Cultivating Women Leaders: Pathways for Inclusive Growth and Development

Chartered Accountants Australia and New Zealand (CA ANZ) have always welcomed members and employees from all genders, cultural backgrounds, abilities and ages—people who reflect the clients and communities they serve. Remaining committed to DEI isn't just the right thing to do, it's a critical driver of business success. Many studies have found that an inclusive and equitable workplace brings benefits ranging from enhanced productivity, innovation and problem solving to the ability to attract and retain top talent. I strongly believe that embracing DEI will help us to achieve the best for our members, our organisation and our profession and that, by supporting members' DEI initiatives, we can support them to build strong and sustainable businesses of their own.

A Short History of Opportunity

I think it's true that you can't be what you can't see, so we owe special thanks to the trailblazers who paved the way for the female leaders who are now inspiring younger women by showing them what they could achieve. However, women are still likely to encounter significant roadblocks along the way. These can range from deep-rooted gender bias and established double standards to managing competing demands. Leadership positions take up a great deal of time and energy. The role of CEO comes with 24/7 news cycles, the pros and cons of social media and often extraordinary political pressure. While women still bear the brunt of caring responsibilities, it's little wonder that family impact is often their top consideration when they're deciding whether to accept a position in the C-suite or on the board.

Women can't tackle these challenges alone. We need to include male allies in the conversation, and we need them to work alongside us to break down the traditional gender-based stereotypes associated with caring for children, ageing parents or, for today's sandwich generation, both.

We also need to embed gender equity into workplace culture. I believe that what gets measured matters, which is why large multinationals have KPIs and scorecards for metrics such as profitability, risk management and market share. Gender equity needs to be approached in the same way. Add a gender or diversity-based target into management scorecards and I guarantee they will pay attention and find solutions.

A Practical Approach at CA ANZ

When I joined CA ANZ about five years ago, my priority was to collate and analyse all data relating to DEI. I knew that the demographic sands of the profession were shifting with more women than male members under the age of 35. When I requested a survey of our members, we found that more than 70% of respondents wanted us to support DEI initiatives in the form of learning, education, tools, resources and practical guides. This was particularly important for me as it supported my commitment and advocacy. It also gave me an opportunity to address some members who feel that my focus should remain solely on tax and audit advocacy, rather than on broader social themes like inclusivity.

The second piece was doubling down on our education, tools and resources. We collected case studies from organisations of all types and sizes, gathering information we could share on how they were addressing challenges such as the gender pay gap, increasing the participation of women across the workforce and helping women to gain senior positions.

Our board was already 50% female, and we increased female representation on our councils and committees by introducing a DEI lens into their charters. I introduced a gender pay gap KPI for myself and the leadership team, while also working hard to narrow the gender pay gap in our profession, which is higher than average in both Australia and New Zealand.

This year, our annual member remuneration survey, which attracted more than 8,000 responses from our members, found that many men in our profession do not think there is a gender pay gap. Only 39% of men believe a gender pay gap exists, compared to 72% of women, and around 50% of all respondents confused pay equality with gender pay gap. Our Narrowing Your Gender Pay Gap Playbook explains how they can sit side by side as well as provides practical guidance, case studies and other resources to help put this right.

Different Kinds of Support

Along with KPIs and scorecards, I believe that organisations need to include so-called softer measures, such as women in leadership programs, mentorship and networking events. We know that many women are more likely to ask questions in an intimate setting than as part of a large group, so we developed a style of networking event that takes this into account. The first was in Canberra, where about 100 women had 10 minutes to talk in small groups with each of 10 very senior female members of the profession—a bit like speed dating! I participated myself and it was one of the most successful networking events I've ever been to.

We also know that women aren't good at being heard in meetings as they often wait to be called on rather than raising their hand or speaking up. We're helping women be more confident and persuasive, and to call out any male who simply repeats what they have already said.

When it comes to interviews and CVs, studies have shown that a woman who uses 'I' when speaking about her achievements will be marked down. However, she'll also be marked down as "not leadership material" if she attributes the achievements to her team. Sometimes, no matter what you choose, it feels like there's a downside either way. I advise the young women I mentor to be very clear about what they have personally achieved in their last role or position, to use metrics and data to support their claims and, at the same time, try to balance the use of "I" and "team". Sadly, this is just one of the covert gender-based judgements that can influence whether women are hired or promoted. We need to know about them and help stamp them out.

"I advise the young women I mentor to be very clear about what they have personally achieved in their last role or position, to use metrics and data to support their claims and, at the same time, try to balance the use of 'I' and 'team'."

Strong presentation skills and the confidence to speak persuasively in public are major assets for young women aspiring to senior leadership positions. I also encourage them to obtain a postgraduate qualification. When I worked at Westpac as a senior executive, one of our internal studies showed that women with a postgraduate qualification were paid 16 to 20% more than those with just a bachelor's degree. I took my own advice and studied for a Master of Applied Finance when my children were small and I was working part time. Most importantly, I believe the most important skill a woman can acquire is expertise in generative AI (Gen AI)—knowledge of the tools, their risks, responsible use and the technology's potential.

Gen AI - A Critical Skill

Most of us are familiar with the idea that Gen AI can automate "grunt work" such as reconciling data and generating reports, giving accountants more time for strategic, analytical and advisory work. It can also help to bolster women's credibility by creating a way to contribute to strategic decision-making and break through some of the traditional barriers to leadership. However, a 2024 Oliver Wyman survey of 25,000 people found that, across every age group, women are falling behind men in their use of Gen AI in the workplace. I found it surprising that the gap is most pronounced in Gen Z. Worrying, too, as this could be setting us up for an even more pronounced gender imbalance in the future.

At CA ANZ, we encourage all our members to become fluent in Gen AI. We offer a wide range of resources including free LinkedIn Learning, practical AI learning pathways and on-demand AI CPD. The Certificate in AI Fluency which was launched in April this year has proved incredibly popular. It comes with a digital badge to verify their credential.

We need to ensure that future accountants are equipped to work in what will inevitably be a fast-evolving workplace. This means reaching back to the way accounting is taught. CA ANZ is talking to both the Australian and New Zealand governments about including accounting in the curriculum for high schools, with AI and technology incorporated into the topic. We're also working with the Accounting & Finance Association of Australia and New Zealand, whose members are academics teaching accounting degrees, about updating the curriculum at the tertiary level. Currently, the subject is still very debit and credit focused, having changed very little since the 1990s.

Along with all the benefits, CA ANZ accepts that Gen AI introduces a number of ethical issues and risks in our profession such as data security, bias, accuracy and the potential for fraud. Our new AI Ethics and Advisory Committee promotes socially responsible and ethically sound processes.

Attracting Young People into Accounting

Australia and New Zealand are facing a critical shortage of accountants. A recent CA ANZ survey found that, in Australia, vacancy fill rates for key accounting roles were below 67%.

The first, and most straightforward, step is to re-establish accounting as one of the more affordable STEM degrees. In 2018, the Morrison government made a significant policy shift by altering the classification of certain university degrees under the STEM (Science, Technology, Engineering, and Mathematics) umbrella. Specifically, accounting and finance degrees were excluded from the STEM designation, making these degrees more expensive than those with the STEM classification, reducing the number of students now enrolling in accounting degrees. We are advocating strongly for change in this area.

This still leaves the challenge of how we attract young talent to accounting in the first place. Perception is still a major barrier—i.e., the idea that accountants are merely number crunchers, stuck in front of their screens and spreadsheets with little opportunity for creative or strategic thinking. Our Make Epic Things Happen campaign and online hub spread the message that accounting can lead to exciting and impactful careers in areas such as sports, sustainability, entertainment and game development. Resources include career cards, brochures and a poster. We also recently produced The Accountants: A New Generation Making Epic Things Happen, a Gen Z friendly advertisement that appeared like a 'movie trailer,' ahead of every Deadpool movie shown in Australia and New Zealand.

In partnership with an organisation called Year 13, an Australian digital platform focused on improving the school-to-work transition for young people, we also created Business Class. This program aims to inspire young people to explore careers in accounting by showcasing the real-world impact accountants can make across a diverse range of professions and roles. I am especially delighted that of the 10,000 or so young people who have completed the program so far, 50 per cent were female.

Meanwhile, our new pathways to the CA Program have opened the door to more candidates from diverse backgrounds who may not have a traditional accounting degree. I believe this will bring benefits beyond a boost in numbers by introducing different experiences and new ways of thinking into the profession. In fact, I have a colleague at CA ANZ who commenced her career as a cellist with a degree in music, but then she went on to complete her CA program with one of the UK's four big accounting firms, thanks to a similar pathway they introduced a number of years ago. If it wasn't for the alternative pathway that enabled her to commence her CA studies, our organisation would not have benefited from her incredible contribution. Her experience definitely inspired us to do the same in Australia and New Zealand.

Looking Forward

As recently as the 1970s, women leaders were few and far between. We've come a long way in 50 years, but we still have a long way to go. According to recent data from the Workplace Gender Equality Agency, just 19.4% of CEOs in Australia are female.

I've touched on how employers can drive the shift to greater equity with strategies such as cultivating an inclusive culture, developing family-friendly policies and introducing so-called hard measures such as KPIs and targets. Women can help themselves by developing their ability to speak out, committing to ongoing education and, crucially, becoming fluent in AI. Their male colleagues can become visible advocates and allies, speaking up for women, championing their ideas and staying in touch with what gender equity really means.

I have every confidence that, by working together, CA ANZ and the accounting profession can cultivate a more innovative, productive, inclusive and fair leadership environment.