Skill Diversity: The Key to Solving the Accounting Talent Shortage

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Hi everyone,

The definition of an ideal hire in accounting has totally changed in the last few years.

Gone are the days when a degree in finance or accounting was the only ticket to enter our profession. As the demand for skilled professionals continues to outpace supply, it’s high time we rethink who qualifies as “accounting talent.”

For context, vacancies in the UK accounting space surged by 20% in 2024, underscoring the widening talent gap in the industry.

This goes beyond a temporary blip, it’s a signal that we need to diversify our approach to recruitment. And I’m not just talking about gender or ethnicity. I’m talking about embracing candidates with backgrounds in technology, marketing, psychology, and even others.

Why? Because the future of accounting isn’t just about numbers. It’s about understanding client behaviour, mastering new technologies, and offering insights that go beyond the balance sheet.

In fact, a 2023 LinkedIn report shows 35% of accounting firms now seek candidates with non-traditional backgrounds like tech, data analytics, and marketing to boost their services.

And this number is only going to grow much bigger!

Think about it, a candidate with a background in tech might bring innovative solutions to streamline processes. Someone from marketing could enhance client communication strategies. A psychology graduate, for instance, could excel in client advisory roles, understanding the nuances of decision-making, and helping clients navigate complex financial choices.

It’s no secret that the accounting world is becoming increasingly complex. Regulations are more stringent, client demands are more nuanced, and technology is constantly evolving.

To keep up, we need teams that think differently, question the status quo, and bring fresh perspectives to the table. Alternatively, diverse hiring can also become a great talent magnet attracting more pros to your accountancy firm.

A 2023 Deloitte study found that 48% of millennials prioritise companies that value diversity and inclusion, making diverse hiring practices key to attracting top talent.

So, here’s the challenge: How open are we, as firm owners, to breaking away from the norm? How willing are we to take a chance on someone who doesn’t fit the traditional mould?

It’s easy to stick to what we know, but the firms that thrive in the future will be those willing to take a chance on the unknown. Hiring from diverse professional backgrounds will help us future-proof our firms and success.

Learn more about skill diversity for accounting firms in our in-depth article on 5 Key Considerations for Building an Ideal Accounting Team.

Until next time,

Arun

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