Good morning.
A desire to travel the world from a young age, and “loving the fast-paced nature of being a consultant,” would lead Rema Serafi to a 27-year career at KPMG LLP. Next month, Serafi will become the first woman to hold the position of vice chair of tax at the U.S. audit, tax, and advisory firm.
Growing up, Serafi says she had two special role models: "My mom, a great doctor, along with my dad, who both emigrated to the U.S. from Syria." And now the Barnard College grad is preparing to lead a team of more than 10,000 partners and professionals.
Serafi will succeed Greg Engel, who is retiring after four decades of service at KPMG. Serafi starts in the new position on Nov. 15, and will also serve as a member of the firm's management committee.
“I've been in a role working alongside Greg for the past three and a half years to lead this group,” she says. Since 2020, Serafi has served as the national managing principal of tax. Before that, she led the economic and valuation services practice for five years and has served in tax roles both domestically and abroad.
'Make sure that you are creating good experiences'
When Serafi joined KPMG, she recalls living in London for four months to work alongside the London and Frankfurt teams to get final deliverables for a client. As a young adult, that exposed her to the different nuances of managing your career internationally, including office hours, she says.
“I think the way we worked was a little bit different,” Serafi explains. “Some of us were fine working late into the night and some of us were fine coming into the office super early. New Yorkers like to get in real early, so that's what we did.” Serafi recommends gaining international experience because “it falls into the theme of taking yourself out of your comfort zone,” she says.
Looking back on her tenure at KPMG, “There is no way I could have managed my career without mentors and sponsors,” Serafi says. Her network included professionals who were both inside and outside of the tax function across the firm, she says.
She offers a piece of networking advice: “Make sure that you are creating good experiences, leaving people feeling more positive than anything else in your interactions.”
“I was thinking about that a little bit earlier today because I was interviewing someone to join us as a senior recruit, and I really needed to recruit this person,” Serafi explains. In talking for some time, the two realized they previously worked together. “It really helped in that recruiting discussion that he had a good experience working with me 20 years ago,” Serafi says.
Changing the narrative
The long-held perception of tax professionals wearing a green eyeshade may be replaced by the image of a professional engaged with an AI chatbot.
“Tax is such an exciting profession to be in,” Serafi tells me. “As technology tools and generative AI tools continue to evolve, this is the place to be.” Exploring emerging technologies in the tax function is on her agenda.
“Our younger professionals are so interested in using technology to transform the way they work,” she says. KPMG announced in July a planned $2 billion investment in Microsoft Cloud and AI services over the next five years. An example? Microsoft Copilot will give KPMG professionals access to generative AI tools, Serafi explains. “It can summarize calls and meetings,” she says, “and help them to organize their thoughts in a faster, more efficient way.”
Looking ahead, there are several complex tax, legislative, and regulatory changes that chief tax officers, chief financial officers, and even CEOs are going to have at the top of mind, she says. One example is the new transparency requirements around ESG, Serafi says. And, another is Base Erosion and Profit Shifting (BEPS) 2.0: Pillar Two compliance, she says. “Pillar Two is a reality for our clients who have a global footprint,” she says. They’re thinking about how to use data for storytelling, she adds.
Serafi may be the first woman in her new role, but she seemingly won't be the last.
“I think we need to continue to foster and push for an inclusive and diverse environment and that responsibility belongs to anybody who manages people,” she says. “We have to not only foster that, but reward it, and then hold those accountable who aren't doing that. I’m really passionate about creating that culture and making it a part of our DNA.”
Have a good weekend.
Sheryl Estrada
sheryl.estrada@fortune.com
