The accounting and finance landscape in the UK is undergoing significant changes, spurred on by rapid technological advancements. The evolving nature of the profession prompts a critical question: should accounting and finance be recognised as part of STEM (science, technology, engineering, and mathematics) fields?
The report from the All-Party Parliamentary Group (APPG) on accounting for growth suggests that including accounting within the STEM definition in the UK would reflect the profession's current state and future trajectory. It emphasises how accounting and finance have transcended traditional boundaries, incorporating elements of technology and analytical science.
John Howell MP, Chair of the APPG on Accounting for Growth, said on the launch of the report:
This report shows that technology is changing accountancy in quite fundamental ways. Its designation as a STEM discipline will help showcase how accountants are delivering value in new ways, for example tracking business performance on key public policy aims such as sustainability. It also will help promote the high wage career opportunities available in the sector to people across the country, especially those who do not have family in the professions and come from disadvantaged backgrounds.