Nuggets of wisdom for the new CPA

Getting into college and committing to the accountancy program are just the beginning of the long haul. The gutsy ones defied the nagging thought of the consistently low national passing rate in the certified public accountant (CPA) licensure exams, forged ahead, and braved the numbers. And you were one of the very few who made it to the finish line. Or, should I say, made it to the starting line of the real world.

Then public practice life happened. Or corporate life for others. I, on the other hand, chose the former and have been in the public practice for more than a decade. I dare not say that this is my calling. I was just at the right place, at the right time, with the right mentors.

Public practice is definitely not an easy turf. Some countries are even experiencing a dip in the number of accountants who take the board exams for a CPA license.

A CPA license, in most countries, is necessary if one really desires to pursue public accounting and auditing. Yet the present-day reality is that the CPA license seems to be no longer the end goal due to the profession’s infamous demand for long work hours, and the pressure of juggling multiple clients and reports while satisfying regulatory bodies with the quality of work and compliance with existing standards.

More so, they deem that the CPA license is losing its glamor, driven by the requirement of having a work experience before actually getting the title, which is on top of the four or five years of college. I would like to believe that this is not the case for the Philippines – the CPA title remains to be one of the most aspired credentials, despite the low passing rate.

I am writing to share one or two insights that can hopefully make a difference in how you currently see the public practice in the Philippines.

Historically, new CPAs join the public practice for certain old-school causes like catching the bad company accountants and later on be a government tax examiner. It was the classic, antiquated path. With the changing times, I have witnessed how youngbloods evolve from clamoring to be on the classic path, to craving for greater value and purpose in the profession.

Whichever way we look at it nowadays, the same cannot be criticized. Yet, in my view, this is not a new aspiration. Each generation of CPAs has always aimed for something greater, something more purposeful. One differentiator lies in how success and purpose are interpreted and measured. A generation of auditors and accountants would view the priming of another batch of CPAs as both a success and their main purpose. Meanwhile, another group in the profession would celebrate the new batch of CPAs as champions for being enablers of change in a particular industry, or even in society.

For some in public practice, an achievement would mean delivering quality audit service without sacrificing independence and objectivity. To note, audit firms have been continuously evolving, adapting to change to cater to the needs of both the old and new generations of CPAs.

For example, we help promote the economies in the key cities of Visayas and Mindanao by producing investment guides. We’ve identified prospects for local and international business communities, then packaged with it current local knowledge. Our CPAs also offer solutions to start-ups, SMEs, and entrepreneurs who want to grow and professionalize their businesses.

At PwC, our measure of success and purpose is not confined within the boundaries of accounting standards and regulations. We go beyond the borders of financial reporting and superficial gains. Our daily grind is fueled by the need to make a difference.

Transformation, in the form of tweaks in work arrangements, initiatives, and technological advances, has really taken over the profession. These are but necessary adjustments to advance in this perpetually changing world. But these transformations never altered the core objective of making an impactful difference as a CPA. It is the only constant thing in our universe we call the public practice.

To close, congratulations are in order for the new CPA board passers. Cheers to the long haul that will surely be full of purpose and value. Own your growth by creating opportunities not only for oneself but for those with the heart to thrive in the public practice. Much kudos.