Ep. 251: IMA Life: Norman Strauss - 60 Years in Accounting

Join host Adam Larson as he sits down with distinguished guest
Norman Strauss in the latest episode of the Count Me In. Listen
as they share engaging stories and insights from Strauss's
60-year career in accounting. From the challenges of embracing
technological changes to his pivotal role in standard-setting
committees, Strauss reveals the highs and lows of a lifelong
journey in the accounting profession. It's a candid and valuable
conversation that you won't want to miss!


Full Episode Transcript:



 


Adam:           
Today we have a special episode of Count Me In called IMA Life.
We're going to start talking to different management accountants,
from IMA, and hear their journey. Today we sat down with Norman
Strauss, a veteran in the accounting profession, with over 60
years of experience. We chat about Norm's beginnings. Sharing
stories from his early days in accounting. Navigating the
challenges posed by technological advancements, and the
significant role mentors have played in his career.


 


Norm provides insights in his involvement with various
committees, and sheds light on the complex process of setting
accounting standards. With a dash of humor and a plethora of
wisdom, Norm shares valuable insights in his impressive journey.
So tune in, for an episode brimming with decades of experience
and invaluable insights.


 


< Music >


 


Adam:           
Well, Norm, I'm really excited to have you on the podcast, on our
new IMA Life series, and you've had quite the career. And could
you start, maybe, by sharing a memorable story of your early
days, in your career. Maybe some challenges that you had, as you
just got started in accounting?


 


Norman:        Well, thanks
for having me, and it has been a long career. I was 36 years with
the Financial Reporting Committee, of the IMA, and I also was in
public accounting for many years. And if you add it all up, it's
about 60 years' worth of doing things in the accounting
profession, which I've always felt is a tremendous profession.
And I think there's lots and lots of opportunities for people
that are getting into accounting. 


 


You start at a beginning position. You work your way up, if you
keep working hard, you get challenges throughout your whole
career and tremendous opportunities to continue with dancing. So
I'm very pleased that I went into accounting, even though it's a
long time ago. And I've finally gotten to the end of my career
with the Financial Reporting Committee, after those 36 years. So
it is nice to keep going, and it's a pleasure to be here today
with you.


 


Adam:           
Well, I can imagine just the things you've seen in a 60-year
career. That's some people's lifetimes and more than their
lifetimes. And just thinking about everything you've seen, how do
you think accountants are handling the changes? Because in the
last ten years alone, the amount of technology changes that have
happened across the world, the industries, has just been
remarkable. And I'm sure the first part of your career, the
technology was changing but not as rapidly as it's happening
today.


 


Norman:        It is a real
challenge for people in the field, now. In my day, we didn't have
computers; and it was nice, and slow, and worksheets, and you did
everything in pencil. And now with all the technology, it's a
terrific opportunity to get involved with all of these different
things. So depending upon where you're working, hopefully, as
you're moving along in your career path, the company that you're
in will give you a lot of background, but a lot of training, and
a lot of people that you'll be able to learn these things from.
And that's one good thing about the profession, it's not
stagnant. You have these changes. So there's always something
new, and always something that's interesting that's
happening 


 


Now, I go all the way back in the beginning, and one thing I
always felt that helped my career was luck. It was always nice
when good things happened to you. So I started at Baruch College
and I was going for my master's degree, and I took a course on
contemporary accounting topics, with a professor by the name of
Abraham Briloff, and I'd never heard of him before. But as it
turns out, I found out that he's one of the most famous
professors, at the time, and he was a tremendous critic of the
accounting profession.


 


So I went into the first day of class and he said, who am I? And
I said, "I'm Norman Strauss."


 


And he said, "You go sit in the front row," rather, and that's
where he pointed. But I didn't want to sit in the front row. So
when he wasn't looking, I went all the way to the back of the
classroom. And then he started talking, and I'd never heard a
professor like this before. I mean he was using big words,
complicated accounting theories that he's imposing on everybody.
He was even so interesting that he was making quotes to
accounting in the Bible, which was not easy to do.


 


So I was amazed, and he was really critical of the accounting
profession. And, all of a sudden, the student who was sitting
where I was supposed to sit, up front said, "Professor Briloff, I
have to object to your criticism of the accounting profession."
And then this young fella articulately explained why the
accounting profession is really good, and basically disagreed
with the discussion that he was giving us.


 


So Professor Briloff said, "That was a wonderful explanation,
Strauss." So he thought that I was still upfront, that he had my
name mixed up. And the next week I got there very early and I sat
in that seat, and it worked out very nicely. The rest of the
semester he kept smiling at me, so that's kind of luck.


 


But then getting into public accounting, when you start at the
very beginning, in the old days, you had the interesting title of
a junior accountant. And that, of course, was not particularly
complementary.


 


But after a while, if you worked hard, you became what was then
called a semi senior accountant, which was even worse, and
eventually you made senior accountant. And I remember in those
days, when I started as a junior accountant, you really had to
worry that you'd get fired after the busy season. I know cycles
come and go. Now, we read a lot about firms letting go off
people, but that's the nature of the profession. Everybody needs
accountants in business, and therefore the opportunities are
unlimited.


 


So, anyway, I was worrying about getting let go right after the
tax season. And I confided with a semi senior, who I was
reporting to, and, to me, he was so smart, he knew everything.
And I told him, "I'm really worried that I think I'm going to be
let go."


And he said, "Norm, don't worry, you're really doing fine."


 


And then the next day, I went to work and I found out that he got
fired. So that was an interesting challenge. But if you keep
doing your thing, learning from the people that you work with,
you could keep advancing up the ladder.


 


Adam:            I
think that's some great advice. As I've read about your story and
chatted with you, mentors have held an important part of your
career. Maybe you can talk a little bit about the different
mentors you've had and how they've helped you move alo...