Professionalism is the Way

Professionalism is the Way

Your career goal should be to develop as a business professional specializing in accounting, not as an accountant- There’s a big difference. Today, there’s a vast opportunity to raise the standard in accounting and finance to improve the lives of individuals and the vigor of our organizations.

Accounting knowledge is simply the table stakes.

We all know yesterday’s knowledge and skills won’t always solve tomorrow’s problems, so we must adapt and prioritize building a robust, valuable, and sustainable career.

Well, how do we do that? Professionalism is the way.

Those who understand how all the pieces fit together will thrive. Those who put the habits and training in place to adopt a holistic view of their work and workplace will lead tomorrow. Those who practice continuous learning, borrow best practices, and understand what great looks like go far in their careers.

Everything you do to be professional in what you do will make you better. Modern organizations are run in a way where centralized training programs rarely exist. Technology quickly advances, and much work involves various skills that take time, effort, and investment to earn.

And yet, here, most accountants sit in a bubble, focused on debits and credits and failing to understand how what they do impacts anything else. Far too many accountants know what they know and think that’s how the world works. They know one way to do one thing.

In reality, there are many ways to interconnect many things away from accounting. How can you be effective if you don’t understand the space around you?

Positioning yourself for the future of work still requires technical expertise, but we must also pick our heads up to evolve from accountants and develop further into business professionals.

Becoming a business professional has two components: applying standards of excellence to your job and developing a holistic understanding of your environment. By doing the best job possible and understanding the impact and opportunities in your role, you’ll differentiate yourself and demonstrate value.

Table of Contents

• Why Professionalism Matters

• Professionalism: Less Fluff- More Stuff

• Becoming a Business Professional

• Professionalism is the Way- Conclusion

Why Professionalism Matters

Professionalism is key to closing the skill and talent gaps.

Professionalism matters, often more than any other factor, in creating a competitive advantage for individuals and organizations. Professional ideals are inseparable from success as professionalism leads to developing and applying greater discretion and better judgment on complex challenges.

In a recent study on Career Readiness conducted by NACE (National Association of Colleges and Employers), employers who hire college graduates were asked which professional competencies were essential to workplace success.

Professionalism/work ethic topped the list, with 97.5% of respondents identifying it as either “absolutely essential” or “essential” for a new college hire’s success.

Experts agree professionalism is one of the primary factors in career success as this trait affects every aspect of how you do your job. A lack of professionalism, to the contrary, can cost you a job or promotion, and it can even put you first in line for a layoff.

Several factors are elevating the importance of business professionalism in accounting. For one, workers continue to earn more autonomy and trust from their organizations. With more responsibility, workers must demonstrate their competency and decision-making skills. The second factor is the rise of automation. As many tasks with instruction manuals go away, workers will contribute to tasks that require discretion and systems thinking to add value.

Accounting folks are now working with more non-accounting people across the organization and more ambiguity. To not just survive but thrive, they must seek to become as skilled and knowledgeable as possible, not just in their domain, but to develop business literacy.

If you are not highly skilled to start, you will not be trusted and empowered to work more with others on high-value tasks. You must put the foundation in place first and continually improve upon it.

Professionalism: Less Fluff- More Stuff

If we do what we do because we chose to, we’re committed. If we do what we do because we have to, we’re compliant. Real professionals aren’t compliant; real professionals are committed. Real commitment comes from the inside—it’s who you are. —MARSHALL G

Any individual who wants to be called a professional can do so. Regardless of circumstances or background, professionalism is attainable. Professionalism isn’t about how you talk or look. No, professionalism is about the mindset and commitment to improving, not just doing better.

Traditional definitions of professional place prescribed limits on who qualifies to be one. This excludes an innumerable number of deserving people. When people think of the word professional, they often think of worthy individuals, not respectable professions.

However, being a professional has everything to do with who you are and a lot less with what you do. Professionalism isn’t about what you look like or who you know. Instead, professionalism is an internal drive that keeps individuals engaged, learning, and striving to achieve their individual, team, and organizational goals.

Real professionalism has little, if anything, to do with which business you are in, what role within that business you perform, or how many degrees you have. -David Maister

Overwhelmingly, people define professionals by how individuals conduct themselves, not by what they do. In other words, technical competence does not represent a professional in the eyes of others. You don’t need to pursue a traditional profession to be a professional, let alone demonstrate professionalism.

First of all, professionals have specialized knowledge, but they may or may not have academic qualifications. But, they have a wealth of knowledge and skills and are committed to developing and improving their abilities.

Business Professionals:

• Refuse to violate the trust others have extended to them. Professionals don’t take shortcuts, breach ethics, or tolerate those who do.

• Are competent and keep their knowledge and skills up-to-date and consistently strive to deliver the best work possible.

• Are reliable, honest, trustworthy, and demonstrate integrity. If they know they can’t deliver on their promises, they manage expectations up front and do their best to make the situation right.

• Are accountable to take full responsibility for what they say and do even when they’ve made a mistake.

• Get the job done and don’t make excuses but focus on finding solutions- They keep their word.

• Practice good self-regulation and stay professional under pressure, and they don’t let a bad day impact the way they behave with colleagues or clients.

• Show a high degree of emotional intelligence and are polite and respectful to the people around them by considering the emotions and needs of others. If challenged, they remain calm and steady versus getting angry or upset.

• Listen and observe. The OODA loop (Observe, Orient, Decide, Act) is a four-step approach to decision-making that focuses on filtering available information, putting it in context, and quickly making the most appropriate decision while also understanding that changes can be made as more data becomes available.

Finding people with technical skill is usually easy, but finding people who behave consistently in the ways described above is hard. It is rare to find individuals (and even harder to find whole firms) filled with the energy, drive, and enthusiasm, as well as the personal commitment to excellence. -David Maister

Becoming a Business Professional

True professionals commit themselves to the pursuit of happiness, and do not allow themselves to lapse into self-satisfied contentment. -David Maister

In your career, there are two options:

1. You can coast on your achievements and then become obsolete. OR

2. You can become excellent and then continue to get better.

A true professional is never done. Professionals are an increasingly rare breed, often taking the proverbial road less traveled.

They are not only smart; they are also wise, and their ability to exercise sound judgments stands above the rest. They willingly invest discretionary effort in what matters.

So, how do you stack up?

Are you excellent with the tools, tasks, and technologies at your disposal, or are you operating at the minimum level of competency?

No longer can we wait for others to tell us or show us what to do and how to do it; instead, we must take ownership of our careers to learn how we must act and what we must do. Professionals understand the in-demand skills, look for new problems to solve, and collaborate with others to solve the challenges.

Individuals who embrace professionalism find great value and meaning in their lives and careers by adapting to the highest standards of professionalism in anything and everything they do.

Being a business professional is about knowing and growing- Learn everything you can and as much as you can. Develop awareness to take your knowledge and apply it to something worth doing.

Competitive advantage does not come from an ability to hire better people than your competitors do, but from a superior ability to develop them. -David Maister

Tips for Developing Business Professionalism

1. Read business journals.

2. Business Insider, Wall Street Journal, Fast Company, HBR, Strategic Finance, FP&A Trends

3. Read several business books per year. Don’t just read what you like or what you agree with.

4. Listen to business podcasts. Business Wars, No Stupid Questions, Freakanomics Radio, Master of Scale, HBR Ideacast, McKinsey Podcast, Freakanomics M.D., & This American Life are all great.

5. Maintains professional membership and credentials. Associate and learn from other professionals.

6. Network. Make your presence known in your organization and highlight your unique value-adds.

Professionalism is the Way- Conclusion

Professionalism is predominantly an attitude, nota set of competencies. A real professional is a technician who cares. -David Maister

A business professional is a trusted and skilled worker who is emotionally balanced, demonstrates excellent judgment, understands best practices, and continually learns new skills. A professional has a strong professional reputation and a high work ethic and excellence.

The future of work requires skilled professionals willing to rise to the challenges we face and create a better tomorrow. We do this by raising the standards of what work and professionalism are.

A culture of professionals strikes at the roots of every problem and empowers achievement. A culture that reflects the highest professional standards outperforms those that don’t.

Embrace the opportunity at hand and commit to reaching and maintaining the highest standards of professionalism in whatever you do.

To get people to be professionals, you must treat them as professionals—and be tolerant of nothing less. -David Maister

Professionalism is the Way- Recommended Reading

1. Strategy Execution Leadership- The Maverick and The Heretic

2. Strategy Execution Leadership- Be Decisive

3. Strategic Questions to Ask Senior Leaders

4. Standard Costing- What Is It, Why It Matters

5. 100+ Amazing Quotes About Strategy

6. Why is studying management and strategy-execution history important?

7. What are the main differences between Average and Standard Cost?

8. Standard Costing’s Time Has Finally Come

9. Why Is Strategy Execution So Hard?

10. Is the CSCA Certification Worth Pursuing?

11. Signature Article Series

12. Questions to Ask Leaders- 75+ Question With Answers & Explanations

13. Five Steps to Manufacturing Executional Excellence

14. Manufacturing Excellence by Uncomplicating Your Organization

15. The 7 Principles of Manufacturing Excellence & Cost Management

16. Manufacturing Excellence Complexity: A New Perspective

17. Manufacturing Excellence & Complexity- 15 Troublesome Symptoms

18. Activity Based Costing- Solving the Challenge

19. Inventory Accounting for Management Accountants Defined

Updated: 6/5/2023