Accounting firms like ours know this: five years is often a crossroads for many professionals in public accounting. Really, it’s a crossroads for any career, but we want to make sure that you know your options before that fifth anniversary.
Unfortunately, reactive rather than proactive decisions can cause younger professionals to leap into private industry or other fields without fully exploring their options in public accounting.
A poll by the National Pipeline Advisory Group partnered with state CPA societies and accounting firms in 2023 to poll more than 1,600 stakeholders about pipeline trends. One of their key findings was that students pursue an accounting career for work-life balance, starting salaries, and meeting the education and exam requirements.
However, four in 10 respondents also said that turnover in accounting is highest after three to five years of employment. The report was unclear whether these employees are finding new accounting jobs or leaving the field altogether.
The rigors of learning the accounting profession in those first few years may cause you to assume that things stay the same. Take a closer look by exploring your accounting career options and the emerging opportunities in accounting.
View our article on Accounting Industry Resiliency.
View our article on AI in the Accounting Industry.
Now, let’s dive into some ideas to help you manage your accounting career as you hit the 5-year and 10-year mark.
Reflect and Refocus
Assess how far you’ve come. Consider the core skills you have learned. Could any of those skills translate into more responsibility or better promotion?
Look at your client base. Are you beginning to dive deeper into a certain industry or service area that interests you and offers new opportunities?
Think carefully about pursuing licensing and certifications such as your CPA license, EA, CFA or a master’s in taxation (MIT).
Seek a Mentor or Coach
After assessing your skills and strengths, seek out a trusted mentor or coach to help you create a refreshed career path. If your firm offers this person internally, make full use of their experience to think through your options and opportunities at the firm.
If you don’t have an internal firm mentor, find someone in your professional network. You could also hire a career coach for a few hours of consultation.
Some of your next career choices can carry long-term impact.
Ask some of these questions:
- Do I want to pursue the partner track? What does that look like for me?
- What roles excite me—manager, outsourced controller, consultant, AI analyst, outsourced CFO?
Pay Attention to Your Network
Grow your influence beyond client work. It can help you build relationships that may turn into new colleagues and clients! Many firms offer referral incentives or commissions based on bringing in new talent or new client work to the firm.
Connect with your peers in other firms, industries, or regions who can offer fresh perspectives about how your skills and services apply to new opportunities.
Detail out your LinkedIn profile to communicate your career aspirations and skills. Follow CPA society and client industry contacts. Explore opportunities to serve on committees or boards. Networking isn’t just for job-seekers—it’s a tool for building your personal brand and making you more valuable to a firm.
Expand Your Reach
If you are already supervising staff or leading engagements, look for stretch goals. Offer to take on more leadership roles within the firm in areas that interest you.
- Lead internal training sessions.
- Spearhead firm initiatives such as technology, culture, new hire onboarding or process improvements
- Mentor interns and associates
- Ask to present at client presentations or industry events.
By showing leadership your value beyond client work, you are promotion ready and building experience and knowledge for your next role. Â Â
Set Boundaries
Public accounting is known for long hours, but there are things you can do to improve your work-life balance and establish personal boundaries. The goal is to add value to your career as well as to the firm. Leadership doesn’t know you are struggling unless you reach out. Waiting to talk can lead to burnout or a reactive career decision.
Just by asking, there are likely changes you can make to your schedule, workload or health habits to sustain your resilience in any career, not just accounting. Are there paid or unpaid leave benefits, job-sharing options or more flex in your work week to explore? Think about what you need and share those ideas with your supervisor.
Think Like a Leader
At three to five years in a public accounting career, you are probably well versed in technical training. Now it’s time to expand into the role of an advisor to your team members and clients.
What industry trends excite you? Is it AI? Data analytics? Strategic planning? ESG? Consider which of these trends could apply to the work you want to do in the future.
What challenges are clients facing that could develop into a new service niche for your firm? Many professionals advance in their careers by starting a new, profitable niche. You can, in essence, develop your own business within a business by specializing as a niche leader.
Shifting from tactical to strategic skills will prepare you for senior roles—and set you apart in a competitive field.
A final thought: Don’t wait for your annual performance review to explore your options. Be ready to discuss your plan before your review so that when it’s time for promotion, raises or other incentives, you’re already proactively managing your career rather than letting it manage you.
Questions about future opportunities available in public accounting? Talk to us at LvHJ or visit our Careers pages.
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