How To Choose a Right Accounting Career Path For You? [Expert’s Guide]

• Set realistic and flexible goals

The final step is to set realistic and flexible goals for your accounting career that can help you define your vision, direction and action plan. You should use the SMART framework when setting goals: they should be specific, measurable, achievable, relevant to your interests and values, and time-bound. This way you can track your progress and success while ensuring your goals are realistic and achievable. Exploring your options, identifying your strengths and aligning your goals with your accounting career can be a rewarding journey.

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Your Guide to Choosing the Right Accounting Career 

1. Consider, In Depth

• Your Interests, Passions and Strengths – Explore and immerse yourself in what the options are, and in the process consider areas that pique your interest and can contribute to your strengths. Do you enjoy working with people or behind the scenes? Are you better suited to a fast-paced environment or one that is more methodical? What are your innate strengths? Those are the ones you want to align with.
• The Work Environment You Could Thrive In –Would you enjoy a rigorous, fast-paced, challenging and diverse public accounting environment where you can learn quickly? Or would you thrive in a less stressful, consistent, supportive, private accountancy workplace where you can achieve work-life balance?
• The Specialties that Speak to You – You want to carefully consider the different options available to you so you can decide where to hone your skills to succeed. Explore everything from Accounts Payable Specialist, Accounts Receivable Specialist, Public Accountant, Financial Accountant, Tax Accountant, Forensic Accountant, Management Accountant and Government Accountant to the role of Internal Auditor or Financial Planner.
• Reach Out for Support – you can certainly conduct an informational interview with an accountant in your area and specialization of your interest; professionals love to share what they do with those who want to pursue a career in their field. Or if you’re looking for information on how to match your interests with the training program that’s best for you and how to become a Certified Professional Accountant (CPA).

2. Select the Training Program Best Suited to You

• Want to learn from industry experts who balance theoretical learning with practical application?
• Do you want to study accounting and payroll and get your payroll designation or business accounting and payroll processing under the supervision of accountants?

3. Consider Leveraging Accounting for Other Career Opportunities

• You may decide that you want to work directly in the accounting field, or you may realize that these skills can open the door to a whole world of other opportunities.
• With an accounting degree, you’ll have the skills to explore careers such as fraud investigation, business consulting, budget analysis, teaching positions and much more.

Thinking about what interests you, your career and life goals, and how it all fits together to build the future you envision are all essential steps. A career in accounting offers you almost unlimited opportunities, and the skills you pick up can be applied to a variety of career paths. In addition to the above steps, our team is here to help you navigate the decision-making process.

Accounting Career Paths

Certified Public Accountant (CPA) 

As CPAs, accountants can work in tax or government accounting roles as well as for Big Four accounting firms (such as Deloitte). CPAs can work on things like tax preparation, consulting, and financial planning.

“As a CPA, you will be able to work with clients in a variety of industries and settings, from large multinational corporations to non-profit organizations and even government agencies,” says Bryan Sharpe, chief accounting officer at Solar Panels Network USA.

CPAs typically have a degree in accounting and have passed a standardized exam administered by the American Institute of CPAs. Having a CPA license means industry knowledge and credibility, making it a popular career path for accountants.

“The CPA designation also comes with a lot of prestige because CPAs are considered experts in their field,” notes Sharpe.

Certified Management Accountant (CMA)

For those who have an accounting background and want to focus on corporate finance, earning a Certified Management Accountant (CMA) license can be a great option. CMAs focus on financial accounting and managing a company’s money. While CPAs focus heavily on summarizing and reporting financial information, CMAs deal with corporate strategy and find meaningful insights in financial data.

“This can be a great option if you like data analysis and digging into numbers, but it can also mean less interaction with clients because CMA holders are typically not involved in building relationships with their clients,” says Sharpe.

Accountants interested in a career in corporate finance may also consider becoming a Chartered Financial Analyst (CFA). CMAs have a good foundation of knowledge, which makes it easier to get CFA certification. As a CFA, an accountant can work for some of the largest investment banking firms and expand their financial analysis skills to include investments, economics and portfolio management.

Tax Accountant

A tax accounting career means specializing in filing tax returns with the Internal Revenue Service (IRS). Successful tax accountants know state, local and federal tax laws and regulations like the back of their hand.

A tax accountant’s clients can range from individuals to large corporations to government organizations. In addition to filing tax returns, tax accountants can also work with their clients to streamline finances and look for areas of improvement or savings opportunities.

You typically need a CPA license to work as a tax accountant, and some choose to earn the Enrolled Agent (EA) designation, which allows them to legally represent clients before the IRS.

Auditor

An auditor reviews the client’s financial statements and ensures that all financial information is accurately recorded in accordance with tax laws. Auditor clients are typically large public companies that are required by the U.S. Securities and Exchange Commission (SEC) to undergo periodic reviews by external auditors.

However, individuals, government organizations, and private companies may use an auditor, either as a requirement from the IRS or as a way to check that their finances are in order.

Auditors follow strict procedures set by the International Auditing and Assurance Standards Board (IAASB). Most auditors must have a CPA license, which shows that they understand basic accounting principles.

Forensic Accountant

The forensic accounting career involves examining financial statements to find evidence of criminal acts such as fraud. Forensic accountants typically hold a CPA license and work for law enforcement agencies and insurance companies. Some forensic accountants even work for government organizations such as the IRS or SEC.

Being a forensic accountant can go beyond just looking at financial data. In fact, many forensic accountants are called to testify as expert witnesses in court cases. Using their knowledge, CPAs are able to determine if a company or individual has committed fraud or embezzlement.

Personal Accountant

As an accountant, you can work for yourself. Having a CPA license is the best place to start, and from there you would need to register as a business, such as a Limited Liability Company (LLC). Independent accountants have more freedom to choose the types of clients they work with. For example, you can choose the specific industry or size of business you want as clients, rather than working with whatever clients your employer has.

This can be a great option if you like autonomy and being your own boss, but it can also mean you have to spend a lot of time finding new clients and building a client base,” says Sharpe.

Practical Accounting

A competitive job market requires you to stay ahead of the curve and continuously improve your skills. One field that offers a wealth of opportunities and benefits is accounting. Whether you’re a recent graduate looking to kickstart your career or a seasoned professional seeking to enhance your skillset, a practical accounting course can make a significant difference.

Practical Accounting Training is a comprehensive educational program that offers individuals hands-on learning experiences to develop practical skills and knowledge in the field of accounting. It goes beyond theoretical concepts and textbooks, focusing on real-world applications encountered in the accounting profession. This training covers essential areas such as financial accounting, taxation, auditing, management accounting, software proficiency, financial analysis, regulatory compliance, and ethical standards.

The benefits of such training include a strong foundation in accounting principles, honed analytical and problem-solving skills, and preparation for the challenges of the accounting profession. Practical Accounting Training can be obtained through formal educational programs, vocational schools, online courses, or on-the-job training in accounting firms or finance departments, with the ultimate aim of producing competent and confident accounting professionals capable of managing financial information and making sound financial decisions.

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