In Episodes #38 and #39 of the CPA Career Paths podcast, I had the pleasure of interviewing Matt Kidd, a small-firm CPA based in metro Detroit. Matt’s journey is not only inspiring but also packed with actionable advice for those looking to thrive in the accounting profession. From embracing the chaos of a bar kitchen to purchasing his own CPA firm at just 26 years old, Matt’s story highlights resilience, adaptability, and the importance of saying yes to opportunities.
Let’s dive into the key takeaways from our conversation.
1. Choosing Accounting: A Strategic Decision
Matt shared that his interest in accounting was heavily influenced by his father, a CPA. Despite witnessing 70-80 hour work weeks during tax season, he saw the balance and flexibility his dad enjoyed during the rest of the year.
“I didn’t see any unemployed CPAs during the Great Recession,” Matt explained. “That stability solidified my decision to pursue accounting.”
Key Advice: When considering a career path, think beyond immediate challenges. Focus on the long-term rewards and opportunities for growth.
2. Early Career Lessons: From the Kitchen to the Office
Before diving into accounting, Matt gained valuable life skills working in a bar kitchen. “It’s utter chaos,” he said. “But it teaches you to stay calm, prioritize, and resolve issues quickly.” These lessons proved invaluable as he transitioned to internships and full-time roles in accounting.
Actionable Takeaway: Embrace diverse experiences. They often provide unexpected skills that are transferable to your professional life.
3. The CPA Exam: Discipline and Strategy
Matt’s approach to the CPA exam was disciplined and strategic. “I watched my brothers struggle with Becker courses, and I decided to give 100% effort the first time,” he said. By studying full-time immediately after graduation, Matt passed all four sections on his first attempt.
Pro Tip: Dedicate uninterrupted time to studying for the CPA exam. Treat it as a short-term sacrifice for long-term benefits.
4. Navigating Challenges: Black Friday and Beyond
One of Matt’s most challenging moments came six months into his first job, when he was let go after tax season. “It’s called Black Friday,” he explained. “It’s a cooling period in public accounting.”
Instead of feeling defeated, Matt saw it as an opportunity to pivot. He joined a smaller firm, where he discovered his passion for working directly with clients.
Lesson Learned: Every setback is a setup for a comeback. Use challenges as opportunities to reassess and grow.
5. Becoming a Firm Owner at 26
At just 26 years old, Matt purchased his first CPA firm. “It was terrifying,” he admitted. “I spilled coffee on myself during my first staff meeting.” Despite the nerves, Matt focused on building credibility with clients and employees alike.
Over five years, Matt grew the firm’s revenue from $400,000 to over $700,000 and established a work-life balance that allows him to enjoy Michigan summers on the lake.
Actionable Advice: Don’t wait for the “right” time to take a leap. Confidence often follows action, not the other way around.
6. The Power of Volunteering and Networking
Matt emphasized the importance of getting involved in professional organizations early. “I started by attending happy hours and joining the accounting club in college,” he said. These connections eventually led to leadership roles within the Michigan Association of CPAs and AICPA.
Benefits of Volunteering:
- Build lifelong friendships.
- Gain visibility within the profession.
- Open doors to job opportunities.
Pro Tip: Say yes to as many opportunities as you can early in your career. The connections and experiences will pay dividends.
7. Embracing Technology and AI
Rather than fearing AI, Matt sees it as an opportunity. “AI will eliminate mundane tasks and let us focus on what really matters: being trusted advisors to our clients,” he said.
Key Insight: Technology enhances, not replaces, the human element of accounting. Focus on building relationships and offering personalized insights.
8. Lessons from the Journey
When asked about his biggest lesson after five years of running his own firm, Matt said, “Nothing is as good or as bad as it seems.” This perspective has helped him stay grounded through successes and challenges alike.
Takeaway: Perspective is everything. Don’t let highs or lows define your journey.
Conclusion:
Matt’s story is a testament to the resilience, adaptability, and opportunities within the accounting profession. Whether you’re navigating early career challenges, studying for the CPA exam, or considering entrepreneurship, his insights offer valuable guidance.
If you enjoyed this recap, don’t miss the full conversation on Episodes #38 and #39 of the CPA Career Paths podcast.
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