More than 80% (8 in 10) of the UK public and professionals see accountants as experts in their field, but a lack of understanding of the role remains, according to our new research report, ‘Society First: Shaping the profession’.
Our public interest mandate and dedication to putting the needs of society first are key to our ambitious Shaping the Profession (StP) programme. So, it’s fitting that our newly launched research report, sets out what we have found out from our research about the needs and expectations of both the public and our members.
This research is our first in-depth look into what the future of the accountancy profession could look like, and how the views of society will play a fundamental role in shaping it.
One of the standout findings from the report, is that overall, trust in the profession is high, especially among those familiar with the profession (78%), but challenges still exist.
Despite this positive sentiment, the research also revealed half the public admit they don’t clearly understand what accountants do, underlining the scale of the perception gap facing the profession and need for accountants to demonstrate their value to wider society.
Drawing on surveys, focus groups and workshops conducted throughout 2024-25 to gather input from both the public and ICAS members on the future of the accountancy profession, the report provides the first research-based evidence that their views on the profession’s current role, reputation, and direction are largely aligned.
Key takeaways:
- Professional expertise is a key pillar of trust: 81% of respondents agree that accountants are experts in their field, while 70% view them as trusted advisers. Respondents consistently rank expertise, honesty, acting in their best interest, and understanding them as the top four drivers of trust in the profession.
- Trust remains strong: Overall trust in the profession sits at 66%, with 78% of those actively engaged with accountancy expressing trust in the profession, compared to 58% among those less familiar with accountants’ work.
- Perception challenges persist: Half of the public (50%) say they do not clearly understand what the accountancy profession does, while 55% believe accountants mainly “cater to the wealthy”. Accountants themselves highlight the profession being seen as too complex (41%) as a key challenge.
- Future opportunities: While most accountants (58%) believe the profession should focus on its core roles, half of respondents think accountants are equipped to take on broader societal roles. ICAS members see technology and AI (54%), sustainability reporting (17%), and ethical leadership (10%) as the biggest opportunities for the future.
