Number of accountants reaches record high, FRC figures show

Figures from the Financial Reporting Council (FRC) showed strong growth in the number of accountants in the UK, with membership figures at accountancy bodies reaching a five-year high.

The regulator’s report, titled Key Facts and Trends in the Accountancy Profession showed that the membership at accountancy bodies has hit 530,000 worldwide, up by 16,706 from last year.

Growth rate

The annual compound growth rate for accountants in the UK and the Republic of Ireland from 2013-2017 stands at 2.4%, while globally the growth rate is 3.2%.

The report identified the accountancy bodies with the largest number of members, with the Institute of Chartered Accountants in England and Wales (ICAEW) topping the list. However, Chartered Accountants Ireland (CIA) and Association of Chartered Certified Accountants (ACCA) saw the biggest rise in members, with a compound annual growth rate of 4.3% and 4.1% respectively from 2013-2017.

In terms of age groups, 75% of members across all accountancy bodies are between the ages of 25 and 54, with 30% of these members being in the 35-44 age group.

The Chartered Institute of Public Finance and Accountancy has the highest percentage of older members, with 25% being over the age of 65, while ICAEW has the highest percentage of students aged 34 or under (96%).

Highest percentage

The report also showed which of the Big Four accountancy firms have the highest percentage of female partners, with PwC and EY topping the list at 19%, while KPMG and Deloitte’s percentage of female partners stands at 17%.