Skilled for success? Accounting newcomers say yes, managers say no

Regarding the skills needed to succeed in accounting and finance roles, less-experienced employees and their managers aren’t on the same spreadsheet.

Accountants in their first five years of employment in the profession, recently surveyed by the Illinois CPA Society (ICPAS), gave themselves an average score of 7.39 out of 10 across 37 preparedness skills. Managers who oversee employees in their first five years gave the workers an average score of 4.95.

While employees collectively rated themselves above 7.0 on 30 of the 37 skills in the ICPAS survey, managers didn’t rate employees at 7.0 on any skill — and rated them above 6.0 on just one (“working with spreadsheets to manage large data sets and apply formulas”).

“The goal of our research was to better understand how prepared early-career professionals feel and how their managers perceive their readiness,” Geoffrey Brown, ICPAS president and CEO, said in a news release. “We hope these findings will spark action and inspire profession-wide conversations that shape new strategies, resources, and support systems that’ll help early-career accounting and finance professionals grow and thrive.”

Managers scored less-experienced employees the lowest on “making independent decisions under pressure or uncertainty” and on “making informed decisions without needing step-by-step instructions” — skills that generally improve with experience. Among the six categories of skills featured in the survey, “communication and professionalism” featured the greatest disconnect in scores. The category featured the single-largest score differential (7.8 versus 4.61) on “adapting my/their communication style based on audience needs and preferences.”

Bridging the gap?

Earnest communication seems like a logical starting point for managers looking to help inexperienced employees progress, but the survey results point to differing views on how much progress is being made.

While 54% of managers reported offering feedback on written or verbal communication, just 20% of employees reported receiving related feedback. Similarly, 59% of managers reported offering feedback on taking initiative/problem-solving, but just 21% of employees agreed.

Asked what might better prepare employees for the profession, managers most commonly answered “more hands-on experience through internships.” Employees agreed but selected “more experiential learning during school” even more often.

“Educators have the power to shape not just what students know but also how they think and understand the realities they’ll face in the accounting and finance profession,” the report said. “The perspectives educators share can be powerful gifts that help shape the critical foundations their students will build on.”

The report also offered specific advice to employees and managers:

• Employees: “Most managers don’t expect perfection at this stage, but they do expect attention to detail, particularly in this profession. That’s why it’s critical to your development to ask questions, seek mentors and coaching, always request feedback, and pay attention to how you show up and respond to guidance.”

• Managers: “Don’t lose emerging professionals over issues you can control (and realize you’re likely to have more influence than you think). Early-career professionals need environments and managers that show them they’re investing in their development and not just their productivity. Your expectations, spoken and unspoken, shape how your employees see themselves and how they show up at work.”

The National Pipeline Advisory Group noted in its Accounting Talent Strategy Report the importance of enhancing the employment experience for those in their first five years for the sake of talent retention.

— To comment on this article or to suggest an idea for another article, contact Bryan Strickland at Bryan.Strickland@aicpa-cima.com.