Many professionals like senior accountant Brent Gantt find public accounting rewarding because of the opportunities to help people, especially during natural disasters and other crises. Such situations require you to handle high stress levels and venture outside your comfort zone. Of course, some new graduates won’t begin their careers in public accounting for a variety of reasons — and that’s OK too. “If you don’t want the travel or the hours, then find a company that is large enough to provide a fairly constant learning challenge and varied responsibilities,” says Downs. I also understand that certain degree programs may not be available in all states.
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Accountants earn their CPA license from a state board, which sets standards for education and experience. Although both public and private accounting are well-paid, public accountants usually tend to get paid more than private accountants. Public accountants make around $76,165, whereas private accountants make $63,384. When choosing what is public accounting between the two, it’s important to consider key factors such as working schedule, career advancement opportunities, and personality traits. They work for diverse clients, including corporations, individuals or the government. This can lead to varying tasks, as well as time zone differences which affect working hours.
Long-Term Career Goals
“[Private accountants’] daily activities revolve primarily around management reporting. This includes recording manual journal entries and performing account reconciliations,” Butts says. Everywhere you turn, people are making leaps into incredible, satisfying careers. Your friends are announcing new jobs on social media and your favorite blogs are constantly featuring stories of people who landed the job of their dreams. Once you’re on the job, checking out some of the best accounting software to help you certainly won’t hurt either. So, you know all you need to know about potential careers and have your sights set on accounting.
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Changing industries as a corporate accountant can also be formidable, but it can be done. Your employer should let you know if their work focus, and your accounting focus, will be private accounting or not. If it is public accounting, you may need to be a Certified Public Accountant (CPA) so that you can sign tax filings. As you get a look at the scope of the work you’ll be doing as a public accountant, the distinction will soon become clear.
- Both public and private accounting require similar education requirements, as the minimum requirement is a bachelor’s degree in accounting or business.
- That’s why it’s important to understand both paths at the outset, so you can identify which path is best suited for you now and in the future.
- They can expect to work fairly regular hours in the comfort of the office their boss assigns to them.
- Christopher Ekimoff, southeast region leader and director of financial investigations and dispute services for RSM, a global audit, tax and consulting firm, told U.S.
- If you work in public accounting, you will interact with a variety of clients and will generally be a licensed, certified public accountant (CPA).
They deal with a wide range of clientele, including individuals, businesses, and sometimes even the government. Either way, accountants can enjoy long and successful careers, whether they choose a career path in public accounting or private accounting. Because their roles can involve traveling and working with so many different clients, public accountants must have sharp soft skills. They must be willing to adapt quickly to changing work environments due to frequently working remotely. They also need to develop non-accounting skills, such as written communication skills, for varied client interaction.
- The field is also expected to enjoy robust 12% growth through 2031, considered “much faster than average” by BLS standards.
- Rasmussen University may not prepare students for all positions featured within this content.
- More importantly, though, you will learn to become the accountant and leader you are meant to be.
- Public accountants are usually busiest during tax season, whereas private accountants are at the end of a fiscal quarter.
- It’s also necessary to consider the benefits and disadvantages you may experience when working in private vs. public accounting.
- Roads, subways, railroad tracks, interstates—all are funded by public taxes—and that funding becomes public.
- Additionally, public accounting firms frequently provide performance bonuses, profit-sharing plans, and opportunities for rapid salary growth, particularly for those who achieve certifications like the CPA.
Accounting Career Path & Outlook
- The downside to public accounting can be the long hours sometimes required to do the work, especially during tax season.
- One thing is guaranteed, you will not miss a single thing on-campus housing offers.
- Public accountants work with colleagues on various projects, especially during tax season, to meet deadlines for many clients.
- They act as a third party to review the financial documents of various clients for public disclosure and determine if their financial statements accurately represent cash flow and financial position.
- You won’t have to concern yourself very much with making spreadsheets public knowledge.
- These professionals are invaluable in helping organizations leverage data to optimize performance and achieve competitive advantages.
