The research was a detailed analysis of socioeconomic background data from applicants and hires across ten firms and three professional bodies, as well as an analysis of the impact of Access Accountancy work experience placements at nine firms.

Across 2015-16, the research found that 40% of applicants had parents with no experience of higher education, 12% were eligible for free school meals and 14% were eligible for income support. Analysis showed 76% attended a state school, but those from independent schools had a success rate 14% higher compared to those from state schools.

Candidates from higher income backgrounds also had a higher success rate compared to those on lower income households but there was no difference based on whether applicants’ parents had degrees or not.

As a result of the findings, firms are being urged to make a number of changes. They include identifying a board member who has accountability for socio-economic diversity; ring-fencing a proportionate number of places for students from under-represented groups on internship programmes; and considering, wherever practicable, the introduction of regional assessment centres outside of London.

Other suggestions are that firms avoid using A-Level (or equivalent) grades as a single filter for talent. Where A-Level grades are used, they should be considered in the context in which they were achieved. In addition, firms should give careful consideration to the extent to which online tests are a precise tool for assessing required competences.

Sacha Romanovitch, CEO at Grant Thornton UK and outgoing chair of Access Accountancy, said: ‘Investing in social mobility is a win-win and a great example of business doing well by doing good.  It leads to greater equality of opportunity, a wider pool from which to draw talent, improved organisational performance, and a more productive economy.

‘However, boosting socio-economic diversity is not a simple task. It demands robust analysis and evidence to inform and evaluate any action, which is why Access Accountancy commissioned this analysis.’

Rachel Hopcroft, head of corporate affairs at KPMG and incoming chair, said: ‘It is clear that our work experience programmes are having an impact, but it is equally clear that we have more to do if we want to achieve our vision of a profession that is more representative, at all levels, of the socio-economic demographic of wider society.

‘I am delighted to have been appointed chair of the patron group. Over the next two years, we plan to deliver on our ambitious target of providing over 3,750 high quality 30-hour work experience opportunities across the UK to students from disadvantaged backgrounds.’

Access Accountancy, whose members include all the Big Four, plus several mid-tier firms and, AAT, ACCA, AIA, CIMA, CIPFA, ICAEW, and ICAS, says the research will form the foundation of future monitoring, and further yearly reports.

Charitable policy association the Bridge Group undertook what has been described as the largest cross-sector collaboration social mobility analysis exercise that has been attempted internationally, on behalf of Access Accountancy, a social mobility initiative established to help talented students from disadvantaged backgrounds gain access to accountancy firms.

Report by Pat Sweet