Services: Public accountants provide a range of services including auditing, tax, and consulting. They may work in CPA firms or as sole practitioners.
Roles: These accountants often help businesses with financial statement audits, tax planning, and even advising on management decisions. Many CPAs transition into managerial roles within organizations, such as controllers, treasurers, or CFOs.
CPA Examination: To become a Certified Public Accountant (CPA), one must pass a rigorous exam and meet education and experience requirements. CPA certification is recognized across various U.S. jurisdictions.
Role: Management accountants work within organizations, focusing on developing and interpreting financial data to meet internal management needs.
Positions: The chief accounting officer (CAO) or controller is a key figure in this field, often part of the top management team. They help in setting objectives and ensuring these are met by controlling business operations.
Opportunities: Many governmental agencies, such as the FBI, Treasury Department, and FDIC, employ accountants to ensure compliance with regulations and investigate financial misconduct.
Career Growth: Those starting in governmental accounting often progress to top administrative roles within these agencies.
Roles: Accountants in education teach, conduct research, and consult. They also have the freedom to develop specialized skills and contribute to the profession by shaping future accountants.
Contribution: Educators in accounting play a crucial role by teaching, publishing research, and encouraging top students to pursue careers in the field.
Distinction: Bookkeeping involves the clerical task of recording routine transactions, which is not the primary focus of professional accountants. Instead, they focus on interpreting and using accounting information for decision-making.
Professional Skills: Becoming a professional accountant requires extensive study, experience, and a commitment to staying current in the field, unlike bookkeeping, which can be learned in a shorter time.