New Study Shows Millennials / Gen Z are Still Interested in Accounting Careers

A new study by the International Federation of Accountants finds that a career in accounting still holds great appeal for college students and young professionals

recently entering the workforce. The international study, which consisted of people born between the mid-90s to the mid-2000s (ages 18 – 23) looked at millennials’ views on matters from public policy to career and work/life preferences.

Of the 3,388 people studied, 55% are currently pursuing or open to pursuing a career in accountancy. The leading reasons they cited for their preference or openness to a career in this area include (in order of importance):

• A stable career path
• Salary and benefits expectation
• Work/life balance
• Variety and excitement in my work
• Ability to make a meaningful impact in my work

The study also shows 58% of millennials have a clear plan for their career over the next 5 years, while 42% do not have a plan or are unsure.

When researching their career, millennials look to the following sources for information regarding career:

• Internet (74%)
• Social media (46%)
• Family and friends (38%)
• School’s career advisor (33%)

Their View on Technology

Millennials view technology as a mixed bag:

• 33% believe that burgeoning technology would lead to the elimination of jobs in accounting
• 38% believe that technology will lead to an increase in accounting-related jobs
• 37% believe that changing technology will make accounting jobs more interesting

The Implication for Companies that Employ Accountants

Accounting continues to be a viable and preferred career for the next generation of workers. Millennials have a specific set of priorities, and career stability is of paramount importance. However, career stability has a very different meaning to millennials than it did to their parents and grandparents, with 64% of them planning on changing jobs within the next 4 years(1).

Most millennials whom have never known life without the internet, will continue to embrace new, burgeoning technologies in their career. This means retention and recruiting will continue to be a challenge for companies hiring younger accountants. The best way to reach and influence them is via the internet, social media and through their friends and neighbors.

Are you considering a career in accounting? Zinner & Co. offers internships and mentoring to accounting majors. Check out our careers page.

1 – Deloitte Millennial Innovation Study, 2016