Number Of Accountancy Membership Grows As Audit Firms Decline

Hello and welcome to our blog here at WHR Accountants, the No 1 accountancy firm in Armagh, Northern Ireland. Today we have news that the number of people joining the accountancy profession is on the increase. This goes to show the healthy respect that the profession is held in by so many people in the UK and Ireland.

Recent Statistics For Accountancy

In a report by the Financial Reporting Council called ‘Key Facts and Trends in the Accountancy Profession’ it found that there had been an increase in accountancy membership of 2.4% during the years of 2012 to 2016. There are now over 335,000 members of the accountancy profession in the UK and Ireland. 

Of the students that have moved into the wonderful world of accountancy, 16% of them are being employed in practice whilst another 11% are employed in the public sector. It is also encouraging to see that the percentage of females taking up the profession is on the increase, in the 4 year period between 2012 to 2016 it has risen from 33% to 35%. This figure is very likely to rise further over the next few years and there is no reason why it should not get up to around the 50% mark long term.

Audit Firms In Decline

Conversely registered audit firms have seen a steady decline over the same 4 year period. There are now around 17% less audit firms registered than there was in 2012. Also sole practitioners in accountancy have shown a huge drop, as the trend towards bigger accountancy businesses continue, with 37% less sole practitioners now than in 2012. This is also due to fierce competition and tough economic conditions which makes it harder for people working on their pwn in accountancy to survive and kick on.

If anyone is thinking of joining the accountancy profession there is no doubt that it is a great sector to work in, provided you have the right attitude and aptitude. It is a very stable working environment and reasonably well paid, and the work is enjoyable and varied.