Whether you’re a newly qualified accountant seeking guidance or a seasoned finance leader looking to give back, understanding the dual benefits of mentoring can help you harness its full potential.

In the dynamic and complex world of accountancy, success depends on more than just technical knowledge or regulatory expertise; it hinges equally on professional relationships, continuous learning and leadership development. 

Mentoring, when done effectively, is a powerful tool for professional growth, not just for those being mentored – ‘mentees’ – but also for the mentor.

Accelerated development

While qualifications provide the technical bedrock, mentors can share their personal experiences navigating real-world challenges, such as handling client relationships, managing teams or dealing with ethical dilemmas, all of which can greatly benefit those being mentored.

For mentees, often early-career professionals or those navigating key transitions, mentoring can provide a safe space to ask questions, gain insights and accelerate their learning curve. 

“Mentoring is different to coaching because it’s rooted in lived experience,” says Amna Zaidi, Chartered Accountant, strategic adviser and founder of Ahqenza, a finance and leadership advisory firm specialising in transformation consulting and executive development. “It’s not about frameworks or performance metrics, it’s about a real human connection that stays with you long after the conversation ends.

“Mentoring offers what most of us are quietly desperate for, but rarely ask for out loud – honest support without judgement, someone to challenge us without any agenda and the rare gift of being seen. It allows people to feel safe enough to reflect and brave enough to grow”. 

Zaidi, who is a mentor for ICAEW’s Academy of Professional Development, says mentoring can build skills and, more often than not, “it helps people realise that they already have what they need. They just needed someone to remind them,” adds Zaidi, who is also a volunteer for the Samaritans.

Boosting self-awareness

A good mentor doesn’t necessarily provide the answers to one’s dilemmas, but rather asks the right questions. This process of reflective dialogue helps mentees understand their strengths, confront their blind spots and build self-belief. 

Over time, this translates into increased confidence in decision-making, better communication skills, and a stronger professional identity.

“I would caution anyone stepping into the mentoring role to avoid being too obsessed with fixing things and be much more open to helping someone find their own solutions,” says David Waters, business coach, psychotherapist and mentor for ICAEW.

Circular benefits

A mentor can also act as a bridge to broader professional networks, introducing mentees to key contacts, events or development opportunities. In the often relationship-driven world of accounting and finance, this access can prove invaluable. Mentees gain not just a sounding board, but a sponsor who advocates for their growth.

Organisations that promote a mentoring culture often see higher levels of engagement and retention. Employees feel valued, supported and invested in, especially at times of uncertainty or change.

Waters says: “A mentoring programme becomes a practical next step that is incredibly valuable. Seeking help or support is not a sign of weakness. Paradoxically, it’s a sign of strength because we’re stronger together. We can’t always figure out things on our own.”

Mentoring can also play a critical role in boosting diversity and inclusion. By providing structured support to underrepresented professionals, mentoring helps create more equitable access to development and opportunity.

When’s the right time?

Mentors offer perspective shaped by their own experience. They can help mentees clarify their goals, identify opportunities and create plans. Many mentees credit their mentors with helping them apply for roles they otherwise wouldn’t have pursued. 

“There's never really a perfect time to be mentored, but there are signs and you’ll know them because maybe you’ll feel stuck,” says Zaidi. “You'll be questioning what’s next. You’ll be playing it safe and calling it strategy. Those are the moments when a mentor can really help you untangle what’s going on underneath.” 

Personal fulfilment

Mentoring isn’t a one-way street. The value it offers to mentors is equally compelling, often in ways that are unexpected but deeply rewarding.

Mentors often find they learn as much as they teach. Engaging with younger professionals exposes them to new technologies, fresh ideas and alternative approaches to problem solving. 

In an era where the profession is being reshaped by digital transformation, diversity and environmental, social and governance priorities, these perspectives can be enlightening and strategically valuable.

“If you’ve survived something, rebuilt after failure or learned something the hard way, you’re ready. You don’t need to be perfect or have it all figured out. You just need to show up with honesty, humility and a genuine desire to create value for someone else. That’s where empowerment starts,” Zaidi says.

 Indeed, Waters says curiosity from the mentor’s point of view is vital. “I always learn something new from people I work with. My word of caution with all of this work is not falling too easily into the trap of telling people what to do, because I think we often do that when we're feeling uncertain ourselves and we just want to fix something,” he says.

Making the most of the relationship

Successful mentoring relationships start with clarity. Both parties should agree on the goals, how often they meet and the boundaries of confidentiality. Consistency is key. Whether it’s a monthly call or quarterly in-person meeting, regular interaction helps build trust and momentum. 

“Building psychological safety is key for a mentee. Knowing that your mentor is not going to make copious notes after the session and then go and speak to your line manager would be a real break of trust. Set up that boundary very clearly from the start,” Waters says.

Ensure the relationship remains purposeful and adapts to the evolving needs of both parties by reviewing progress, reflecting on key lessons and deciding on next steps, he says. 

Mentoring is a strategic tool that benefits everyone involved. For the mentee, it opens doors and builds confidence. For the mentor, it strengthens leadership and leaves a lasting legacy. And for the accountancy profession, it ensures the next generation is better prepared, more connected and committed to the values that underpin excellence.

In a world where change is constant and careers are rarely linear, mentoring offers what qualifications alone cannot: human connection, shared wisdom and experience.