6 tips for first-year partners at CPA firms

Becoming an accounting firm partner is a career goal for many CPAs, but the progression from senior manager to partner can be steep. The role of partner brings new responsibilities and commitments, especially financially.

“That first year as a partner can be a really challenging year, but it’s also a year that can really help you grow as a human,” said Brian Kush, CPA, an executive leadership coach at Intend2Lead in the greater Chicago area.

The transition to partner will be the focus of Kush and his Intend2Lead partner, Sarah Elliott, CPA, when they present their session, “First Year Partner: Moving Beyond Surviving to Thriving,” at AICPA & CIMA ENGAGE 25 (pricing and registration), which will be held June 9–12 in Las Vegas and available live online.

Advice from leaders who understand the transition, plus a strong support group, can help CPAs step into this new role fully aware of expectations. With that in mind, Kush and Elliott preview their session by revealing their top six tips for first-year partners:

Expect a mess and embrace it. “Change is messy and hard,” said Elliott, who also holds the title of executive leadership coach at Intend2Lead. A big challenge during the first year as a partner is juggling the new responsibilities and adapting to the daily routine of being seen as a firm leader.

“Expect some turmoil during that transition,” Elliott said. “Give yourself time, space, and grace to work that out and figure out what is [your] new routine.”

Adopt a new definition of work/life balance. Becoming a firm partner can bring immense fulfillment and enjoyment without detracting from your personal life, Kush and Elliott said. But that can’t happen without intentionality.

Identify the boundaries and self-care habits you need to set to be the leader you want to be. “Does my career as a partner actually support my life in a way that feels good?” Elliott asked.

Thriving as a partner, she added, should not require sacrificing or compartmentalizing life outside of work. “”There’s an authenticity in it, and when you’re thriving, you can show up to work each day bringing more of your full self to others,” Elliott said.

Prepare for mistakes. “You’re going to mess up. Just expect it,” Elliott advised, based on her own experiences as partner earlier in her career. “Adjust your expectations.” Mistakes won’t derail your career. When they do inevitably happen, lean on senior partners for guidance and solutions. Give yourself time and compassion to adjust to the new role.

Seek clarity on compensation. Compensation is different as a partner — and at some firms the system’s structure may not be transparent.

“Get really clear about what you should expect,” Kush said. Ask questions about pay frequency, tax implications, and related filing requirements. Also, for equity partners, Elliott said, “What is your buy-in over how long? How do distributions work? How are they determined?”

Challenge your notions of leadership. To truly become the leader you want to be, Kush and Elliott recommend breaking away from the stoic leader stereotype. Don’t create a façade of strength, don’t go at it alone, and don’t ignore asking for help.

“When [you] become partner, that’s when [you] need to ask for the most help,” Kush said. New partners “try to go at it alone and they want to look so strong as partner, but they don’t ask for help. Sometimes they burn out, or they don’t bring people along with them.”

Ask direct questions. Direct questions can reveal unspoken norms. These answers can help you better adapt to the leadership group’s expectations and culture:

• What do you expect from first-year partners?
• What are some basic goals that I should have as a first-year partner?
• What is my voice within the partner group?
• How have other first-year partners thrived here?
• Where do we struggle as a partnership group?
• What’s going to surprise me most about being a partner here at this firm?

Becoming partner: More than the next chapter

Influencing firmwide change is a big motivator when striving for partner status.

“As a person grows up in an accounting firm, they feel like they can influence change at the partner level,” Kush said. “Maybe they feel like they don’t really have a voice until they can sit at the partner table with others.”

Once that milestone is reached and you sit at the partner table, it’s not just another simple career level-up.

“When you make it to partner, it’s not a new chapter in your career. It’s a new book,” Elliott said. “What’s the book you want to write? Give yourself that space to dream. You have the rest of your career to make that happen.”

— Jamie J. Roessner is a senior content writer at AICPA and CIMA. To comment on this article, contact Jeff Drew at Jeff.Drew@aicpa-cima.com.