Women continue to play a vital role in the accounting world, ranging from historical trailblazers like Christine Ross (the first female CPA) and Josiah Wedgwood (the first female cost accountant) to today’s many, many successful disruptors. Certainly, these women have created a pathway for other women to enter and revolutionize the accounting field.
Any woman who wishes to have a career that offers both security and growth prospects would thrive in a career in accounting. BLS data indicates that women fill 59.7% of accounting jobs in the United States. However, accounting’s reputation as an industry dominated by men persists. Despite the fact that most accountants are female, women in accounting still have to deal with some challenges.
This article examines some of the most common difficulties and opportunities for women in accounting.
Challenges Women Face in Accounting
Aside from skills, women in the accounting field typically face different challenges than their male counterparts. To begin with, let’s explore some of the top challenges most female accountants encounter daily in a workplace setting:
Work-life balance
Keeping the demanding routine in mind, maintaining a healthy work-life balance can be a challenge in the accounting profession. Tax season can be even more hectic when accountants have to work between 60 and 100 hours per week leading up to the filing deadline.
Family
Similarly, women in accounting may find advancing their careers challenging while running a family. Though men can also struggle with this issue, women are more likely to encounter difficulties due to cultural barriers.
Gender roles
Accounting can be a complicated field to pursue because of social norms and perceptions of gender roles. In organizations that firmly hold to certain gender norms, women may find it challenging to advance to senior leadership positions.
The wage gap
It is common for female accountants to earn less than their male counterparts for the same work. According to the BLS, male accountants make $1,520 per week, while women earn $1,186 per week. The wage gap can make it harder for women to excel in the industry, especially when combined with problems with work-life balance and advancement.
Regardless of whether you will face such challenges, being aware of them will greatly help in managing and resolving them if they arise.
Nevertheless, do not let these potential difficulties stop you from pursuing a career in this field. The accounting field offers far too many opportunities for you to let yourself be intimidated by these challenges alone.
Career Growth for Women in Accounting
Your preparation and networking will provide you with opportunities for advancement throughout your accounting career. A solid understanding of finance, the ability to think critically, and the ability to handle unexpected situations set the stage for a successful career.
The route you decide to follow can take you to Chief Financial Officer (CFO) positions in leading companies or lead to your own company, where you’ll be able to manage and supervise other accountants. These options have previously not been as accessible to female accountants as they were to male accountants. According to a report by the Association of Chartered Certified Accountants (ACCA), women have a longer time to reach the executive level than men.
In addition, a report from the Accounting MOVE Project found that only 27% of women are partners or principals at CPA firms, even though women comprise over 60% of accountants and auditors in the US. The disparities are more pronounced for women of color, disproportionately underrepresented in the accounting profession.
Over time, this gap has begun to close. Accounting MOVE Project report indicates that more organizations are recognizing and developing the value of female leaders. Additionally, the number of women entering the accounting profession is growing, which provides opportunities for women accountants to succeed as a community of talented people.
Professional Organizations and Networking Groups for Women
Networks are simply groups of people who share similar interests. A professional networking group is a great way to meet individuals with a similar background as your own. Moreover, many female accountants have benefited from networking with other female accountants who assist newcomers entering the financial sector.
Women-only groups provide a safe setting for meeting other women, where they are more focused on helping one another rather than promoting themselves. However, when you network with other women, you can have a different experience than when networking at non-gendered events.
It’s worth noting that there are several professional organizations created specifically to connect and support women working in finance:
- 100 Women in Finance: This group is open to all women working in the financial sector.
- The ABWA: The ABWA supports women of color in the accounting and finance fields as a nonprofit organization.
- The AFWA: The AFWA connects female professionals in accounting and finance so they can reach their full potential.
- The AICPA – Women in the Profession: The AICPA provides resources and networking opportunities for women working in finance.
- The AICPA Online Mentoring Program: You can also sign up to become a mentor or a mentee through AICPA’s online mentoring program.
- The EFWA: The EFWA provides various services to help women become accountants, including mentoring, networking, and financial assistance.
- The Financial Women’s Association: The FWA was founded in 1949 and is the oldest professional organization for women in finance.
- The Lady CPA Network: This non-profit network of black women finance and accounting professionals supports black women in these fields.
Working with like-minded women to break gender norms will give you the support, knowledge, skills, and strength you need to succeed in your career as an accountant.
Conclusion
For most of history, companies in the financial sector have undermined the value of women even though they proved capable and valuable. Today, having made significant progress in the field, some women still find it difficult to break free of the shackles of long-standing patriarchal traditions in accounting, such as the wage gap.
In response, the successful female accountants teamed up to help support aspiring accountants by establishing networking and non-profit groups that mentor and assist them at every step. Thanks to their dedicated efforts, women in accounting can now reach leading positions that were previously impossible. Regardless of how long it took for success to arrive, it’s important to recognize what has been accomplished and how far we have come as women in accounting.