Banking and Finance

WOMEN TAKE CHARGE

It’s a fruitful time to be a woman in the accounting industry, as more firms focus on cultivating leadership pathways and opportunities for growth

By ERIN THORBURN

For female certified public accountants, the field of accounting has become a proverbial thriving orchard. The market consists of mature, strong leadership that continues to grow and maintain incredible resiliency. What was once a male-dominated business sector is now a fruitful, ever-ripening industry for women. In fact, recent statistics demonstrate that women hold a 61.7 percent share of accounting and auditing jobs in the United States.

Here, closer to home in Greater Phoenix, companies such as Wallace Plese + Dreher serve as a microcosm of women’s evolution in accounting. Of their 13 partners, five are women (all of whom were promoted in the last five years). Additionally, Wallace Plese + Dreher’s management team is comprised mostly of women. And they aren’t the only company to exhibit progress in this area.

While women still face challenges in terms of gaining traction in the accounting industry (especially in more leadership-focused roles), they are steadily leveling the playing field, fostering new talent, and cultivating positive mentorship and co-working relationships.

Diversifying the accounting industry

The success of an orchard is largely dependent upon diversity. Science shows diversified home orchards are more pest-resistant and resilient than monoculture orchards. Accounting is no different. Diversity, as many industries have discovered, has the power to attract more clients, boost revenue and inspire confidence in new talent.

“There’s no denying that women’s growth in accounting has been slow, but we are getting there,” says Bailey Tocco, managing director at CBIZ. “In male-dominated fields, we are now seeing more companies rebrand to entice women to want to grow into leadership roles.”

According to the Association of International Certified Professional Accountants (AICPA), 46 percent of women accountants have manager-level positions, while 45 percent hold senior manager and partner-level positions. While these percentages are slightly lower than those of women in associatelevel positions (54 percent), the advancement in women’s diversification in accounting is undeniable when compared with 20 or even 10 years ago.

“Some women who started their careers in the accounting sector 20 years ago will recall that women weren’t allowed to wear pants at work. Starting a family was taboo, as there was often uncertainty regarding how a woman could balance a personal and professional life,” says Letizia Brentano, tax partner for Moss Adams. “One thing that I love about Moss Adams and how far we’ve come is that we have a community that is very supportive of working parents being successful, both professionally and personally.”

Shayne R. Neuwirth, CPA, whose accounting firm is ranked No.1 in Ranking Arizona magazine, shares a similar experience, “The accounting sector can be more accommodating to the schedules of women who are managing a family and a household. This is one of the reasons I decided to start my own CPA firm more than 10 years ago.”

Several of Neuwirth’s employees are moms. One, in particular, is a mother of a daughter with special needs. “She works from home to help with the care of her daughter. I allow her to work on her own schedule, so it’s not necessarily a 9-to-5 job anymore,” Neuwirth says.

Cross-pollination (nurturing new generations)

In addition to diversity, orchards rely on pollination for their success. Cross-pollination is the process of one plant’s pollen being used to pollinate another plant. In the accounting field,

LETIZIA BRENTANO SHAYNE R. NEUWIRTH BAILEY TOCCO MELINDA XANTHOS

cross-pollination — through mentorship — is common among professional women.

“As more women become leaders within the industry, there are more examples for young women to look to for support and mentorship,” Tocco says. “Firms are providing women’s networking events, training and resources, flexible work schedules, mentorship programs, technical training and growth opportunities — all of which entice women to stay in the workforce and advocate for themselves.”

CBIZ, for example, established CBIZ Women’s Advantage (CWA) initiative designed to create a competitive advantage for women through professional training, development, mentorship, recognition and career enhancement. Additionally, the company’s Women Transforming Business Award bestows recognition upon visionary women in business across the country for their success in advancing financial, cultural and innovational initiatives.

“Firms are creating relationship networks where female juniorlevel employees are connected with female senior leader mentors/ sponsors,” adds Melinda Xanthos, managing partner of KPMG LLP, “to provide a supportive/encouraging environment with visibility and access to female senior leaders.”

Broadly, however, women may not even need a formalized mentor to be inspired to pursue a career in accounting. Sometimes, it’s simply enough to observe the success of predecessors.

“When I started my accounting career in 2004, there were a lot of women in high ranking positions. To me, it meant that I could be a leader, too,” Neuwirth says. “Now, I notice there are more women in accounting positions.”

Higher ground

Orchards do their best on the high ground. In accounting, striving toward higher ground — leadership — has proven challenging. As we mentioned briefly, more positions held by women in accounting are in associate-level positions. Second to the need for accounting firms to boost leadership opportunities for women (taking note from initiatives like CBIZ and other mentorship programs), is promoting further ethnic diversity. In 2018, it was reported that 71 percent of all CPA professional staff were white.

But firms, whether small or large, aren’t shying away from these growing pains. Instead, they are facing the murkier areas of the industry and focusing on how to correct its pain points.

“Accounting firms are actively engaging potential leaders. They’re identifying and investing in high-performing women with the capacity and inclination to lead and giving them the confidence to do so,” Xanthos says. “Firms are also treating leadership as a tangible skill, and they clarify the most valued and respected attributes of leaders in the organization, e.g. strategic thinking.”

New generations of growth

New generations of women entering the accounting field are an essential piece to developing strong leaders. And, thus, establishing pathways of advanced training and leadership is all the more crucial.

“Creating growth and development opportunities where women’s voices are heard and valued is key to propelling the advancement of women in the industry,” says Brentano. “We need to continue to have the conversations that need to be had and increase focus on inclusion and diversity for all communities.”

And to the women entering the accounting workforce, “Make your goals known,” encourages Xanthos. “Don’t wait for someone to tap you on the shoulder. Be vocal about your interests and aspirations; proactively develop relationships with those who can help get you there, such as mentors and sponsors.”

In addition to raising voices, keeping conversations going and mentorship, many established professional women in accounting believe in the value of encouraging the next era of female successors—especially in the way of shared insights.

For example, Brentano recommends that women, “seek out mentors who will guide and support you, and never compromise your goals or your voice — there is a seat for you at the table.”

Neuwirth adds, “I encourage young women interested in accounting to get a few internships while they are in school to figure out what they like, There are many different facets of accounting, this includes taxes for individuals or businesses, auditing with one of the Big 4 CPA firms, working for a nonprofit organization or government agency.”