Public Accountant

Accounting and finance are at the epicentre of significant developments owing to the privatisation and globalisation of various economies. Public Accountants are masters of the language of business and provide diverse services to protect the public interest. They audit companies such as local businesses or Fortune 500 companies to ensure business decisions that would accelerate growth and even help individuals plan their financial futures.

What do Public Accountants do?

A Public Accountant would typically need to:

1. Collect, organise, update and track financial information (both physical and digital) for individuals and organisations
2. Keep this information confidential unless financial reports regarding revenues, expenses, assets and liabilities are to be prepared for internal use by staff and to meet Government requirements, shareholders and other appropriate entities
3. Prepare tax returns to minimize tax liabilities and ensure that income is reported according to the IRS code; liaise with tax accountants to track tax payments and returns; advise clients or management at their firm regarding strategies to limit future tax burden
4. Perform regular, detailed audits to ensure accuracy in financial documents, expenditures and investments; oversee ledger reconciliation and manage accounts payable/receivable
5. Conduct audits to determine if client organisations or their own employer is following established legal practices and company policies for financial transactions; review and interpret the financial information in the company's records
6. Prepare reports with their findings to recommend remedies that will resolve problems and reduce the risk of lawsuits and financial losses due to staff errors or criminal activity
7. Forecast revenue and analyze profit margins by frequently monitoring bookkeeping activities; take part in the budgeting processes and brief senior managers on the company's financial status at the time of creating the budget
8. Stay informed of changing trends in the industry, in the field of finance and the economy as a whole

Most Public Accountants typically work in an office setting in Government chambers, large firms and corporations and with local businesses. They live close to their work location and may sometimes need to travel to report and account financial activities precisely.

You must possess a bachelor's degree to be eligible to become a Public Accountant. If you have completed an associate degree, consider applying for a bachelor's program to boost your credentials.

Prospective Public Accountants must have taken some college preparatory courses at high school, such as economics, intermediary and advanced mathematics, business mathematics and so on. To obtain the required body of knowledge and to develop the skills and abilities needed to be successful Public Accountants, students should complete 150 semester hours of education, which is 30 hours beyond a conventional undergraduate education.

You may fulfil the 150-hour requirement in any of three ways, the preferred subjects being accounting, commerce, finance and markets, mathematics and economics. First, you may combine an undergraduate accounting degree with a master's degree at the same school or a different one. The second route is to combine an undergraduate degree in some other discipline with a master's in accounting or an MBA (Master of Business Administration) degree with a concentration in accounting. The third option would be to enrol in an integrated five-year professional accounting school or program leading to a master's degree in accounting.

Pursuing an MBA (Master of Business Administration) or master's programs in accounting or taxation may expand your range of job opportunities, raise salary potential, and develop technical skills such as presentation and communication.

After prospective Public Accountants complete their degrees, they must take a test to get state licensure and certification. Licensing and certification requirements usually vary from one country to another. The Association of International Certified Public Accountants, however, provides training and certification for Public Accountants worldwide.

Performance, experience, and the acquisition of professional qualifications drive career progression. Public Accountants with consistently high levels of performance may be eligible for promotion every two to three years.

Public Accountants can diversify within the three major trajectories of auditing, tax, and budget & financial analysis.

Public Accountants are particularly suited to become CFOs (Chief Financial Officers) or other senior executives due to their discipline, organisational skills, financial acumen, and integrity. To become CFOs, Public Accountants must complete the necessary certification requirements along with mandatory work experience.

Candidates with the necessary skills, experience, and education have the best job prospects. Having a master's degree is highly recommended to bag a senior executive position within the realm of accounting. Identification of fine details, critical thinking skills and the skilful usage of computers may enhance a Public Accountant's job prospects.

Continuing Professional Education (CPE) is a requirement for Public Accountants since it helps maintain their competency and skill sets as professional services providers. Institutions such as the Association of International Certified Professional Accountants provide a range of professional development courses for Public Accountants.

Public Accountants must constantly upskill themselves to keep up with the changing trends in the field of finance. They must improve their computer skills, critical-thinking abilities, mathematical and technical knowledge to enhance their job performance.

Chartered Accountants vs Certified Public Accountants

Both Certified Public Accountants and Chartered Accountants are credentials that one earns as a result of a defined study program and passing an examination. However, Certified Public Accountant (CPA) is a credential issued only in the United States, while a Chartered Accountant (CA) is recognised worldwide. Both a CPA and a CA are professionals who have minor differences in their knowledge base, the nature of financial services they offer to clients, and their job responsibilities.

Public Accountants are not the mind-numbing, number-crunching bores mainstream media stereotypically portrays them to be. They are highly intelligent and attuned to identifying fine details, both of which are valuable assets in all aspects of life.