Accounting is among the most popular and in-demand fields in the labor market, and it attracts professionals with varying levels of experience. The CPA designation is considered one of the top designations for accounting and finance professionals in many countries, and it’s an excellent gateway to high-level positions within organizations. In this post, we’ll cover some key points about what you can do with a career as a CPA.
Accounting professionals with the CPA designation can easily find their place in public accounting. Businesses, government agencies, and other organizations hire professionals with the CPA designation to handle financial audits for their organization or industry. This is a lucrative career path you can take as a CPA.
Public accountants perform a wide range of tasks, including preparing tax returns and financial statements, evaluating internal controls and procedures at banks or investment houses, auditing corporate accounts, assessing risk management programs, and developing budgets. Other professionals with the CPA designation are employed in government, serving as accountants for state and local governments. So, be sure to take that CPA test prep seriously so that you can ace the final tests.
Many public accountants and other professionals with the CPA designation also provide consulting services to other organizations. This is a popular area for those interested in starting their firm, as it often involves setting your schedule and becoming an entrepreneur. Many larger accounting firms retain consultants on an as-needed basis to help them complete specialized projects.
Accounting firms offer a wide range of consulting services for public and private organizations, ranging from developing budgets to providing risk management strategies. Professionals with the CPA designation often conduct these engagements for corporations, financial institutions, educational institutions, and government departments. It’s not unusual to find companies seeking advisers with specific areas of expertise, such as mergers and acquisitions or internal audit procedures.
In recent years, internal auditing has become a significant element of many organizations’ risk management programs. Internal auditors focus on the effectiveness and efficiency of an organization’s processes and procedures by testing controls and assessing risk management procedures, including documenting fundamental interactions with clients and managing risk within the firm.
The CPA designation is well-known as a credential for individuals with auditing skills, making it a popular entry point for new professionals. In some cases, internal auditors work with local and federal governments to provide agencies with risk assessment strategies.
Banks often contract accounting firms to provide services that range from auditing corporate accounts to assessing the risks associated with loan transactions. Banking professionals with the CPA designation may specialize in investment banking, commercial lending, or working with mutual fund companies.
Many banks seek out CPAs who have specific expertise in various areas, including financial statement preparation and banking regulation. Some organizations require bankers to possess a CPA designation, but the state they reside in also determines whether or not they can work within the financial services industry.
Attorneys who specialize in a wide array of legal areas require the services of accounting professionals to help them determine financial impact. Attorneys working in intellectual property cases often need to assess whether there’s sufficient evidence for a case. CPAs with expertise in finance can help determine the costs associated with various strategies.
Some CPAs choose to work in the tax or legal field after receiving their designation. They may specialize in several areas, including litigation, trusts, and estates, real estate finance, or probate. Law firms often use accountants with a CPA designation for bankruptcy cases or divorce matters, and some lawyers work with CPAs to help assess the estate’s value.
The CPA career designation is a highly sought-after qualification for professionals who work with the legal system. Forensic accountants often probe cases of suspected fraud or embezzlement, and they work with law enforcement to recover any misappropriated assets from those responsible. In some cases, they’ll serve as an expert witness in civil or criminal court proceedings.
Forensic accountants also work with CPAs and attorneys to assess the financial situation, which is especially helpful during criminal investigations.
So you want to become a CPA but aren’t sure if it’s the right path for you? Maybe this will help. Accounting is one of those fields that can offer just as many opportunities as accountants in the world.