Having someone in your corner as you wade through the politics and intrigue that sometimes plague today’s corporate environment can only be good.

A strong relationship with a manager or supervisor was also highlighted in our Graduate Outlook 2007 survey as an important factor in keeping graduate staff. So it’s worth the investment.

And, of course, all candidates undertaking the Chartered Accountants Program are required to be mentored.

Put simply, a mentor is regarded as someone from whom you learn. They are like a trusted adviser who you can turn to during times of indecision, struggle or stress. Their role is to share insights and learnings from their own experience so that you can more easily navigate the challenges in your own life.

Mentors are focused on creating an environment where mentees have the opportunity to develop at their own pace.

Benefits of mentoring

Mentoring programs are being implemented in large numbers as companies use them to help foster and grow high potential talent. Mentoring is being used to diversify the leadership pipeline and groom up-and-coming leaders for the future.

A 2008 survey of nearly 500 chief executives undertaken by Deloitte and the Australian Industry Group found that CEOs now rate mentoring as the second most useful method of upskilling staff. In a skills-short environment, mentoring is also seen as a powerful way to retain employees, particularly women.

What Makes a Good Mentor?

There are a number of factors that make for a good mentor.

The number one factor is a genuine interest in helping another person develop their career.

They should also be reliable, honest and trustworthy, able to keep information confidential.

All good mentors are excellent listeners, too. And must be keen to pass on their knowledge clearly and helpfully.

They usually have strong interpersonal skills, are professionally successful and well connected.

Types of Mentoring

It’s not only at the more senior, high potential level that mentoring can be powerful. To complete the Chartered Accountants Program, aspiring Chartered Accountants must gain three years’ worth of experience under the guidance of a workplace mentor. Tracy Gower who oversees policy and standards for practical experience on behalf of the Institute says, 'Mentoring is seen as a valuable part of the process of becoming a professional accountant.' In all, Chartered Accountant candidates complete three years of mentored work experience, so benefiting from an optimum learning experience combining theory and practice in real time.

Tips and Tricks 

One of the downsides from mentoring’s popularity may be that having a corporate program has become a bit of a trophy in some organisations.

Like any healthy human relationship, confidentiality, trust and chemistry are critical ingredients. Mentoring relationships are no different as both people need to be open, willing and committed to fostering the relationship.

If your workplace doesn’t have formal mentoring programs in place, informal relationships can also be effective and are very common. They typically involve the mentee approaching a potential mentor for an initial discussion. Some mentees can feel intimidated about approaching more senior executives, but mentors are often happy to be asked to share their experiences.