How to Choose Your Accounting Career Path

How to Choose Your Accounting Career Path

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Daily routines for public accounting vs. private

Top accounting graduates often take positions at large public accounting firms, including the Big Four — Deloitte, Ernst and Young, KPMG, and PWC. Public accountants provide auditing, tax, forensic accounting, and advisory and consulting services. But a lack of work-life balance can prompt some workers to

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Daily routines for public accounting vs. private

leave even if they’ve been at the firm for less than a year. This can make for more opportunities for job seekers. "Public accounting jobs involve variety, long work hours and sometimes frequent travel," Downs says. "Public accountants need to have the ability to work in an ever-changing environment from day to day, the ability to learn 

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Daily routines for public accounting vs. private

quickly and a willingness not to have a ‘home,’ so to speak." Corporate or private accounting jobs tend to have a more consistent work schedule with less travel. And as businesses comply with new regulations and complete system implementations, they’re hiring more staff and senior accountants, financial analysts, and payroll professionals.

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Daily routines for public accounting vs. private

To attract these candidates, many employers in this arena offer flexible scheduling and telecommuting options. “If you want to dig in, learn one industry and go to the same desk every day, a private accounting career path will be what makes you happy,” Downs says.

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Salaries and hiring outlook

In both public and private accounting, professionals are well compensated, the hiring outlook is strong and the talent shortages are expected to continue. The midpoint is the level in which candidates have average experience with the necessary skills to meet the job requirements, and the role may be in an industry where 

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Salaries and hiring outlook

competition for talent is moderate. Bonuses and benefits are not taken into account. You can localize your insights to adjust salaries for regional cost of living, talent availability and other factors.

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Education, licenses and certificates

In terms of education, you should earn your bachelor's degree in accounting, finance or business to work in either public or private accounting. For CPA jobs, you need to pass one of the most rigorous professional credential examinations in the business. While private accountants are not required to hold finance and accounting certifications, 

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Education, licenses and certificates

there are several, including the CPA, that can boost your salary potential and show your commitment to the standards and ethics required by your state board of accountancy. "Your CPA license will be a valuable asset, even if you ultimately pursue a career as a corporate accountant," says Downs. “Plan to get your CPA early in your career. It will 

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Education, licenses and certificates

forever pay dividends in terms of promotions and opening doors for new opportunities. And once you get the CPA, do not ever let it go inactive.”

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Accounting career paths to partner or CFO

The career path for a public accountant is fairly straightforward.  You typically begin in an entry-level accounting position as a staff accountant. After several years, you’re likely to advance to a role as a senior accountant before moving up to a managerial position. Ultimately, you may rise to a coveted position as partner.

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Accounting career paths to partner or CFO

Similarly, private accountants normally start their careers in entry-level staff accountant positions and typically move up into managerial roles over the years. The CFO is the top of the ladder in private accounting, though that career path can be even more challenging than becoming a partner in a CPA firm. Changing industries as a corporate accountant can also be formidable, but it can be done.

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More advice for those starting out

Downs advises new graduates to begin their careers in public accounting vs. private, as the experience will build a strong foundation for the remainder of their accounting careers.  Among the advantages are the opportunities to work with prestigious clients, travel, and get training and career development. Of course, some new graduates won’t begin 

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More advice for those starting out

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. Either way, accountants can enjoy long and successful careers, whether they choose a 

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More advice for those starting out

career path in public accounting or private accounting.

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