President Paul Druckman warned that if recruitment rates remain the same, the institute could slip to only the fifth-largest accountancy body by 2008, from second-largest in 1998.
He said the institute’s position as the UK’s largest could also be threatened by that time.
The institute went on to say that by 2023, nearly half of its membership will be aged over 55, but the proposed consolidation with both CIPFA and CIMA would offer a ‘fast-track solution’ to the problems.
ICAEW chief executive, Eric Anstee, said: ‘This is not a major issue now, but in 10 years’ time it could prove harder to attract students to a body with an increasingly ageing membership. We have a strategy to contain and reverse this situation without consolidation, but the merger would provide a fast-track solution.’
Druckman added that by going it alone the institute’s strategy would be ‘constrained by fewer resources’.
Accountancy Age Jobs is delighted to announce the launch of a brand new look website for finance and accountancy professionals
The old fashioned method of placing recruitment adverts in the local rag is dead
The new joiners, from school leavers to graduates and those on industrial placements, will be working across a range of service lines
Accountancy firm school leaver programmes really do open the door to a whole new career and immerse you in the world of work from the get go