1. Career Paths in Accounting
General Body Meeting #5
Monday, October 23, 2017

2. Accounting
Public
Private (Industry)
Government Agencies

3. Public Accounting
Certified accountants (CPA’s) provide services to private businesses, individuals, non- profits, or governments
Audit
Reviewing, editing, preparing financial statements to be disclosed to public.
Testing and validating information and discussing and inquiring with clients.
Tax
Advising on tax planning and preparing the return. Provide advice to client on transactions and ways to handle intended changes in business.
Advisory/Consulting
Overall strategic planning and implementation of specific operations

4. Career Path in Public Accounting
Penn State is recruited heavily from Big 4, other large firms, as well as smaller firms
Best Way to Get Started:
Meet recruiter at event, apply for leadership conference
Attend conference (1-2 days), possible internship offer
Intern->Associate->Senior->Manager->Partner ($$$)
The experience and connections make for exceptional exit opportunities in your industry of choice
Don’t just look at Big 4! There are many smaller/regional firms which are a great starting point.

5. Private Accounting/ Industry
Employees of entity set up systems and record transactions; then aggregate them into financial statements
Family-owned to F500
F100 Companies
Goal is to improve financial performance through review of financial statements

6. Career Path in Private Accounting
Highly variable
Short-term goal should be finding internship in your industry of choice
Full-time career path:
Staff Accountant->Assistant Controller->Controller/Manager->CFO

7. Government Agencies IRS FBI and Other Regulatory Agencies
Review tax returns to enforce tax laws set by Congress
Ensures Gov. is properly funded
FBI and Other Regulatory Agencies
Investigate fraud and other illegal activities (not just financial)
Government Accountability Office
Provides auditing, evaluation, and investigative services for the United States Congress
How the government is using taxpayer dollars

8. Different Certifications
CPA- licensed by state governments and allowed to write audit reports and give opinions on publicly traded company financials. Can also sign tax returns as paid preparers and represent clients in front of the IRS.
CMA- specializes in company accounting management. Thus, it makes these candidates great for internal management and executive level roles in companies.
CFA- train you and prepare you for a career in the finance and investment world. Analytic thinking about finance, investing, and how businesses operate.
CIA- overseeing a company’s internal financial processes to ensure compliance or flag deficiencies. Work for large companies performing audit procedures and helping independent auditors do their jobs

9. Work-Life Balance Public Private/Government
Hours worked are highly variable (depends on season/firm/branch)
A study of public accountants in 2002 by Sweeney and Summers reported an average of 49 hours per week outside of busy season, and 63 hours per week during busy season (which lasts between 3-5 months of the year)
Private/Government
Typically 40 hours per week all year

10. So what do I pick?
The best advice is to start as early as you possible can to do research work on all the alternatives mentioned
Network with representatives from as wide a range of organizations as possible.
It is not really possible to set your career goals in a meaningful manner without first engaging in such research work and networking activities

11. Can’t Go Wrong
Accounting is incredibly diverse; meaning any industry will have a position for an accountant
Accounting is incredibly lucrative
Accounting degrees earn ~$300k more over lifetime than average college degree (The Hamilton Project)
Ultimately you need to pick priorities and find career that gives you them