Embarking on a career in public accounting is a significant endeavor, filled with challenges and opportunities for growth. Stephanie Ng, CPA, and the founder of I Pass the CPA Exam, brings her extensive accounting experience to the forefront, offering invaluable tips and tricks tailored for new accountants. Navigating the dynamic landscape of public accounting requires not only technical proficiency but also a strategic approach to career development. In this comprehensive guide, we explore the seven crucial pieces of advice that every new public accountant should internalize to establish a solid foundation for a successful career.
1. Never Stop Learning
A cornerstone of success in public accounting is the commitment to continuous learning. The accounting landscape is perpetually evolving, with new tax laws, modified regulations, and emerging technologies reshaping the profession. Ng emphasizes the importance of adopting a mindset that embraces perpetual learning. For new accountants, absorbing information rapidly and overcoming the initial learning curve is crucial. Ng recommends diligently recording instructions and feedback from supervisors, signaling a proactive approach to learning. Additionally, acquiring the CPA license introduces annual continuing professional education (CPE) requirements, reinforcing the need for a lifelong commitment to education.
2. Learn from Your Critics
In the realm of public accounting, new accountants often find themselves reporting to various supervisors, each with unique perspectives and expectations. Ng advises aspiring accountants to view feedback from different supervisors as an opportunity for growth. Rather than feeling overwhelmed, Ng suggests leveraging constructive criticism to enhance performance. Actively seeking clarification on feedback, learning from mistakes, and demonstrating initiative to improve contribute to professional development and leave a positive impression on supervisors.
3. Be a Team Player
Collaboration is a hallmark of public accounting, particularly during busy seasons when teamwork becomes essential. Ng underscores the significance of working cooperatively with peers, senior supervisors, and other team members. The ability to efficiently collaborate and maintain a positive attitude resonates with both colleagues and clients. Ng encourages new accountants to actively contribute to the team, fostering a collaborative environment that supports mutual success.
4. Don't Fear Turnover
Turnover is a common aspect of public accounting, driven by the demanding nature of the profession, especially during peak periods. Ng provides reassurance by highlighting positive trends, indicating a decrease in turnover rates at accounting firms. Acknowledging the challenges, Ng advises new accountants not to be deterred by turnover but instead recognizes it as part of the industry dynamics. Employers are increasingly prioritizing work-life balance, contributing to improvements in turnover rates.
5. Challenge Yourself
Ng advocates for a proactive approach to career development by encouraging new accountants to embrace challenging opportunities. Being open to diverse engagements and assignments recommended by senior colleagues enables rapid skill acquisition and visibility within the organization. Ng suggests viewing public accounting as a platform for continuous learning and skill development, positioning oneself for accelerated career advancement.
6. Use Public Accounting as a Gateway
Public accounting often serves as a stepping stone to various career paths within the financial realm. Ng emphasizes the importance of viewing public accounting as a strategic gateway, offering transferable skills applicable to diverse roles. Rather than becoming complacent, Ng advises new accountants to keep their career goals in focus, leveraging the skills acquired in public accounting for future endeavors.
7. Become a CPA as Soon as You Can
Ng stresses the early pursuit of the CPA credential for aspiring public accountants. Meeting CPA requirements, including passing all four exam parts within 18 months and accumulating 150 credit hours of higher education, is a time-consuming process. Ng recommends starting the CPA journey promptly, as it opens doors to career opportunities and demonstrates a commitment to professional development. Attaining a CPA license not only enhances career prospects but also serves as a testament to one's dedication to the accounting profession.
In closing, Stephanie Ng provides a roadmap for new public accountants, guiding them through the intricacies of the profession. Her insights underscore the importance of a continuous learning mindset, resilience in the face of challenges, and strategic career planning. For those venturing into public accounting, Ng's advice serves as a compass, steering them toward a rewarding and enduring career.
For further insights into public accounting careers, Stephanie Ng recommends exploring the Vishal career blog for additional valuable resources. As an executive committee member responsible for finance at New Sight Eye Care, Stephanie Ng brings a wealth of experience to her role. Her multifaceted career, spanning investment banking, corporate finance, and management accounting, reflects her commitment to excellence in the financial realm. Additionally, as the author of "How to Pass the CPA Exam," Ng has played a pivotal role in guiding countless candidates to success in their exams and careers.