Description
Matthews et al.'s The Priesthood of Industry [Matthews, D., Anderson, M., & Edwards, J.R. (1998). The preisthood
of industry. The rise of the professional accountant in British management. Oxford: Oxford University Press] charts the
encroachment of professional accountants into the realms of management in Britain. It is suggested in this review essay
that the brand of economic determinism employed by the authors oers a partial explanation for that fundamental
occupational shift. The functionalist and evolutionary foundation of Matthews et al.'s analysis invite a more critical
interpretation of the accountants' stratagem. A reading of The Priesthood of Industry also indicates several issues which
require the attention of accounting historians.
Benign sacerdotalist or pious assailant. The rise of the
professional accountant in British management
Stephen P. Walker*
Department of Accounting and Business Method, University of Edinburgh, William Robertson Building, 50 George Square,
Edinburgh EH8 9JY, UK
Abstract
Matthews et al.'s The Priesthood of Industry [Matthews, D., Anderson, M., & Edwards, J.R. (1998). The preisthood
of industry. The rise of the professional accountant in British management. Oxford: Oxford University Press] charts the
encroachment of professional accountants into the realms of management in Britain. It is suggested in this review essay
that the brand of economic determinism employed by the authors o?ers a partial explanation for that fundamental
occupational shift. The functionalist and evolutionary foundation of Matthews et al.'s analysis invite a more critical
interpretation of the accountants' stratagem. A reading of The Priesthood of Industry also indicates several issues which
require the attention of accounting historians. Among these are the shifting character of the professional ideology;
responses to entrepeneurialism; the social derivation of professionals; the manner of jurisdictional capture; a fuller
understanding of the inter-war climacteric; and the contribution or otherwise of accountants to British economic
decline. #1999 Elsevier Science Ltd. All rights reserved.
In 1875, Mr. H.J. Clarke of Trinidad wrote to
the Secretary of the Institute of Accountants in
London to inquire as to the possibility of his
becoming a member of that august body. Mr.
Clarke was politely informed that there was no
prospect of his achieving that distinction because
the Institute only admitted ``professional accoun-
tants''. The Secretary explained that:
This term comprehends only accountants
whose services are at the disposal of the Pub-
lic in the same way as those of solicitors, and
not those whose positions are ocial. Such as
accountants to Railway Companies, Banks,
Municipalities or Government Departments
(Institute of Accountants, Letter Book B,
p. 85).
This relatively minor episode illustrates the
manner in which the emergent accountancy orga-
nisations in Britain constructed the `professional'
accountant as an independent, fee-earning altruist.
Those accountants who were unable to exhibit
these de®ning attributes were relegated to `com-
mercial' or `trade' status. Contrast this with the
fact that the successor to the Institute of Accoun-
tants in London, the Institute of Chartered
Accountants in England and Wales (ICAEW),
currently boasts that 55% of its active members
are engaged in business.
Why then, especially after 1918, did large numbers
of those trained as public accountants seemingly
0361-3682/99/$ - see front matter # 1999 Elsevier Science Ltd. All rights reserved.
PI I : S0361- 3682( 99) 00035- 5
Accounting, Organizations and Society 25 (2000) 313±323
www.elsevier.com/locate/aos
* Tel.: +44-(0)131-650-8342; fax: +44-(0)131-650-8337.
E-mail address: [email protected] (S.P. Walker).
depart from the founding ideals of their profession
and assume positions in management hierarchies?
This, after all, had been construed as an estranged
territory associated with the salaried employee and
pro®t-seeking. The result of the venturing of pro-
fessional accountants into the realms of manage-
ment has been the creation of the `in practice'/`in
industry' divide within chartered accountancy.
Questions have periodically been raised about
whether the profession in Britain is essentially
`convergent' or `divergent', given the assortment
of occupational roles pursued by its members
(Solomons, 1974, p. 88). This compositional fea-
ture segments the memberships of the chartered
bodies, has engendered intra and inter-organisa-
tional discord, and led to a periodic questioning of
the institutional structures of the profession.
In The Priesthood of Industry Matthews,
Anderson and Edwards (1998) document the drift
of accountants into management, such that they
have become the dominant group of professionals
resident in British companies. The book seeks ``to
o?er a comprehensive history of the multifaceted
role of the professional accountant in British
business development from the pre-professionali-
zation era down to the present day'' (p. vi). As
part of this remit the authors pursue other objec-
tives. A precursor to documenting the rise of the
accountant in management is an excursus into the
emergence of the occupation of accountancy, its
professionalization, and the changing clientele of
public accountants. The treatment of these sub-
jects serves as a useful, if uncritical, synthesis of
the literature. The authors then o?er a chronology
of accountants in management during three periods:
the nineteenth and early twentieth centuries, 1914±
1939, and post-1945. Likely explanations for the
phenomena observed by the authors are subse-
quently pursued. International comparisons
emphasise the unique size and character of the
accountancy profession in Britain.
The Priesthood of Industry (Matthews et al.,
1998) represents a collation of material drawn
largely from secondary sources, particularly busi-
ness histories, works of biographical reference,
and studies of the changing character of account-
ing practice. In the latter respect the authors owe a
particular debt to Jones (1981, 1995). The analysis
of the drift of accountants into British manage-
ment is, however, based on more than the pub-
lished literature. Original data is o?ered which not
only quanti®es the recruitment of accountants into
industry but also provides valuable historical
insights into the structure of the audit market, the
growth of the accountancy profession, and trends
in company formations and merger activity.
1. Economic determinism and the rise of the
professional accountant
The basic thesis o?ered by Matthews et al.
(1998) is a reassertion of the conventional view
that accountants are both products and bene-
®ciaries of the expanding corporate economy
under advanced capitalism. The analysis empha-
sises the primacy of market forces in explaining
occupational change. The authors contend that
the industrial economy, and the enormous growth
in the number of joint stock companies, resulted in
the increased demand for the services of accoun-
tants. They show that in 1881 the combined
membership of the professional organisations in
Britain was 1470. Fifty years later that number
had increased to 26,006, and by 1995 it was
233,620. Of pivotal signi®cance to the profession
was the growth of the corporate audit and its
colonisation by accountants. During the inter-war
years, when British industry responded to its
diminished competitiveness by rationalising and
implementing more complex management struc-
tures, it was accountants who were increasingly
engaged as doctors of business. The rise of the
professional accountant in management is also
explained by Matthews et al. as a function of the
systems of education and training provided by the
professional organisations. For long, these o?ered
the only available vocational preparation for a
career in British management, if not necessarily
the best.
The exceptional rate of growth of the accoun-
tancy profession (in common with the wider ser-
vice sector), and the creation of new areas of work
with maturing industrialism, is examined by
Matthews et al. (1998) under a determinist banner:
``we argue that, in the main, the history of the
314 S.P. Walker / Accounting, Organizations and Society 25 (2000) 313±323
professional accountant should be analysed as a
provider of ®nancial services in the market place,
and therefore take the economic (even technologi-
cal) determinist viewpoint as the basis for our
study'' (p. 10). Accountants are perceived as
agents who respond to market stimuli activated by
larger structural changes in the national and
international economies. Thus, it was economic
change which ``shaped the environment within
which the accountant subsequently ¯ourished''
(183). Of particular importance to the provision of
opportunities for accountants in Britain was the
advancing scale of business organisations, the
increasing number of companies, corporate dis-
tress, and the structure of the capital market.
Explanations for the shaping of the institutions
of the profession are couched by the authors in
similar terms. Accounting ®rms emerged out of a
process whereby individual practitioners coalesced
in response ``to the promptings of the market'' for
accountancy services (Matthews et al., 1998, p.
24). Further, ``The existence of a critical mass of
professional accountants in a large city in Britain
was, of course, often the trigger for the establish-
ment of a professional body'' (p. 21). Matthews et
al. subscribe to the traditional view that occu-
pational association in accountancy was ultimately
a product of industrialisation: ``The chartered
societies were. . . formed to protect and regulate
the provision of the specialist skills which, by the
second half of the nineteenth century, were in
growing demand as the result of economic devel-
opment'' (p. 61).
The social and political phenomena which have
impacted on the growth of the profession, shaped
its organization, and facilitated the changing
workload of its practitioners, are relegated to a
minor role within Matthews et al.'s (1998) thesis
of market-derived change. A similar causality was
o?ered by leading accountants during the nine-
teenth and early twentieth centuries, most of whom
were eager to emphasise the profession's partici-
pation in, and contribution to, Victorian `pro-
gress' (see, for example, Chat®eld, 1978, p. 154).
But industrialisation was not only an economic
phenomenon, and the form of determinism utilised
by Matthews et al. is a narrow one. Urban-indus-
trialism fundamentally altered social structures
and relationships in ways which also impacted on
the growth and composition of professions. Of
particular importance was the increasing wealth
and power of the middle classes. For example,
close investigation of the expansion of the Society
of Accountants in Edinburgh during the late
nineteenth and early twentieth centuries reveals
the importance of rigid status distinctions and the
aspirations of bourgeois parents for the upward
social mobility of their sons into learned occupa-
tions. The rapid growth of the Society of Accoun-
tants in Edinburgh followed institutional changes
(such as more rigorous examination systems)
which enhanced the `professional' status of the
vocation, and made it a more attractive career
option for the male progeny of the middle classes.
The result of these social and organisational ten-
dencies was the phenomenon observed widely
during the late nineteenth century of the `upward
pressure' on, and congestion of, those professions
which placed no formal limits on the number of
entrants (Walker, 1988).
This raises the intriguing question as to whether
or not those who trained as public accountants
and subsequently moved into industry constituted
an excess supply of individuals unable to achieve
the desired status of independent practitioner.
Matthews et al. (1998) concede that the transfer of
chartered accountants from practice to industry in
Scotland may have re¯ected oversupply. Indeed,
during the 1930s the number of new recruits to the
Institute of Accountants and Actuaries in Glas-
gow declined, and this was attributed not only to
the inter-war depression but ``to a prevalent view
that the profession was overcrowded and did not
have the attractions o?ered by other careers''
(ICAS, 1954). Neither should it be overlooked
that the inter-organisational politics contingent
upon the diversity of professional bodies in Britain
and the greater institutional resources and power
which accrue from a large membership, has also
encouraged occupational expansion.
When investigating accounting (and other) pro-
fessionals it is important to recognise that we are
referring to individuals, occupational groups,
ideologies and organisational forms which operate
in shifting social, political and cultural contexts, and
that they are not purely responsive or submissive to
S.P. Walker / Accounting, Organizations and Society 25 (2000) 313±323 315
market stimuli. The focus of The Priesthood of
Industry (Matthews et al., 1998) on the experiences
of individual accountants in management illus-
trates vividly that growth and change in the occu-
pation were often fashioned by factors more
complex and immediate than the operation of
economic laws. The book provides a succession of
instances and assertions which depart from the
primacy of market explanations for the growth of
the profession, its changing workload and the
exodus of accountants into industry. A number of
non-economic factors are recognised as being
important in shaping the occupational con®gura-
tion. These include: prevailing attitudes towards
state intervention, and the character of the resul-
tant legislative outputs (on matters such as bank-
ruptcy, companies and taxation) which generated
opportunities for new accounting work and cur-
tailed others; World Wars which encouraged the
engagement of accountants by the state apparatus
and enhanced the repute of the cost accountant
(Loft, 1990); class and gender di?erences which
impacted on recruitment patterns and career pro-
gression, as did shifts from elitist to more merito-
cratic bases of entry to the profession; prevailing
attitudes towards business fraud and con-
temporary morality which encouraged the
engagement of the professional accountant as
opposed to the amateur auditor or record keeper;
the late development of commercial education in
British universities which meant that an accoun-
tancy quali®cation was the most relevant creden-
tial for occupying management positions; and
social networks and the acquisition of desirable
personal traits which were important to accoun-
tants in gaining access to the upper echelons of
management.
These wider phenomena transcend purely mar-
ket explanations for occupational change, the
character of the work conducted by professional
accountants, and those who perform it. What is
absent in The Priesthood of Industry (Matthews et
al., 1998) is a more comprehensive explication of
determination and in¯uence, one that would o?er
scope for unifying these diverse and apparently
contradictory causalities. Marxian historical
materialism o?ers an obvious point of reference in
this quest. Here the changing economic base is the
foundation upon which the social institutions,
politics, the law and morality are built, and reci-
procal interactions between the base and its
dependent superstructure may also exist (Cohen,
1978). The `social construction of markets' as
explicated by Dezalay (1995) is also clearly in evi-
dence in the material presented by Matthews et al.,
and this frequently appears to o?er more convin-
cing explanations for the phenomena observed by
the authors.
A reading of The Priesthood of Industry (Mat-
thews et al., 1998) also invites consideration of a
number of other themes, and suggests fruitful
avenues for future historical investigation. The
remainder of this essay explores some of these.
2. The changing character of accounting
professionalism
One of the most intriguing aspects of the move
of accountants into industry is the implications
it has for the accountant's claim to professional
status and the character of professional values. Of
particular interest are the changes that occurred in
the vocation and in wider society which (appar-
ently) removed the stigma attached to the engage-
ment of `professional' accountants in `business'
during the twentieth century. Matthews et al.
(1998) touch on this subject in their suggestion
that entrepeneurial behaviour among accountants
during the Thatcher era may have compromised
their professionalism. This is a tantalising issue
which deserves greater attention.
Perkin (1989, p. 82) has described the middle
class of the late nineteenth and early twentieth
centuries as ``riven'' with status partitions and
``petty snobberies''. Among the most fundamental
of these were the distinctions between the profes-
sional and the business classes and, within the
professional class, the critical division between the
employee and the independent public practitioner.
According to contemporary social mores, those
quali®ed accountants who left the profession
for industry crossed two boundaries into inferior
statuses. The potency of the ideology which equa-
ted independent public practice with ``profes-
sional'' standing might help explain the e?orts
316 S.P. Walker / Accounting, Organizations and Society 25 (2000) 313±323
of the chartered institutes to frustrate the aspira-
tions of the Institute of Cost and Works Accoun-
tants (ICWA) after the First World War to
achieve equal chartered status. As Matthews et al.
(1998) note, this division was also enshrined in a
rule of the ICAEWwhich established that chartered
accountants working in industry were prohibited
from attaining the status of Fellow.
The developments charted by Matthews et al.
(1998) concerning the rise of accountants in Brit-
ish management seemingly con¯ict with the sup-
posed adherence of public accountants to the
professional ideal. Indeed, given the potency of
the ideal why did accountants move into industry
at all? The evidence would seem to con®rm that
professional ideologies are malleable and subject
to reformulation when the achievement of base
objectives, such as the full employment of mem-
bers or the preservation of an occupational
monopoly, necessitate their modi®cation (Walker,
1991; Walker & Shackleton, 1998). The diminish-
ing scope for the newly quali®ed chartered
accountant to put up his brass plate by the inter-
war years, as the supply of public practitioners
reached saturation point in Britain, is likely to
have demanded a relaxation of the strictures con-
cerning the independent fee-earner.
The response of the professional organisations
to bureaucratisation and rationalisation, and the
excursion of large numbers of their members into
realms distant from the core values which they
espoused, deserves particular investigation. The
manner in which industrial bureaucratisation and
the professionalization of management made
pro®t-seeking businesses a tolerable home for the
independent professional requires the attention of
historians. Also intriguing is the manner in which
the accountant in industry seemingly accom-
modated the potential loss of `autonomy', and
submitted to the command systems of complex
organisations in which they became salaried
employees (Kumar, 1978, p. 217). What were the
consequences of this displacement for professional
identi®cation? The emergence of a post-industrial
`professional society' in which meritocracy and the
application of knowledge prevail, and the weak-
ening of social distinctions between `independent'
and `employee' status are likely to have been
signi®cant here. Also requiring further study are
the consequences for professional legitimacy
which arise when the accountant is employed in
industry, having been socialised and instructed in
a knowledge base acquired in public practice. As
Robson and Cooper have contended: ``Although
claims to experiential knowledge are common-
place in British society, the extent to which
accountants move into new areas of managerial
practice may undermine claims to professional
expertise, knowledge and status'' (1990, p. 383).
Work relevant to these issues was conducted by
Hastings and Hinings (1970) in their exploration
of the professional/bureaucrat con¯ict in account-
ing and the complexities arising from the transfer
of the professional into industrial employment.
They concluded that ``Chartered Accountants
employed in industry would exhibit less attach-
ment than do Chartered Accountants in public
practice to four professional values (caution,
exactitude, anti-theoretical pragmatism, profes-
sional exclusiveness) but no lessened attachment
to the other two professional values (quanti®ca-
tion and rationality)'' (Hastings & Hinings, p.
358). This raises a wider question about whether
the shift of accountants into industry has con-
tributed to a deprofessionalization of accounting.
Is it a component of the `death of the guild' and
the supplanting of the autonomous professional's
control over his work by the forces of capitalism?
(Krause, 1996).
Hanlon's work (1994, 1996), though subject to
criticism (see Dezalay, 1997; Willmott & Sikka,
1997) is instructive here and suggests that the
dominant ideologies of professionalism have shif-
ted to accommodate such threats. He tracks the
move from the traditional ``individualistic pro-
fessionalism'' though the ``social service pro-
fessionalism'' of Fordism and the more recent
ascendancy of a commercialist paradigm under the
Flexible Accumulation of global capitalism. The
dominant professional ideology in accounting
(and elsewhere) during the 1990s is accepting of
the pro®t-seeking behaviour previously associated
with `trade'. In relating how Jones identi®ed a new
commercial attitude in the large accountancy ®rms
(the scene of the vocational preparation of most
professional accountants) from the 1970s, Mat-
S.P. Walker / Accounting, Organizations and Society 25 (2000) 313±323 317
thews et al. may have identi®ed the agency
through which a new ideology has been incul-
cated, although the process through which this
was worked out requires more detailed explica-
tion. It is also likely that there exists a signi®cant
community of practitioners who are resistant to
commercialisation, and who perceive its intrusion
as destructive of the founding values of the pro-
fession and perhaps to the very institution itself
(Dezalay, 1995, p. 25).
The social origins of those recruited to the pro-
fession are potentially signi®cant in answering
some of the questions posed above. Matthews et
al. (1998) provide some evidence on this subject
but their reliance on published sources such as
Who's Who and Who Was Who skews the analysis
to those luminary accountants whose fame and
fortune merit inclusion in works of biographical
reference. The emphasis in the book is on tracking
the successful career paths and achievements of
accountants who reached the apex of corporate
hierarchies. This evidential base permits the
authors to explore `routes to the top', and to focus
on those who achieved career mobility by `work-
ing their way up'. Not surprisingly, the
less illustrious accountant in business is not very
visible in The Priesthood of Industry (Matthews
et al.).
Krause (1996, p. 79) has contended that class is
central to understanding the professions in Brit-
ain. Clearly, class origins condition recruitment
and occupational placement, particularly where
there exist established status demarcations within
a professional group (compare barristers and soli-
citors: consultants and GPs). Krause considers
that the lack of engineers in British management is
a function of the fact that 80% are from the
working classes (Krause, pp. 110±111). The social
origins of accountants who accessed management
hierarchies (as well as those who did not), and
their distribution among the pecking order of
British companies requires study. Of importance
also is the potential for class origins determining
notions of `acceptable' vocational pathways into
management. Outside of Scotland before World
War One, relatively little is known about the social
origins of accounting professionals in Britain
(Kedslie, 1990; Walker, 1988).
3. Jurisdictional capture
While Matthews et al. (1998) present accoun-
tants as ``enthusiastic income maximisers'', and
refer to ``the nimble way in which accountants in
Britain capture work'', the accountants' rise to
prominence is not attributed to the potentially
more sinister dimensions of occupational beha-
viour such as monopolisation and jurisdictional
capture. In their conclusion the authors refer to
the ``crucial importance'' of the manner in which
accountants have attempted to ``chase and
capture. . . whatever work they could turn their
hand to'' (p. 245), but this receives little attention
in the main body of the book where the market-
based explanation prevails. In exploring the chan-
ging workload of professional accountants the
authors adopt a less than exhaustive analysis of
how territorial incursions have been made. Abbott's
(1988) seminal work is absent. Armstrong's major
contribution to the debate on the rise of the
accountant in management hierarchies Ð the
inter-professional competition and the collective
mobility project which attended that ascendancy Ð
is limited to a discussion of his contributions of
1985 and 1987 (Armstrong, 1985 and 1987). An
opportunity is thereby lost for illuminating these
issues in greater depth. The authors consider that
there are consistencies between Armstrong and
their own market-based analysis, but they abstain
from a discussion of the criticisms of the Arm-
strong thesis (Roslender, 1994).
The Priesthood of Industry (Matthews et al.,
1998) endorses a predominantly functionalist and
evolutionary reasoning for the manner in which
accountants made forays into new ®elds (such as
management) and the con¯icts which they
encountered in this pursuit. The rise of accoun-
tants is attributed to ``the demand placed by
society on the value of the services that they
supply'' (p. 8). Their education and training is seen
as rendering accountants most suitable for the
performance of particular occupational roles. In
return, accountants secured appropriate socio-
economic rewards and were employed to conduct
more diverse tasks. Such explanations are in
accord with functionalist explanations, whereby high
professional incomes are seen to be legitimated
318 S.P. Walker / Accounting, Organizations and Society 25 (2000) 313±323
and explained by the valuable services which
practitioners supply to the community. This, of
course, is also how the accountancy profession has
presented itself to the public (Walker, 1991).
For Matthews et al. (1998) new types of profes-
sional engagement evolved out of existing areas of
work: ``The move of professional accountants into
auditing in the late nineteenth century is largely
attributed to the growth. . . in the number and
scale of limited liability companies, the consequent
divorce between ownership and control, and the
demand from `blind' investors for information on
the state and progress of companies'' (p. 94). Thus
change in the corporate economy ensured that
auditing was bequeathed to the accountancy pro-
fession on the basis of meritorious claims. By
contrast, other commentators suggest a less pas-
sive and more proactive e?ort by accountants to
capture this market in the face of a debilitated
legal profession (Maltby, 1999). The manner of
territorial advances in tax, consultancy and
management have yet to be the subject of exhaus-
tive investigation. One important dimension of
this which is apparent from Matthews et al. is
the extent to which the incursions of accountants
into management were founded not only on their
display of expertise but also on the basis of net-
working and the exploitation of social capital.
Monopolistic behaviour is de-emphasised in The
Priesthood of Industry (Matthews et al., 1998):
``The accountant's high income. . . owes nothing,
and probably could or should owe nothing, to
monopolistic rights, such as those granted to doc-
tors and barristers'' (p. 10). Market dominance
has been achieved by accountants without confer-
ment of monopoly by the state: ``Fundamentally,
therefore, accountancy's place in the market is
seen. . . to have been achieved in response to a real
demand for its services'' (p. 13). The adeptness
with which British accountants constructed de
facto monopolies on the basis of credentialism
(which, in relation to the acquisition of royal
charters, cannot be achieved without conferment
by the state) do not feature suciently in
Matthews et al. Other studies have revealed that
credentialism was to prove an important tool in
the quest for, and maintenance of, market dom-
inance, and that it constituted a distorting
mechanism in the operation of the market for
professional services (Walker, 1991). For Mat-
thews et al., credentialism was merely a way of
marking out those whom the market had recog-
nised as competent practitioners. Yet the extent to
which organisational combatants fought so vehe-
mently to gain equal privileges or resist their
usurpation is suggestive of the manner in which
market advances were furthered. The acquisition
of credentials would appear to be as important as
the possession of skills. Contemporary observers
satirized the pecuniary motives behind the inven-
tion of nomenclatures in professional accountancy
such as `CA':
The ``Chartered Accountant''
I'm a ``Chartered Accountant,'' it sounds rather
loud,
As a ``Chartered Accountant'' I feel rather
proud;
For a ``Chartered Accountant's'' a noble degree,
As a ``Chartered Accountant'' confers £.S.D.
Just look at my charter of which I can boast,
On vellum illuminated and ®nely engrossed:
Though a splendid impression's created by that,
There's another, which seals it, as big as your
hat.
Who invented the charter that seems to confuse,
A great many people, some think it's a ruse;
But whoever's entitled that honour to reap,
Invented a system uncommonly cheap.
There must be ``something in it,'' most people
suppose,
From the great ``Magna Carta'' they think it
arose;
And that I must be ``some one'' with a charter
like this,
So they charter and license me ``hand over ®st''.
``By virtue'' 'twas granted this charter you see,
Some virtue innate then, I knew there must be;
Though but tri¯ing the sum for this virtue I
paid,
It's a virtue I ®nd for increasing my trade.
S.P. Walker / Accounting, Organizations and Society 25 (2000) 313±323 319
(London Opinion, in The Scottish Banking and
Insurance Magazine, 1881, p. 22).
The history of the professional organisations in
Britain is replete with attempts to capture new
markets and exclude competitors from within and
outside the organised profession (Macdonald,
1985; Willmott, 1986). Further, the distribution of
workload among the members of the various pro-
fessional organisations has been coloured by the
politics of di?erential status and the threat of jur-
isdictional incursions (Walker & Shackleton, 1995,
1998).
Other professional groups have periodically
complained about the manner in which touting
accountants have rigorously pursued new terri-
tories and not simply responded to an increased
demand for their services. This was most notably
the case among lawyers in the 1860s and 70s in
relation to bankruptcy and liquidation work
(Abbott, 1988; Sugarman, 1995). Although The
Priesthood of Industry (Matthews et al., 1998) is
primarily concerned with the rise of the chartered
accountant in industry as opposed to the manage-
ment or public ®nance accountant, the capture by
public accountants of positions in industry to the
exclusion of members of the ICWA is also worthy
of greater attention. The competition between
chartered and non-chartered accountants for
dominance in industrial accountancy has been an
important feature of inter-organisational politics,
shifting alliances and e?orts to secure rationalisa-
tion among the professional organisations. During
the 1960s, for example, the ICAEW was deter-
mined to get on the ``industrial bandwagon'' to
circumvent the growing strength of the ICWA
(Walker & Shackleton, 1998). As Dezalay reminds
us, diversi®cation into new occupational domains
is ``inseparable'' from games of inter-professional
competition (Dezalay, 1995, p. 41).
4. The interwar watershed
One of the principal contributions of Matthews
et al. (1998) is the attempt to quantify and
chronicle the drift of accountants into manage-
ment. The data presented by them suggest that the
inter-war period was particularly important in this
respect. The authors reveal that after the First
World War the rate of growth in the membership
of professional organisations slowed, while the
presence of accountants on boards of directors
increased, as did their appointment as company
secretaries. As a result of these trends, the pro-
portion of accountants `in business' increased
from 7% in 1911 to about 40% by 1939. Mat-
thews et al. contend that ``profound'' changes
occurred in the workload of accountants during
the inter-war period. In accordance with their
economic determinism and functionalism they
consider that this shift was caused by the greater
demand for accounting labour following the
increasing scale and bureaucratisation of corpo-
rate enterprise, and that this was a function of the
enhanced pro®le of accountants following their
involvement in war work.
The exodus of accountants into industry during
the inter-war period tracked by Matthews et al.
(1998) was certainly noted by contemporaries. In
1929, the Professor of Accounting and Business
Method at Edinburgh University observed that:
the training and practice of a professional
accountant ®t him for assisting the adminis-
trator of a business, and the demand for such
assistance is growing. Openings of this kind
are becoming more numerous. As in the pro-
fessions of Medicine and Science, specialisa-
tion is becoming more common. Many young
men train as accountants with the intention of
going into commerce when they are quali®ed
(Annan, 1982).
As mentioned above, the intriguing feature of
the shift of accountants into business is its con-
tradiction and apparent departure from the tradi-
tional professional ideal. Matthews et al. devote
limited attention to this apparent transformation
from 1914 to 1939, and their provision of quanti-
tative data at 20 year intervals hides the precise
timing of the movement into industry and com-
merce during the key inter-war years. As the
authors recognise, there is also a dearth of data on
the fee income of professional practices in this
period. The advance of professional accountants
320 S.P. Walker / Accounting, Organizations and Society 25 (2000) 313±323
into work such as consultancy and the installation
of accounting systems (though potentially impor-
tant to the drift of accountants to industry) must be
explicable by more than the evolution or `natural'
progression from professional engagements estab-
lished in any earlier age. The importance of the
inter-war period clearly merits a search for cogent
and ®ne-grained explanations, as distinct from
simply demonstrating the manner in which the
rubicon from practice to industry was successfully
crossed by a selection of noteworthy accountants.
5. Accountants, economic decline and the di?usion
of the professional ideal in British management
Matthews et al. (1998) assert that accountants
have achieved a hegemonic status in British man-
agement. Given their ``formidable'' impact in cor-
porations since the inter-war period, the role of
accountants in British economic development
becomes a central concern. In their conclusion the
authors address this question by relating the opi-
nions of those who have perceived the accountant
as an agent of caution and short-termism in man-
agement structures. They counter this by claiming
that the accountant's conservatism is largely
mythical, and that there are many instances of
accountants behaving in a more entrepeneurial
manner. Although Matthews et al. are reluctant to
o?er ®rm conclusions on the issue, they do suggest
that a market-based analysis holds some intrinsic
clues. The high salaries awarded to accountants,
and their increasing presence in British manage-
ment, indicates that the services which they sup-
plied must have been of value and a positive
contribution to economic advance. From time to
time attempts are made in The Priesthood of Indus-
try (Matthews et al.) to assess ``how good'' accoun-
tants in industry have been in their performance of
managerial roles. Chandler's criticisms of ama-
teurism in British corporate governance in Britain
during the inter-war years are rejected in favour of
celebrating the contributions made by individual
professional accountants who applied their exper-
tise to the advantage of several major businesses.
Matthews et al.'s (1998) caution on these issues,
and their limited engagement in wider debates in
economic and social history invites further
inquiry. One notable theme of the book is the
coterminous nature of the rise of the accountant
and British economic decline. Wiener's (1985)
(much criticised) thesis that economic decline in
Britain since the mid-nineteenth century was due
to the dominance of an anti-industrial mentality
and `gentlemanly capitalism' is clearly of relevance
to the subject of The Priesthood of Industry (Mat-
thews et al.). However, the authors o?er a short
statement to the e?ect that accountants in Victor-
ian and Edwardian Britain were not possessed of
an anti-entrepeneurial spirit. This begs the ques-
tion of what values accountants took into the
boardroom when they supplanted the amateur-
gentleman director? As the most signi®cant pro-
fessional group in British management, it is
important to divulge the roles played by accoun-
tants in di?using a `professional ideal' in British
board rooms. According to Perkin (1989), this
ideology was more potent than entrepeneurialism
during much of the twentieth century. Profession-
alism espoused altruism and public responsibility
rather than the primacy of pro®t-seeking. Did the
advocacy or infusion of prudence and indepen-
dence by accountants place a brake on the free
reign of entrepeneurial behaviour in British
industry and commerce? Given that the profes-
sional accounting quali®cation was for long the
only available training and education for British
management, its subject components and the
values it inculcated are of particular importance to
broader historical debates.
6. Conclusion
The impression given in The Priesthood of
Industry (Matthews et al., 1998) is of accountants
¯ourishing under advanced capitalism and receiv-
ing high rewards for their contribution to its
functioning. Issues of concern to the critical
accounting community such as the proletarianisa-
tion of accounting labour (Johnson, 1977) and the
``negativities'' (Roslender, 1996) which attend the
practice of the accountant's craft in industry do
not feature in Matthews et al. Although it is
asserted that accountants occupy ``an extremely
S.P. Walker / Accounting, Organizations and Society 25 (2000) 313±323 321
powerful position within society'', the manner of
the exercise of that power and its consequences are
not within the scope of the book. While The
Priesthood of Industry (Matthews et al.) is labelled
as an income maximiser, the members of this
priesthood are generally portrayed as benign
sacerdotalists as opposed to pious assailants. The
heavy reliance on anecdotal evidence often means
that Matthews et al. ®nd it dicult to arrive at
substantive conclusions. At several points the
authors concede that their deliberations are tenta-
tive, speculative or impressionistic, due to a lack
of published data. At certain junctures it appears
that their evidential base is insucient to support
such an ambitious remit. Individual biographies
are often used to illustrate major assertions, or the
authors revert to the inevitability of broad eco-
nomic trends as `obvious' explanations for change.
This essay has attempted to reassert the `social'
in the history of accountants in British manage-
ment. The Priesthood of Industry (Matthews et al.,
1998) provides a valuable launch-pad for this
project. It is a work produced by, and largely for,
the business, economic and accounting historian,
and its often celebratory tone will ®nd favour
among a practitioner audience. The book enhances
our knowledge of the history of the accountancy
profession in Britain, and its contents inspire the
pursuit of important themes which are outside its
remit. There is clearly room for a history which
locates the rise of the accountant in management
within pertinent socio-cultural contexts, and
which extends in scope beyond the illustrious
accountant to encompass a broader conception of
the professional populace.
Acknowledgements
Grateful thanks are due to Peter Miller and
Anthony Hopwood for their comments on an
earlier draft.
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doc_425362016.pdf
Matthews et al.'s The Priesthood of Industry [Matthews, D., Anderson, M., & Edwards, J.R. (1998). The preisthood
of industry. The rise of the professional accountant in British management. Oxford: Oxford University Press] charts the
encroachment of professional accountants into the realms of management in Britain. It is suggested in this review essay
that the brand of economic determinism employed by the authors oers a partial explanation for that fundamental
occupational shift. The functionalist and evolutionary foundation of Matthews et al.'s analysis invite a more critical
interpretation of the accountants' stratagem. A reading of The Priesthood of Industry also indicates several issues which
require the attention of accounting historians.
Benign sacerdotalist or pious assailant. The rise of the
professional accountant in British management
Stephen P. Walker*
Department of Accounting and Business Method, University of Edinburgh, William Robertson Building, 50 George Square,
Edinburgh EH8 9JY, UK
Abstract
Matthews et al.'s The Priesthood of Industry [Matthews, D., Anderson, M., & Edwards, J.R. (1998). The preisthood
of industry. The rise of the professional accountant in British management. Oxford: Oxford University Press] charts the
encroachment of professional accountants into the realms of management in Britain. It is suggested in this review essay
that the brand of economic determinism employed by the authors o?ers a partial explanation for that fundamental
occupational shift. The functionalist and evolutionary foundation of Matthews et al.'s analysis invite a more critical
interpretation of the accountants' stratagem. A reading of The Priesthood of Industry also indicates several issues which
require the attention of accounting historians. Among these are the shifting character of the professional ideology;
responses to entrepeneurialism; the social derivation of professionals; the manner of jurisdictional capture; a fuller
understanding of the inter-war climacteric; and the contribution or otherwise of accountants to British economic
decline. #1999 Elsevier Science Ltd. All rights reserved.
In 1875, Mr. H.J. Clarke of Trinidad wrote to
the Secretary of the Institute of Accountants in
London to inquire as to the possibility of his
becoming a member of that august body. Mr.
Clarke was politely informed that there was no
prospect of his achieving that distinction because
the Institute only admitted ``professional accoun-
tants''. The Secretary explained that:
This term comprehends only accountants
whose services are at the disposal of the Pub-
lic in the same way as those of solicitors, and
not those whose positions are ocial. Such as
accountants to Railway Companies, Banks,
Municipalities or Government Departments
(Institute of Accountants, Letter Book B,
p. 85).
This relatively minor episode illustrates the
manner in which the emergent accountancy orga-
nisations in Britain constructed the `professional'
accountant as an independent, fee-earning altruist.
Those accountants who were unable to exhibit
these de®ning attributes were relegated to `com-
mercial' or `trade' status. Contrast this with the
fact that the successor to the Institute of Accoun-
tants in London, the Institute of Chartered
Accountants in England and Wales (ICAEW),
currently boasts that 55% of its active members
are engaged in business.
Why then, especially after 1918, did large numbers
of those trained as public accountants seemingly
0361-3682/99/$ - see front matter # 1999 Elsevier Science Ltd. All rights reserved.
PI I : S0361- 3682( 99) 00035- 5
Accounting, Organizations and Society 25 (2000) 313±323
www.elsevier.com/locate/aos
* Tel.: +44-(0)131-650-8342; fax: +44-(0)131-650-8337.
E-mail address: [email protected] (S.P. Walker).
depart from the founding ideals of their profession
and assume positions in management hierarchies?
This, after all, had been construed as an estranged
territory associated with the salaried employee and
pro®t-seeking. The result of the venturing of pro-
fessional accountants into the realms of manage-
ment has been the creation of the `in practice'/`in
industry' divide within chartered accountancy.
Questions have periodically been raised about
whether the profession in Britain is essentially
`convergent' or `divergent', given the assortment
of occupational roles pursued by its members
(Solomons, 1974, p. 88). This compositional fea-
ture segments the memberships of the chartered
bodies, has engendered intra and inter-organisa-
tional discord, and led to a periodic questioning of
the institutional structures of the profession.
In The Priesthood of Industry Matthews,
Anderson and Edwards (1998) document the drift
of accountants into management, such that they
have become the dominant group of professionals
resident in British companies. The book seeks ``to
o?er a comprehensive history of the multifaceted
role of the professional accountant in British
business development from the pre-professionali-
zation era down to the present day'' (p. vi). As
part of this remit the authors pursue other objec-
tives. A precursor to documenting the rise of the
accountant in management is an excursus into the
emergence of the occupation of accountancy, its
professionalization, and the changing clientele of
public accountants. The treatment of these sub-
jects serves as a useful, if uncritical, synthesis of
the literature. The authors then o?er a chronology
of accountants in management during three periods:
the nineteenth and early twentieth centuries, 1914±
1939, and post-1945. Likely explanations for the
phenomena observed by the authors are subse-
quently pursued. International comparisons
emphasise the unique size and character of the
accountancy profession in Britain.
The Priesthood of Industry (Matthews et al.,
1998) represents a collation of material drawn
largely from secondary sources, particularly busi-
ness histories, works of biographical reference,
and studies of the changing character of account-
ing practice. In the latter respect the authors owe a
particular debt to Jones (1981, 1995). The analysis
of the drift of accountants into British manage-
ment is, however, based on more than the pub-
lished literature. Original data is o?ered which not
only quanti®es the recruitment of accountants into
industry but also provides valuable historical
insights into the structure of the audit market, the
growth of the accountancy profession, and trends
in company formations and merger activity.
1. Economic determinism and the rise of the
professional accountant
The basic thesis o?ered by Matthews et al.
(1998) is a reassertion of the conventional view
that accountants are both products and bene-
®ciaries of the expanding corporate economy
under advanced capitalism. The analysis empha-
sises the primacy of market forces in explaining
occupational change. The authors contend that
the industrial economy, and the enormous growth
in the number of joint stock companies, resulted in
the increased demand for the services of accoun-
tants. They show that in 1881 the combined
membership of the professional organisations in
Britain was 1470. Fifty years later that number
had increased to 26,006, and by 1995 it was
233,620. Of pivotal signi®cance to the profession
was the growth of the corporate audit and its
colonisation by accountants. During the inter-war
years, when British industry responded to its
diminished competitiveness by rationalising and
implementing more complex management struc-
tures, it was accountants who were increasingly
engaged as doctors of business. The rise of the
professional accountant in management is also
explained by Matthews et al. as a function of the
systems of education and training provided by the
professional organisations. For long, these o?ered
the only available vocational preparation for a
career in British management, if not necessarily
the best.
The exceptional rate of growth of the accoun-
tancy profession (in common with the wider ser-
vice sector), and the creation of new areas of work
with maturing industrialism, is examined by
Matthews et al. (1998) under a determinist banner:
``we argue that, in the main, the history of the
314 S.P. Walker / Accounting, Organizations and Society 25 (2000) 313±323
professional accountant should be analysed as a
provider of ®nancial services in the market place,
and therefore take the economic (even technologi-
cal) determinist viewpoint as the basis for our
study'' (p. 10). Accountants are perceived as
agents who respond to market stimuli activated by
larger structural changes in the national and
international economies. Thus, it was economic
change which ``shaped the environment within
which the accountant subsequently ¯ourished''
(183). Of particular importance to the provision of
opportunities for accountants in Britain was the
advancing scale of business organisations, the
increasing number of companies, corporate dis-
tress, and the structure of the capital market.
Explanations for the shaping of the institutions
of the profession are couched by the authors in
similar terms. Accounting ®rms emerged out of a
process whereby individual practitioners coalesced
in response ``to the promptings of the market'' for
accountancy services (Matthews et al., 1998, p.
24). Further, ``The existence of a critical mass of
professional accountants in a large city in Britain
was, of course, often the trigger for the establish-
ment of a professional body'' (p. 21). Matthews et
al. subscribe to the traditional view that occu-
pational association in accountancy was ultimately
a product of industrialisation: ``The chartered
societies were. . . formed to protect and regulate
the provision of the specialist skills which, by the
second half of the nineteenth century, were in
growing demand as the result of economic devel-
opment'' (p. 61).
The social and political phenomena which have
impacted on the growth of the profession, shaped
its organization, and facilitated the changing
workload of its practitioners, are relegated to a
minor role within Matthews et al.'s (1998) thesis
of market-derived change. A similar causality was
o?ered by leading accountants during the nine-
teenth and early twentieth centuries, most of whom
were eager to emphasise the profession's partici-
pation in, and contribution to, Victorian `pro-
gress' (see, for example, Chat®eld, 1978, p. 154).
But industrialisation was not only an economic
phenomenon, and the form of determinism utilised
by Matthews et al. is a narrow one. Urban-indus-
trialism fundamentally altered social structures
and relationships in ways which also impacted on
the growth and composition of professions. Of
particular importance was the increasing wealth
and power of the middle classes. For example,
close investigation of the expansion of the Society
of Accountants in Edinburgh during the late
nineteenth and early twentieth centuries reveals
the importance of rigid status distinctions and the
aspirations of bourgeois parents for the upward
social mobility of their sons into learned occupa-
tions. The rapid growth of the Society of Accoun-
tants in Edinburgh followed institutional changes
(such as more rigorous examination systems)
which enhanced the `professional' status of the
vocation, and made it a more attractive career
option for the male progeny of the middle classes.
The result of these social and organisational ten-
dencies was the phenomenon observed widely
during the late nineteenth century of the `upward
pressure' on, and congestion of, those professions
which placed no formal limits on the number of
entrants (Walker, 1988).
This raises the intriguing question as to whether
or not those who trained as public accountants
and subsequently moved into industry constituted
an excess supply of individuals unable to achieve
the desired status of independent practitioner.
Matthews et al. (1998) concede that the transfer of
chartered accountants from practice to industry in
Scotland may have re¯ected oversupply. Indeed,
during the 1930s the number of new recruits to the
Institute of Accountants and Actuaries in Glas-
gow declined, and this was attributed not only to
the inter-war depression but ``to a prevalent view
that the profession was overcrowded and did not
have the attractions o?ered by other careers''
(ICAS, 1954). Neither should it be overlooked
that the inter-organisational politics contingent
upon the diversity of professional bodies in Britain
and the greater institutional resources and power
which accrue from a large membership, has also
encouraged occupational expansion.
When investigating accounting (and other) pro-
fessionals it is important to recognise that we are
referring to individuals, occupational groups,
ideologies and organisational forms which operate
in shifting social, political and cultural contexts, and
that they are not purely responsive or submissive to
S.P. Walker / Accounting, Organizations and Society 25 (2000) 313±323 315
market stimuli. The focus of The Priesthood of
Industry (Matthews et al., 1998) on the experiences
of individual accountants in management illus-
trates vividly that growth and change in the occu-
pation were often fashioned by factors more
complex and immediate than the operation of
economic laws. The book provides a succession of
instances and assertions which depart from the
primacy of market explanations for the growth of
the profession, its changing workload and the
exodus of accountants into industry. A number of
non-economic factors are recognised as being
important in shaping the occupational con®gura-
tion. These include: prevailing attitudes towards
state intervention, and the character of the resul-
tant legislative outputs (on matters such as bank-
ruptcy, companies and taxation) which generated
opportunities for new accounting work and cur-
tailed others; World Wars which encouraged the
engagement of accountants by the state apparatus
and enhanced the repute of the cost accountant
(Loft, 1990); class and gender di?erences which
impacted on recruitment patterns and career pro-
gression, as did shifts from elitist to more merito-
cratic bases of entry to the profession; prevailing
attitudes towards business fraud and con-
temporary morality which encouraged the
engagement of the professional accountant as
opposed to the amateur auditor or record keeper;
the late development of commercial education in
British universities which meant that an accoun-
tancy quali®cation was the most relevant creden-
tial for occupying management positions; and
social networks and the acquisition of desirable
personal traits which were important to accoun-
tants in gaining access to the upper echelons of
management.
These wider phenomena transcend purely mar-
ket explanations for occupational change, the
character of the work conducted by professional
accountants, and those who perform it. What is
absent in The Priesthood of Industry (Matthews et
al., 1998) is a more comprehensive explication of
determination and in¯uence, one that would o?er
scope for unifying these diverse and apparently
contradictory causalities. Marxian historical
materialism o?ers an obvious point of reference in
this quest. Here the changing economic base is the
foundation upon which the social institutions,
politics, the law and morality are built, and reci-
procal interactions between the base and its
dependent superstructure may also exist (Cohen,
1978). The `social construction of markets' as
explicated by Dezalay (1995) is also clearly in evi-
dence in the material presented by Matthews et al.,
and this frequently appears to o?er more convin-
cing explanations for the phenomena observed by
the authors.
A reading of The Priesthood of Industry (Mat-
thews et al., 1998) also invites consideration of a
number of other themes, and suggests fruitful
avenues for future historical investigation. The
remainder of this essay explores some of these.
2. The changing character of accounting
professionalism
One of the most intriguing aspects of the move
of accountants into industry is the implications
it has for the accountant's claim to professional
status and the character of professional values. Of
particular interest are the changes that occurred in
the vocation and in wider society which (appar-
ently) removed the stigma attached to the engage-
ment of `professional' accountants in `business'
during the twentieth century. Matthews et al.
(1998) touch on this subject in their suggestion
that entrepeneurial behaviour among accountants
during the Thatcher era may have compromised
their professionalism. This is a tantalising issue
which deserves greater attention.
Perkin (1989, p. 82) has described the middle
class of the late nineteenth and early twentieth
centuries as ``riven'' with status partitions and
``petty snobberies''. Among the most fundamental
of these were the distinctions between the profes-
sional and the business classes and, within the
professional class, the critical division between the
employee and the independent public practitioner.
According to contemporary social mores, those
quali®ed accountants who left the profession
for industry crossed two boundaries into inferior
statuses. The potency of the ideology which equa-
ted independent public practice with ``profes-
sional'' standing might help explain the e?orts
316 S.P. Walker / Accounting, Organizations and Society 25 (2000) 313±323
of the chartered institutes to frustrate the aspira-
tions of the Institute of Cost and Works Accoun-
tants (ICWA) after the First World War to
achieve equal chartered status. As Matthews et al.
(1998) note, this division was also enshrined in a
rule of the ICAEWwhich established that chartered
accountants working in industry were prohibited
from attaining the status of Fellow.
The developments charted by Matthews et al.
(1998) concerning the rise of accountants in Brit-
ish management seemingly con¯ict with the sup-
posed adherence of public accountants to the
professional ideal. Indeed, given the potency of
the ideal why did accountants move into industry
at all? The evidence would seem to con®rm that
professional ideologies are malleable and subject
to reformulation when the achievement of base
objectives, such as the full employment of mem-
bers or the preservation of an occupational
monopoly, necessitate their modi®cation (Walker,
1991; Walker & Shackleton, 1998). The diminish-
ing scope for the newly quali®ed chartered
accountant to put up his brass plate by the inter-
war years, as the supply of public practitioners
reached saturation point in Britain, is likely to
have demanded a relaxation of the strictures con-
cerning the independent fee-earner.
The response of the professional organisations
to bureaucratisation and rationalisation, and the
excursion of large numbers of their members into
realms distant from the core values which they
espoused, deserves particular investigation. The
manner in which industrial bureaucratisation and
the professionalization of management made
pro®t-seeking businesses a tolerable home for the
independent professional requires the attention of
historians. Also intriguing is the manner in which
the accountant in industry seemingly accom-
modated the potential loss of `autonomy', and
submitted to the command systems of complex
organisations in which they became salaried
employees (Kumar, 1978, p. 217). What were the
consequences of this displacement for professional
identi®cation? The emergence of a post-industrial
`professional society' in which meritocracy and the
application of knowledge prevail, and the weak-
ening of social distinctions between `independent'
and `employee' status are likely to have been
signi®cant here. Also requiring further study are
the consequences for professional legitimacy
which arise when the accountant is employed in
industry, having been socialised and instructed in
a knowledge base acquired in public practice. As
Robson and Cooper have contended: ``Although
claims to experiential knowledge are common-
place in British society, the extent to which
accountants move into new areas of managerial
practice may undermine claims to professional
expertise, knowledge and status'' (1990, p. 383).
Work relevant to these issues was conducted by
Hastings and Hinings (1970) in their exploration
of the professional/bureaucrat con¯ict in account-
ing and the complexities arising from the transfer
of the professional into industrial employment.
They concluded that ``Chartered Accountants
employed in industry would exhibit less attach-
ment than do Chartered Accountants in public
practice to four professional values (caution,
exactitude, anti-theoretical pragmatism, profes-
sional exclusiveness) but no lessened attachment
to the other two professional values (quanti®ca-
tion and rationality)'' (Hastings & Hinings, p.
358). This raises a wider question about whether
the shift of accountants into industry has con-
tributed to a deprofessionalization of accounting.
Is it a component of the `death of the guild' and
the supplanting of the autonomous professional's
control over his work by the forces of capitalism?
(Krause, 1996).
Hanlon's work (1994, 1996), though subject to
criticism (see Dezalay, 1997; Willmott & Sikka,
1997) is instructive here and suggests that the
dominant ideologies of professionalism have shif-
ted to accommodate such threats. He tracks the
move from the traditional ``individualistic pro-
fessionalism'' though the ``social service pro-
fessionalism'' of Fordism and the more recent
ascendancy of a commercialist paradigm under the
Flexible Accumulation of global capitalism. The
dominant professional ideology in accounting
(and elsewhere) during the 1990s is accepting of
the pro®t-seeking behaviour previously associated
with `trade'. In relating how Jones identi®ed a new
commercial attitude in the large accountancy ®rms
(the scene of the vocational preparation of most
professional accountants) from the 1970s, Mat-
S.P. Walker / Accounting, Organizations and Society 25 (2000) 313±323 317
thews et al. may have identi®ed the agency
through which a new ideology has been incul-
cated, although the process through which this
was worked out requires more detailed explica-
tion. It is also likely that there exists a signi®cant
community of practitioners who are resistant to
commercialisation, and who perceive its intrusion
as destructive of the founding values of the pro-
fession and perhaps to the very institution itself
(Dezalay, 1995, p. 25).
The social origins of those recruited to the pro-
fession are potentially signi®cant in answering
some of the questions posed above. Matthews et
al. (1998) provide some evidence on this subject
but their reliance on published sources such as
Who's Who and Who Was Who skews the analysis
to those luminary accountants whose fame and
fortune merit inclusion in works of biographical
reference. The emphasis in the book is on tracking
the successful career paths and achievements of
accountants who reached the apex of corporate
hierarchies. This evidential base permits the
authors to explore `routes to the top', and to focus
on those who achieved career mobility by `work-
ing their way up'. Not surprisingly, the
less illustrious accountant in business is not very
visible in The Priesthood of Industry (Matthews
et al.).
Krause (1996, p. 79) has contended that class is
central to understanding the professions in Brit-
ain. Clearly, class origins condition recruitment
and occupational placement, particularly where
there exist established status demarcations within
a professional group (compare barristers and soli-
citors: consultants and GPs). Krause considers
that the lack of engineers in British management is
a function of the fact that 80% are from the
working classes (Krause, pp. 110±111). The social
origins of accountants who accessed management
hierarchies (as well as those who did not), and
their distribution among the pecking order of
British companies requires study. Of importance
also is the potential for class origins determining
notions of `acceptable' vocational pathways into
management. Outside of Scotland before World
War One, relatively little is known about the social
origins of accounting professionals in Britain
(Kedslie, 1990; Walker, 1988).
3. Jurisdictional capture
While Matthews et al. (1998) present accoun-
tants as ``enthusiastic income maximisers'', and
refer to ``the nimble way in which accountants in
Britain capture work'', the accountants' rise to
prominence is not attributed to the potentially
more sinister dimensions of occupational beha-
viour such as monopolisation and jurisdictional
capture. In their conclusion the authors refer to
the ``crucial importance'' of the manner in which
accountants have attempted to ``chase and
capture. . . whatever work they could turn their
hand to'' (p. 245), but this receives little attention
in the main body of the book where the market-
based explanation prevails. In exploring the chan-
ging workload of professional accountants the
authors adopt a less than exhaustive analysis of
how territorial incursions have been made. Abbott's
(1988) seminal work is absent. Armstrong's major
contribution to the debate on the rise of the
accountant in management hierarchies Ð the
inter-professional competition and the collective
mobility project which attended that ascendancy Ð
is limited to a discussion of his contributions of
1985 and 1987 (Armstrong, 1985 and 1987). An
opportunity is thereby lost for illuminating these
issues in greater depth. The authors consider that
there are consistencies between Armstrong and
their own market-based analysis, but they abstain
from a discussion of the criticisms of the Arm-
strong thesis (Roslender, 1994).
The Priesthood of Industry (Matthews et al.,
1998) endorses a predominantly functionalist and
evolutionary reasoning for the manner in which
accountants made forays into new ®elds (such as
management) and the con¯icts which they
encountered in this pursuit. The rise of accoun-
tants is attributed to ``the demand placed by
society on the value of the services that they
supply'' (p. 8). Their education and training is seen
as rendering accountants most suitable for the
performance of particular occupational roles. In
return, accountants secured appropriate socio-
economic rewards and were employed to conduct
more diverse tasks. Such explanations are in
accord with functionalist explanations, whereby high
professional incomes are seen to be legitimated
318 S.P. Walker / Accounting, Organizations and Society 25 (2000) 313±323
and explained by the valuable services which
practitioners supply to the community. This, of
course, is also how the accountancy profession has
presented itself to the public (Walker, 1991).
For Matthews et al. (1998) new types of profes-
sional engagement evolved out of existing areas of
work: ``The move of professional accountants into
auditing in the late nineteenth century is largely
attributed to the growth. . . in the number and
scale of limited liability companies, the consequent
divorce between ownership and control, and the
demand from `blind' investors for information on
the state and progress of companies'' (p. 94). Thus
change in the corporate economy ensured that
auditing was bequeathed to the accountancy pro-
fession on the basis of meritorious claims. By
contrast, other commentators suggest a less pas-
sive and more proactive e?ort by accountants to
capture this market in the face of a debilitated
legal profession (Maltby, 1999). The manner of
territorial advances in tax, consultancy and
management have yet to be the subject of exhaus-
tive investigation. One important dimension of
this which is apparent from Matthews et al. is
the extent to which the incursions of accountants
into management were founded not only on their
display of expertise but also on the basis of net-
working and the exploitation of social capital.
Monopolistic behaviour is de-emphasised in The
Priesthood of Industry (Matthews et al., 1998):
``The accountant's high income. . . owes nothing,
and probably could or should owe nothing, to
monopolistic rights, such as those granted to doc-
tors and barristers'' (p. 10). Market dominance
has been achieved by accountants without confer-
ment of monopoly by the state: ``Fundamentally,
therefore, accountancy's place in the market is
seen. . . to have been achieved in response to a real
demand for its services'' (p. 13). The adeptness
with which British accountants constructed de
facto monopolies on the basis of credentialism
(which, in relation to the acquisition of royal
charters, cannot be achieved without conferment
by the state) do not feature suciently in
Matthews et al. Other studies have revealed that
credentialism was to prove an important tool in
the quest for, and maintenance of, market dom-
inance, and that it constituted a distorting
mechanism in the operation of the market for
professional services (Walker, 1991). For Mat-
thews et al., credentialism was merely a way of
marking out those whom the market had recog-
nised as competent practitioners. Yet the extent to
which organisational combatants fought so vehe-
mently to gain equal privileges or resist their
usurpation is suggestive of the manner in which
market advances were furthered. The acquisition
of credentials would appear to be as important as
the possession of skills. Contemporary observers
satirized the pecuniary motives behind the inven-
tion of nomenclatures in professional accountancy
such as `CA':
The ``Chartered Accountant''
I'm a ``Chartered Accountant,'' it sounds rather
loud,
As a ``Chartered Accountant'' I feel rather
proud;
For a ``Chartered Accountant's'' a noble degree,
As a ``Chartered Accountant'' confers £.S.D.
Just look at my charter of which I can boast,
On vellum illuminated and ®nely engrossed:
Though a splendid impression's created by that,
There's another, which seals it, as big as your
hat.
Who invented the charter that seems to confuse,
A great many people, some think it's a ruse;
But whoever's entitled that honour to reap,
Invented a system uncommonly cheap.
There must be ``something in it,'' most people
suppose,
From the great ``Magna Carta'' they think it
arose;
And that I must be ``some one'' with a charter
like this,
So they charter and license me ``hand over ®st''.
``By virtue'' 'twas granted this charter you see,
Some virtue innate then, I knew there must be;
Though but tri¯ing the sum for this virtue I
paid,
It's a virtue I ®nd for increasing my trade.
S.P. Walker / Accounting, Organizations and Society 25 (2000) 313±323 319
(London Opinion, in The Scottish Banking and
Insurance Magazine, 1881, p. 22).
The history of the professional organisations in
Britain is replete with attempts to capture new
markets and exclude competitors from within and
outside the organised profession (Macdonald,
1985; Willmott, 1986). Further, the distribution of
workload among the members of the various pro-
fessional organisations has been coloured by the
politics of di?erential status and the threat of jur-
isdictional incursions (Walker & Shackleton, 1995,
1998).
Other professional groups have periodically
complained about the manner in which touting
accountants have rigorously pursued new terri-
tories and not simply responded to an increased
demand for their services. This was most notably
the case among lawyers in the 1860s and 70s in
relation to bankruptcy and liquidation work
(Abbott, 1988; Sugarman, 1995). Although The
Priesthood of Industry (Matthews et al., 1998) is
primarily concerned with the rise of the chartered
accountant in industry as opposed to the manage-
ment or public ®nance accountant, the capture by
public accountants of positions in industry to the
exclusion of members of the ICWA is also worthy
of greater attention. The competition between
chartered and non-chartered accountants for
dominance in industrial accountancy has been an
important feature of inter-organisational politics,
shifting alliances and e?orts to secure rationalisa-
tion among the professional organisations. During
the 1960s, for example, the ICAEW was deter-
mined to get on the ``industrial bandwagon'' to
circumvent the growing strength of the ICWA
(Walker & Shackleton, 1998). As Dezalay reminds
us, diversi®cation into new occupational domains
is ``inseparable'' from games of inter-professional
competition (Dezalay, 1995, p. 41).
4. The interwar watershed
One of the principal contributions of Matthews
et al. (1998) is the attempt to quantify and
chronicle the drift of accountants into manage-
ment. The data presented by them suggest that the
inter-war period was particularly important in this
respect. The authors reveal that after the First
World War the rate of growth in the membership
of professional organisations slowed, while the
presence of accountants on boards of directors
increased, as did their appointment as company
secretaries. As a result of these trends, the pro-
portion of accountants `in business' increased
from 7% in 1911 to about 40% by 1939. Mat-
thews et al. contend that ``profound'' changes
occurred in the workload of accountants during
the inter-war period. In accordance with their
economic determinism and functionalism they
consider that this shift was caused by the greater
demand for accounting labour following the
increasing scale and bureaucratisation of corpo-
rate enterprise, and that this was a function of the
enhanced pro®le of accountants following their
involvement in war work.
The exodus of accountants into industry during
the inter-war period tracked by Matthews et al.
(1998) was certainly noted by contemporaries. In
1929, the Professor of Accounting and Business
Method at Edinburgh University observed that:
the training and practice of a professional
accountant ®t him for assisting the adminis-
trator of a business, and the demand for such
assistance is growing. Openings of this kind
are becoming more numerous. As in the pro-
fessions of Medicine and Science, specialisa-
tion is becoming more common. Many young
men train as accountants with the intention of
going into commerce when they are quali®ed
(Annan, 1982).
As mentioned above, the intriguing feature of
the shift of accountants into business is its con-
tradiction and apparent departure from the tradi-
tional professional ideal. Matthews et al. devote
limited attention to this apparent transformation
from 1914 to 1939, and their provision of quanti-
tative data at 20 year intervals hides the precise
timing of the movement into industry and com-
merce during the key inter-war years. As the
authors recognise, there is also a dearth of data on
the fee income of professional practices in this
period. The advance of professional accountants
320 S.P. Walker / Accounting, Organizations and Society 25 (2000) 313±323
into work such as consultancy and the installation
of accounting systems (though potentially impor-
tant to the drift of accountants to industry) must be
explicable by more than the evolution or `natural'
progression from professional engagements estab-
lished in any earlier age. The importance of the
inter-war period clearly merits a search for cogent
and ®ne-grained explanations, as distinct from
simply demonstrating the manner in which the
rubicon from practice to industry was successfully
crossed by a selection of noteworthy accountants.
5. Accountants, economic decline and the di?usion
of the professional ideal in British management
Matthews et al. (1998) assert that accountants
have achieved a hegemonic status in British man-
agement. Given their ``formidable'' impact in cor-
porations since the inter-war period, the role of
accountants in British economic development
becomes a central concern. In their conclusion the
authors address this question by relating the opi-
nions of those who have perceived the accountant
as an agent of caution and short-termism in man-
agement structures. They counter this by claiming
that the accountant's conservatism is largely
mythical, and that there are many instances of
accountants behaving in a more entrepeneurial
manner. Although Matthews et al. are reluctant to
o?er ®rm conclusions on the issue, they do suggest
that a market-based analysis holds some intrinsic
clues. The high salaries awarded to accountants,
and their increasing presence in British manage-
ment, indicates that the services which they sup-
plied must have been of value and a positive
contribution to economic advance. From time to
time attempts are made in The Priesthood of Indus-
try (Matthews et al.) to assess ``how good'' accoun-
tants in industry have been in their performance of
managerial roles. Chandler's criticisms of ama-
teurism in British corporate governance in Britain
during the inter-war years are rejected in favour of
celebrating the contributions made by individual
professional accountants who applied their exper-
tise to the advantage of several major businesses.
Matthews et al.'s (1998) caution on these issues,
and their limited engagement in wider debates in
economic and social history invites further
inquiry. One notable theme of the book is the
coterminous nature of the rise of the accountant
and British economic decline. Wiener's (1985)
(much criticised) thesis that economic decline in
Britain since the mid-nineteenth century was due
to the dominance of an anti-industrial mentality
and `gentlemanly capitalism' is clearly of relevance
to the subject of The Priesthood of Industry (Mat-
thews et al.). However, the authors o?er a short
statement to the e?ect that accountants in Victor-
ian and Edwardian Britain were not possessed of
an anti-entrepeneurial spirit. This begs the ques-
tion of what values accountants took into the
boardroom when they supplanted the amateur-
gentleman director? As the most signi®cant pro-
fessional group in British management, it is
important to divulge the roles played by accoun-
tants in di?using a `professional ideal' in British
board rooms. According to Perkin (1989), this
ideology was more potent than entrepeneurialism
during much of the twentieth century. Profession-
alism espoused altruism and public responsibility
rather than the primacy of pro®t-seeking. Did the
advocacy or infusion of prudence and indepen-
dence by accountants place a brake on the free
reign of entrepeneurial behaviour in British
industry and commerce? Given that the profes-
sional accounting quali®cation was for long the
only available training and education for British
management, its subject components and the
values it inculcated are of particular importance to
broader historical debates.
6. Conclusion
The impression given in The Priesthood of
Industry (Matthews et al., 1998) is of accountants
¯ourishing under advanced capitalism and receiv-
ing high rewards for their contribution to its
functioning. Issues of concern to the critical
accounting community such as the proletarianisa-
tion of accounting labour (Johnson, 1977) and the
``negativities'' (Roslender, 1996) which attend the
practice of the accountant's craft in industry do
not feature in Matthews et al. Although it is
asserted that accountants occupy ``an extremely
S.P. Walker / Accounting, Organizations and Society 25 (2000) 313±323 321
powerful position within society'', the manner of
the exercise of that power and its consequences are
not within the scope of the book. While The
Priesthood of Industry (Matthews et al.) is labelled
as an income maximiser, the members of this
priesthood are generally portrayed as benign
sacerdotalists as opposed to pious assailants. The
heavy reliance on anecdotal evidence often means
that Matthews et al. ®nd it dicult to arrive at
substantive conclusions. At several points the
authors concede that their deliberations are tenta-
tive, speculative or impressionistic, due to a lack
of published data. At certain junctures it appears
that their evidential base is insucient to support
such an ambitious remit. Individual biographies
are often used to illustrate major assertions, or the
authors revert to the inevitability of broad eco-
nomic trends as `obvious' explanations for change.
This essay has attempted to reassert the `social'
in the history of accountants in British manage-
ment. The Priesthood of Industry (Matthews et al.,
1998) provides a valuable launch-pad for this
project. It is a work produced by, and largely for,
the business, economic and accounting historian,
and its often celebratory tone will ®nd favour
among a practitioner audience. The book enhances
our knowledge of the history of the accountancy
profession in Britain, and its contents inspire the
pursuit of important themes which are outside its
remit. There is clearly room for a history which
locates the rise of the accountant in management
within pertinent socio-cultural contexts, and
which extends in scope beyond the illustrious
accountant to encompass a broader conception of
the professional populace.
Acknowledgements
Grateful thanks are due to Peter Miller and
Anthony Hopwood for their comments on an
earlier draft.
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