With demand for finance professionals at an all-time high, social mobility has a critical role to play in addressing the UK’s skills shortage and is an economic necessity.

Bursaries, apprenticeships and financial education can help break down barriers, and a more joined-up, inclusive skills system that supports talent from all backgrounds is essential.

At a time when the UK is grappling with a persistent skills shortage - particularly in high-demand sectors such as finance - investing in social mobility has never been more important.

The case is clear: a more socially mobile society isn’t just a moral imperative, it’s an economic one. A report by thinktank Demos and the Co-op found that low levels of social mobility are costing the UK economy £19bn a year in lost GDP.

This isn’t just a macroeconomic issue, it’s a sector-specific one. Accountants and finance technicians are identified by Skills England as being in ‘critical demand’. If we are to plug this gap and build a future-ready profession, we must ensure that everyone with potential - not just those with privilege - can access and thrive in a career in finance.

Why social mobility matters in accountancy

The accountancy profession has long been associated with stability, progression, and respectability. But even though there has been progress, opportunities still remain out of reach for some people.

Unlocking the talent of people from all walks of life is essential if we are to futureproof our profession and reflect the diversity of the communities and businesses we serve.

At AAT, social mobility sits at the heart of our mission. We believe in opening up careers in finance for everyone - regardless of background – by breaking down barriers to entry and offering real world ready, attainable pathways to success.

That includes championing alternative routes into the profession, providing financial support to those who need it, and helping individuals develop the skills that employers really value.

Skills strategy and the national context

In part, the government has rightly recognised this as it seeks to break down the barriers to opportunity, with a renewed focus on engaging the UK’s NEET population (young people not in education, employment or training) now standing at 900,000 of 16 to 24-year-olds.

By offering them purpose, inclusion and opportunity, we can give these individuals a reason to believe in their own futures while also addressing critical gaps in our national workforce. 

There is no quick fix. Creating a system that works for all requires structural reform and a cultural shift. It means addressing the long-standing lack of parity of esteem between academic and vocational pathways.

While some progress has been made, too often vocational education is viewed as second best. In reality, it can be the perfect fit for many who, for a variety of reasons, do not see higher education as the right path for them and who want to develop practical, career-ready skills now.

Building real-world readiness

Employers are not just looking for technical competence; they need well-rounded individuals who are ready for the real world.

That means building not only professional expertise, but also what are often referred to as soft skills such as communication, teamwork, adaptability and resilience. These are the qualities that allow individuals to thrive in the workplace and, for some, to build the confidence and know-how to start their own businesses.

The government has a pivotal role in ensuring apprenticeships remain desirable and valuable to employers and learners alike.

Recently announced changes to apprenticeships have the potential to further open access by introducing greater flexibility for employers, but there are also the unintended consequences that comes with change, including funding changes to Level 7 apprenticeships for older entrants.

It is important to protect the quality and objectivity of assessment, which is now at risk. We need to ensure employer needs and learner outcomes are at the heart of any change, for the long term – not an easy, quick fix to drive up numbers.

If apprenticeships are to be valued, they need to evidence the competence and skills required, as well as provide alternative pathways that drive greater social mobility.[SB1]

Bursaries, apprenticeships

One of the most effective ways to promote social mobility is to remove the financial barriers that prevent capable individuals from pursuing a qualification. Bursaries are just one way of levelling the playing field and investing in the potential of aspiring finance professionals.

This year, AAT is offering the highest ever number of bursaries as we recognise that if we really want to open up access to careers in finance, we need to do what we can to remove one of the biggest barriers to progression – funding.

Apprenticeships are another key part of the solution. As a ‘learn while you earn’ model, they offer an invaluable alternative for those who traditional education may not be the right path. Apprenticeships combine on-the-job learning with formal study, helping individuals gain practical experience while earning a salary.

The government, educators and employers all have a role to play in raising awareness and enhancing the esteem in which these programmes are held, while ensuring the apprenticeship reform does not lose sight of learner outcomes and the needs of the employer.

Financial literacy

And then there is financial literacy – the bedrock of long-term economic empowerment. As we embed technology into every life, including in financial matters, it is important we keep pace with how we think about finances and digital skills, recognising that they are intertwined. We believe that financial and digital education should start early, in the classrooms, equipping young people with the tools they need to manage money confidently and make informed decisions.

For adults, particularly those looking to retrain or upskill, accessible financial and digital education can provide a pathway to greater independence and opportunity.

What more needs to be done?

No single initiative will solve the UK’s skills crisis or unlock the full potential of our workforce. We need a joined-up approach that includes government, education providers, employers and professional bodies working together.

The government can do more to clarify and streamline pathways into the profession - especially for adult learners - the next few months will be crucial in shaping long-term direction for skills funding, strategy and policy. We have a window of opportunity to drive forward progress on social mobility and build a culture in which all routes, whether academic or vocational, are equally valued.

The government must make difficult decisions about funding, but if sensible decisions are made now about the evolution of apprenticeships, we can avoid wholesale change that training professionals and businesses simply cannot pivot to easily and that changes for efficiency are not made at the cost of quality and long-term skills loss.

Ultimately, we must develop a skills system that provides clarity, stability and relevance. One that reflects the real needs of employers and offers everyone a fair chance to succeed.

Truly investing in potential is not just the right thing to do, it is the smart thing to do. By creating a more inclusive, accessible and socially mobile profession, we can build a stronger, more diverse workforce that benefits individuals, businesses and society.

About the author

Sarah Beale is CEO at AAT (Association of Accounting Technicians)