importance of maintaining an established brand identity. Everything still needs to embody the tone and purpose that consumers would see in national marketing. Allowing local elements of the brand some autonomy but within the parameters. With proper training and education to let local operators know the importance of maintaining one brand, as well as having vigilant systems in place to check and assure compliance, companies will be able to have the best of both worlds: authentic, tailored messaging under one cohesive brand.

According to Paul Wolstenholme, Regional Marketing Manager for Lexus, they have seen success in this area by putting marketing training at the forefront of their strategy: “We routinely check outputs across all channels to ensure guidelines are met, with measures in place to prompt swift correction if standards are not met, but fundamentally it starts with working with retail centres so that they understand why consistent branding and messaging delivers greater returns – both for the brand in general and for sales at a localised level.” This has paid off in the relationship between the brand and its retailers, with Lexus having the most satisfied dealers out of all manufacturers in the UK.

Be authentic 

When it comes to talking about how a brand fits into the local community, little steps can go a long way. Brands that take steps to genuinely help their community with local initiatives are likely to prosper in the long run. Even more so if their consumers get a say in how. Waitrose’s Community Matters scheme, in which they give a chance to vote on which local community projects receive support is a great example of a brand entrenching itself and its customers in the local community. A warning though: companies should be wary of slipping into cliché. With more purpose-conscious consumers comes better detectors for tones that ring hollow which won’t get a lot of cut-through.

Know your customers, hyperlocally 

To make informed choices about bespoke marketing on a local level, it is crucial that a brand truly understands its audience in each location. Using insight tools that employ the right combination of sales data, demographic insight and any other information marketers can get their hands on means it is now possible to accurately discern exactly who it is they are communicating with and where they are. The key then is to aggregate and unpack the information available to come up with actionable insights that are easy to understand and implement at a local level. Done well, this can be a powerful tool in a brand’s armoury to take them beyond a more generic approach.

Matt Clark, Senior Dealer Coach for Ford, told us that they that the brand was bearing the fruits of investing in local insight tools: “Zone mangers and retailers are now able to see where opportunities are within their territory, whilst comparing local sales performance to a national index. Using both household and industry profiling has enabled us to create audience types and develop impactful messaging, leading to higher conversion rates across the network.”

Create local experiences 

If the pandemic has shown anything it’s that brick-and-mortar retailers, will need to function differently. In-store purchasing is becoming an increasingly secondary function to browsing and click-and-collect, and brands need to create experiences for customers to set themselves apart. This could provide a fantastic opportunity to leverage the brands understanding of local audiences. They’ll need to deliver events to attract people to their store and curate an experience that delivers a more personal relationship between a brand, its consumers and the community it sits within.

Ultimately, each brand and each location will need to interact with its local community in its own distinct way. Assuming that one size fits all has never been an efficient approaching to marketing but brands who don’t have a strategy in place will now feel the consequences more than ever. The world has changed in many ways and what people now expect from the companies they buy from is different as well. As ever, those who move first to innovate and deliver for their customers are likely to fullest effects, whilst those who are slow to adapt will face an uphill battle to catch up. Above the line messaging is as important as ever, but it is vital that it integrates with a local strategy too.

Continue Reading
Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.

Call For Entries

Global Banking and Finance Review Awards Nominations 2021
2021 Awards now open. Click Here to Nominate

Latest Articles

Breakdown of Global Trends: The Current State of Female Professionals Working in Accountancy 5 Breakdown of Global Trends: The Current State of Female Professionals Working in Accountancy 6
Business13 seconds ago

Breakdown of Global Trends: The Current State of Female Professionals Working in Accountancy

By Sarah-Jane McQueen, General Manager of the accountancy course comparison website CoursesOnline. Accountancy is a strong sector, which is growing on...

Hackers can now empty out ATMs remotely – what can banks do to stop this? 7 Hackers can now empty out ATMs remotely – what can banks do to stop this? 8
Banking11 mins ago

Hackers can now empty out ATMs remotely – what can banks do to stop this?

By Elida Policastro, Regional Vice President for Cybersecurity, Auriga In 2010, the late Barnaby Jack famously exploited an ATM into...

Surging industry expectations drive up German business morale 9 Surging industry expectations drive up German business morale 10
Business19 mins ago

Surging industry expectations drive up German business morale

BERLIN (Reuters) – German business morale rose by far more than expected in February, hitting its highest level since October...

Vodafone's Czech subsidiary held talks on cooperating with utility CEZ 11 Vodafone's Czech subsidiary held talks on cooperating with utility CEZ 12
Business22 mins ago

Vodafone’s Czech subsidiary held talks on cooperating with utility CEZ

PRAGUE (Reuters) – Vodafone’s Czech subsidiary said on Monday it had held talks with state-controlled energy utility CEZ regarding strategic...

Think Local: The Marketing Trend of The Pandemic  13 Think Local: The Marketing Trend of The Pandemic  14
Business22 mins ago

Think Local: The Marketing Trend of The Pandemic 

By Sarah Bryers, Head of Experiential, TMW UNLIMITED’s The term ‘localism’ may not have been used as widely as ‘social...

Sterling steadies around $1.40, long positions at one-year high 15 Sterling steadies around $1.40, long positions at one-year high 16
Trading25 mins ago

Sterling steadies around $1.40, long positions at one-year high

LONDON (Reuters) – The pound hit a new three-year high of $1.4050 in early London trading on Monday, before stabilising...

Three Predictions for the City of London in 2021 18 Three Predictions for the City of London in 2021 19
Business28 mins ago

Three Predictions for the City of London in 2021

By Bob Santella, Chief Executive Officer, IPC If CIOs in the City of London were asked at the beginning of...

France's Carrefour does not see Casino as an acquisition target 20 France's Carrefour does not see Casino as an acquisition target 21
Business30 mins ago

France’s Carrefour does not see Casino as an acquisition target

PARIS (Reuters) – Carrefour, Europe’s largest food retailer, does not see major acquisition opportunities in France and does not view...

How data and analytics are transforming the insurance market 22 How data and analytics are transforming the insurance market 23
Interviews35 mins ago

How data and analytics are transforming the insurance market

Global Banking and Finance Review recently caught up with John Beal, Senior Vice President, Analytics, Insurance, LexisNexis Risk Solutions to...

How do you adapt your insurance pricing strategy in the face of increased price competition? 24 How do you adapt your insurance pricing strategy in the face of increased price competition? 25
Top Stories41 mins ago

How do you adapt your insurance pricing strategy in the face of increased price competition?

By Ketil Kristensen, Senior Advisor, Insurance, SAS Many countries in Europe have in previous years experienced increased price competition for...

Newsletters with Secrets & Analysis. Subscribe Now