Accountancy profession becoming ‘closed shop’ for rich
21 Jul 2009, Paul Grant, AccountancyAge
http://www.accountancyage.com/aa/news/1768769/accountancy-profession-closed-shop-rich
Breaking into the accountancy profession is becoming increasingly difficult for those from low income families, according to a government report.
The study into social mobility found that top professions are being closed off to all but the most affluent families, despite efforts to close the gap between rich and poor.
Accountancy and journalism were found to have suffered the biggest declines in social mobility when looking at professionals born in 1958 and those in 1970.
Former minister Alan Milburn, who chaired the study into social mobility, said the professions had a ‘closed shop mentality’ and have ‘become more not less exclusive over time’.
However, the report did single out the accountancy profession for its attempts to fix this imbalance.
‘Many professions have become increasingly concerned about these developments and have taken the lead in developing innovative new levers to prise open the professions. For example, the major accountancy institutes all offer non-graduate routes to entry,’ said the report.
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Visitor comments
Something to be Scared of?
Reading the article makes me rethink of my friends taking up this course. I wonder where will they go after graduation. More to that is the future of accounting. There are really good people suitable people and can prove their place in this field. If in the coming years, accounting will be exclussively for the affluent family, the talent of people who are not that rich will be put to waste. Rich can now claim that this course is for them. This would build confidence and security for the rich. And this confidence can bring accounting prestige in the future.
Posted by: Imperial Accounting Solutions LLC , 14 Mar 2010 | 00:00