Canberra-based Adam Cormack CA is the 2024 CA ANZ president’s prize winner.

Selected annually by CA ANZ’s president, the award honours young members who have made significant contributions to both the profession and their community. CA ANZ’s regional councils select their regional Young CA. From this outstanding group of members, the president then chooses the annual president’s prize winner.

“Adam is a very deserving choice for the 2024 president’s prize,” says former CA ANZ president Tinashe Kamangira FCA.

“Beyond his day job at [accounting and consulting services firm] RSM Australia in Canberra, he donates his time to a variety of CA ANZ initiatives that benefit his fellow members, including participating in CA Career Mentoring and expert advisory panels and interest groups.”

We spoke to Cormack to find out what drives him to give back to the profession.

Why did you choose accounting as a career path?

The main reason I chose accounting was because when I was school age and looking at different career options, we were taught that if you wanted a career in professional services, the options were essentially accounting or law. The fact that I get to do some pretty cool and exciting things in my day-to-day work is why I’ve never strayed from accounting.

I landed a job with RSM when I graduated university and it’s where I’ve spent my career so far. The team at RSM sold me the dream and I quickly learned that insolvency is a fascinating area of accounting, where you get to put a business hat on and help people restructure their businesses in circumstances where they find themselves in financial difficulty.

In my day-to-day line of work, I am also exposed to a wide range of industries. Over the years, I’ve worked with everything from small family businesses, all the way through to gold mines.

What do you enjoy about mentoring?

The great thing about mentoring is that you don’t need to be in the same service line, nor do you need to have the same career goals or aspirations. Mentoring is essentially about being a sounding board. It’s not necessarily about always providing answers but, to some extent, playing devil’s advocate, guiding and sharing lived experiences. Even if those experiences come from a different service line or career path, they can still offer valuable insights and perspectives.

You’re also a member of several expert panels and advisory groups with CA ANZ. What drives you to contribute in this way?

CA ANZ is a professional body for members practising in all accounting service lines. So, if you want a voice and to be part of the movement, you do need to be part of the organisation. If you are not, you're effectively left as a bystander. I think it’s cool that you can contribute to the organisation in a rapidly changing landscape, with developments such as AI which obviously directly assists everyone in the industry.

One of the initiatives I’m involved with is the CA ANZ Public Practice Panel. The panel adds value to members of CA ANZ by advocating for the needs of those working in public practice.

There’s regular engagement, feedback and advocacy to make sure the priorities of public practice professionals are passed on to the regional council and ultimately to the CA ANZ Council. One of the key initiatives we’ve been working on is changing the public perception of what an accountant looks like to attract the next generation of accountants.

What does an accountant look like?

Gone are the days of accountants solely focusing on crunching numbers, with the green pen in hand – what we do now is pretty exciting. With the introduction of software programs and AI that can do a lot of the data-entry work, these days there is a focus on being a trusted business adviser. If I reflect on my time in accounting, technology has helped transform both the role and the image of an accountant.

This shift is particularly important for the next generation of accountants. Let’s face it: lodging forms and entering data isn’t exactly thrilling for most people. But being a trusted adviser and playing a crucial role in business strategy? That’s what’s exciting about public practice today. I enjoy working to challenge those stereotypes so people can see what a great career it offers.

Can you share any insights for people considering a career in accounting?

Accountants have evolved into roles that provide strategic advice to a wide range of businesses. This shift means you can do some exciting and impactful things in your career.

There are plenty of fascinating career paths in accounting, allowing you to make a difference.