Talk to an experienced accountant about what makes a firm great, and they’ll point to reputation, technical excellence, and strong client relationships. Ask a graduate, and you’ll hear something different—culture, work-life balance, and purpose. Ioana Manea, a consultant at Industry Partners explores the generational divide.
This generational divide isn’t just anecdotal. The latest Industry Benchmark Series: Accountancy Brand Survey 2024 reveals a widening gap between generations in the profession. While experienced professionals still see career success through a traditional lens, young accountants are reshaping expectations.
For firms competing for both talent and clients, this shift presents a challenge—and an opportunity.
Culture vs. credentials
The survey findings highlight fundamental differences in what accountants value at different career stages:
– When asked about the most important factor in choosing an employer, nearly two thirds of young professionals in the survey ranked company culture and a friendly, welcoming work environment as their top concern. That’s more than double the percentage of experienced accountants who said the same.
– Flexibility and a work-life balance are seen as a necessity to younger accountants, while experienced professionals view it as a tool for balancing productivity and well-being.
– Diversity and inclusion matter significantly more to graduates than to their senior counterparts.
– Graduates increasingly prioritise firms that demonstrate a strong commitment to sustainability and purpose-driven initiatives when making career decisions.
– While competitive salaries remain important for both experienced and early-career professionals, financial incentives are less commonly cited as the top factor for young professionals, suggesting a growing preference for purpose-driven careers and values-based decision-making.
These findings align with trends seen in the legal sector, where the next generation of professionals is as concerned with quality of life as they are with pay and promotion. This changing dynamic suggests that firms relying solely on reputation and technical excellence to attract talent may struggle to stay competitive in the evolving talent landscape.
Structured career pathways: A key to retention
One area where both generations align—albeit from different angles—is the importance they place on having good opportunities for career progression.
– Experienced professionals seek clear pathways to leadership, valuing firms that provide structured promotion opportunities, technical mastery, and client ownership.
– Young professionals prioritise long-term career growth, but with a broader, more holistic perspective. They want to see a firm that invests in their personal and professional development beyond immediate promotions.
This is one of the reasons the Big Four dominate employer brand rankings. Their ability to offer structured career paths, global mobility, and well-defined mentorship programmes ensures they appeal to both ends of the spectrum. PwC, Deloitte, EY, and KPMG not only offer prestige but also well-articulated career roadmaps, making them attractive to ambitious accountants at any stage of their career.
This structured approach to career growth is what mid-tier firms must focus on if they want to compete. BDO and Grant Thornton are making strides, but employer brand strength remains an uphill battle outside the top-tier firms.
Brand still reigns supreme
Despite generational differences, one thing remains constant: brand matters.
– 86% of respondents said a firm’s brand impacts their choice of where to apply.
– A strong brand reputation in the industry is still something graduates care about – alongside alignment to a firm’s vision and values.
– The big four dominate. Deloitte is the top choice among young professionals, with 76% ranking it in their top three, compared to 53% for PwC and 24% for EY.
Employer brand strength is about more than reputation. For experienced professionals, a firm’s name signals credibility, stability, and career longevity. For younger professionals, an attractive employer brand is one that prioritises development, inclusivity, and values-driven leadership.
Bridging the gap
Accounting firms are facing a once-in-a-generation workplace shift. The traditional pillars of the profession—technical skill, client trust, and financial reward—are still essential. But the expectations of new talent have evolved, and firms that fail to adapt risk losing out.
The good news? The best firms won’t have to choose between reputation and culture, legacy and evolution. The ones that thrive will be those that blend expertise with empathy, tradition with innovation, and brand credibility with a workplace people truly want to be part of.
In the end, the question isn’t “Which side is right?” but “Which firms will get it right?”.
For the full results, download a copy of Industry’s Accountancy Brand Survey 2024 via the website: https://www.industrybranding.com/accountancysurvey2024/
Ioana Manea, Consultant, Industry Partners, a brand and business consultancy specialising in brand, culture and experience for corporate, financial and professional services clients.