The finance and professional service sectors have some of the lowest representation of Black talent in the UK. But an internship scheme that places ambitious Black candidates on placements across sectors including accountancy and finance is helping to redress imbalances, highlight career opportunities and shatter some of the misconceptions.

Three interns – Blessing Nsita Inno, Darlene Machingauta and Persida Meskel – have spent the last six weeks on placement with ICAEW undertaking rotational assignments with various teams across ICAEW including Data Analytics and Tech, Product Development, Professional Standards, finance and Reputation and Influence.

The three ambitious women have all taken part in the 10,000 Black Interns programme, a scheme that offers paid internships for Black university students and graduates to help transform the career prospects of young Black people in the United Kingdom. These interns were shortlisted for their outstanding applications and selected shortly after an interview. Their background and experience have been instrumental in providing new perspectives.

Its aim is to offer 2,000 internships each year for five consecutive years. ICAEW is one of 700 partner organisations across a range of 20 different industry sectors that have signed up to the scheme, with ICAEW being the first professional body to sign up to The Black Talent Charter in 2020, and targets linked to the Internship programme.

By the end of summer 2023 the initiative will have created almost 5,000 internships in just three years.

Blessing Nsita Inno, 19, who has just completed the first year of an economics and politics degree at the University of Essex, says being part of the programme has given her a sense of belonging. “I wanted to get a foot in the door of a corporate setting. It’s more about me trying to see what I want to do, and connecting with new people who are different to me.”

For 21-year-old Persida Meskel, who has just completed a business and finance degree at Coventry University, the internship at ICAEW has given her invaluable insight into accountancy career options. “I was already interested in accountancy and now I’m realising that although it’s a lot of work to get the ACA qualification, it can open so many doors and opportunities and accountancy is a very stable career choice.”

Finance and the professions are amongst the highest-paid jobs in the UK. They are also gateways to the most influential positions in UK boardrooms, leading a corporate agenda on hugely important areas like climate change and diversity. However, in 2021 only about 2% of finance, insurance, and professional, scientific and technical services employees were Black.

Compare this with the figures for the working-age population in England and Wales, of which 4.4% are Black, according to the 2021 census, or the population of London, which has a Black population of 13.5% and the data elevates to the agenda of Black underrepresentation in these sectors, and presents the opportunity for all to collaborate.

ICAEW is performing well against both national and sector averages for Black representation. In 2023, 7.05% of ICAEW staff were Black or Mixed Black. Similarly, in terms of senior Black representation, across the financial sector, the average is 1%, whereas in 2023 it was 3.7% in ICAEW.

Meskel adds: “The 10,000 Black Interns programme gives people that look like us a platform, the opportunity to put ourselves forward in a market, and gives us more exposure to see how the world is and how we can see ourselves in senior positions in the future.”

Darlene Machingauta, a 22-year-old accounting and finance graduate of Henley Business School, says participation in the 10,000 Black Interns programme has given her hope about opportunities for ethnic minorities in the sector. “You think you can’t get there because there’s no one that looks like you.

“Even in 2024, we still see a lot of racial discrimination. I would definitely recommend this programme because it allows people to share their ability, regardless of where they’re from. I don’t feel like this internship is a token gesture. I’m not here just because I’m black, I’m here because I’m smart and I have ability. It’s not just to tick a D&I box.”

As the latest participants in the 10,000 Black Interns Programme complete their summer placements, ICAEW is urging others to follow its commitment to push forward on minority representation across the accountancy profession and beyond.

Yelena Travis-Powell, Head of Global Equality, Equity & Belonging at ICAEW, says: “It continues to be a pleasure and honour to host the three interns from this initiative. Their fresh ideas and opinions have sparked valuable discussions and have been welcomed by team members. The interns have also shown a keen willingness to learn and grow, and actively seek feedback.

“By providing practical work experience and opportunities to develop essential skills, we act on our Black Talent Charter commitment to establish a diverse talent pipeline and nurture early careers talent from a Black ethnic background. In alignment with our core strategic theme of strengthening the profession where we can influence and shift the dial most effectively. Access, principal committees and advisory boards, members and our people are where we see having most effect. We encourage employers to sign up for the programme and work together to facilitate an amplified number of placements and unlock the flourishing talent that this initiative can bring.”

ICAEW’s participation in the 10,000 Black Interns programme is just one strand of its commitment to improving equality of opportunity for our Black colleagues, prospective students and members. ICAEW was also the first professional body to sign up to the Black Talent Charter, which calls for more representation of Black professionals at senior levels. ICAEW has surpassed its target under the Charter of providing two internships to Black students and is expanding that to three placements. ICAEW also promotes the 10,000 Black Interns Programme to ICAEW networks, so that interested firms are aware. The overall target is 500 placements to be offered by the profession overall until 2025, this figure currently stands at around 300 according to the 10,000 Interns Foundation. ICAEW is continuing to promote and influence employers towards the overall target which, collaboratively, we are well on track for.

Launched in October 2020, the Charter aims to boost recruitment, career progression, retention and promotion of Black talent in the finance and professional services sectors. Signatories commit to producing measurable data that is publicly reported to assess progress and setting clear action plans to work towards ambitious targets.

Our Black Members Community will continue supporting Black members and students with a wide range of resources and events, this community provides valuable networking opportunities and bespoke content, established in 2020 its current membership stands at 3316 and growing.

• The process for the 2025 selection of interns starts in September. Find out more about the scheme and how to get involved at 10,000 Black Interns
• Find out about ICAEW’s commitment to the Black Talent Charter.