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:
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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.

 

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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 lik