Final Entry: YEPcentric
California CPA magazine: December 2008
California State University, Fresno grad—and pie baker—Tim Hancock is looking to recognize other young and emerging professionals, like himself. As chair of the Fresno Chapter’s Young and Emerging Professionals Committee, he is organizing the chapter’s first YEP of the Year Awards to honor the achievements of his YEP peers. Hancock hopes that the Fresno event will inspire CalCPAto launch a similar statewide honor in 2009. California CPA checked in with this YEP to find out what’s going on in his world.
Given the financial crisis, what issues are top of mind for you?
Retirement. Between the market volatility and Social Security funding issues, planning for retirement has been on my mind.
For your clients?
Their top priority is, or should be, maintaining enough cash to make it through this financial crisis. When consumers are not demanding as much as they could, companies should be taking a close look at their business and adjust in the areas where they see fit. Many clients are focusing on market differentiation, budgeting and strategic planning. Every business and every client has different needs and different capabilities. It is our job, as trusted advisers, to exceed their expectations and enhance their capabilities.
Have your career experiences so far matched expectations? What’s been most surprising?
Coming out of college, my short-term goal was to build a knowledge base to help clients on a diverse array of issues. My firm has given me the opportunity to work with a variety of clients in both tax and audit. Obtaining an internship while I was in school helped the transition from school to career without many surprises. When I speak with other young accountants, I get a feeling that a few of them did not know what to expect or that they were expecting their careers to be easy. I believe to have a successful career you have to work toward your expectations. Your expectations will not automatically be met.
What would you like your more experienced peers around the state to know about your generation of CPAs or future CPAs?
The majority of YEPs want to be challenged. At the same time, we want to be recognized for our hard work and achievements. Also, I have noticed that there can be a difference in communication styles for each generation. I think it’s important for all CPA firms to spend time understanding these differences, because, in the end, we all still have a lot in common.
What’s been your strategy in preparing for the CPA Exam?
It is challenging to prepare for the CPA Exam while still achieving work/life balance. However, with dedication, it can be done. My strategy has been to study for one portion of the exam and take it, then study for the next. It is important to schedule the exams around firm, client and personal needs to minimize stress. My advice: Study, study, study! It’s extremely important to have support from your family, friends and firm while preparing for and taking the exam.
What’s your favorite part about the holidays? Least favorite?
My favorite part of the holidays is the time I spend with my family and friends. I also enjoy baking pies. My least favorite thing is competing with all the other shoppers.
