Insight into the Current Generation of Young Accountants: A Perspective from an Experienced CPA
I’m an old CPA, 67 years old. After getting my BS in accounting, interrupted by volunteering to serve in the US Army for 4 years, I moved to Maine to begin my career. My starting salary in 1982 was $14,000 a year, plus health insurance.
It was a small satellite office of a medium-sized firm, so I was thrown into all sorts of work – taxes, individual, corporate, partnership, and estate. Also audits, reviews, compilations, financial projections, and nursing home cost reports. There was a lot of travel by car throughout the state of Maine and long hours. We would often leave at 5 or 6 in the morning to arrive at the client by 8 am, and then return home by 8 pm.
It was a tough environment for someone right out of college. But I knew that if I wanted my CPA license, I had to pay the price. My 4 years in the army were a benefit. I had learned how to put my head down and just crank out the work without complaining. After my first year, I received a raise to $15,000.
There were no cell phones and we had one of the first computers in history, an Apple IIE with a Visi-Calc spreadsheet application. Tax returns were prepared entirely by hand in pencil and then the final draft was printed on the copier. Almost all accounting systems were manually based. Big clunky ledger books that had to be checked for math accuracy on a calculator. As a consequence, I learned accounting and taxes inside and out. That knowledge and experience mean I will never be unemployed unless by choice. I sacrificed short-term pain for long-term gain. And by gain, I mean the quality of life here in Maine.
My take on the accounting profession shortage
I’m not surprised that there seems to be a shortage of people entering the profession. I was fortunate that my first firm was run and staffed by professionals who treated everyone else in the firm with respect and kindness.
No games were being played. I don’t think that’s the case in some of the large firms that seem to attract new accountants. The attraction seems to be the money they can earn, but they discount the cost in terms of their working environment. For me, money has never been a primary motivator. I put the quality of life and relationships above material gain. More money and more things don’t make me happy. Fun shared experiences with friends and family is what makes me happy.
There is a vast amount of specialized knowledge to learn, and that has to take place at the same time you’re under intense pressure to be productive and profitable. It requires a long-term commitment and sacrifice. Many people don’t want to make the sacrifice, and I completely understand. Life is short.
But it’s a great career. Over time, you collect stories that are unique compared to your non-accounting peers. I cherish and love the stories I’ve collected. I’ve made enough money, even in Maine, to now be retired comfortably if not opulently.
It would be presumptuous of me to offer career advice to an unknown audience, but if I did, it would be
#1, Find a mentor! Either in-firm or outside the firm. Go and ask people, They’ll be flattered. Let them be an experienced sounding board for your questions and challenges.
#2, and following close behind, is to make sure to treat everyone you meet with respect and compassion, and good humor. That will take you further than any other piece of advice.
I wish I had learned that earlier in my career.
Benson Dana
Retired CPA and author of "Tales From The Trenches: A CPA Internal Auditor's Stories of Fraud, Internal Controls, Auditing, and Embezzlement".
