Required Field for NEW record only (including Convert) possible?

Sell 13.1

Is it possible to require a field ONLY if the record is NEW, including when a Lead is being converted to an Account?

Scenario:  A new custom field "Product of Interest" needs to be required for a new Account, however, the field should not be required on an existing account.  Currently the field is required and when changes are being made to a current account the user is stopped to populate this required field, which is not necessary on existing accounts.

Since I am a novice, I'd rather not post the formulas I've tried to accomplish this.

Is this possible?  If so, what should the formula be in the Required Field Formula?  

Thank you in advance for your help!

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