The glass ceiling in accountancy is no myth

‘Globally, women make up a significant percentage of accountants and auditors. Statistics gathered from the 2020 Accountancy Age Top 50+50 survey demonstrated that nearly half of all qualified accountants were female (45.47%). Yet just 1/5 of women were positioned in senior roles within the sector.’

Roxana Zendy – Finance Journeys

The statistics on women in accountancy present a startling contrast. With nearly half of all qualified accountants being female, one might expect a similar representation in leadership roles. Yet, the reality is starkly different. The disparity between women’s overall presence in the field and their scarcity in top positions is surprising and concerning.

Why does this gap persist, and what factors prevent women from reaching the upper echelons of the accounting profession?

Accountancy is about people

The accounting profession is no longer confined to back-room number crunching; modern accountancy demands a diverse skill set that extends far beyond mathematical proficiency. Today’s accountants must excel in communication, problem-solving, and client relations. They must be able to explain complex financial concepts in understandable terms and build trust with clients who view them as strategic partners rather than mere receipt chasers.

Research suggests that women often possess the qualities that make them effective leaders in this evolving landscape. Studies indicate that women leaders tend to be more adaptable, better listeners, and more adept at fostering innovation among their teams. They often prioritise relationship-building and prefer collaborative leadership styles that inspire rather than dictate. These traits align closely with the demands of modern accounting, where client trust and clear communication are paramount.

‘In other words, if the client believes you’re fighting in their corner and want to see them succeed, they are more likely to trust you, ask for advice and also remain a client.’

Nottingham University Careers – Accountancy is about people

Other research from the Swiss School of Business and Management Geneva (SSBM Geneva) suggests that women leaders are particularly well-suited to governing in the 21st century. Their tendency to lead from the centre rather than the top, scepticism of rigid hierarchies, and commitment to diversity can create more dynamic and adaptive organisations.

If women possess the skills and qualities needed for success in today’s accounting environment, why aren’t we seeing more female managing partners and executives?

Why? It’s complicated

The underrepresentation of women in top accounting leadership roles stems from a complex interplay of factors. Historical gender imbalances have created institutional inertia, while work-life balance challenges and family responsibilities can disproportionately affect women’s career trajectories.

Unconscious biases, lack of mentorship, and organisational cultures favouring traditional leadership styles also play a part. Additionally, the disparity contributes to pipeline issues and self-selection due to perceived barriers.

While progress is being made, these deeply rooted challenges continue to slow the advancement of women to managing partner and executive positions in accounting firms.

The non-traditional approach

Unlike some traditional accounting firms, Gilligan Sheppard prides itself on seeing beyond numbers and data. Its leadership understands people and ideas, a trait often associated with emotional intelligence and empathy – qualities that studies have shown women leaders often excel in.

Their commitment to knowing clients’ stories and understanding their business visions aligns well with research suggesting that women leaders often prioritise relationship-building and prefer collaborative leadership styles. This approach is evident in Gilligan Sheppard’s promise to be more than a passive accounting partner; they’ll challenge and fight alongside their clients to achieve exceptional outcomes.

Gilligan Sheppard stands out with its 50/50 split of male and female partners. Alongside partners Bruce Sheppard and Richard Ashby, our two female partners, Joshna Mistry and Yi Ping Ge, have worked with the business for many years. It’s a mutually beneficial partnership in which flexibility and understanding of personal commitments have enabled them to thrive professionally and personally.

Yi Ping, who was made a partner in 2010, says it’s not about positive discrimination; the company’s philosophy is to value a person’s character alongside hard work and a unique skill and value set. It’s not a focus on gender, age or culture. ‘Gilligan Sheppard strongly focuses on the freedom to be real at an individual level. I started at GS as an accountant in 2003, and I very much enjoyed the culture, which allowed me to develop skills in the field I excel in.’ She says that being a woman and Chinese-born has benefited her career positively, but this has more to do with her skillset and connections than positive discrimination.

Joshna believes that work/life balance and flexibility are rights afforded to all Gilligan Sheppard employees, regardless of gender and age. This philosophy played a large part in her decision to join the company.

‘I joined GS at a point in my life when I was looking for a different environment, one more accepting of flexibility, as I navigated a new marriage and a one-year-old child. I had not heard of the firm, but the job advertisement proposed flexibility and up to 30% corporate finance work. I had true freedom to prioritise my family, and this, combined with access to great learning opportunities and healthy curiosity, just inspired and drove my performance,’ she says.

A missed opportunity

The underrepresentation of women in accounting leadership represents a significant missed opportunity for the profession. By addressing this disparity, firms can tap into a wealth of talent and perspective that has the potential to drive the industry forward. As the nature of accounting continues to evolve, embracing diverse leadership may be the key to staying relevant and competitive in the years to come.