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PROFESSIONAL DEVELOPMENT

‘Is this firm somewhere who own 4,000 shares. McKoy always wanted to
be a shareholder, so the choice to accept this partial
you want to call “home” ownership post two years ago was an easy one for
her. But she is concerned about the firm’s future
talent pool, since many young CPAs get recruited
for the rest of your career? away from Montana.

LEARN FROM THOSE WHO’VE BEEN THERE
Do [colleagues’] values CPAs who have made the decision to become
a partner — or who have chosen other paths
(see the sidebar, “Career Pivots”) — offer the
embody the values that following advice to those at or approaching this
juncture in their professional lives:
you have?’ Know the steps to partnership

Many accounting firms don’t outline clearly the
path to ownership. So, ask about the path to
Grace McKoy, CPA, shareholder at Anderson ZurMuehlen becoming partner long before you near that title.
“You really need to dig into what it means to be a
partner,” said Luke Selvig, CPA, who left his job as
a manager in a firm to work in his family’s business.
them. At most firms, CPAs can choose to remain in “It’s more than just having the title of partner, but
these roles or move on to become equity partners. what’s in the partnership agreement? And what are
Grace McKoy, CPA, stepped up as a sharehold- the different levels of partners?”
er, or partial owner, at Anderson ZurMuehlen in In particular, ask how much time needs to
Missoula, Mont., and hopes to become a full equity elapse between a principal/nonequity and partner
owner down the road. Currently, she owns 100 role and if there is some metric you need to reach
shares in the firm, compared to full equity partners before being offered an equity partner position.
“You may not get all the answers you are looking
for, but you need to keep bringing it up and need
AICPA RESOURCES to be persistent,” Wittich said. In addition, ask
about the “unwritten rules” of being a partner,
Articles such as expected work hours or other potential
“How the Path to Partner Has Widened for Women, Minorities,” JofA, May commitments. Also, know what the firm’s partners
26, 2022 want you to do over the next three to five years if
you become a shareholder, advised F. Carter Heim,
“Increase Your Influence at Work,” CPA Insider, Sept. 7, 2021
CPA/CFF, CGMA, co-founder and former CEO
“Financial Considerations to Make Before Becoming Partner,” AICPA.org, at HeimLantz in Maryland, “How does it differ
2021
from what you’ve been doing as a senior manager?”
he said.

IN BRIEF to meet before being offered a their finances to determine whether
partnership. it’s a step they want to take. They
■ CPAs should weigh many factors when ■ CPAs should also consider the direction may want to have an attorney review
deciding whether to become an equity their firm is taking, how secure it is, and the partnership agreement.
partner at their firm. how open leadership is to new ideas. ■ Many firms offer nonequity partner
■ They should get a clear sense of ■ CPAs should understand the financial positions or other leadership roles
what’s expected of partners at their commitment required to become an that CPAs may opt for if they decide
firm and what milestones they need equity partner and carefully assess against becoming an equity partner.

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

22 | Journal of Accountancy August 2022