We’ve all seen the grim headlines in recent years about the future of the accounting profession. Whether it’s competing for talent among CPA firms, a lack of interest in an accounting career from college students, or the scariest of them all — the threat of artificial intelligence taking over the industry —the accounting industry is facing obstacles that will certainly have an impact on clients and practitioners in the future.
For us at MCB, we know the importance of the accounting industry to our clients, partners, colleagues and team members. We were delighted when one of our senior accountants asked to write an article about her experience as an accounting professional.
We hope our interview with Caroline sheds some light for other students interested in pursuing careers in the accounting industry.
Caroline Harley was a student at George Mason University not long ago, struggling with the fact that she enjoyed her accounting courses, but was unsure if she should pursue a career in accounting. When a professor counseled her to consider a mid-sized firm, she applied for an intern/externship with MCB. Caroline has been with MCB for two years now, and we often call her “our biggest cheerleader”. She’s had a very positive impact on the firm both as an accounting professional and through her social and civic dedication to our community.
1. Why did you choose a career in public accounting?
I chose a career in public accounting because I wanted to get insight on the language of business and how all the different business functions tie together. Public accounting, particularly audit, provides a roadmap to understanding what makes a successful and sustainable business. Experience in public accounting is the key to job security. You can work in any city or company because every business needs an accountant.
2. What made you choose MCB over other firms?
MCB provided me with freedom to explore all areas of public accounting right from the start. I was exposed to tax, audit, and bookkeeping beginning with my internship. During my first three months, I began to specialize in Small Business Investment Company audits, bookkeeping, and quarterly filings. The national accounting firms historically hire staff accountants and specialize them in very narrow areas as needed for the firms. There is generally no regard for what the staff accountant might enjoy. This limits the experience, exposure and knowledge one can obtain in their first few years. MCB invests in its employees and it is normal practice to work directly with colleagues from all levels of the firm (partners, senior managers, seniors, interns). This is rare in larger firms. Our firm culture is rooted in developing personal friendships with co-workers which goes beyond the office. MCB cares about its employees and promotes a work/life balance that is hard to find in a larger firm.
3. After two years into your career, what has been most rewarding and most difficult?
The most rewarding thing is seeing all the pieces come together. In every engagement there is more learning, more challenges, and you know that at the end it will come together. Also, because we work in teams, there is a desire to do well for each other and share the success. Like many careers, building your knowledge and skills is the most difficult process. It takes time and experience to build a solid foundation to use on the job.
4. There has been a decline in accounting firm graduates over the past several years. Why do you think that is?
I think the most important factor is larger firms have historically demanded an excessive work commitment that simply exceeds what students today find acceptable. The idea of “selling your soul” to a national firm in exchange for a firm title on your resume does not resonate with today’s students. I don’t think increased pay will solve that problem. The stigma of national firms likely diverts students away from a degree in accounting because they are not aware of firms like MCB.
5. If you could share some insight to an accounting major, what would it be?
Accounting practice is very different from what you actually do in class. Like most degrees, what is taught in college is generally black and white so that it can be readily graded by the professor. When you are on the job and part of a team, you have the benefit of prior year workpapers, specialized software, checklists and, most importantly, coworkers who have done the exact same thing in prior years or on prior jobs. The learning experience on the job is far less stressful and more rewarding than reading the textbook and taking exams.
6. Where do you see your future in the profession? Will you stay in public accounting?
As I prepare to enter my third year in public accounting, I know that I will stay longer because I enjoy my job and the people I work with. Every year in public accounting is a challenge but the professional growth is rewarding. It is easy to measure my growth as I add new specializations each year. MCB promotes this type of professional development so I don’t see myself going anywhere else in the future.
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