four outlooks from our exclusive expert council.
by martin bissett
passport to partnership
the skill in producing financial reports is limited by the quality of the information presented to the cpa by the client. the motivation of the client to influence that financial information comes in many forms, some intentional and some unintentional. competence comes first in being able to resist pressure and present a true and accurate position of the client’s organization.
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sounds obvious, doesn’t it? but there’s a twist.
competence doesn’t actually rank highly among the requirements for partners in our study at all.
the general view expressed is that technical ability could be “bought” much easier than some of the other skill sets that they looked for in a potential partner. many assumed technical competence would be present for someone to be even considered for partnership.
however, where there was a high value placed on technical skills was where the prospective partner brought something to the table that the firm didn’t already have at the partner level. while this changed from firm to firm, the most common specialties the partners desired were forensic accounting abilities and various tax expertise such as international tax and industry-specific knowledge.
where a senior manager could demonstrate an expert level of knowledge in these fields, the partners “ticked the first box” in that manager’s application for a “passport” to the partnership.
as the study has progressed, we’ve seen that “competence” has grown from a mere required “given” that a potential partner would have her or his qualifications and have been practicing to a certain degree of experience, through to requiring a more broad and mature leadership competence – the competence to be a partner or in other words, to possess as many if not all seven c’s before becoming appointed.
the thing is, we’re millennials for the most part. we grew up in the late ’80s and through the ’90s in times of unparalleled economic prosperity. many of us had parents who could afford to give us every opportunity to develop as they had done well for themselves. we experienced a technological acceleration that changed communications and opportunity creation forever. we saw no debilitating worldwide conflicts, rationing, the requirement for huge self-sacrifice, and we had constant and repeated positive feedback to live off.
that does not prepare us for leadership.
the partners who we aspire to join, take over from, buy out, or be granted equity from had to deal with all of this. they were the baby boomers, the post-war recovery era where “sweat equity” was the minimum amount of investment required just to keep a career on track. they were, according to the passport to partnership survey, rarely if ever in receipt of praise, clear instruction, mapped-out career paths or any other “luxury” that we have the tendency of thinking is our right to receive now.
therefore “competence” needs to be rethought, especially as we will shape our next “c” – culture – for a generation even less acquainted with these conditions and requirements than we are.
the business landscape, insofar as what traits and behaviors, outlooks, and attitudes constitute success, hasn’t changed. so the challenge here then is for us to understand and feel and think like the present leaders of our firm do, but with a modern twist.
how do we do that?
the expert council
here’s what a number of experts exclusively interviewed for this project had to say.
many young professionals complain of not really understanding what they need to do to make it to partner. what would be your counsel to them?
- “well, first of all, i ask them what would it mean to them to be partners? when they are partners, how will it change their overall professional experience? once we have established why they want to be partner, we now have identified the motivators around this goal that we can work toward….we can see it, feel it and understand why it’s worth our working toward that goal with small steps.” – lisa tierney, tierney consulting
- “i would counsel them to take the bull by the horns and work on self-development. making partner is about becoming an asset to the organization. that doesn’t happen by just developing technical skills and it doesn’t happen from 9 to 5 m-f. young professionals wanting to make partner need to be able to lead, manage and develop business and show the firm they are invested. most of today’s partners didn’t grow up with a guidebook to making partner, which is partially what is so difficult about the current transition cpa firms are facing. stop waiting for them to hand you something and take the initiative to develop the skills that will position you for the role.” – sarah johnson dobek, inovautus consulting
- “unless they want to be a partner to strive to achieve change in the firms they work for, it’s easier to do things differently in your own sphere. i’d advise them to document evidence of why things should be done differently because even the most obvious conclusions have to be evidence-based in the accounting profession. otherwise don’t be a partner, find your own vision and create your own firm.” – ron baker, cpa, verasage institute
- “the professional services marketplace is going through a period of unprecedented change with pressure from just about every stakeholder – some well-established – such as regulators, clients, professional bodies and others that are starting to show some of their power, which is manifested in the way social media is exposing firms, leaders and staff to public scrutiny. in the midst of this the ideal of “partnership” seems to be gaining a resurgence.
- “so for partners in the 21st century, it is a tough combination. being technically more than just proficient will get you started, you will need good relationship skills – but built on something in addition to your technical skillset – so an understanding of strategy, business, politics, commerce will be essential. and then add to that a set of leadership skills that enable one to lead diverse, virtual, fragmented groups and bring them together quickly and effectively to solve clients’ problems. all of this in an unforgiving, global environment that demands flexibility and consistency – which are not mutually exclusive. it is a tall order.” – mike mister, global director of executive development, ernst & young global