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
