Female CPAs gaining in job satisfaction

While many are lamenting the exodus of talent from the accounting profession, our firm’s data has shown evidence of steadily increasing job satisfaction across audit, tax and CAS service lines. That led me to wonder if improved job satisfaction in those service lines also transferred across genders. I was especially curious as debates flare up over the effectiveness and worthwhileness of diversity, equity and inclusion programs in  the workplace.

As the chart below shows, since 2023, job satisfaction for female CPAs in tax, audit and CAS has improved by more than twice as much for female CPAs than it has for male CPAs in those areas, with female CPAs now reporting slightly higher job satisfaction than for male CPAs (6.79 vs. 6.75 on a scale of 10).

Clearly the data supports some positive impact from efforts to improve female job satisfaction in the workplace. Erin Daiber, CEO of Well Balanced Accountants, a consultancy specializing in firm culture, told me recently that several studies she’s familiar with confirm what she’s seeing in the marketplace about substantial improvement for female accounting professionals.

For instance, Daiber referred to a 2023 McKinsey study showing that women are more appreciative than men about the increased awareness around psychologically safe workplaces and benefits like flexibility about when to work. She said this may be a result of American and Canadian women reporting that they are more often the primary caregivers in the home, based on this 2023 NPR survey, spending up to three times as many hours on childcare as their male counterparts, according to an International Labor Organization study.  

Daiber said the data presents “solid evidence” that investment in workplace culture and employee engagement is working, and highlights opportunities for greater impact.  

“Most firms are not experiencing the full potential of these initiatives,” Daiber told me. “Firms should continue to invest in culture and engagement initiatives and should implement robust ROI metrics to ensure the programs are meeting the unique needs of their teams.” Although other factors are likely at play, given these trends, she said she’s not surprised that these initiatives are particularly popular and impactful for female employees. 

Additional drivers around job satisfaction

Personally, I have noted some other important trends in three areas: firm initiatives, changing firm culture and visibility of women in leadership roles and technology. Let’s take them one at a time:

1. Changing firm culture: A focus on a positive and inclusive culture that fosters teamwork, and a sense of belonging can contribute to improved job satisfaction for both women and men. When planning activities or elements of culture, it’s important to have a diversity of opinions to ensure that what is being adopted will actually appeal to all.  

2. Visibility of women in leadership: The rising number of women in leadership positions in accounting firms can serve as a role model for aspiring female accountants. The aforementioned McKinsey study drives home the point that women are no less ambitious than men when it comes to career aspirations. The study also indicated that having strong female leadership serves as a reminder that women will be fairly considered for progression at the firm. 

3. Impact of technology: The adoption of technologies like cloud software and AI can make work easier and more flexible and shift the focus away from long office hours. These factors positively impact work-life balance and job satisfaction. They also serve to improve the ability for work to be done asynchronously to allow for more flexibility in hours. 

The data above indicates that some of the initiatives adopted by firms in recent years may have positive impacts, particularly in making the accounting industry more appealing to female accountants. I’m happy to see from our firm’s data that both genders had similar levels of job satisfaction, although there is quite a bit of improvement still possible to make the industry better for all and see more average job satisfaction scores above 7 out of 10.

Tell me what your firm is doing to increase the level of job satisfaction in our profession. I’d love to hear more.