Carrold was born in Fayetteville, Arkansas and raised in Marianna, Arkansas. After graduating high school from Lee Academy, he attended Arkansas State University where he obtained his Bachelor of Science in Accounting. After college, he attended the University of Arkansas School of Law where he obtained his law degree. Carrold next attended Denver University where he obtained his Masters of Laws in Taxation.
Carrold has practiced tax law for 37 years and has been a Certified Public Accountant since 1979. In his free time, Carrold enjoys piloting airplanes and fishing and has been president of his condo association for 20 years.