Gone are the days when CPAs were confined to ledgers and balance sheets. The profession has moved from simply tracking debits and credits to sustainability to cloud accounting, data analytics, blockchain, and AI. And CPAs are being turned to more often to provide strategic knowledge and direction on a growing number of topics.
Adapting to—and anticipating—change means learning new things or learning to do things differently. As management consultant Peter Drucker said, “The only skill that will be important in the 21st century is the skill of learning new skills. Everything else will become obsolete over time.”
Historically, people were generally hired based on a skill they possessed. The more experience they had in that skill, the more valuable they were seen. Today, while specialization remains relevant and valuable, more and more companies and clients are looking for what’s known as “T-shaped” professionals: People who have a deep expertise in an area, as well as a broad base of supporting knowledge/skills.
As these tech advancements reshape the profession and client expectations evolve, CPAs stand at a critical crossroads: Do we tread the familiar or do we transform into strategic partners guiding business decisions, leveraging financial insights to inform company direction and playing a pivotal role in long-term planning?
Safe to say that only one of those paths propels CPAs, their clients and businesses they serve, and the entire profession.
Which begs the question: What does this different mindset entail? It starts with accepting what is, adapting to the new, continuous learning, and taking a 360-view.
In a world that is spinning faster than ever with tech advancements and regulatory shifts, and market trends that constantly reshape the landscape, a 21st-century CPA is a sense-maker, seeing what others can’t and helping their clients reach new heights.
A strategic CPA recognizes that staying relevant means staying informed and expanding their knowledge beyond traditional finance. We’re talking data analytics, risk management, or even behavioral economics. This lifelong learning keeps CPAs ahead of the curve—and allows them to point out that upcoming curve to clients to help them prepare for what lies ahead.
Which leads us to those on the list of Top 100 Accountants. This year’s list of honorees is an impressive group, and we are proud to call many of them our members. And most—if not all—display a mindset that understands financial data isn’t isolated; it’s interconnected with various facets of a business—operations, marketing, human resources, and more—and allows them to identify opportunities and challenges that might not jump off a balance sheet.
Instead of being viewed as a mere service providers, CPAs are trusted partners in decision-making.
The journey to strategic adviser might seem challenging, but it aligns with the changing demands of the business world. And when you think about it, everyone needs accountants—from Fortune 500 companies to the local dry cleaners. Consider, too, that as the skill set of CPAs grows wider and deeper, so do career options. Areas such as IT consulting, artificial intelligence, forensics, information systems, cryptocurrency, and others are now part of the CPA’s ecosystem—either directly or indirectly.
Those who grasp this opportunity enhance their professional profiles and play a pivotal role in shaping the clients and organizations they serve.
The role of CPA is undergoing a transformation, compelling professionals to shed their conventional image and embrace a strategic adviser mindset.
Yet while the career paths of those on this list are varied, there’s an underlying function that—while maybe an oversimplification— still holds true and is consistent: The value a CPA brings is in helping companies, individuals and organizations make sense of financial data. And not just “making sense” when it comes to making sure the numbers bottom out, debits equal credits, etc. But use that data and their knowledge to help people, companies, and organizations make wise decisions with their money to help them succeed.
That’s not something you often find in CPA career brochures, but it’s key to the CPA profession and a factor that deserves to be boasted about.
Denise LeDuc Froemming, CPA, CAE, MBA
is President & CEO of CalCPA and CalCPA Education Foundation. Learn more at calcpa.org.
