Older advisers are blocking career paths
With an increasing number of older accountants working beyond 65, the next generation feels their career trajectory has slowed, finds new survey
A LOGJAM of accounting staff is slowing up career progression, according to a new survey.
Some 28% of accountants said their career path has been obstructed by older colleagues delaying retirement or planning to work beyond 65.
Accountants between 31 and 35 are the most affected, according to the 145 respondents, with 38% saying their career had been restricted. The 31 to 35 age group is the bracket most likely to be on the cusp of promotion to director or partner.
“In order to stay ahead of the competition and retain tomorrow’s leaders, businesses need to ensure that junior and mid-level accountants are aware of how their career development will be supported, what they need to do to achieve their next promotion and the benefit of learning from and working alongside more senior colleagues,” said Dave Way, MD of Marks Sattin.
“With the economy grinding back into gear, more firms are competing for a finite pool of highly quality accountants, many of whom would have little difficulty finding a well-paid position.”
Just 20% of those aged 26-30 have found their career development blocked, suggesting that the issue becomes more pronounced as they progress upwards from junior positions.
Almost two-thirds (63%) of accountants believe it is now harder to progress to director and partner level than it was for those currently occupying these positions.