Public accountants as “external” accountants who provides services to
clients such as audit, consulting and tax planning services. A
public accountant is essentially a general accountant who either works
for an accounting firm or has his or her own private practice.
Private, or non-public accountants are “internal” accountants who work
in a company, non-profit organization or a government agency. You can
work in the financial accounting, management (cost) accounting,
budgeting, corporate planning, treasury or in the internal audit
department within the corporation.
As a public accountant you can expect to spend some time working in the
offices of your clients. You will have an office in your accounting firm, though, and you may be able to complete some of your assignments from a home office.
For public accounting, you’ll need:
- Good People Skills. Public accounting is a client oriented business which means that you need good people skill. For example, you’ll need to communicate effectively with your clients when trying to understand the client’s business and to request information for your analysis. As you move towards partnership, you’ll acquire important skill in how to deal with difficult clients and getting the information you need at the same time.
- Good Sales Skills. This is people skill in the next level, and is required if you aspire to become a partner or own your CPA firm. In short, you need to solicit business for your firm and good sales and marketing skill (and keeping your professionalism at the same time) is a critical skill.
Below are some examples of public accounting positions:
Staff Auditor (1-3 years) performs the detail work of a financial audit under the supervision of a
Senior.
Tax Staff (1-3 years)
prepares tax returns, researches tax questions, and counsels clients on
tax problems under the supervision of a Tax Senior and/or Tax Manager.
Management Services/Consulting Staff (1-3 years)
provides a variety of consulting and management advisory services and
reviews the integrity of client systems under the supervision of a
Senior or Manager.
Senior Auditor (3-6 years)
Responsibilities
include the direction of audit field work, assignment of detail work to
Staff, and review of their working papers. Also prepares financial
statements, develops corporate tax returns, and suggests improvements to
internal controls.
Tax Senior (3-6 years)
works under the general direction of a Tax Manager and/or Tax Partner.
Prepares or reviews tax returns for individuals and organizations,
researches tax questions, offers suggestions for tax planning, and
studies law for potential tax savings.
Management Services/Consulting Senior (3-6 years)
works under the general direction of a Manager and/or Partner. Performs
and/or supervises detailed consulting assignments involving various
functional areas (computing, personnel, marketing) within client
organizations.
Audit Manager (6+ years)
supervises Seniors and Staff. Responsible for audit program approval,
personnel scheduling, audit working papers review, financial statement
disclosure footnote approval, day-to-day client relationships,
determination of billings for engagements, and training and evaluation
of Staff and Seniors. Achievement of this level is critical to long-term
success within a CPA firm, since it is awarded only to those with
Partner potential.
Tax Manager (6+ years)
directs and reviews Staff and Senior Tax Staff, approves corporate tax
returns prepared by Audit Staff, and is available to Audit Staff for
consultation. Also performs tax planning and preparation for
individuals, estates, trusts, and small businesses and researches
unusual tax matters. Achievement of this level is critical to long-term
success within a CPA firm, since it is awarded only to those with
Partner potential.
Management Services/Consulting Manager (6+ years)
maintains direct contact with corporate personnel. Responsible for
internal control procedures, operational control procedures, operational
budgets, business financing, analyses of projects or departments, and a
variety of special purpose studies. Achievement of this level is
critical to long-term success within a CPA firm, since it is awarded
only to those with Partner potential.
Partner level
is coveted since only about 2 percent of all persons entering CPA firms
will reach this plateau. The financial rewards are significant. The
Partner normally purchases equity in the firm and therefore shares in
all profits. Typically, a professional must be a CPA to become a
Partner. In larger firms, an equivalent position of Principal is
available to deserving specialists who are non-CPAs. An Audit, Tax, or
Consulting Partner is typically responsible for overall client-related
activities.
Senior Partner
performs all the duties of a Partner. The achievement of Senior Partner
is obtained as a result of longevity with a firm and expert handling of
instrumental accounts. The title of Senior Partner may also be attained
through participation as a member of the Executive Committee, which is
responsible for developing the firm's policies, planning activities, or
providing day-to-day management and administration of one or more branch
offices or regions.
Management Accounting
Managerial accounting is
concerned with providing information to managers - that is, people inside
an organization who direct and control its operation. Managerial accounting
provides the essential data with which the organizations are actually
run.
Management accountants also called industrial, corporate, or private
accountants.
Record and analyze the financial information of the companies for which they work. Budgeting, performance evaluation, cost management, and asset management. They are usually part of executive teams involved in strategic planning or new product development. Management accountants analyze and interpret the financial information corporate executives need to make sound business decisions. They also prepare financial reports for non-management groups, including stockholders, creditors, regulatory agencies, and tax authorities. Within accounting departments, they may work in areas including financial analysis, planning and budgeting, and cost accounting.
If you choose to work in the private sector, you will be working in a private office setting. This may be in a manufacturing, service or merchandising business, or in the offices of a non-profit organization or bank. If the organization that you work for has multiple branches, expect to spend some time at each of them.
Record and analyze the financial information of the companies for which they work. Budgeting, performance evaluation, cost management, and asset management. They are usually part of executive teams involved in strategic planning or new product development. Management accountants analyze and interpret the financial information corporate executives need to make sound business decisions. They also prepare financial reports for non-management groups, including stockholders, creditors, regulatory agencies, and tax authorities. Within accounting departments, they may work in areas including financial analysis, planning and budgeting, and cost accounting.
If you choose to work in the private sector, you will be working in a private office setting. This may be in a manufacturing, service or merchandising business, or in the offices of a non-profit organization or bank. If the organization that you work for has multiple branches, expect to spend some time at each of them.
Governmental Accounting
As a government accountant or auditor, you'll work primarily in the
public sector to maintain and examine the records of government
agencies, as well as audit private businesses or sole proprietors whose
business transactions are subject to government regulations.
With a government accounting degree, you'll be employed by federal,
state or local governments, making sure that revenues are received and
expenses are reported and recorded in accordance with laws and
regulations. You also might work as an Internal Revenue Service agent,
in financial management or in budget analysis and administration.
Government accountant and auditor positions require at least a bachelors degree in accounting
or a related field. Beginning accounting and auditing positions in the
federal government usually require four years of college or an
equivalent combination of education and experience. Some employers
prefer a master's degree in accounting
or a master's degree in business administration with a concentration in
accounting. Some universities and colleges are now offering programs to
prepare students to work in growing specialty professions, such as
internal auditing.
If you work for a local or state agency, you will work from the offices
of that agency. IRS auditors, though, travel a great deal to work with
the subjects of those audits.
Accounting Education
Accounting educators work in community colleges or may elect to work from home at an online university for non - traditional students interested in distance educations. Educator typically have doctoral degrees in accounting or a minimum a master's degree in accounting and continually conduct research, write papers or speaks at conferences.
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