Candid Conversations on Mentorship, Challenges, and Growth in Accounting with Karl Baker

“When it comes to mentoring, it takes a big-picture approach to understand that you're just learning and gaining that expertise. You're being mentored to climb the ladder. You're being pulled up and building that expertise, but you're also pulling people with you. During that time, it doesn't mean that you don't know anything. You're able to pay forward the expertise that you have. 

For example, if you only have four years of experience in accounting, you have many years' worth of experience to learn.But you are four years ahead of a 22-year-old just getting out of college. And trust me, that 22-year-old is going to think the person with four years of experience is an amazing genius.It’s just four yearsof professional experience, but it can provide tons of value to the college entry-level grad.” – Karl Baker

The finer details of this episode:

• Challenges and compliance-oriented nature of public accounting
• Importance of understanding the industry before pursuing a career in accounting
• Significance of mentorship and seeking guidance in one's career
• Embracing challenges and learning from difficult experiences
• Delayed gratification in careers, particularly in the accounting field
• Impact of experienced professionals in guiding and supporting younger professionals
• Cultivating an "owner mentality" in staff members and the role of leadership

Episode resources:

• Summit Virtual CFO by Anders website: https://www.summitcpa.net/
• Email us with questions or if you’d like to be a guest on the show: youngcpasuccessshow@anderscpa.com
• We’re hiring! Check out our open positions: https://www.summitcpa.net/career-opportunities
• Connect with Karl here: https://www.linkedin.com/in/karl-baker-b703a54/
• Check out Baker CFO Advisory, LLC here: https://www.bakercfoadvisory.com/

Timestamps:

Looking back (00:00:23)

Reflections on past decisions and the concept of "do-overs" in life and career.

Career regrets (00:01:00)

Hannah shares regrets about prioritizing her husband's career over her own and leaving a job in her 20s.

Joey's career decision (00:03:31)

Joey reflects on his career decisions and the impact of leaving a job in his mid-20s.

Advice from a flight (00:04:21)

Joey shares advice he received on a flight and reflects on his career decisions.

Karl's public accounting experience (00:11:17)

Karl Baker shares his experience in public accounting and the challenges he faced.

Shift in public accounting (00:15:17)

Discussion on the need for improvement and a shift in the public accounting industry's culture and tone at the top.

Tax planning experience (00:17:30)

Joey shares a challenging experience with tax planning that led to his decision to move away from public accounting.

Understanding the Value of Experience (00:19:13)

Discussion on the importance of gaining experience and understanding the value of different career paths in accounting.

Real-world Problem Solving in Public Accounting (00:20:28)

Experience and skills gained from dealing with real, challenging accounting issues in public accounting.

Embracing the Challenges and Learning from Them (00:23:30)

Embracing difficult situations and learning from them, leading to personal and professional growth.

Gaining Expertise and Sharing Knowledge (00:27:06)

The journey of gaining expertise and the value of sharing knowledge and expertise with others.

Delayed Gratification and Building Expertise (00:27:19)

Understanding the value of delayed gratification in building expertise and the importance of learning in the early years of a career.

Mentorship and Leadership (00:29:39)

The significance of mentorship and leadership in career development, with a focus on the impact of mentors and leaders.

Learning to Ask Questions and Humility (00:32:53)

The importance of asking questions, humility, and learning from experiences in the early stages of a career.

Developing an Ownership Mentality (00:37:00)

The importance of nurturing an ownership mentality in staff and providing a path for future growth and leadership.

Client Presentation Experience (00:39:27)

Karl's unexpected client presentation experience, leadership demonstration, and the lesson of being prepared.

Career Path Conversations (00:42:35)

Hannah's regret about not having career path conversations earlier and the importance of self-advocacy.

Leadership Encouragement (00:43:52)

Encouragement for listeners to have career advancement conversations and the significance of trust and self-advocacy.

Transparency and Trust (00:46:36)

The importance of transparency in leadership decisions and building trust for mutual benefit.

Self-Advocacy and Career Evolution (00:48:40)

Karl's experience of self-advocacy, the trust between individuals and firms, and the evolution of a career.

Professional and Personal Interests (00:51:15)

Karl's transition to a financing advisor, his work-life balance, and personal interests in golf, reading, and coffee.

Coffee Enthusiasts (00:53:11)

Discussion about the mocha pot and the integration of accountants and coffee lovers.

Contact Information (00:54:38)

Karl's contact information and his real estate investing podcast.