Public Accounting
Public accountants, or Certified Public Accountants (CPAs), help ensure the efficiency of their employers by verifying that their public records are accurate and up-to-date and that their taxes are filed properly. A CPA's fundamental task is to manage his or her employer's finances and ensure that all government regulations are met.
Daily Tasks
Professionals in this specialty perform a range of consulting, tax, auditing, and accounting services for their clients/employers. Some advise their clients on compensation or employee healthcare benefits; how to safeguard assets; or how to design an accounting and data processing system.
Other public accountants focus on tax matters. They offer advice on the advantages and disadvantages of certain business decisions, and prepare individual income tax returns. It is also common for public accountants to audit their clients' financial statements.
Nonprofit organizations, individuals, corporations, and/or governments are among the primary employers of public accountants. Again, these accountants have a range of responsibilities, so each employment opportunity may take on a slightly different form. CPAs commonly own and operate their own business or work for public accounting firms.
Education & Training
Aspiring public accountants commonly enroll in a bachelor's degree program in accounting or a related field, as this is typically the minimum educational requirement for most accounting positions. Employers may accept applicants who possess a combination of postsecondary education and work experience in lieu of a college diploma..
Earning certification is one way to improve your candidacy for employment as a public accountant. The American Institute of Certified Public Accountants (AICPA) confers certification upon public accountants who pass a rigorous four-part exam. One thing to note: A certain number of continuing education credits must be completed before most states will renew a public accountant's certification and/or licensure. It may seem like a burden to maintain these distinctions, but employers tend to prefer those who maintain licensure or certification, especially CPAs.
Salary & Employment Outlook
Compensation is likely to depend upon the public accountant's location. According to the U.S. Bureau of Labor Statistics, the median annual earnings of a public accountant is approximately $59,000 per year. The middle 50 percent earn between roughly $46,000 and $78,000 annually. The highest 10 percent earn more than $102,000 per year.
Public accounting is expected to experience employment growth at a much faster rate than the average for all other occupations. In fact, the U.S. Bureau of Labor Statistics predicts that employment of accountants and auditors will increase by 22 percent through 2018 with the addition of 279,400 new employment opportunities.
Job prospects for public accountants are favorable. As the economy improves, new businesses will open and more accountants will be needed to manage financial matters. What's more, the growth of these businesses will result in a simultaneous growth in the volume and complexity of their financial records. These trends will help drive the demand for qualified public accountants.
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Characteristics of a Successful Public Accountant
Several key competencies required to become a public accountant include attention to detail, accuracy, and strong problem-solving skills. Due to the analytical nature of the work, prospective public accountants should have a facility for working with numbers. Trustworthiness is also a major asset, because public accountants often deal with confidential materials, as are honed verbal and written communication skills.