Nontraditional Path to Accounting - 2018 Spring - Spectrum Magazine

Nontraditional Path to the Accounting Profession The traditional path to a career at a Big 4 accounting By Maya Francis and Elaine W. Smith firm is well known – enroll in an accredited undergraduate or graduate accounting program, degree. “Having had a career in another profession seek and secure internships to gain some experience can bring a unique perspective to a career in while in school, maintain a high GPA, attend school- accounting,” said Raymond. “A combination of sponsored career events or others such as NABA’s diverse skills, perspectives and experiences drive Regional Student Conferences, apply and interview innovation and our success. People who have had for an entry-level position, and get hired. careers in other fields bring a wealth of knowledge Some, however, choose to enter the field after with them, which is a great benefit to our firm.” working in a different field or serving in the When recruiting experienced professionals, military. This article provides insights from a KPMG Raymond said KPMG seeks those who have executive director on what the company refers to graduated from accredited colleges and have the as “experienced hires” and the accounting program skills needed to meet today’s business challenges. chair of the University of Maryland University “Our qualified candidates also possess a variety of College on preparing working adults for a career in work and professional experiences. All these unique accounting, and the story of a woman’s journey from backgrounds make KPMG more competitive which a career in journalism to a career at a Big 4 firm. translates into great service for our clients,” she said. Raymond noted that technical and soft skills are EXPERIENCED HIRE now a “must-have” in today’s business environment. RECRUITING “A career in accounting and professional services is much more than checking books and reporting Eileen Raymond, executive financial figures,” she said. “Today’s enterprises are director, Experienced Hire more complex, technology is changing faster than Recruiting at KPMG, believes ever before, and businesses are trying to stay at the employees who have had forefront of that change,” Raymond explained. “We careers in other fields can be a expect our experienced professionals to have these “great benefit” to the firm, but if they want to work skills in order to navigate today’s business landscape in an auditing role they must have an accounting and solve our clients’ complex business issues.” 12 SPECTRUM | SPRING 2018

THE ROLE OF is responsible for managing a minority scholarship CAREER COLLEGES offered jointly by the professional society and the AICPA. “Currently, only five professional CPA Dr. Sharon A. Levin, MBA, CPA, societies participate in AICPA’s minority scholarship CFE, professor and program initiative. If every state society contributed to chair of graduate accounting AICPA’s minority scholarship, we may begin to see at the University of Maryland a much needed shift toward greater diversity in University College (UMUC), accounting professions,” she said. Levin added that said that her school’s graduate students are typically she is, however, proud that the minority enrollment mature adults with substantial work experience of UMUC’s graduate accounting programs has who understand that earning a degree is just one averaged 73% for the past five years, of which African component of career success. “UMUC students have American students account for approximately 40%. a deep appreciation for and desire to enhance their With respect to the success of UMUC graduates in knowledge and develop the competencies to be entering accounting firms upon graduation, Levin successful in their careers,” she said. Levin explained said that UMUC career fairs attract employers that UMUC has three graduate accounting programs from government, consulting agencies, and – masters of science in accounting and information accounting firms of all sizes. “Our accounting systems, accounting and financial management, and graduates are fortunate in that they may choose management with a specialization in accounting. from many employers who specifically seek UMUC accounting graduates. In addition, many accounting “Our goal is to graduate students graduates start their own accounting firms, work as who will be the best possible consultants, and move up to C-suite positions upon employment candidates immediately graduation,” she said. upon graduation,” she said. FROM JOURNALISM TO A BIG 4 FIRM Levin said that throughout the graduate accounting curriculum, students become proficient in using The path to one’s passion isn’t always a straight spreadsheets; recording financial transactions line. In the case of Lindsay N. Smith, newly minted using an industry standard general ledger package; into the accounting field, the road led her right back preparing and analyzing financial statements and to where she started. First exposed to accounting reports for various business entities; conducting an in 2003 after graduating from high school, Smith audit; preparing individual and corporate tax returns interned at a small accounting firm, Regis & and other tasks typically performed by accountants. Associates, PC, in her native Washington, DC, where “Thus, our students are not just learning the theory she helped with payroll processing. of accounting but they are also learning by doing Smith then embarked on a professional career as what accountants do. They graduate with a skill set a print journalist, graduating as a Washington Post that is highly valued by employers,” she said. scholar from the University of Maryland, College Levin believes that UMUC and other career colleges Park’s Philip Merrill College of Journalism. can play a unique role in filling the accounting recruiting pipeline with qualified minorities. “It is SPRING 2018 | SPECTRUM 13 extremely important for universities to proactively seek minority students to enhance diversity in the accounting profession,” said Levin, citing recent AICPA statistics. “Diversity in accounting positions remains a dismal 30% for entry level positions and an unjustifiable 5% at the partner level,” she said. Levin also pointed out that she is the only academic board member of a professional society of CPAs and

Immediately following graduation, Smith worked as if I was going to go back to graduate school for the research director at the Washington Business something, it should be for something stable.” Journal, where she was responsible for editorial With her experience as research director under content for the weekly’s “Book of Lists,” a special her belt, Smith felt she had foundational exposure publication that explores DC-area businesses by for what was ahead. She decided that she would industry, surveying companies and ranking them continue to work while getting her master’s degree, by parameters including revenue and number of which prompted her to select online learning employees. Smith also reviewed and analyzed courses in order to complete the program while company financial statements. “I was in charge accommodating her work schedule. But she admits of the surveying and the layout of the lists that online learning had its challenges. themselves,” Smith recalls. “I was an integral part “It’s easier to have classroom participation, raising of the publication process. At end-of-year, I was your hand when you have a question. It’s harder responsible for making sure the information we to get motivated to write an essay in response to published throughout the year was accurate for things week after week online. It worked for me, but when the Book of Lists came out.” you just have to be disciplined.” While working at the Washington Business Journal, Smith graduated in May 2016, but did not start Smith attended the NABA National Convention working in the accounting field until February 2017, in 2009. Following her attendance, she decided first for Allmond & Company in Landover, MD, as she wanted to return to the classroom to study a staff auditor and next in the advisory practice at accounting. “While I was at the Business Journal I Grant Thornton. began taking classes at my local community college “My previous work experience helped [in those to get the necessary credits to transfer into the positions] because it set me up for knowing how University of Maryland University College’s Master organizations operate. If you’re new to a workplace of Accounting and Financial Management program,” you’ll have that learning curve in addition to the Smith says. “Around that time, I was applying for actual tasks. It was easy for me to just say ‘Hey, I jobs at the University of Maryland and ended don’t quite understand this, can you explain?’ I’m up landing one around March 2011. Because my not afraid to ask questions. I think younger people [Washington Business Journal] job was largely in think that their employers expect them to know research, I found a job as a prospect researcher at everything, but really the employers want you to UMD where I was tasked with donor research, both ask questions. If asking questions helps you get it proactive and reactive, as part of the University right the first time, then I think the employer is all Relations fundraising division. I learned a lot about too eager to have those conversations.” data analysis and data mining. And toward the end Next up for Smith, just one year out from her first of my six years at UMD, my job was primarily data accounting gig? A new role as a federal audit associate analytics. I was mining databases to find donors for for Big 4 firm KMPG, where she began April 9. the University to cold call.” “It’s important that I did actually work in another Her return to her alma mater affirmed her decision field or two before I got into this one because I to pursue accounting. “I remembered through that know now that this is what I want to do,” she says work that I like numbers and I’m good with numbers. confidently. “It’s kind of weird that we as a society Accounting was the most practical use of that.” expect young people to know what they want to And Smith’s original field of study, journalism, was do for a living at 18 and 22; we’ve got our diplomas also changing—and quickly. “The industry was and we’re eager to go, and we’re supposed to stick shrinking. People were getting laid off. My pay with that for 40 years. Journalism was something I was cut by 5%, and we were in the middle of the wanted to do [for a long time] so I’m glad I was able recession that began around 2008, so I figured to do it, but I’m glad I had exposure to something else. I’m glad I wasn’t afraid to switch careers. I 14 SPECTRUM | SPRING 2018 started that process pretty young–I was 24–but it was a pretty long process to get the degree and get into the field. And a lot of people, understandably, aren’t willing to start from the beginning. But I was. And I don’t regret that.” ▲