By Sheri Fiske Schultz, MP of Fiske
Accounting as a profession has existed for thousands of years. Its origins can be traced back to ancient Mesopotamia, when payments for wheat were documented on clay tablets. The foundation for modern accounting emerged during the Italian Renaissance, and a few hundred years later, in 1887, the American Institute of Certified Public Accountants was established, paving the way for accounting as we know it today. Just two years later, Christine Ross blazed the first trail for women in the profession, earning the second-best score on the CPA exam in her group and becoming the first female CPA in the U.S.
Though accounting and advisory services have long been a boys’ club, more and more women are following in Ross’ footsteps and joining the profession. In fact, the most recent information from the U.S. Bureau of Labor Statistics shows that a majority of accountants and auditors today are women, and an ever-growing number of them are achieving partner status in their firms. In 2026, women MPs are no longer the exception in accounting’s M&A landscape; they’re leading deals, shaping post-merger strategy, and redefining what success looks like by balancing valuation with culture, talent, and long-term growth.
Women MPs and the M&A Boom
The past decade has seen a surge in mergers, acquisitions, and private equity investment across the profession, as firms seek scale, technological capabilities, and expanded service lines. Managing Partners sit at the center of these deals — steering negotiations, setting integration strategy, and ultimately determining whether a merger succeeds or fractures.
Women MPs are stepping into this arena with a distinct approach. Industry observers and participants alike note that female Managing Partners tend to place a premium on cultural due diligence, assessing not just the financial health of a target firm, but the compatibility of its values, talent, and people practices. Where traditional M&A analysis focused almost exclusively on revenue multiples and client book quality, women-led deals increasingly factor in questions like: How does this firm treat its staff? What does the partner promotion track look like? How will our teams integrate day-to-day?
This isn’t sentimentality — it’s strategy. According to Deloitte, culture mismatch is the root cause of nearly 30% of M&A failures, and post-merger talent flight is one of the most cited reasons accounting mergers underperform. Firms that fail to integrate cultures effectively often find that the very professionals who made the acquired firm valuable are gone within 18 months. By prioritizing culture and people from the outset, women MPs are addressing one of M&A’s most stubborn reasons for failure.
Rethinking the playbook
The playbook that defined accounting M&A for most of its history was built around a narrow definition of value determined by the men in charge: Revenue, client retention rates, geographic footprint, and service line breadth. Women MPs are not abandoning these fundamentals, as strong financials remain non-negotiable, but they are expanding the definition of what a successful deal looks like.
Long-term growth orientation is another hallmark of women MPs. Rather than optimizing for near-term earnings, many women-led firms are pursuing mergers that create sustainable competitive advantages: acquiring firms with deep technology expertise, building out advisory capabilities, or entering markets where demographic and industry tailwinds are strong. This patient capital approach aligns well with the nature of accounting relationships, which are built on trust and tend to be long-term by nature.
There is also a growing emphasis on deliberately structuring post-merger transitions in ways that give talent from the acquired firm a genuine seat at the table. Women MPs who have navigated the challenges of being underestimated or overlooked in their own careers bring a particular sensitivity to ensuring that mergers don’t simply replicate old hierarchies in a new org chart.
My colleague Katie Gilden is a partner and I am an MP in our organization, and we are actively working to ensure that we don’t repeat the tired, traditional patterns, especially within our key service area niche that includes Forensic Accounting, Business Valuation, and Litigation Support. For us, one of the most critical factors we’ve focused on is succession planning. Katie said, “Mapping out the future of our organizational leadership means that we can make sure women keep their seats at the table, even after we’ve gone.” Maintaining a pipeline of female leadership roles ensures ongoing inclusion that will benefit the firm long term.
Women now represent the majority of the accounting and advisory services workforce, are achieving partner status in growing numbers, and they are leading some of the industry’s most complex and consequential deals. It’s obvious that women belong in leadership. The real test will be how quickly the profession can fully realize the competitive advantages of genuine, meaningful inclusion.
About the Author
Sheri Fiske Schultz is the Managing Partner of Fiske, a Springline Advisory business advisory firm consistently recognized as a leader in litigation support and valuation services. With more than 35 years of experience, Sheri is a licensed CPA, Accredited in Business Valuation, and Certified in Financial Forensics by the AICPA. She is widely respected for her professional expertise and practical insight in business valuations, litigation support, and broad-based tax matters including mergers and acquisitions, reorganizations, estate issues, and tax compliance.
Sheri is a frequent speaker on business valuation and forensic accounting topics. Throughout her distinguished career, she has been honored for her leadership by numerous local, state, and national organizations, reflecting her outstanding contributions to the profession and her commitment to advancing women in leadership roles. As more women lead firms and major transactions, Sheri is part of a transformative group redefining success in the industry—not just by the deals closed, but by what is built and sustained after the close, with a focus on financial rigor, people, culture, and long-term growth.
