In 1971, armed with a bachelor's degree in business administration as well as an MBA with a concentration in accounting, I launched into my first job as a junior accountant at Coopers & Lybrand, a pillar of what were then known as the Big Eight accounting firms. My colleagues and I wore suits and ties to work every day (before ties became less fashionable and workplaces became semi-virtual) and we mainly provided audit and tax services.
Fast-forward three years to Aug. 2, 1974. "All in the Family" was the No. 1 TV show in America and "Annie's Song" by John Denver topped the Billboard music charts. That same day I joined my brother at a nascent firm called Amper, Politziner & Mattia — which ultimately became today's EisnerAmper, and which has been my professional home for 50 years.
As I look back on five decades-plus in the profession, it has been substantially transformed. Firms like EisnerAmper now provide a wide range of accounting and consulting solutions, ranging from traditional audit and tax work to advisory and outsourcing services. This expanded range of solutions includes my own specialty in forensic accounting, a practice I helped build and in which I take great pride. Many firms have created separate entities for their advisory services and audit functions.
Technology has had a huge impact, accelerating tasks that were once painstakingly manual, freeing up people to do more strategic and value-added work. Our teams now boast more diverse backgrounds and varied experiences. In addition, new organizational structures such as private equity ownership and employee stock ownership plans have begun to take their place alongside the traditional partner model, bringing fresh financial and intellectual capital to help firms evolve and expand.
What I often tell younger colleagues is that, despite the passage of time, the fundamentals that allow a person to succeed in accounting haven't changed. This remains, at its core, a service-driven and relationship-based business. Knowledge, professionalism, deep insight into clients' opportunities and challenges, and a passion to help them reach their goals — those qualities still form the basis for everything we do.
Below are some additional thoughts about how to succeed in accounting, informed by my perspective as a long-time practitioner — and someone who has found great professional and personal satisfaction through my engagements with colleagues and clients.
1. Invest in relationships. If "location, location, location" is the mantra of the real estate and retail sectors, then "relationships, relationships, relationships" is the accounting equivalent. You need to master the principles of accounting, of course. But it's the relationships you build — by honing your business acumen and actively listening to your clients — that give others a reason to respect you and value your perspective.
Showing clients that you care about their businesses is also important. Something as simple as calling a client in the evening when they're not expecting it shows you're thinking about them. But it conveys even more—that your ethos is to go over and above, that you are committed to exceeding client expectations.
2. Expand your skillset. New entrants into the profession would be well-advised to continually expand their horizons by developing the specialized capabilities that are increasingly in demand in a fast-changing and complex business environment. For example, in just the past few years, understanding the world of digital currency has become a must-have skill in my specialty of forensic accounting. Where the adage in forensic accounting is "Follow the money," we must now add to that, "Follow the digital money."
Similarly, becoming proficient in areas such as technology, corporate strategy, global commerce, law and regulation, and especially soft skills, among others, is the key to adding value for your clients, your firm, and your own career.
3. Stick with it. The learning curve in accounting can be steep, particularly in your "rookie year," and may be filled with repetitive tasks, deadline pressures, and not a lot of time devoted to creative problem-solving. But the process provides tremendous training for young employees who are willing to learn the business from the bottom up.
As I mentioned, the profession has evolved and expanded into a wide range of disciplines, and there are many ways for highly talented, motivated, and dedicated individuals to find their niche in the accounting world — just as I did with forensic accounting.
4. Lead with growth in mind. I'd be remiss if I didn't also offer a few words of advice for accounting firm leadership. In a profession that must constantly attract and retain talent, it's crucial to keep employees engaged and encouraged. Mentoring is a big part of that process, along with providing a path for associates to enhance their career opportunities and increase their value to the firm. It's all about creating a work environment that will attract, cultivate, and support the talented people we need to serve our clients — while growing our business in the process.
As someone who has made accounting my life-long vocation, I have found the field to be very rewarding — professionally and personally. Constantly learning and acquiring new skills, building trusted relationships with clients, mentoring young associates, and contributing to the growth of our firm have been the highlights of my career. The practice of accounting keeps evolving, but the satisfaction to be found from working in this vital profession hasn't changed in more than 50 years.
