A common thread that wove its way through last week’s ASA conference on appraisal career development was the advice to specialize. Speakers in all of the sessions at the 2023 Beyond Valuation—Professional Development and Growth Conference urged attendees to specialize in some area of appraisal—whether it be an industry, type, or purpose of a valuation. The June 8 event was hosted by the American Society of Appraisers (ASA) and sponsored by Empire Valuation Consultants.

Natural progression: As a profession grows larger and more complex, practitioners move toward specialization to survive and grow. Good examples are the law, medical, and technology professions. While the BV profession has recognized the trend to specialize, it appears that many valuers are still in the generalist category. During a 2021 BVR webinar, the audience was asked: Do you specialize within a particular industry? Three-quarters of respondents said that they are generalists and have little or no industry specialization. Unless there has been some seismic shift, the profession still has a good share of generalists.

The conference covered many more of the soft skills young valuation professionals need to take their careers to the next level. Of course, managers also need to be aware of these skills to develop their staff. Full coverage of the event—including advice on how to specialize—will be in the August issue of Business Valuation Update.