Last month, the AICPA’s Global Women’s Leadership Summit gathered hundreds of female accountants to grow the skills, knowledge and confidence they will need to become leaders in the profession.
Over the last 40 years, the number of women entering the profession has grown steadily, with women now comprising more than half (51%) of new entrants, up from 33% in 1980, according to AICPA surveys. Women, however, have not made the same progress in advancing within the profession. Less than one quarter (23%) of all partners are women.
This three-day summit, held in November in San Diego, is part of an ongoing effort to retain and improve upward mobility of women in the profession. Accountants from across the U.S. and Canada participated in a variety of sessions to help them better manage work-life integration give and receive feedback, use their time more effectively, set priorities and refine their communications techniques. They also had the opportunity to advance their technical skills related to topics such as cryptocurrencies and blockchain, and the operations and management of CPA firms.
Here are three top takeaways and themes that emerged from the event.
CHANGE MUST HAPPEN
Many women have found substantial success in the profession. Three of the Big Four accounting firms have had female leaders, and five AICPA chairs have been women, including Olivia Kirtley. In 1998, Kirtley became the first of those five, and she was presented with the inaugural American Woman’s Society of Certified Public Accountants (ASWCPA) Lifetime Achievement Award during the Summit. Still, work remains.
For firms to remain globally relevant and competitive in an increasingly diverse business world, more women will need to be promoted to management and partner roles. A study by McKinsey found that U.S. companies in the top quartile for gender diversity were 15 percent more likely to outperform the national industry median. That same study also found a positive correlation between the percent of women on the executive leadership team and EBIT margin. Among the reasons cited by the study for the increased performance of gender diverse organizations are a better talent pool, stronger customer orientation, and improved decision making.
With more women now entering the profession than men, it is even more important that firms develop more female leaders.
THERE ARE BARRIERS TO CHANGE
Before change can occur, it’s imperative that we understand the barriers that are limiting change. Summit presenters covered the many challenges women face in the workplace, and they cited several research studies, statistics and reports to highlight some of the reasons why women are still lagging their male peers. Among the points noted were:
- Women often lack other female role models in their organization.
- Many women rate themselves as less confident than men until their mid-40s.
- Women report not having a sponsor as a barrier to advancement.
- Studies show people are more likely to promote employees of the same gender, i.e. men tend to promote men and women tend to promote women.
One presentation quoted Indra Nooyi, former PepsiCo CEO, as saying “Women walk into boardrooms at a negative 50% credibility. Only when you demonstrate absolute confidence and preparedness do you get equal input, value, authority and respect.”
Given the myriad challenges and barriers women face, some self-select out of the process for advancing and developing into leaders within the profession.
AWARENESS AND ROLE MODELS ARE KEY
Having a clearer understanding of the issues that are holding many women back provides an opportunity for all members of the profession, male and female, to find solutions to close the gender gap among the profession’s leaders.
Men, who are invited and encouraged to attend the summit, must support and recognize their female colleagues. And women should seek out sponsors to help guide then and build their confidence.
The event also served as an opportunity for networking and community building. As more women advance in leadership positions, they can bring others with them.
It’s only through a concerted effort of all within the profession will we be able to create leaders who reflect the increasingly diverse population of CPAs and accountants.
The 2020 Women’s Global Leadership Summit will be held November 10-12 in Miami.
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Tags: Accounting, Digital Currency
