Accounting Careers
Certified Public Accountant is the legal name of accountants in many countries in the English speaking world. It is usually equivalent to the name of chartered financial accountant in most other English-reading countries. In the United States, CPAs are primarily license to offer professional accounting service to the public on a fee-based basis. They are expected to have a four-year degree from an accredited university or college and pass a professional practice test, board exam, and CPA exam.
One thing you should know before comparing public versus private accounting is that accountants work for public firms or organizations. The fees that CPAs charge their clients is usually dependent on whether the client has a partnership, limited liability company, an individual client or a large public corporation. For instance, CPAs charge their clients based on the number of employees and the cost of the audit. Private accountants work for the specific person, the company or the investment firms and they only charge their clients per service. There is usually a fixed fee for every hour of work that they prepare financial documents and perform audit and review of financial statements.
Private accountants can work independently or they can work for a firm or accounting company. They will prepare and audit financial statements from any source including government agencies, stock exchanges, banks, mortgage companies, tax authorities and international financial institutions. If CPAs work for a larger firm, they will prepare the financial records for a variety of employees working within that firm. Examples include CPAs who work for accounting firms, hedge funds or private individual accountants who work from home. All accountants work closely with internal auditors and internal risk managers to ensure accuracy of financial statements.
Explore the Wide Range of Accounting Careers
Before taking on any accounting job, one should check what state laws are in order to avoid being investigated for fraud. In some states, public accountants are required to disclose their status as an accountant and have to get formal training regarding ethics and laws concerning public accountancy. There are also many seminars available that provide information about public accounting and about the different career paths that are available. For those considering a new path in accountancy, it is important to get as much information as possible to determine if it is right for them.
When searching for accounting careers, people should consider the pay package and the benefits that come with the job. For instance, there are many senior accountant positions at major financial reporting firms that offer exceptionally competitive salaries and benefits. Many accountants also work as financial analysts, which is more specialized and requires a higher salary but includes more benefits. The best advice one can give is to think about what they would like to do overall in terms of career options and then to find a job that matches their skill set and salary range. It may be helpful to talk to other accountants to find out what they like and dislike about their current position and to better understand what an accountant does on a daily basis.
There are a number of different career options available to those interested in going into the field of accounting. One can become a full-time public or private practice accountant, a CPA or a CMA. Public accountants work for a number of different firms such as corporations, firms, agencies, and even government agencies. It is possible to find work in government, corporate, or public accounting agencies, or even with a firm that specializes in one particular area such as environmental accounting.