Two of Bermuda's most experienced accountants have recently achieved another milestone in respective careers that are full of milestones. Tony Joaquin and Terry Lister - along with David Anfossi, Ian Davidson, Kathryn Siggins and Jan Spiering, four other veterans from the local accounting fraternity - were recently designated as Fellows by the Institute of Chartered Accountants of Bermuda (ICAB).

Mr. Joaquin and Mr. Lister share a history of hard work and high performance as they built their experience to reach the top levels of their field. They also share a series of ‘firsts', being among the first black professionals to achieve the Chartered Accountant (CA) qualification in Bermuda (Mr. Lister being the first black Bermudian CA) as well as reaching partner level in their respective firms.

And now they also have another distinction in common as the first black Fellows of ICAB, an award that is bestowed on individuals who, in the opinion of their peers, have made a significant contribution to the profession.

It is a profession that both men came to from very different perspectives: “I chose accountancy in high school,” says Mr. Lister. “Growing up back then when people asked what you wanted to be when you grew up you either said a doctor of a lawyer.

"Well, neither of those appealed to me so I said accountant one day and people seemed impressed! So I kept saying it, without necessarily knowing exactly what the profession involved. But by the time I reached high school I ensured I had a better understanding and I knew I wanted to pursue that track.”

He went on to Queen's University in Ontario and graduated with a Bachelor's degree in Commerce, majoring in Accounting.

For Mr. Joaquin “it was more a matter of accounting choosing me” after what he admits was a less than stellar academic career in high school.

“I'm not sure why, but when I got to around the age of 13, I just switched off and totally lost interest in education,” he says. “I was actually quite rebellious all through high school and had quite a ride! In fact, it went on through my first year of college right up until I was 19. I was only accepted conditionally by Mount Allison University - I have no idea how because my high school career was so atrocious.

“I also had no idea what I wanted to do; it was after deciding not to do sciences, and not to become a teacher and not to go into the arts that I realised the only course left was commerce. After making that decision the first term was tough; not having done any bookkeeping of any kind the accounting programme was like another language to me and I was failing it. My professor even counselled me to leave the programme - and I agreed!

"But by the second term somehow it clicked, and by my second year I had decided to major in accounting. It was a practical choice as well, because there wasn't as much scope for my preferred choice of management in terms of opportunities back here at the time.

“Ultimately though I've never been a good planner and I recognise that,” he adds. “I've spent less time worrying about planning choices and more time making the most of the choices I've made.”

Both men have spent the majority of their careers in public accounting firms. After graduating from Queens Mr. Lister began his career in Toronto at what was then PriceWaterhouse. He qualified as a CA while at the firm and worked in Toronto for three years before returning to Bermuda.

“My goal when I came back was to set up my own accountancy practice which I did in 1981,” he says. Just three months after setting up his business he received the first of several overtures over a 15-month period from the local office of what was then Deloitte Haskins Sells.

“I eventually joined them as a partner and continued with Deloitte for 16 years; I retired in May 1998,” he says.

Mr. Joaquin qualified in as a CA in 1979. Prior to taking on his current position of managing partner at Ernst & Young he was the leader of the firm's Insurance Group. Before joining Ernst & Young in 1988, he also worked as an insurance regulator as the Inspector of Companies in the Registrar of Companies; as the controller in real estate company John W. Swan Ltd.; and at the former Coopers & Lybrand in London.

He has remained directly involved in Bermuda's insurance regulatory system in a variety of ways including as deputy chairman of the Insurance Advisory Committee, the main policy-making body for insurance regulation in Bermuda. He also serves as a director of the Bermuda Monetary Authority and a member of the International Business Forum.

The two men have seen many changes within accountancy over the years and have also helped to develop the profession here, particularly for young students.

“In the late ‘80s, I sat on a committee to reorganise professional qualifications for (accounting)students,” says Mr. Lister by way of example.

“It might sound strange now, but back then all students seeking to qualify were put on the CA programme, which meant that those who had studied in the States had a very hard time passing the exam. So we changed that, which lead to those who studied in Canada doing the CA programme while those who studied in the US being allowed to do the CPA.”

This and other developments large and small helped open up paths to the profession to more locals.

Mr. Joaquin's involvement with ICAB subsequent to him qualifying has also allowed him to contribute to the profession in similar ways.

“My involvement with the Institute has always been very special to me,” he says. “Becoming a CA was huge for me and I had an interest in ICAB and wanted to contribute right after I qualified.”

Both men have served in various capacities within the organisation and worked as members of a variety of committees. Indeed, they both have served as ICAB presidents, Mr. Joaquin from 1995-96 and Mr. Lister from 1997-98. Mr. Joaquin was the first black president of the organisation. In terms of their elevation to fellowship, both men see it in terms of ‘earning their stripes'.

“The reason we're the first black (Fellows) is because Tony and I were simply among the few people becoming CAs in the late ‘70s and early ‘80s,” says Mr. Lister. “There were not that many people pursuing that track overall at that time. Also, those who preceded us didn't take as active a role in the organisation. People selected as Fellows would have served on a variety of committees locally and internationally so they would have worked at different levels of the organisation and contributed in a variety of ways.”

“Over the years things have changed and they're still changing,” Mr. Joaquin says. “And it's happening without great fanfare, as it should. The fact that someone like Phil Butterfield is the CEO of the Bank of Bermuda has everything to do with his credentials and experience, the fact that he's black is incidental. This has been my experience and the good thing is that there are far fewer barriers now than there used to be.”

They both agree that the key to success is hard work, focus and commitment, and anyone aspiring to succeed at a high level in accountancy must be ready accept the demands that go with those requirements, while balancing their work with their personal life.

“It's about hard work and dedication; you can't expect to make the senior levels of this profession by working nine to five and clockwatching,” says Mr. Joaquin. “It takes a big commitment and taking the long-term view.”

“The main thing is staying constant and to set goals and work steadily towards them,” Mr. Lister adds. “Getting the CA is never going to be easy and anyone who wants to go into this profession is going into a wonderful career as long as you work hard. Whatever phase you're at, even after you've qualified, you're never at a stage where you can put your feet up if you really want to achieve your best.”

What that meant for both men was putting in long hours for their work while at the same time trying to balance that reality with family life.

“You do have to make your family your priority and fortunately when my children were small the firm was understanding about putting family first,” adds Mr. Lister who is a father-of-four. “I used to go home at around six and spend time with the kids, see to their needs and homework and such, and then after they were in bed work for the rest of the evening. In fact I still work like that today. I would really advise people to do that, those years with the children go by so fast.”

He has carried that work ethic into his current role as the Government's Minister of Education: “For me putting in the hours that I do now in politics full-time isn't difficult, I'm used to it.”

“You do have to try and maintain a balance and for me the older I got the more I recognised that,” Mr. Joaquin says, who has two college-age children. “My wife also worked in a public accounting firm which was an advantage because she understood the environment and culture I was working in, and she's always been a compass for me when I might start getting out of balance.”

It seems that the hard work has paid off for both men, however: Mr. Lister retired at 43 and has been able to pursue his political career full-time since 1998, and Mr Joaquin, who has just turned 50, will retire at the end of June. Both men are very appreciative of the fellowship award.

“Well it's an award you carry for the rest of your professional life,” says Mr. Lister. “It's an honour that recognises the contribution you have made to your profession.”

“For me it was an accidental career but it's been a wonderful career,” Mr. Joaquin says, “and it feels good to receive it towards the end.”