How to fast-track your career to partnership.

Many new CAs and CGAs in public accounting, when interviewed, will state that they want to make it to partnership – but so few actually have a grasp of what will help them fast-track their way to the top.

It’s not their fault; nobody’s shown them before.

Up to the point of qualifying, most accounting professionals (and I include all CGAs and CMAs in public accounting here too) are so focused on passing their exams that they fail to look ahead and ask ‘what additional skills am I going to need to help me make it to partnership?’

The simple truth is that there are many skills needed, but not all partners have them.

I’ll split the personality/skill types into three groups:

· Finders
· Minders
· Grinders

The ‘Finders’ are usually the ‘golden children’ of the firm, the ones who have developed advanced social skills for their age, who mix well at business functions and are great conversationalists.

They have a keen eye for spotting opportunities to develop a stranger into a contact, a contact into a friend, and a friend into a client.

They do far more listening than talking, and when they do talk, it’s usually to ask great questions about the other person, so that they learn even more about them. This is information that they will use later on – usually to the advantage of both parties.

These are the prospective partners of the future already in the eyes of the existing partners, as they tend to seek individuals who are capable of bringing new clients into the firm, hence the ‘Finder’ name.

The ‘Minders’ are also great ‘people people’ - clients love these guys and are very loyal to them. The ‘Minder’ looks after his or her clients and their clients look after them.

If you’ve just recruited a ‘Minder’ you’ll often find a flow of new clients coming into the practice in the following weeks as their clients insist on moving wherever they go.

‘Minders’ generally are amazing at taking over an existing portfolio of clients and looking after them well, but they just don’t have the killer instinct of the ‘Finders’.

The ‘Minder’ is usually not the greatest of technician either. They’re good delegators and managers – but not truly doers. That’s where the ‘Grinders’ come into play.

‘Grinders’. These are great technicians who usually score far higher in the UFE than the ‘Finders’ or the ‘Minders’. Many will go on to specialize in either taxation or insolvency or forensic accounting in the very near future and many will naturally evolve into partnership in time.
Give a ‘Grinder’ a really technical problem to solve for a client and they’ll just love you to death.

The ‘Grinder’ is also often invited to sit on technical committees of the firm and their voracious appetite for knowledge and for work are often reflected in their attendance at EVERY training session, yet still have one of the highest billable hours in the office.

As you can see from the individual characteristics of each type, there is room for all three in a public accounting firm, but it’s the ‘Finders’ who often get to partnership first.

So, how can you fast-track your career to partnership?

Here is an eight point plan that summarizes some of the key issues:

1. Learn how to control a conversation. You need this skill so that you can do less talking and the prospect does the most, and it’s best done by asking great questions. This will help you learn a great deal about the prospect and how your firm might be able to help them.

2. Develop a head for facts, figures, names and faces. This will be invaluable over your career if you can walk into a crowded room and spot someone you met a year ago, can remember their name, their company name and what line of business they are in. That allows you to walk right up to them and start a conversation off that will often lead to something good for you.

3. Develop a ‘niche’ for yourself. Concentrate on one particular area of business, either by industry (such as retail) or problem (such as taxation). Spend some time thinking about what parts of public accounting you really enjoy and see if you find your ‘calling’.

4. Be full of good ideas. Nobody wants to listen to someone who wants to force their ideas and opinions onto others, but if you can get the client to think that the idea is theirs, not yours, then you are three quarters of the way to a sale.

5. Give some free time to develop as many relationships as you can. Unlike marriage where you choose one person and that’s it, this type of courtship (new business) is totally permissive. Differentiate yourself by having time for the individual and even doing something for free as a favour in order to develop the relationship. Remember, what goes around, comes around.

6. Get noticed. Join committees, mentor new students, pass-on your knowledge to others. We are in a knowledge industry (to quote Paul Dunn and Ron Baker) and so knowledge is your currency. Spend it wisely.

7. Ask and you shall receive. Ask them for their business. When you feel the time is right, and NOT before, why not ask a prospect who you have got to know pretty well, for their business. You’ll be amazed at how many are just waiting for you to ask them, but if you don’t ask, you’ll never know.

8. Read. The more you read about the profession, marketing and general business, the more your knowledge base will grow and the more useful you will be to your clients.