Accounting involves processing, measuring and communicating the financial information in all kinds of economic entities. The study of accounting was established by an Italian mathematician Luca Pacioli back in the 1400s and has now become the sphere of activity for many people all over the world. Accounting is described as the common language of business, since it involves measuring the results generated from organizations by taking into account their operations in terms of finances and later conveys this information to various users in the economy, including the management, the investors to the business and also to the creditors. Accounting professionals also help to ensure that the business is running smoothly, efficiently and, most importantly, that is it operating within the allocated budget. In regard to career, accounting professionals are divided into two major groups, public accounting and private accounting workers, which can also be referred to as private accounting. This paper is a detailed essay that is aimed to outline the main differences between working in public accounting and private accounting. Also, the current paper will link the current profession with my career goals and interests.
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Difference between Working in Public versus Private Accounting
To begin with, the accountants working in the public sector are responsible for providing auditing, tax, advisory and the consulting services. In the public sector, there are four main firms that are known to be the biggest ones in the world, including Deloitte, Ernst and Young, KPMG and PWC. People that work in the public accounting are known to interact with many clients from different professions and from different parts of the world. These personalities are, therefore, required to be accredited Certified Public Accountants (Jones and Pendlebury 112). On the other side, people working in the private sector accounting are mainly concerned with the inner working of different businesses, agencies and governments. Private accountants always work for various specific firms in the economy all over the world and have always been known to be among the key factors for the success of the organizations that they work in. Due to this reason, many of the professional accountants in the public sector tend to end up working in the industry.
During their training, the accountants in the public sector are always taught to analyze the accounting systems, collect the relevant evidence and perform the specific tests to establish whether a specific business is running effectively. On the one hand, people working in the public accounting must also have keen knowledge and understanding of the standards involved in the accounting for financial statements (Jones and Pendlebury 113). Professional accountants working in private accounting, on the other hand, are usually trained to process a variety of transactions involved in accounting, like billings and accounts payable. Since accountants in this sector always specialize in the field they want to work in, the knowledge of the analysts in this section may always be limited to the specific work that they are responsible for (Windal and Robert 63).
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The career path for accountants working in the public sector is always straight forward, as they will advance through working as auditors and audit managers and, in the long run, will secure a position as audit partners or further work in tax accounting sphere. Audit partners are responsible for managing audit relations and, at the same time, try to introduce new businesses, while the tax accountants associate themselves with tax returns and other types of keeping tax records (Carmichael and Paul 110). For the private accountants, their career paths are most likely to keep on changing, as they advance and are, therefore, not straight forward. This is because their paths may begin in any of the various specialty areas that are involved in this section and later in advance to a position of an assistant controller. They can then become Chief Financial Officers, responsible for all accounting functions, including risk management, treasury and also relations in investments (Tsamenyi and Shahzad 98).
Professional accountants, working in the two areas, may also have a difference in the working environment, as the public accountants will always face harsh environment which involves a lot of travelling, long working hours and deadlines that are tight, which is very stressful at times. The environment for the people working in the public accounting is very difficult and cumbersome. On the other side, the working environment for the private sector does not usually involve any travelling, since they will always be positioned in a specific firm (Simss and Scott 233). Here, the work schedules are always fixed in just one location. Therefore, in comparison to the two areas, the private sector is always considered as the most stable about the day to day work activities in the professional.
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My Career Goal and Interest
Accounting professionals all around the globe have a variety of significant career options, thereby making the profession one of the most practical and applied in a business world. My career goal is to become the accounting professional, as I am interested in working in a big accounting firm. To do this, I would like to acquire the certification from the accounting board and become a certified public accountant and be able to solve different financial issues to help various clients from all over the world. I am also interested in becoming a certified public accountant to reach my career goals and become successful in the future, since most professional usually work in the public accounting sector. Accounting, as a career, also interests me since after acquiring the certification as a certified public accountant, my professionalism will be unlimited, as I will have an opportunity to work in any part of the world with the same basics without any alterations whatsoever.
Accounting, as a profession, involves collecting measuring and communication of the accounting information in various kinds of businesses and corporations. The professionalism is divided into two main sectors, including the public and the private accountings. The current essay has established that most of the accountants begin their professional careers in the public sector and later on advance to the private sector. From the paper, the industry is more popular for long-time employment, since the public sector has many difficulties, although it features the accounting basics for the professional. Most people, therefore, begin their career as public accountants and later advance in the private sector. The current paper has certainly established my interest and career goals, which involve acquiring the certification of a public accountant and working for a big accounting firm.
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