Michael E. Slomski, Slomski & Raedel, CPA, PC

Mike Slomski is definitely a major league player in the CPA profession. He is a major shareholder in the firm of Slomski & Raedel, CPA, PC located in Harper Woods. Mike received a BS in Accounting from Wayne State University and a Master’s Degree in Finance from Walsh College of Accountancy. His dedication to the profession is not just a nine-to-five job. Mike utilizes his 33 years of experience as a CPA to enlighten and educate CPAs of the future as an adjunct professor of accounting and taxation at Macomb Community College.

When he joined the MACPA, Mike wanted to make a difference in the accounting profession. He has certainly accomplished his goal, having been very active and involved, especially in the area of professional ethics. In fact, Mike currently serves at the chairman of the MACPA Ethics Task Force. He contributes to several MACPA educational events through expert and attention-grabbing presentations. During his tenure as vice chair of the MACPA Financial Literacy Committee, Mike had the opportunity to co-author the Financial Affairs at the End of Life Resource Guide, which serves as a model for other state societies and was recognized with numerous awards.

What made you decide to go into the accounting profession?
The challenge that accounting presents probably was the biggest factor. I have always enjoyed problem-solving scenarios and the accounting profession presents those situations on a daily basis. Ultimately, I decided that performing “financial surgery” was just as rewarding, and less risky, than the practice of medicine.

Explain any obstacles you had to overcome to get to where you are today.
The biggest obstacle I encountered was balancing a rigorous school and work schedule. I attended college during the Vietnam War era, when the draft for military service became a real possibility if you did not maintain full-time status as a student.

A strict code of ethics is obviously required in a number of professions. You’ve devoted a great deal of time to MACPA ethics programs, both as a presenter, and now as chair of the Ethics Task Force. Can you briefly explain why CPAs are held to such a high standard of ethics?
I believe the role of the CPA in today’s business environment is one of absolute trust and independent judgment. Critical business issues, such as the aftermath that followed the Enron debacle, have propelled the CPA to the forefront of all business advisors. We are depended upon by our clients to exercise our integrity and competence in providing the necessary guidance to assist them in succeeding in an extremely competitive global economy. Without the ethics standards to provide a rigid code of professional conduct, it would be extremely difficult to maintain such a responsible position.

You’ve often shared your accounting expertise at various MACPA events. Why is it so important to enrich and educate the minds of both young and seasoned CPAs?
The issues that face the accounting profession are constantly changing. The complexity of the accounting practice places a demand on all accountants to put forth a diligent effort to absorb the knowledge to understand these changes. The learning process only begins when you attain your CPA license; it never really ends.

You are heavily involved in MACPA’s partnership with Hospice of Michigan, as well as the composition of the Financial Affairs at the End of Life Guide. What did this experience mean to you?
The opportunity to work with Hospice of Michigan and my peers to produce the resource guide was a very satisfying undertaking. I am proud of my involvement in the completion of the booklet because it enabled me to contribute my expertise to a tremendous number of individuals who may never have had the opportunity to have access to this information.

What has been your most noteworthy volunteer experience?
Great question! If I had to select one instance, it would have to be the Junior Achievement classes I taught at St. Paul Catholic School about eight years ago. I had the opportunity to mentor the seventh grade class in starting a business, marketing a product, and reporting on their results. It was very rewarding to watch them become thoroughly engrossed in the project and seeing it through to completion. Occasionally, I will meet one of those students and they still talk about their experience.

Along with your work in the accounting profession, you have also announced baseball games at Comerica Park. How did that opportunity come about?
I have had the opportunity to manage, coach and umpire baseball, especially during the years my son was actively playing the game. During a little league baseball tournament, I was asked to announce the game for a team doing a live radio broadcast to a small town in Michigan. One thing led to another and from there I was asked to announce high school sporting events at Grosse Pointe North High School. This gave me the exposure to do voice-over work for Fox Sports in Michigan. The Michigan High School Baseball Coaches Association asked me to announce the annual high school all-star games, first at Tiger Stadium, and now at Comerica Park. The rest, as they say, is history.

How do you balance your personal and professional life?
The balance is very “delicate.” I keep extremely busy between my practice, the MACPA and teaching college courses. My family has been quite patient and understanding, which has been the real key to having a little time to myself each week.

What advice would you have for those considering entering the CPA profession?
The best advice I could offer is to understand the demands of the profession and what it requires to reach the ultimate goal of obtaining your CPA license. With the current education and experience requirements, it is not an easy accomplishment. The satisfaction that you “made the grade,” as well as the rewards, can be abundant, but you must have the perseverance and dedication to make this a reality. A college education and practical experience only prepare you – life is the real CPA examination. The opportunity to teach at the college level has also made me all too aware that the ability to express yourself proficiently in both writing skills and conversation far exceeds your skills with a computer. I find so many college students are lacking these skills today.

What do CPAs need now to be successful in the future?
Planning! Planning! Planning! CPAs need the foresight to deal with the constant changes we are experiencing in today’s world, the economy, and tomorrow’s practice of public accounting. If I have learned one thing, it is that nothing in the practice of public accounting remains constant. You must balance your practice by planning wisely and efficiently with your staff. Do not undertake engagements in which you have little experience just to increase your client base. The ultimate goal is to be proficient in the work that you undertake. Last, but not least, talk with your clients! The recurring reason I have heard for changing accounting firms is that “my accountant doesn’t talk to me…they just send me an invoice!”

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