Women in accounting: history, achievements, and their role today

Many years ago, accountancy was very much a male-dominated profession. In recent years, however, industry demographics have shifted significantly. Today, women make up 60% of the more than one million accountants employed in the US. 

Over the years, women accountants have helped drive significant change. They’ve broken down barriers and redefined industry standards, making accounting more inclusive and diverse along the way.

In this article, we aim to recognize the huge impact women accountants have made. We’ll honor the trailblazers who overcame hurdles to make accounting an accessible career path for women. We’ll also explore some of the challenges that women continue to face — and the initiatives in place to overcome them. 

Women who shaped accounting history

There are countless women worldwide who are actively contributing to the growth and development of this great profession. But in this article, we’ll focus on some of the most important female figures in the industry. We’re talking about accounting legends and trailblazers who set new standards and inspired future generations. 

Mary Harris Smith — the first female chartered accountant

One of the most famous female accountants of all time, Mary Harris Smith overcame institutional hurdles to become the first female chartered accountant (CA) in the UK. 

Having established her own accounting firm in 1887, her applications to join both the Society of Accountants and Auditors and the Institute of Chartered Accountants in England and Wales (ICAEW) were both rejected on gender grounds. Decades later, following the passing of new legislation, Harris Smith finally became an ICAEW member and chartered accountant at the age of 76. 

Harris Smith’s story is one of perseverance. In continuously challenging the entrenched ideas that were holding her back, she set a precedent for women in the accounting industry. This opened the doors for countless other women who aspired to become chartered accountants. 

Christine Ross — the first female CPA

In 1898, Christine Ross defied prevailing gender expectations by travelling to New York and taking the CPA exam. In her test group of 14, she scored in the top three. Eleven men passed the CPA exam from that group and were awarded their certificates immediately. Ross, on the other hand, was forced to wait 18 months while the state board argued over whether a woman could hold the title of CPA. 

She was finally awarded her certificate in 1899, becoming the first female CPA in the US. After qualifying, she went on to practice in New York, primarily helping female clients achieve their financial goals. As the world’s first female CPA, Christine Ross paved the way for other women to pursue their accounting goals.

Ethel Watts — the first woman to pass the CA examination

Following in Mary Harris Smith’s footsteps, Ethel Watts was the first woman to qualify as a chartered accountant through examination. She passed the Institute of Chartered Accountants’ exam in the 1920s, aged 29. Watts went on to found her own firm, E. Watts & Co., which focused primarily on tax services. 

Watts dedicated her career to helping other women get started in accounting. In addition to hiring women at her firm, she was an avid public speaker and writer on the issue of women’s rights. In 1945, she founded the Women Chartered Accountants’ Dining Society. She also became a local councillor for the area of London where she grew up, using her platform to help women succeed in all aspects of their lives.

Jennie M. Palen — an early advocate for women in accounting

Jennie M. Palen is another pioneering female accountant from a time when women were actively discouraged from pursuing careers in finance. Palen was one of the first women to become a CPA in the state of New York. She was also one of the first women to be employed by a major accounting firm — Haskins & Sells, which later merged with Deloitte. 

In addition to being a CPA, Palen was an educator, author, and president of the American Women’s Society for Certified Public Accountants (AWSCPA). She was also the editor of the AWSCPA’s journal, The Woman CPA. Throughout her career, she was a passionate advocate for women in accounting. 

Mary T. Washington Wylie — a pioneer for Black women in accounting

In 1943, Mary T. Washington Wylie became the first Black woman to earn the prestigious CPA designation. This was more than two decades before the Civil Rights Act of 1964 was passed, when racial prejudice was still deeply entrenched. 

After becoming a CPA, no firm would hire her. Washington Wylie didn’t lose heart. Instead, she overcame these hurdles by starting her own firm. Her businesses became a gateway for other disenfranchised Black accountants — and helped Black-owned businesses receive the best possible financial guidance. 

Washington Wylie’s story is a testament to her unwavering determination and optimism. She smashed through multiple barriers to pursue a career that was considered virtually off-limits for a Black woman at the time. 

Ruth Anderson — the first woman board member of a Big Four firm

Ruth Anderson’s accounting career started in 1976, when she joined Peat Marwick Mitchell & Co — one of the accounting firms that went on to become KPMG. She became a partner of the firm in 1989. Almost a decade later, Anderson became the first woman board member of a Big Four firm. 

At the time of Anderson’s promotion to the board, roughly half of new accountants were women. However, this percentage was no way near to being mirrored in senior positions. In becoming the first woman board member of a Big Four firm, Anderson shook up the status quo and inspired women accountants across the world to reach their full potential. 

Twenty years later, KPMG’s UK branch became the first Big Four firm to achieve gender parity on its board.

Cathy Engelbert — the first female CEO of a Big Four firm

In 2015, Cathy Engelbert became the first female CEO of Deloitte US. This also made her the first female CEO of one of the Big Four accounting firms — a significant milestone in a traditionally male-dominated world. 

Engelbert graduated as a CPA before joining Deloitte in 1986. She worked her way up the ranks of the prestigious firm, becoming a partner in 1998. Engelbert held several senior leadership roles, including Chairperson and CEO of Deloitte’s audit subsidiary, before becoming CEO in 2015. She held that position for four years, before leaving the firm to become the commissioner of the WNBA. 

Cathy Engelbert’s distinguished career reflects her resilience and expertise. In becoming the first female CEO of a Big Four firm, she smashed through the glass ceiling and inspired other female accountants to do the same.

Challenges women still face in the accounting industry

The accounting industry has made significant strides over the years towards gender parity. Yet despite that progress, women accountants continue to face persistent challenges. Let’s look at some key examples. 

• Pay disparities. In 2023, full-time women accountants and auditors earned 91 cents for every dollar their male counterparts earned. It’s worth noting that this pay gap has narrowed by 15 cents since 2011, but there is still further progress to be made. 
• Under-representation in leadership roles. Accounting leadership roles have traditionally been dominated by men. A lot of progress has been made in recent years, with women now holding 39% of partnership roles and 25% of CFO positions. That said, the stats don’t lie — men are still more likely to reach the top than women.
• Issues balancing work-life responsibilities. Societal expectations often place a heavier burden on women to manage both professional and domestic responsibilities. A lack of flexibility in workplace arrangements can force women to choose between starting a family and realizing their career goals. 
• Unconscious bias. Deep-routed stereotypes and outdated views can be hard to shift. Unconscious biases can impact hiring processes, promotions, and day-to-day workplace interactions. 

These challenges can vary significantly across the globe, based on cultural norms, economic conditions, and local policies. While some countries have made significant strides in implementing gender equality initiatives, others lag behind. This creates an uneven playing field for women in the profession.

Addressing these issues requires continued advocacy, transparent policies, and a commitment to inclusive workplace environments.

Initiatives empowering women in accounting

While positive change can be driven from the bottom up, various programs and associations have been established to support and empower women accountants. These initiatives focus on mentorship, leadership training, and networking opportunities. They help bridge the gender gap and create inclusive work environments: 

• AICPA Women’s Initiatives Executive Committee (WIEC). Seeks to support the career development and success of women accountants and CPAs in the US.
• ICAEW Women in Finance Community. Provides a platform for women accountants to network, share knowledge, and gain professional support in the UK.
• Global mentorship programs and networking groups. There are various international initiatives that connect women professionals across borders, offering guidance, mentorship, and collaboration opportunities.
• Live events and conferences. Several major accounting conferences focus on promoting and supporting women accountants, CPAs, and tax professionals. The Women Who Count conference, organized by the Accounting & Financial Women’s Alliance, is one such example. 

These initiatives all play a vital role in breaking down barriers. They foster professional growth and create new pathways for women to excel in the accounting profession.

The bottom line

The story of women in accounting is one of resilience, determination, and groundbreaking achievements. From pioneers who smashed through barriers to modern leaders, women continue to shape the accounting profession and inspire future generations.

At TaxDome, we recognize the central role women accountants play in today’s financial landscape. Our award-winning practice management platform is designed to empower all accountants. It provides the tools needed to thrive in a fast-changing industry. The result is automated workflows, improved collaboration, happier clients, and more profitable firms.

To explore how TaxDome can support your journey and help you achieve accounting greatness, request a demo today!