To finally climb the ladder to the CFO spot is an accounting professional’s life achievement. And the validation of a decision made at a previous crossroads in life can be just as sweet. The times when one must choose between interests and aspirations can require some of the biggest risks business leaders take during their careers.

For Mahshad Hubbard, the journey isn’t complete; it’s just begun. A “last minute reflection,” days before beginning college caused him to shift his studies from art to accounting. That decision led him to becoming a CPA, and now 16 years into his career in corporate finance, he has been brought on to the multi-family real estate investment platform Trion Properties as finance leader. Just over three months into that position — his first as a CFO — Hubbard has already begun juggling the demands of investors, regulators, and teams outside finance.

Mahshad Hubbard

CFO, Trion Properties

• First CFO position: 2023
• Notable previous companies:
  • Property Management Associates
  • Lowe
  • CohnReznick LLP

This interview is edited for brevity and clarity. 

ADAM ZAKI: Now that you’ve ascended to a CFO position, what are your thoughts about the journey, and why do you believe fewer people are becoming accountants?

MAHSHAD HUBBARD: To be honest, I never wanted to be an accountant growing up or entering college, so I understand why it’s not the most sought-after career. Like many young adults, I was more drawn to “glamorous” fields, which in my case was art. I got into college as an art major initially. It wasn’t until some last-minute reflection as I was close to starting my first day on campus that I switched things up.

I had grown up seeing many family friends who were struggling artists, and I got cold feet. I decided to go for a more “stable” degree in economics followed by a master’s in accounting. That said, it was the best life decision for me. I believe young adults need more ways of being exposed to the accounting field.

With TikTok and other social media pressuring young adults to try to become influencers or hit it big in the tech industry, it is understandably hard to compete with the draw of instant fame and fortune. However, accounting can be a lucrative career when you get into more senior roles — and probably the best part about it is that it is a recession-proof field that will always be in demand.

Since most accountants are not very flashy or [highly effective salespeople], it will continue to be hard to draw in today’s youth. Yet, with less talent available, it only means there will be greater demand and likely better job security for those who give it a shot.

However, it's all about perspective. It doesn’t have to be an either-or situation, nor should it be presented that way. Instead of forcing someone to choose the prospect of a life as a “starving artist” or a “boring accountant,” why not be a financially secure artist who knows how to make their business flourish?

What did you have to learn on the job in your first 90 days as a CFO that required you to reach out to a peer or learning source?

HUBBARD: I have had to research and investigate different tax matters, some unique to specific state and local regulations. We have investments in several states and counties, with a mix of domestic and international investors. To research and ensure that tax compliance is handled correctly, I have contacted tax accountants and prior colleagues for counsel.

Although I am a licensed CPA, I believe it’s best to check with tax specialists regarding complicated tax matters. Like my father used to preach to me, it is impossible to know all the answers, so it is better to know where to find the right answer. I would say this sentiment very much applies to accounting.

What do you plan on bringing to the role now that you’re there? What did Trion Properties bring you on to do, change, or facilitate? 

HUBBARD: A major reason I was brought on board was to build the necessary infrastructure to support the company’s recent expansion and future growth plans.  With headquarters now on both coasts and a significant influx in acquisition activity over the past few years, Trion has grown its portfolio, personnel, and business operations to new levels. Upgrading systems and processes to streamline operations and improve efficiencies across the board is the challenge. I’ve been brought in to help lead this initiative.

What is your most important goal for your first year as CFO, and how do you plan on accomplishing it?

HUBBARD: My goal for year one is to make sure all our valued investors receive their K-1s early. Achieving this goal will require increasing efficiency by implementing processes and procedures for the finance and operations teams. Putting new systems and processes in place is only part of the battle. Monitoring that new protocols are being adhered to and evaluating ways to continue improving are key additional pieces to the puzzle.

As CFO, it is my duty to establish a sound infrastructure to mitigate risks and safeguard company and investor assets while streamlining each process.

What measures are unique to your industry in terms of regulatory and compliance?

HUBBARD: As a syndicator, private equity fundraising is highly controlled, with many legal and regulatory requirements that must be adhered to in compliance with securities laws. Even though we invest in real estate, what is ultimately being offered to investors is securities with an expectation of a return. The challenges of staying in compliance with SEC regulations are an obstacle that syndicators must be prepared for when it comes to raising capital.

Since Trion also manages the underlying multifamily real estate, there is an added layer of local and state ordinances for property managers. Those are related to tenants, particularly evictions and property conditions. In states like California, it has been especially challenging with tight statewide rent control laws and extensive tenant rights in place.

Navigating [those laws] during the pandemic was particularly challenging these last few years, which added a compliance wrinkle and ultimately affected investment decision-making.