One of the challenging decisions that you will have to make a decision of the kind of account that you want to be. There are two major types of accountants in Norwich that you need to know about if you are going to become successful. You need to decide if you are going to be a private or public accountant. The two differ greatly in terms of the knowledge and experience.
Public accountants are involved in the process of examining and evaluating the financial statements of companies to figure out if they represent the financial position and cash of the different clients. The private accountants are involved in setting up systems and recording of the financial activity of the company.
How the two differ
Training; when it comes to the training involved, the public accounts are usually trained in different areas including financial systems analysis, collection of evidence and forecasting. They also gain knowledge of the standards and principals of accounting. That is the reason why they can work in different industries. The private accountants on the other hand are usually trained in carrying out the different financial transactions including billing and processing of payments.
The experience and certifications; most of the public accountants have diverse experience because of the different clients that they have. Because they are hired by renowned companies, they are required to have skills and a vast knowledge when it comes to handling the different financial activities of the companies. A public accounts are required to have the Certified Public Accountant certification to operate in the different states. The private accounting on the other hand is required to have knowledge and experience on the different activities that they will be involved in. Because you will be working as a private accountant, you are not required to have any certifications. This is does not however mean you can’t obtain the certifications that you need. There are several certifications that are available to the private accounts. All you need to do is to identify your niche and get the required certifications.
The career; the different types of accountants can follow a different career path. Take for example the public accounts; they have the chance of working as auditors for the different companies. With hard work, one can get to the position of an auditor manager. You can also become an audit partner and your responsibilities will include performing the audit process and looking for new businesses. As private accounts you can work as an assistant financial controller with the possibility of becoming the Chief Financial Officer. In this position, you will be responsible for internal accounting functions and performing the risk management of the business. You will be required to make decision on the investment opportunities.
Work schedule; Even though the public accounts tend to have more career opportunities, this comes at a price. You will be required to work long hours with very tight deadlines. There is also a lot of travelling that is involved. If you are looking for stability, then the private accounting is the best option. You will be working at the normal working hours with no much travelling. You will also get to enjoy working at fixed location.
Being a public accountant will require you to have confrontational skills as you will be involved with criticizing the financial statements of the companies. The public accounts are expected to interview the different clients to see the state of their financial records. This may not be a suitable profession for the introverts because of the working environment. The private accountants on the other hand deal with the different systems of the company to see how to improve the financial aspect of the company.
The one advantage of being a public accountant is you will have the chance to specialize in different areas. With the private accounting, you will not have any variety of jobs duties and the advancement opportunities do not come as fast as you would like.
So it all comes down to the job satisfaction. This is the most important factor that you need to consider because both the private and public accounting has a different working environment. Public accountants are involved criticizing the financial records. If you don’t like confrontation, then the public accounting is not for you. It has been said that the private accountants tend to have a more satisfying jobs as they are involved in analysing the company’s financial record and coming up with new business ideas.
Regardless of the path that you choose, you are required to have a degree in accounting. There are different degree programs that you can choose from. Once you are done with the studies, then you can choose the right career path for you.