Whether a student is looking for a way to
begin a new accounting career or a working
professional has their eyes on a coveted
chief financial officer job, former KPMG
Philadelphia Office Managing Partner Jerry
Maginnis, CPA, has the inside tips and
hands-on know-how to make those dreams
a reality. His new book, Advice for a Successful
Career in the Accounting Profession: How
to Make Your Assets Greatly Exceed Your
Liabilities, published by Wiley, sheds light
on how to be successful at all levels within
an accounting career — something that’s
not readily discussed in the classroom.
The book, which took about three years
to write, according to Maginnis, was never
a financial endeavor — it simply was meant
to educate and pass on advice to those
around him. “I’ve had many conversations
with students at Rowan University about
their future aspirations, such as ‘How do I
get that first internship?’ or ‘Should I take
the CPA Exam?’” he explained. “It’s great
if I can help point a couple of these kids
in the right direction, but is there a way
to capture some of this advice I’m sharing
with them and share it more broadly?” he
asked himself before writing the book.
“Every student is unique, and you try
and help them,” said Maginnis. “Through
mentoring, teaching and coaching, I have
had hundreds of interactions with young
professionals. My motivation was basically
to help that next generation of CPAs at
the end of the day.”
Lessons to Pass On
With key takeaways in every chapter, readers
learn practical tips about the accounting
profession from the reasons why one should
enter in the first place to what benefits it can
provide over a lifetime. Section one of the
book focuses on college and high school
students who may still be investigating the
profession, while the second section discusses
issues, challenges and opportunities for
early career professionals in need of some
fundamental lessons.
The third section of the book applies
broadly to anyone in accounting who may
be looking to advance or switch careers.
The chapters include how to make the best
career decisions at every level and how to
avoid burnout. “Many folks change jobs
for different reasons,” Maginnis noted, and
the book walks the reader through what
to expect in those situations. “Change has
always been a constant, and you need to be
able to adapt to that change. The pace of
change is accelerating, but don’t be afraid
of it — it can actually be your friend.”
Myth Busters
Throughout the book, Maginnis also
explains the commonly held perceptions
that may be keeping one from a career in
accounting. The following are some of the
myths sprinkled throughout the book as
well as a reality check on what the truth is:
- The CPA Exam is too hard and
not worth the time and money. As
Maginnis explains, more than a half a
million people have taken and passed
the CPA Exam. There are costs
involved, but from an ROI standpoint,
a person will certainly make that money
back hundreds of times over the course
of their career, he explains.
- I don’t want to go into public
accounting due to the crazy hours.
There's always talk going around about
the long hours in
accounting, but work/life balance is
possible. Yes, there’s a busy season, he
said, but it’s not all the time. Employers
have gotten a lot better at compensating
for that busy season with time off and
other considerations.
- Accountants are introverts. Forget
the stereotypes, according to Maginnis.
There are many dynamic, funny, friendly,
outgoing and charismatic accountants.
Technical knowledge as well as having a
commitment to staying current, a value
creation mindset and ability to build and
maintain relationships is critical to success,
said Maginnis. He also advises to ask for
feedback and listen carefully. A second
edition of the book could be a possibility
in the future, he added.