Career Opportunities in Management Advisory Services
by MAURICE S. NEWMAN Partner, Executive Office
Presented before the Upsilon Chapter of Delta Sigma Pi Honorary
Society at the University of Illinois, Urbana—March 1963
DURING the past year or two there has been considerable interest on the part of graduating students in the area of the accounting profession known as Management Advisory Services. Somehow the word has got around that this is the work to get into. It is fair to say, for those who are willing to spend the time and effort and who have the requsite intellectual ability, drive, and stamina, that it could be very rewarding. The rewards will not be in the form of stock options or bonuses as this is not the professional way of life. They will be more than adequate, however, for a respectable standard of living as a good piece of professional work will always justify a satisfactory fee.
This area of management advisory services is. an integral part of the accounting practice and cannot readily be divorced therefrom. It will be well, therefore, to give you some background of the development
of the profession as a whole and then to show you how management
advisory services relate to the total practice. As I will be speaking of management advisory services from the viewpoint of our Firm, I shall also, with your indulgence, give you some of the background
of our Firm.
DEVELOPMENT OF THE PROFESSION
The accounting profession began its development a little over a hundred years ago in England. This was the beginning of the Victorian
era; railroads were being constructed; the first corporations were being formed; and there was a period of considerable economic growth and speculation. Much of the early work appears to have developed
from bankruptcies and insolvencies. Accountancy was learned by apprenticeship and generally with no remuneration during the first year other than what was learned during that time. Three accounting societies were formed in Scotland shortly after the midpoint of the century and one in England in 1870.
The first professional organization in this country was formed in 1886 and was incorporated the following year in New York as the American Association of Public Accountants. According to one of its members, the initial membership roll of 31 practically constituted the total exponents and representatives of professional accounting at that