Today Public First publishes Accounting for Growth: The economic and social value of AAT qualifications, apprenticeships and membership, a new report commissioned by AAT.
The report examines the economic and social contribution of AAT qualifications, apprenticeships and membership, and explores how the accounting and bookkeeping sector can respond to AI, automation, skills shortages and growing demand for higher-level technical capability.
Public First’s new modelling finds that AI-enabled productivity gains could add £8 billion in Gross Value Added to the UK accounting and bookkeeping sector, increasing its total value to an estimated £42 billion. Realising this opportunity will depend on whether the sector can combine new technology with the right skills, training and professional judgement.
As AI changes the way routine tasks are completed, accountants and bookkeepers will increasingly need a broader mix of technical, digital and advisory skills. Public First’s analysis suggests that targeted investment in digital literacy, budgeting and forecasting, and leadership skills could contribute as much as £1.2 billion in additional UK GVA, equivalent to adding 15,000 full-time employees to the UK accounting workforce.
The report also quantifies the economic and social value of AAT membership, qualifications and apprenticeships. Public First’s modelling suggests that AAT members and learners generate substantial economic value through salaries, client income and earnings progression, whilst vocational and technical pathways play an important role in helping people enter and progress in accounting and finance.
Key findings include:
- AAT members contribute £2.2 billion to the UK economy each year through salaries and client income – equivalent to more than 28,000 jobs – whilst AAT students contribute £1.6 billion to the UK economy each year through salaries.
- AAT membership is associated with strong, early estimated returns on investment, with returns of 14x for AATQB members, 10x for MAAT members and 11x for FMAAT members.
- Completing an AAT Level 4 qualification is associated with an average annual earnings uplift of £1,400, compared with holding an AAT Level 3 qualification.
The report sets out a practical policy agenda for government, employers, training providers and professional bodies to realise these economic and productivity gains. It recommends:
- Developing a clearer workforce plan for accounting and finance within the Professional and Business Services sector, drawing on stronger evidence about the technical, digital and transferable skills the workforce needs.
- Ensuring AI training for accountancy and bookkeeping includes clear safeguards around responsible use, human oversight, professional judgement, accountability and data privacy.
- Strengthening careers education, information, advice and guidance for finance and accounting careers, so that young people and adults can better understand vocational, technical, apprenticeship and higher education routes into the profession.
- Ensuring the Lifelong Learning Entitlement and wider post-16 funding reforms support flexible progression in accountancy, including for adult learners, career changers and those balancing study with work or caring responsibilities.
Read the full report here.
