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It pays to be posh
It still pays to be posh if you want to earn more as an accountant, according to new ground-breaking research.
However, the good news is accountancy is much less ‘class biased’ than both medicine and the law.
The class gap in accountancy is worth just under £5,000 (£4,940). The difference in earnings between individuals from privileged and humble backgrounds in similar roles is a whopping £18,304 in law and £17,004 in medicine. Study author Mike Savage, of the London School of Economics, said employers are not allowed to discriminate by gender, race or sexual orientation, but class is not mentioned – even though the class gap is almost as big as the gender pay gap.
The class gap is 10% even after accounting for factors such as age, gender, education, type of employer and hours worked. By the same measure the gender pay gap is 12%.
Savage’s report has been followed by what the ACCA is calling a damning social mobility report from the Social Mobility Commission. According to the ACCA, the situation remains bleak in the UK when it comes to social mobility. “For many children, wealth continues to be more important than ability at school,” said CEO Helen Brand.
She stressed that providing opportunity is part of the ACCA’s DNA, and she believes access to the profession must be transparent and, above all, fair.
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