After 30 years in public accounting, Walter McNairy now strives to pass along his passion for accounting to his students at University of North Carolina Wilmington (UNCW). We sat down with Walter, who is a retired partner of the firm, to talk about his career path, the future of accounting, and his love of teaching.
Walter on UNCW's campus.Walter, you spent over 18 years at our firm, culminating as managing partner in Financial Services. Did you anticipate that trajectory when you joined?
Not exactly. My move to (legacy firm) DHG was driven by professional aspirations and personal priorities. After 13 years at an international firm, I was looking for the chance to make partner while staying rooted in Raleigh, North Carolina, where I had lived most of my life. Meanwhile, an opportunity opened up to lead DHG’s burgeoning public company or SEC practice and help grow the firm’s banking practice. Having the opportunity to help build the firm’s banking practice in a city I loved was too good to pass up. So, with the encouragement of long-time colleague Wallace Edge, whom I worked with at my previous firm and who played a pivotal role in recruiting me, as well as Eddie Sams, whom I had known from my Chapel Hill days, in 2003 I became the firm’s first-ever direct-entry partner.
After such a successful career in public accounting, what drew you to your current role as Executive in Residence at UNC Wilmington?
Education felt like a natural next chapter, particularly working with young folks which, along with my clients, were the two things I missed most about DHG. So, I began teaching in 2021, one year after retiring. In my time at DHG, I always enjoyed leading training, whether for audit committees, various state bank associations, or internally.
At UNCW, I love helping students understand the importance of the language of business, whether or not they choose to major in accounting. My role working with students in upper-level classes allows me to shape the way they view the profession and help prepare them for the realities and opportunities ahead. It’s incredibly rewarding watching the next generation of accountants develop, especially as the field evolves and adapts to new challenges and reduced entry barriers.
What’s driving today’s accounting students? What excites them? What new challenges do they face?
One of the biggest shifts is the elimination of the 150-hour requirement to become a CPA. Students now grapple with whether to pursue a master’s degree or enter the workforce with a bachelor’s. This change is widening the pipeline, sending graduates to both larger firms like Forvis Mazars and smaller local practices. At UNCW, interest in accounting is strong. We’ve had to add extra classes to accommodate demand, one reason I am now teaching auditing this year.
Students are most energized when they hear real-world stories from recent grads during events like Beta Alpha Psi meetings and UNCW’s annual Business Week. It opens their eyes to the breadth of experiences available in accounting, far beyond the stereotype of spreadsheets in a cubicle. They’re eager for hands-on client work, relationship building, and opportunities to make a real impact early in their careers.
Walter with UNCW students who surprise him with Duke shirts on this day to poke fun at the UNC - Duke rivalry.
What advice do you offer students as they enter the field?
The profession is rapidly changing, which allows recent accounting graduates to know just as much as partners in evolving areas like artificial intelligence (AI) and the use of technology. At the same time, the fundamentals remain: accounting is a relationship business where client service is paramount. I always tell my students that employers really want new hires who have a positive attitude, a willingness to learn, and a strong work ethic. I encourage students to focus on finding the best fit for their skills and ambitions, whether that means joining a large, established firm or a smaller, more entrepreneurial practice. Most importantly, I urge them to pursue opportunities that allow them to learn, grow, and contribute meaningfully.
Walter during DHG days with his daughter, Grimsley.Looking back, what stands out as highlights or defining moments in your career at our firm?
Participating in the tremendous growth of the financial services practice is, without a doubt, a career highlight. When I joined, banking revenues were around $1.2 million, and our largest bank client was well under $1 billion in assets. Working with Wallace and others, we landed multiple major regional banking clients—many of which were international consulting and accounting firm clients—helping catapult our banking practice into a recognized force. Within a decade and a half, the practice grew to well over $30 million in revenue. I take great pride in having been a small part of such a dynamic team and contributing to that exponential growth.
Navigating regulatory changes, particularly the impact of the Sarbanes-Oxley Act and our early PCAOB inspections, also stands out. The first PCAOB inspection in 2008 was a wake-up call, with multiple comments on every audit. Through collective effort, we dramatically improved technical quality, and just three years later, the inspectors had comments on only one audit. That transformation was deeply gratifying.
More About Walter McNairy
- Married to Rhonda since 1992; met on the steps of the business school at UNC‒Chapel Hill
- Has a daughter, Grimsley, who plays advanced club and high school volleyball
- Active traveler, golfer, and UNC basketball fan
- Volunteer for Bald Head Island (North Carolina) Conservancy
