Career Opportunity for Accounting Profession

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Accounting has always been considered as the language and basic tool of business. Over the last two decades, the field of accounting has been changing dramatically in response to computer revolution, increased government regulations, frequent tax law changes, the globalization of business, and the on-going downsizing and restructuring of corporations. In this increasingly complex and competitive business environment, accounting skills are very much in demand and accounting has become a dynamic career. Accountants are now performing as prestigious role of financial experts, system professionals, management consultants, budget analysts, etc.

The diverse career opportunities opened to accountants may be summarized into three major areas: public accounting, private accounting, and government and not-for profit accounting.

1. Public Accounting: In public accounting, one would offer expert service to the general public in much the same way that a doctor serves patients and a lawyer serves clients. Public accounting profession has the following three major areas:
(i)    Auditing: The first major area of public accounting is auditing. In this area, a chartered accountant (CA) examines the financial statements of companies and expresses an opinion as to the fairness of presentation. When the presentation is fair, users consider the statements to be reliable.
(ii)    Taxation: The second major area of public accounting is taxation. The work performed by tax specialists includes tax advice and planning, preparation tax returns and representation clients before government agencies involvements.
(iii)    Management Consulting: The third major area of public accounting is management consulting. It ranges from the installing of basic accounting systems to helping companies determine whether they should use the space shuttle for high-tech research and development projects.

2. Private Accounting: Instead of working in public accounting, one might choose to be an employee of a business enterprise. In private (or managerial) accounting, one would be involved in one of the following information:
(i) General Accounting: In this profession, the main tasks are recording daily transaction and preparing financial statements and related information.
(ii) Cost Accounting: In this profession, the main task is to determine the cost of producing specific products.
(iii) Budgeting: In this Profession, the main tasks are to assist management in quantifying goals concerning revenues, costs of goods sold and operating expenses.
(iv)    Accounting Information Systems: In this profession, the main tasks are to design both manual and computerized data processing systems.
(v)    Tax Accounting: In this profession, the main tasks are to prepare tax, return, and doing tax planning for the company.
(vi)    Internal Auditing: In this profession, the main tasks are to review the company’s operations to see if they comply with management policies and evaluate the efficiency of operations.

3. Not for Profit Accounting: Like business that exists to make a profit, not-for-profit organizations also need sound financial reporting and control. Hospital, college and universities must make decisions about allocating funds. Local, state and federal governmental units provide financial information to legislators, citizens, employees and creditors.

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