Women and Accountancy
Women and Accountancy
Women and Accountancy
This news comes from the Chartered Institute of Management Accountancy, or CIMA, and the University of Bath School of Management.
Interestingly, women comprise almost half of the working population in the UK, nearly 47%. When it comes to promoting to those positions of senior authority, those numbers drop drastically; only 12% of women actually see those higher positions on various boards of directors. It's not just in the UK, however. Across the globe, women, and especially those in the financial sector, have a tougher time making it to the proverbial top.
Already, women in accountancy positions in the UK earn 24% less, on average, than their male counterparts.
In an effort to close that gap while also developing a powerful network that supports women, CIMA is working on a new guide, tentatively titled, "Breaking Glass - Strategies for Tomorrow's Leaders". Its goal is to offer specific advice and tips for women who wish to take their careers to new heights. The information will be compiled via interviews, research and a look into what hasn't worked in an effort to find the solution that does work.
In fact, it will likely look at its own formulas. Charley Tilley, CIMA's CEO said in an interview earlier this year, "CIMA has one of the highest growth rates in female members in all the accounting institutes", he continues, "We have more than 65,000 female members and female students internationally". Still, the admission is there remains work to be done to see a more balanced representation of women leaders.
CIMA is the world's largest professional body of management accountants and is in 165 countries. Its members and students work in industry, not for profit organisations and it provides powerful relationships for the accountancy field as a whole throughout the UK.
One study CIMA conducted, through its own research and collaborating with Finnish Business and Policy Forum EVA revealed companies led by female CEOS are 10% more profitable than other similar companies led by male CEOs. Even those companies that have women on the boards report stronger financial performances on a consistent basis. One survey suggested women have more of the leadership traits than men, including the patience to inspire workers, building strong teams and defining expectations. Further, women leaders are more prone to reward success than male leaders. That, of course, is not to say those qualities don't exist with male leaders; however, it does suggest those companies that do not promote women "to the top" could be missing a powerful source of improved performance, stronger earnings and a generally more happy workforce.
Ultimately, and in an ideal world, these issues will become dated and unacceptable and in a quick fashion. Until those tides shift, however, women will still find themselves on the lower ends of the pay scales as well as not reaching the top of their chosen fields. It will limit not only them, but the companies they work for.
Guidance for women seeking a career in accountancy can be found through the online accountancy services
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