In 2008, the Private Companies Practice Section (PCPS) conducted a survey addressing accounting firms’ readiness for succession. Of the nearly 500 firms surveyed, a shocking 63% have at least one owner retiring in the next five years. Of this group, 32% actually have two or more retiring. Significant ownership and control will be transferred over the next decade. This is a significant event within the accounting profession and one for which young professionals should be well prepared – the future is clearly in our hands!

The PCPS survey is full of great observations and recommendations that should be of interest to young professionals. If you have not reviewed the results, I strongly recommend you do so: 2008 PCPS Survey. Over the next few posts, I will discuss those recommendations I find most important to my career. I am interested in reading your thoughts and experiences for each topic. For this post, let’s look at mentoring.

The mentoring of young professionals (YPs) is critical not only to succession planning but also to career success. A mentor should be someone at a higher level in their career who can provide good, solid career advice. It is under a good mentor that future firm leaders are identified and cultivated. A good mentor relationship provides YPs someone to walk them through their career, champion their successes, and coach them through their weaknesses. Some firms pre-assign mentors to their staff. This serves as a great way to help the YP learn the firm’s culture and address firm-specific issues. However, this does not have to be one's only mentor. In fact, a YP should look for a mentor that has reached a level of success for which the YP would like to obtain in their career. While approaching a partner/managing director asking for such a personal favor can be unnerving, asking someone to mentor you should be one of great flattery. I chose my mentor in this way, and it has made an incredible impact on my career and overall job satisfaction. The insight I have received on ways to improve my performance and the focus I should give to specific areas has been invaluable. Have you experienced mentoring that has greatly impacted your career?