It is so natural as breathing air, sleeping, eating, therefore a given: All eventually ask if they made the right choice for a career, question their work culture, standards and ponder the amount of time and effort they have expended “getting there and from where?” Did they do the right thing? Career ambivalence after awhile should be expected, in fact I would worry if one seldom had a career path internal questioning and contemplative stage! Living a charmed life seldom exists. The desire to be retrospective and state “if I knew then what I know now, things would have been easier / simpler, less stressful, more rewarding, etc.” Of course, unless time travel moves from sci-fi to reality, we cannot go back. However, we certainly should learn from others and implement for our own good as well as impart our knowledge to others for their benefit, which is truly rewarding.
From my view, the field of accounting is one of the easiest professions to “hijack,” that is take over by someone outside of the profession, and oddly who in turn then enjoy a very lucrative career. Perhaps the accounting hijacker even springboards up the corporate ladder faster than a true dyed in the wool, well educated accountant who is very credentialed with advanced degrees and technically skilled. Most of the cause here is the fault of the accounting profession and the college preparatory baccalaureate and masters programs. We must understand in the United States, anyone may call themselves an “accountant” whether they are a mildly skilled bookkeeper that learned via on the job training (OJT) or perhaps has an education limited to that of a high school dropout! There is nothing illegal when such people claim to be accountants. However, physicians, dentists, lawyers, architects, tree experts and even hairdressers and massage therapists have to have a perquisite education, testing and experience period. Anyone holding themselves out to the public as a member of one of these professions / occupations, who is not so licensed, is subject to a State Board of Labor cease and desist order as well as court imposed fines and even imprisonment. For the accounting profession, only if someone falsely claims to be a CPA / renders financial statement opinions will the state licensing board become involved. Such imitation accounting charlatans, the great pretenders of the profession, only exist since accountants have let that their title become generic. The institutions of higher education, who gladly accept tuition monies from students or the parents, only focus upon the skill set for obtaining an entry level job in the field of accounting or preparing for the CPA exam. Worthy initial goals, but not preparing graduates with the leadership, presentation, persuasion and organization skills to move beyond the staff accountant routine of debits, credits, journal entries and account reconciliations. As with any field, technical skills get one’s foot in the door on the first rung of the career ladder. The soft skills are are required for moving up.
I personally would not want to be an accounting impersonator. My goal has been to achieve the advance education and various credentials that required extensive studies and experience and be a real technically skilled contributor balanced with organizational / leadership / management skills. What is being provided hopefully here is not to give others outside of the accounting field a career idea, rather for those in the field to have a game plan for managing their careers and being prepared for the future.
The one state requirement I am aware for “vetted” accounting skills criteria outside of the review and attest work of CPA, is that for many municipal, county and state employed audit executives. However, finance executives often in private and publicly traded companies may have been elevated or hired into their role without any accounting credentials, education or even experience. Boards of such companies often seek a CFO with a particular skill set including “executive presence” as well as for a strategic objective: IT system upgrades / conversions, implementation of quality improvement / risk mitigation programs, capital market access, mergers /spin-offs, etc. Logically, seeking a skill set other than that of a CPA so CFO role does make some sense. My argument is for hiring such CFO skill augmented talent then what is required is support reporting to a CFO that is truly versed in accounting. If too expensive for hiring such full time task specific talent, then outsource to a reputable vendor for a contractual duration and service level or consider the use of an agency providing services of ‘fractional CFO’ with that depth of knowledge.
However, repercussions with even the above approach develop for the CFO with credentials other than accounting, who now has folks, namely a controller and his / her reports that are technically more proficient. Gone is the sense of a career track and there breeds a staff resentment of a structure that appears and often does now in fact, disregard their accounting skills. Progression is essentially “gutted’ and good talent languishes or understandably better for themselves, quickly interviews and leaves for a new employer providing the career path. Worse is an uninformed CFO that meddles in accounting duties, just because he / she can. Of course, such “playing being CFO” is obvious as I heard one such imposter chime with mock sarcasm as follows on a month-end financial closing call when a variance explanation was provided… “Ewww! … timing differences!” Of course, such commentary left the real accountants pondering her skill set and knowledge as the CFO added little value to the call, other than being tolerated with her ill suited and off the wall quips and witticisms, just because she could. To give a senior staff accountant credit, as the uncomfortable twilight zone call progressed, he posed a basic expense journal entry question to the CFO — who then stated she was “already late for an important meeting with the Board for discussing year-end bonus and merit increase determinations.” Such a parting shot was obviously a thinly guised warning to the senior staff accountant and all others astute to understand such questioning of her was not appreciated and could have adverse implications for those who did.
So, what is the solution for true accountants from falling prey to a hijacker of the profession? First, educate your family, friends and general public with whom you have contact that anyone may refer to themselves as an ‘accountant.” The laity of the public often presumes that the all accountants are CPAs. Akin to their view that accountants “just key in numbers on an adding machine.” Of course, only 1o to 20% of self-claimed US accountants are CPAs. I will add that there are many skilled accountants who are not CPAs and are just as valued in the profession. When interviewing on a panel for applicants of entry and mid-level roles, ask accounting theory questions and really find out via example where and when they specifically applied their accounting skills and the outcomes. Fact check resume and application accounting work history as well as education and credentials. It should go without explanation if an applicant for which an offer is considered does not “add up here” then pass to those with verifiable credentials. For proof of actually having a valid and active CPA license, I will include my state license number when issued along with the on-line link to the Dept of Licensing public verification portal.
From a career perspective, accountants should develop leadership and long-term ad hoc task skills, perhaps even obtain a certification in project management. Add more diversified skills throughout the career not related specifically to accounting. Perhaps partnering via a project team with HR, IT, operations, etc. The important point is that eventually, those at the pinnacle of their technical training in an executive position will report to someone with another skill set, often in the form of a Board appointed Chief Executive Officer. For example, with a hospital, the medical doctor chief of staff will report to the CEO, and often he / she has a degree in administration. Note that the chief of staff has physicians as direct reports, who would not tolerate a comment during a monthly meeting for COVID of “Ewww … infectious disease control.”