Accounting is the basic language of business as it is the study of communicating financial information about a business to its owner and stakeholders. There are several types of accounting, all of which are essential to the operation of a successful business. The recording, verifying and reporting of the assets, liabilities and equity of a business aid in the managerial decision-making process of businesses. Since accounting is such a crucial component of proper business management, it paves the way for a bright future for diverse careers in the business sector. Below are some ideas for accounting career goals.
The Big Four
The largest international professional services and accountancy firms are referred to as the Big Four. They conduct the vast majority of audits for companies all over the world and nearly have an oligopoly over the international accounting industry. These four outstanding companies are PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young and KPMG. Because these accounting firms are among the most powerful in the world, securing positions within them is extremely difficult. Only the best in the field will be lucky enough to grace their doors.
Certified Public Accountant (CPAs)
To become a certified public accountant, you must pass the Uniform Certified Public Accounting Examination--not an easy task. Moreover, other certification requirements must be met to become a CPA as well, such as a certain length of field experience. A career goal of becoming a CPA is noteworthy because CPAs are eligible to practice in virtually any area of finance. They have a much broader range of job opportunities than an accountant specialized in one area, such as a financial accountant or a managerial accountant.
Cheif Executive Officers (CEOs) and Chief Finance Officers (CFO)
Many business careers offer the opportunity to "work your way up to the top," and accounting is no different. Starting out as a accountant at a large or small firm and working there for an extended period of time can lead to promotions to a CEO or a CFO. Accountants are equipped with the information needed to make managerial decisions about a business, and through experience they can learn how to do just that, possibly landing them a head job with the company. One of the most advantageous moves that an accountant hoping to climb the corporate ladder can do, is to promote herself by networking within the company, to make connections and let her skills be known.
An ultimate career goal for many accountants may be to start their own practice. Again, because accounting is the language of business upon which all matters of business are founded upon, accountants typically know all of the ins and outs of business procedure and therefore, they have an advantage. With the proper capital, accountants can found their own practice and become their own boss setting their own hours and choosing their own niche of the market, especially if they are CPAs certified to practice directly for the public.