How to Speed the Path to Partner: Here Are Some Ways Young CPAs Can Accelerate the Process
EXECUTIVE SUMMARY * Although it varies by firm, the track to partner typically takes at least 10-15 years in the Big Four, national, and regional firms. But it doesn't always have to take that long. * Smaller firms can offer young CPAs a quicker path to partner. And there also are strategies that an ambitious CPA can use to shave a year or more off the usual timetable at bigger firms. * A prospective partner should be technically competent, and specialization helps. He or she should seek out work, take ownership of projects, provide regular updates to those in charge, and have high integrity. * Developing a reputation as a rainmaker also can help young CPAs reach partner earlier than usual. It's never too early to start cultivating a book of business. * Young CPAs should look for mentors who can help train them-and act as advocates. An existing partner needs to bring a CPA's name forward for consideration as partner-which is why advocates are so important. ********** Mark Jain, CPA, was making his way through customs at San Francisco International Airport on a Friday afternoon in July 2012 when he discovered that someone had left him a voicemail. Jain, en route back from a business trip to Hong Kong, soon realized this was no ordinary message: The head of his practice at Ernst & Young LLP wanted to talk to him. With travel-weary passengers streaming around him, Jain quickly dialed New York. "I said to myself, 'I've got to call this guy back,'" he said, remembering the call. "People probably thought I was a little funny, being so excited in an airport." There was good reason for excitement; the enthusiastic executive soon informed Jain that he was going to be named one of the firm's newest partners. Jain was just 32 years old and had joined EY less than 11 years earlier, making him one of the fastest homegrown partners at the firm. Jain credited his quick rise to a number of factors, including technical competency, coaching and guidance from senior leaders, and the willingness to stretch his comfort zone. [ILLUSTRATION OMITTED] "Since I was staff, I had aspirations to be a partner," he said. "It's a truly, truly amazing feeling." APRIVILEGED POSITION Partnership, to borrow from the old credit card slogan, has its privileges: respect from your colleagues, a leadership role in the firm, and opportunities for higher income. It's no surprise that young, driven CPAs like Jain make it a goal from the get-go. "If you're going to be in public accounting, the end game has always been being partner," said Randy Watkins, CPA, CGMA, a partner at Anton Collins Mitchell LLP in Colorado. "That's the top of the food chain." Young accountants have to work long and hard to enjoy those privileges. While it varies by firm, partnership typically is at least a 10- to 15-year track in the Big Four, national, and regional firms. [ILLUSTRATION OMITTED] But it doesn't always have to take that long. Smaller firms can offer young CPAs a quicker path to partner. Watkins, for instance, started at ACM before leaving to buy into his father's accounting firm. Two years later, the firm merged with ACM, which currently has a dozen partners. That includes the 36-year-old Watkins, who made partner at age 31. While every CPA firm does things a little bit differently, Watkins's situation was exceptional and would be hard to duplicate at larger firms---where institutional rules and procedures can make it particularly challenging to accelerate the process. And no matter what the "traditional" path is supposed to be at a given firm, workplace politics and the economy can always influence how many, and how soon, partners are named. STRATEGIES TO MAKE PARTNER Even so, an ambitious CPA can employ strategies in an effort to shave a year or more off the usual timetable. …