Professor Lynn Wolf Interview

Biography: Lynn Wolf is a Double Falcon, receiving her bachelor's degree in accounting and MBA (Master of Business Administration) from Bentley University. Upon graduating, she earned her CPA (Certified Public Accountant) license while working in public accounting for an international accounting firm (Arthur Andersen) as an auditor and tax accountant. Throughout her career, she worked in corporate controller roles at various start-up companies and venture capital firms. The start-up companies allowed her to set up and scale new business practices and processes that the organization could use for years to come. With the venture capital side, she got to see how the start-up companies were invested and managed.  

After her corporate career, Wolf came back to Bentley to be a full-time professor teaching and is the course coordinator for the now-called AC115 (Introduction to Financial Reporting & Analysis) course that all Bentley students take. As Coordinator, she has helped set up the new curriculum for this course (from its original GB112/212-course series) and now manages 20 sections per semester.   

LinkedIn: https://www.linkedin.com/in/lynn-wolf-cpa-4646201/  

Interview Q&A:  

Can you give us a rundown of your career experiences?  

I went to Bentley and earned my bachelor's in accounting. I took the public accounting route, working in audit/tax, and earned my CPA license. During my career, I also worked for two Venture Capital firms, learning the investment side of business, which was interesting. What I liked about the public accounting and VC firm roles was that I got to see a lot of different companies and industries, but in the end, what I wanted to explore next was to work for and grow one company and its business. In corporate accounting/finance, I worked up the ranks in roles from senior accountant, accounting manager, corporate controller, director of finance, and VP of finance. In my work experience, I personally did not see much of a difference between finance and accounting as the two roles were woven for me in the start-up company environment. I got exposed to a lot in business with these roles. I ran the entire accounting operations, IT, human resources, and facilities, doing whatever it took. My startup companies ranged from the security software industry to education technology. I always wanted to work for a company I believe in – the management team, the product, and the company vision. 

While content in my career in corporate accounting, I had the chance to teach as an adjunct faculty member at Bentley, and I came here and fell in love with what I do every day. Coming back and being on the other side of the classroom, I try never to forget what it is like to be a student. There is no better plan than being a professor here, and I wish I found it earlier, but now I have enough stories to share from the real world.   

Right after graduating, you went to work for Arthur Andersen; how was this experience being so new to the industry?  

When I went to Andersen, I had the opportunity to be in a group where I got to be in a hybrid role: half in the audit group and half in tax. I got to see a lot, but there were two “busy seasons” running throughout the year, so I eventually chose the tax department. Beyond the busy season, it was an extension of the college experience: young people, lots of innovation, seeing different companies, and having all new experiences, tying in my education with real-life experience.   

How did you land that position at Arthur Andersen?  

That all happened with the help of Bentley campus recruiting. We did not start recruiting until the fall of senior year, which is unlike the recruiting cycles now. What was interesting for me is I started at Bentley, ended up as an accountancy major, and went into public accounting. I interviewed solely for public accounting roles as my first career move without really trying it out with an internship. I do not regret it because it was an excellent job and a great experience. But now, I like how students get to jump in and test the waters of career options to see what they like and do not like.  

When you got that job, did you intend to stay as an accountant your entire career?  

When I came to Bentley, I wanted to be a CPA. That meant I needed to work in public accounting, but I now realized that there were so many career options beyond that. As I worked with audit clients, I saw I could work in many roles – from being a controller to working in planning/analysis and beyond.  

I try to tell our students there are so many different opportunities. I knew my passion was not there for me to become a partner, and since I was there for three and a half years, I saw people come and go. I got the three years that I needed to be a CPA, but then I was ready for change.   

How was the transition from a senior accountant to the director of finance or controller and then moving into solely the controller direction?  

I had a couple of jobs as a senior accountant; then I went to work for a technology company. This company was publicly traded and one of the first firewall companies in the marketplace. It had the start-up/entrepreneurial vibe, and I was having fun with an excellent group of talented people! The company was sold after I was there for eight months, so then I was laid off along with the rest of the accounting department. I was sad to leave and thought I would never find another fun job like that. However, shortly thereafter, the VP of engineering from the technology company became the CEO of another start-up. He took a chance with me and said, “I want you to be my controller.” I went with that job and enjoyed it even more. It propelled me into several different start-up roles, all found by networking in the technology community. In start-ups it is OK to jump every few years as the start-up winds down, so your career moves at a bit of a faster pace.  

Is the fast-paced environment what you enjoyed about being a controller?  

I liked the constant variety of what the day provided. I did not like to be bored or do one thing continuously. I have many adventures other than just managing the accounting/finance operations. I was acting CFO (Chief Financial Officer) at a lot of places - I got to go on investment pitches, presented at board meetings, or be the arm for analyzing finance documents. I learned a lot and stretched what I learned at Bentley. 

When you worked at Certica Solutions, you had an impressive record of everything you did. How were you able to get so involved in the company? (i.e., built Excel financial models, integration of 3 acquisitions, finance representative to the board... the list goes on)   

That was my longest stay. The CEO of Certica Solutions got my name from the VC firm I recently worked for, and he asked me to come “help out” just two days a week. Then he asked for me to come in more and it led to me working five days a week. Certica provided data validation software to K-12 school districts. They were making money. I also consulted with another start-up company with cool technology, but they had no sales. I had offers from both but chose Certica for its business growth and found out the other company closed shortly thereafter. I never looked back. At Certica, I was the seventh employee in the company, and I stayed for 10 years, growing the company to over 100 employees, 20x revenue growth, and helped set up the accounting/finance department for eventual sale. Shortly after this experience, I found my opportunity at Bentley. 

What would be your advice to someone who wants to get involved in start-up companies?  

Take a chance and network whenever you can. Think about where you want to go and what interests you. Connect with your professors and alumni from Bentley. Connect with students from other universities. Take an internship to get the opportunity to test the waters. You will need to be prepared to roll up your sleeves, do what it takes to get the job done, and sometimes work long hours. However, that can happen during the busy season in public accounting or as an investment banker, too. But what you see on the other side is amazing! 

What was it like to oversee so many important decisions or even just set up a system for future success?   

Everything I learned from Bentley helped me, but there were some things I did not know. After public accounting, I understood how to set up great internal controls and business practices. I took that to the start-ups, and because of that setup, we had “clean audits” for ten years. Since these companies were so small, I was able to oversee a lot of the processes going on firsthand. What I had to learn on my own was managing human resources and corporate governance and compliance. It is important to know where to go for information, how to set up best practices, and to be scrappy in ensuring you help keep the company in compliance. It was great to learn and got me to think creatively. 

How do you come back from a pitfall?  

A good example is what I saw in 2008. At this time with Certica, it was hard to find investors in the education and technology space (EdTech). While trying to find investment, we had to become resourceful. Since headcount was our biggest cost, we asked our employees to take a chance on the company and take a pay cut. In return, the company gave them stock options for their dedication. We made it through the recession without laying anyone off until we received investment. It is about how to be creative, pivot to changing conditions, and keep the business running to the next step. 

How did you know that you wanted to teach at Bentley?  

I got to a point in my career where I was not getting as much enjoyment out of what I did as much as before. I had the desire to teach since I was a student at Bentley, and I ended up taking on an adjunct professor role offered by my former accounting professor. From that first semester on, I realized how much I enjoyed working with students and being back on campus, and that it brought new life to me. I was fortunate enough to get a full-time role in January 2020, right before Covid hit. However, my start-up skills helped me jump into the crazy world COVID-19 brought and grow in a new career in the years thereafter – I learned how to teach in different modalities. We created a new curriculum and transferred to a new learning management system. I do not miss the start-up aspect because I am doing it at Bentley with an improved purpose.   

What advice do you have for students who are still looking for the things that make them passionate?  

Be patient. Your path will be defined by many different experiences. It may take a little bit to find that ultimate role, but you will find it. I always tell my students, “Trust your heart, your mind, and your gut. Listening to them all will never steer you wrong.” Also, if I were to look at my younger self, I would say have more faith and confidence in yourself and your capabilities. You are stronger and better than you think.  

What do you do as the course coordinator for AC115?  

I manage about 20 sections, working with faculty and students to support whatever they need. I helped build the new course and continuously looked for feedback to bring innovative ideas to the course. The faculty, graduate assistants, and I all work together. We never want to lose sight of our students being the most important thing.  

Piece of advice to students during their Bentley college career and after they graduate?  

Coming into Bentley, embrace everything that you can about the university. There are so many resources out there, whether it be the LEAF Lab or your professors. Get involved and get to know your fellow students. Find that balance and have some fun. When you graduate, just have fun with what you do – professionally and personally. What you learn at Bentley will support you. Come back to Bentley and use the resources here. The alumni network is great, as well as career services. Keep the connections and pay it forward.  

What would you do if you won the lottery?  

I would not quit this job. I want to stay here for as long as I can be here healthy and add value. I would find a way to help give back to students. I want to win the money so that I can give back to Bentley and ignite the student experience even more.