Listen to this articleSomehow, despite the multitude of mistakes and missteps along the way, we survived the early years of our professional lives.
But wouldn’t it have been nice to get a little advice and mentorship from a few experts when you needed it most?
With that in mind, LIBN spoke to several accounting pros to glean their words of wisdom and practical advice for young professionals embarking on careers in accounting.
Come into the office more
One of the many positive aspects of accounting is that it’s basically a recession-proof career, notes Russell Shinsky, managing partner of Anchin, with offices in New York City, Uniondale and Florida.
“The profession provides a lot of security for someone who’s thinking down the road,” Shinsky said. “The profession is always going to be there and is a model that allows a path to ownership over time versus other professions that may never give that opportunity.”
As is the case in many other industries, hybrid work has become more prevalent in the accounting field. Though the work/life balance is an important consideration, Shinsky advises people to get to the office more frequently.
“I always say that much of what I know, I learned by observing the people that I worked for and with throughout my career and I don’t think you get the same level of absorption when you’re working through screens constantly and isolated,” Shinsky said.
Be patient: It could take 10 to 14 years to become a partner in a firm and, while you might make a little more money going to another firm in the short term, Shinsky cautions against such action.
“If you’re in the right firm that does the kind of work you want to do, and these are the kind of people you want to work with, then I think in the long term you’d be most suited staying in that firm,” said Shinsky, adding that over time firms take care of quality people.
The impact of technology has changed over the years and people should embrace it and take as many courses, such as data analytics, as possible.
“It’s a tremendous skill set that can help somebody accelerate even quicker in their career if they have those skills walking in,” Shinsky said.
Do your homework
Like businesses, which typically have 5- and 10-year plans, accounting students should have similar plans, in terms of personal development, notes Ken Cerini, managing partner of Cerini & Associates in Bohemia.
“If you’re looking to be the CFO or controller of a Fortune 100 company, you want to go work for one of the big accounting firms,” said Cerini. “If your goal is to be a CFO of a non-profit, then you want to find a firm that specializes in working with nonprofits.”
If you’re not sure what you want, then explore the many different possibilities.
“But if you have some idea of what you want out of life down the road, then you should set yourself up for future success by picking the right place to work now when you come out of school,” Cerini said.
Too often, people don’t do their own homework.
“You have to gain a better understanding of what the industry is like, and then determine what part of the industry aligns with what you like do,” said Cerini, adding, “You want to find a firm that aligns with your culture, your thought process and everything else.”
Many people get very nervous during the interview and don’t realize that an interview goes both ways.
“Treat it as a conversation. You’re going through a factfinding process the same way the firm is going through a factfinding process,” Cerini said.
Look at a prospective job as an investment.
“It should also be, is this the right place for me? Is this the right investment of my energy and effort?,” he added.
Turn the tables: ask questions
The CPA industry has changed significantly: There are many different paths to go into: public accounting, business consulting, financial services and operational roles, notes Jeff Agranoff, partner and chief human resources officer of Jericho-based Grassi Advisors.
“If they enter public accounting, they really need to better understand the culture of a firm, the work expectations, the hours, the travel,” Agranoff said. “Public accounting firms now greatly differ: It’s not a ‘one size fits all’ anymore.”
Also consider the firm’s ownership structure, who would be managing them and making decisions on their advancement.
Personally, Agranoff wishes he realized the importance of the firm’s culture: the people, the way you’re treated and advancement opportunities.
“I at that age thought that if I go to a good company, I’ll advance no matter what. That’s not true,” Agranoff said.
Many firms are also now outsourcing jobs overseas to India and the Philippines.
“If I’m a young person, I want to make sure they’re not going to eventually move my job there,” he added.
During the interview, ask deeper and more thoughtful questions to learn what the future of the firm will look like. Be prepared, understand technology and be eager to take on new initiatives.
“If you want to be successful in our industry right now, you need to stand out,” Agranoff said. “Do more, be more. Don’t just sit back and wait for things to happen. Make it happen.”