In a survey* by the Institute of Financial Accountants (IFA), a cross section of age groups from between 55 to 75 years old and over were asked questions concerning their working life in accountancy. Most were looking back on a long career, with 88% spending more than 26 years in the sector, offering a valuable perspective on the profession.
Barber commented: “Their insights highlight that client connections and ongoing education are important for long-term success, encouraging younger professionals to embrace learning opportunities, and be proactive in their career development. Yet notably, they also cite a focus on work-life balance as being equally important.”
The most popular advice given by participants for a successful career included:
- Work hard
- Listen to your clients
- Build good relationships with clients
- Understand clients’ needs and do your best for them
- Develop good listening and communication skills
- Enjoy what you do
- Maintain a good work-life balance
- Embrace continual learning
Meanwhile”, Barber continued, “their responses about satisfaction with their career choices provide valuable insights for anyone, regardless of which industry they work in, and serve as interesting and invaluable examples for those in the early stages of their accounting careers. Overall it seems, a career in accountancy has been a solid choice for many, as more than a third of those surveyed said they wouldn’t change a thing about their choice of job.”
Career satisfaction was broken down as follows:
- 93% were satisfied with their career choice
- 39% said they wouldn’t change anything
- 7% wished they had asked for pay rises more frequently
- Only 7.4% expressed regret at opting to become an accountant
Of those who weren’t happy with their jobs cited the following reasons:
- Long hours and a poor work-life balance
- Making the wrong career choice, wishing they had pursued their first-choice profession instead
He added: “It was interesting to understand their thoughts on how their priorities shifted throughout their careers. They reflected on what mattered to them at the beginning versus what they value now. A lot of them said that they would have prioritised work-life balance more over just chasing money and work. Yet they also said that their dedication and hard work remained constant. Many talked about being open to change and new opportunities, and how their initial goal of becoming an accountant evolved into searching for broader experiences.”
Respondents shared their views on what they would have done differently in their career:
- 35% wished they had prioritised work-life balance earlier
- Almost 11% regretted not setting up their accountancy practice sooner
- Around 12% of members rued not moving jobs earlier
Out of those surveyed on passing on their knowledge to a younger generation of accountants, 63% showed an interest in doing so
“We also found that some of the biggest influences on their careers were family — partners, parents, or other relatives—and colleagues, including bosses, managers, and mentors. Some also mentioned the importance of hard work and learning from both good and bad experiences with managers.”
Finally, when it came to the future of accountancy, they shared their thoughts on the evolving need for professional accountancy skills, with only 50% believing that the demand for these skills will rise in the next three years.
“This might suggest that retired members are unsure about the future need for professional accounting skills, or it could simply be that they feel less connected to the field since retiring”, surmised Barber. “Many of the responses highlighted concerns about how AI and technology are affecting the demand for accounting skills.”
*Source: IPA Group Retired Members Survey, 17th June 2024