Within the financial industry, there are several types of accounting careers, each of which performs a different set of tasks. Accounting branches differ depending on the type of job, the scope of responsibilities and daily activities, the types of advancement opportunities available, and other factors. Various types of accounting and their careers will be divided into four broad categories in this article. Despite the fact that different professional accounting sources divide accounting careers into different categories, the four types listed here reflect the most common accounting roles. Corporate, public, government and forensic accounting are the four branches. For most accounting jobs, an undergraduate degree is required, but previous master’s work, particularly in the accounting field, is often strongly preferred. We’ll go over the specifics of each common area in more detail below.
Corporate Accounting
Overview: Corporate accounting, according to AccountingTools.com, entails the use, handling, and filing of a company’s financial data, which is frequently for the purpose of external reporting and tax compliance. Corporate accountants must be well-versed in certain widely held accounting methodologies in order to maintain accurate records and keep their financial and tax submissions compliant with appropriate rules, regulations, and standards in order to fulfil their role. Generally Accepted Accounting Principles (GAAP), International Financial Reporting Standards (IFRS), and the Internal Revenue Code are examples of common accounting principles, standards, and procedures (IRC).
Jobs that may be available: Corporate accounting jobs frequently involve external reporting. Working with a corporation’s financial statements or preparing their tax filings are examples of this. Financial controllers, analysts, and Chief Financial Officers (CFOs) are all examples of executive positions in financial accounting. Managerial responsibilities are common in traditional financial accounting positions.
Public Accounting
Public accountants work with external clients, which are typically businesses, corporations, or individuals. Their responsibility to clients is to assist them in ensuring the accuracy of their financial statements, records, and filings. Public accountants frequently work with tax regulations and financial reporting, and they must keep up with both GAAP and the tax code. They must also be familiar with industry-standard accounting frameworks and best practices and be able to apply them. Public accountants must have strong problem-solving abilities as well as meticulous attention to detail. To effectively interact with clients, excellent people skills are also required.
Public accounting positions are available in public accounting firms that provide services to external clients. Clientele could range from small local firms serving individuals and small businesses to multinational conglomerates serving multibillion-dollar corporations. Depending on the nature of the firm, public accountants can advance to the team or company-wide management positions. Working in public accounting can often lead to positions of leadership within the firm.
Government Accounting
Government accountants work for local, state, or federal government agencies. They frequently work within frameworks that are not the same as those used by public accountants. Government accountants are frequently subjected to more stringent background checks, and in some cases, they will be in charge of maintaining privileged or confidential information.
Jobs Available: Government financial professionals are responsible for a wide range of responsibilities. They may conduct audits of private documents or tax returns, keep track of government financial records, or manage government resources. OneWire Resources, a financial professional resource, warns that government jobs may not be as well compensated as comparable private-sector jobs. Government jobs, on the other hand, come with perks and benefits that can help compensate for lower pay. According to a comparison by Monster.com, government jobs are the most common.
Forensic Accounting
In forensic accounting, financial data is collected, recovered, and reconstructed when it is difficult or impossible to obtain. Forensic accountants must be resourceful, creative, and able to solve often-complex problems in addition to understanding accounting principles and practices. The Federal Bureau of Investigation (FBI) emphasises collaboration, communication, and investigative skills in a sample job listing for a forensic accountant. Prior law school coursework or related experience is also appealing to potential employers in this field.
Job Possibilities: Positions in forensic accounting can be very diverse. Some forensic accountants work for large law firms, while others work for government agencies. Forensic accountants are employed by government agencies such as the FBI, the IRS, and others. Other forensic experts are also available.
To match their ideal career situation, an accounting professional can choose from a variety of employment scenarios and desired amenities. Fast-paced positions with frequent changes and extensive travel are available, as well as more traditional positions with consistent working conditions and responsibilities. Roles that require significant teamwork and interpersonal interaction may be available, as well as positions that are primarily data-driven and require little outside personal contact.
If you have the basic skills required for an accounting position, pursuing a career in the field could open up a world of opportunities for you, allowing you to tailor your career to your preferences.
