As the cost of doing business continues to rise, employers are increasingly looking for opportunities to cut their finances while maintaining productivity and efficiency. As a result, businesses are redefining their approach to recruitment in a bid to battle an accounting talent shortage and an ageing workforce that is retiring quicker than new entrants into the job market.

The debate over whether apprenticeships or university is the better path for accountancy has been a long-standing one, but apprenticeships can offer an invaluable practical route into the profession that is often overlooked.

By the time an apprentice reaches the same age as a university graduate, they’ve already accumulated years of invaluable hands-on experience. This real-world exposure makes them highly attractive to employers, who are increasingly looking for candidates that can hit the ground running.

I took the apprenticeship route myself and it was one of the best decisions I’ve made, giving me real-world experience and a solid understanding of accounting while studying for my qualifications. However, there is still a need for the industry to shift the focus from purely academic qualifications to ones that involve a more practical element to reflect the real demands of the modern day accounting world.

Taking the practical route into accountancy

Like many others, I was exposed early to the idea of university being the natural next step after leaving school. But I never enjoyed studying in the traditional academic sense, preferring practical, hands-on experience instead.

This preference led me to seek work experience at Milner Boardman, an accountancy firm in Altrincham. This later spearheaded my pathway into the industry as I was introduced to the AAT-to-ACA fast track apprenticeship, a practical alternative to university that allowed me to work, earn, and qualify as a chartered accountant without the added student debt.

By working in the industry from the very beginning, I not only developed technical skills but also honed my soft skills like communication, teamwork, client interaction and commercial awareness - skills that are vital for any modern day accountant.

Embracing a new age of accountants

The role of accountants has changed dramatically since I completed my apprenticeship. Today’s accountants aren’t just number crunchers; they are strategic advisors who play a critical role in helping businesses make smarter financial decisions.

The rise of AI and automation tools has also revolutionised the way accountants work. By reducing the time spent on manual data entry and bookkeeping, they can focus more on high-advisory work such as guiding businesses on growth strategies, cash flow management, and long-term planning.

Apprenticeships play a key role in developing these skills, offering hands-on experience in financial decision-making that goes far beyond traditional accounting stereotypes. They are also critical for equipping young accountants with the digital skills they need to excel in the profession today. This practical skills-based approach is something that is often missing in the traditional university route to a profession that is heavily focused on academic achievement.

The need to rethink qualifications

In my view, a focus on academic achievement means that the current format of accountancy exams tend to favour those who have taken the university path, prioritising memorisation and speed rather than the application of practical skills that are essential in real-world accounting.

Therefore, as apprentices progress through their career, the prospect of securing qualifications through exams can be challenging.

We need to move away from this traditional approach and consider incorporating more practical, situational-based assessments into accountancy qualifications, which better reflect the realities of advising clients, managing cash flow, and navigating complex business scenarios.

The reality is that accountants, particularly those working with SMEs, need to provide more than just tax advice. They are the ones business owners turn to when they need help with pricing strategies, cash flow forecasting, and risk management.

But these skills are not adequately tested for in current exam formats. A significant shift towards more practical assessments could help better prepare future accountants for the demands of the profession.

Addressing the talent shortage

Accountancy, like many industries, is also facing a talent shortage. Apprenticeships can play a crucial role in addressing this gap by offering an accessible and practical route into the profession, diversifying the talent pool and providing opportunities for those who may not see university as the right path for them.

At the same time, there is a need for employers to support apprentices in their journey through accountancy and create a more supportive working environment. This could include providing work that aligns with an apprentice’s studies, checking in on them more regularly, and helping them break down their exam syllabus into manageable chunks so they feel valued and encouraged, rather than overwhelmed.

Ultimately, apprenticeships aren’t just about securing qualifications or getting paid – they are about letting people build confidence and the skills they need to build their careers and succeed in the workplace, while providing employers with a cost-effective solution to hiring new employees and increasing business productivity.

If we can modernise how we assess and support future accountants, we can drive real change in the industry and inspire more people to pursue careers in accounting.

About the author

Max Whiteley ACA, chartered accountant and product domain expert at Dext