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Incorporating NQ magazine
August 2025
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PQs SHUN CORPORATE WORLD The accountancy profession needs to take notice: the next generation of accountants don’t want to climb the corporate jobs ladder – they want to build their own! Intuit QuickBooks’s new research on the Changing Face of Accountancy reveals a striking shift in how young people see the profession, with 75% of accounting students saying they want to start their own accountancy-related business. It highlights a growing movement of young professionals who are no longer viewing accountancy as just a stepping stone, but instead as a launchpad for entrepreneurship, innovation and strategic leadership. The research echoes ACCA’s Global Talent Trends 2025 survey, which found 61% of UK Gen Z accountants have real entrepreneurial aspirations, double the number of the rest of the UK’s accountants (31%). An AAT study also found record numbers of AATs rejecting traditional employment in favour of establishing their own practices. The Intuit study said whether it’s founding their own firm, launching a virtual tax consultancy or offering strategic services to start-ups, young people – especially those aged 20-24 – are embracing accounting as a gateway to entrepreneurship. This aspiration is strong among
female students, with almost three-quarters (73%) aiming to set up their own company. With 72% of international students indicating the same desire it’s clear that diversity of experience will pave the way for next-generation accountancy firms. Leigh Thomas, Vice President EMEA at Intuit, said: “Now a critically in-demand occupation, the accounting professional of tomorrow is part entrepreneur, part strategist, part tech leader. The industry has, however, seen a drop in new trainees and job candidates recently, and the average age of accounting professionals has
increased to 45. We believe the future belongs to those who embrace the new, multifaceted role of the accountant, and the new crop of dynamic students who are ready to change the game.” Mazars AAT apprentice graduate, social media influencer and founder of Hardy Accounting, Grace Hardy (pictured), explained: “Accountancy gets labelled as male, pale and stale – but for people my age that’s not the vibe at all. What attracted me to the profession is the emerging tech being used.” Despite its appeal, the path into accounting is not equal for all, said Intuit. The study found that 27%
of young people cite balancing study with other responsibilities as a barrier, and more than one in four said the cost of professional qualifications is too high (26%). Nearly one in five (18%) highlighted a lack of access to mentors and work experience as the biggest challenges they face, with 29% of college and sixth form students studying accounting, citing this as a specific challenge. There is also a deeper need for representation of a wider range of ethnicities, educational backgrounds and age groups, with uplifting neurodiverse voices also a priority. Some 16% of respondents point to a lack of diversity in the profession, and selfdoubt – especially among career changers – continues to quietly hold people back. This number increases to 20% when answered by international students, who represent 20% of the sample. Accountancy and Finance Senior Lecturer and YouTuber, James Wright, said: “As the accounting sector grows increasingly appealing to both students and career-changers, it’s time for the profession to acknowledge and address the barriers to entry. Embracing diversity of thought and experience is key to driving innovation and effective problemsolving crucial elements for the industry to truly thrive.”
GRADUATES BEING REPLACED BY AI The Big 4 accountancy firms are cutting jobs and scaling back their graduate recruitment programmes as they turn to artificial intelligence (AI) to do entry-level work, according to Louis Goss, writing in the Daily Telegraph. Goss said hundreds of roles have been cut over the past two years as the Big 4 seek to maintain the £1m partner pay-outs in the face of the downturn in the consultancy market. The cuts mean hundreds fewer school leavers and university graduates joining the likes of KPMG, Deloitte’s, PwC and EY compared with 2023, as AI takes up many more tasks.
He explained that KPMG has made “some of the sharpest cuts so far”. Its recruitment scheme has been slashed by 29%, from 1,399 in 2023 to just 942 last year. Around 1,000 graduates and school leavers are expected to join the firm this year. Deloitte has made an 18% cut in joiners, from 1,700 in 2023 to 1,400 in 2024. Graduate recruitment will be flat this year. EY has cut its numbers by 11%, from 1,800 in 2023 to 1,600 in 2024; PwC cut entry-level recruitment from 1,600 to 1,500, a 6% drop. Goss revealed the jobs board Indeed shows UK accountancy firms posted 44% fewer adverts for grad job this year, when compared
with 2023. The rise and rise of AI has coincided with an overall reduction of headcounts at the Big 4 firms. Both KPMG and PwC have reduced their total headcount in the UK the most – by 4% this year. And this follows sharp cuts in 2024. Patrick Morgan’s James O’Dowd told the Daily Telegraph: “The Big 4 are looking at AI very seriously as they consider ways to use AI tools to replicate the work of juniors in a most cost-effective manner.” Source Global Research’s CEO, Fiona Czerniawska, claimed: “AI is expected to substantially reduce the number of junior people in consulting firms.”