The CPA profession is evolving rapidly, and with it, the need for adaptable, forward-thinking professionals has never been greater. On Episodes #23 and #24 of the CPA Career Paths Podcast, I had the pleasure of speaking with Jim Wallace, the CEO of BPM, one of the top 50 accounting firms in the U.S. With over 30 years of experience in public accounting, Jim’s career has been a testament to perseverance, adaptability, and the importance of continuous learning.
In our conversation, we explored his journey, pivotal lessons learned along the way, and insights on how young accounting professionals can thrive in a constantly shifting landscape.
Why Accounting Is Still a Great Career Path
I began the discussion by asking Jim a foundational question: Is accounting still a good career choice for this generation? His answer was a resounding yes.
Jim emphasized the enduring value of accounting skills in a world increasingly shaped by technology. “The role of the accountant is more than just numbers,” he shared. “It’s about interpreting those numbers, communicating insights, and helping businesses make informed decisions. These are skills that technology can enhance but never replace.”
Starting Out: Lessons from the Big Eight
Jim began his career at Deloitte, one of the Big Eight firms at the time. I asked him why he chose a large firm over a smaller one. He explained that working at a major firm offered unparalleled exposure to complex projects and a broad client base, laying a strong foundation for his career.
However, it wasn’t without its challenges. “The pace was intense, and the expectations were high,” Jim admitted. “But it taught me discipline, time management, and the importance of clear communication—skills I’ve carried with me throughout my career.”
Adapting to Change: The Role of Technology in Accounting
With AI and other emerging technologies reshaping the profession, I was curious about Jim’s perspective on how accountants can stay relevant.
“Technology isn’t here to replace us; it’s here to transform the way we work,” Jim explained. He highlighted the importance of adaptability, emphasizing that accountants must embrace tools that improve efficiency while sharpening their ability to communicate complex ideas in simple terms.
Advice for Career Changers
Not everyone starts their career in accounting. I asked Jim about opportunities for those without an accounting degree to transition into the field. He was optimistic, citing the profession’s growing openness to diverse backgrounds.
“Start by gaining foundational knowledge through courses or certifications,” he suggested. “But don’t underestimate the value of soft skills—teamwork, problem-solving, and the ability to explain financial concepts to non-accountants are critical.”
Setting Boundaries for Success
One of the most insightful parts of our conversation was when Jim spoke about the importance of setting boundaries in one’s career.
“Early on, I struggled with saying no,” he admitted. “But over time, I realized that setting boundaries isn’t about being difficult; it’s about ensuring you can deliver your best work without burning out.”
His advice? Learn to prioritize, communicate your limits, and don’t hesitate to ask for help when needed.
Navigating Leadership Roles
Jim’s career trajectory—from his early days in audit to becoming the CEO of BPM—has been remarkable. I asked him what lessons stood out as he moved into leadership roles.
“Helping others succeed has been the most rewarding part of my journey,” he shared. “As a leader, you’re only as strong as your team. Building trust, encouraging open communication, and showing genuine care for people are what make a great leader.”
The Importance of a CPA License
We also touched on a hot topic in the profession: Do you really need a CPA license to be successful? Jim firmly believes that the CPA designation holds significant value.
“It’s more than just a credential—it’s a symbol of trust and expertise,” he explained. “Being a CPA opens doors, provides credibility, and sets you apart in a competitive job market.”
Transformation, Not Replacement
One of the final takeaways from our conversation was Jim’s reassuring perspective on technology’s role in the profession.
“Accounting isn’t being replaced by technology; it’s being transformed,” he emphasized. “We’re moving faster, working smarter, and creating more value for clients. It’s an exciting time to be in the profession.”
Actionable Tips for Aspiring CPAs
Jim shared several pieces of advice for those entering the field:
- Ask questions: “Your first year is the best time to ask questions. There’s no judgment—everyone assumes you’re starting from zero.”
- Embrace technology: Learn tools like Excel, data analytics, and emerging AI platforms.
- Communicate effectively: Practice explaining complex ideas in simple terms.
- Join professional groups: Jim recommended organizations like Toastmasters to sharpen public speaking skills.
- Focus on soft skills: “Numbers tell a story, but it’s your job to make that story understandable.”
Closing Thoughts
As we wrapped up the interview, Jim left us with a powerful message: “This profession isn’t just surviving; it’s thriving. Join us and be part of the transformation.”
I couldn’t agree more. The CPA profession is evolving, and with the right mindset and skills, there’s no limit to what you can achieve.
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