Private or Public Accounting? Your Guide to Choosing a Career Path.

If you’ve a head for numbers and a passion for running down a dynamic career that will set you up for success, you may be exploring an accounting course/financial course, or even looking at how to become a CPA. Smart. But in reviewing your options you’ll quickly see two choices emerge. Now, the best accounting programs in Ontario will lay the details out for you, but we thought an overview could serve you now in dreaming about your future.

Your Guide to Choosing Between Private and Public Accounting

The Definitions

Private accountants focus on working with the financial data of one single company. In this role you will be responsible for ensuring the internal accounts of the company you work for are in order. You will analyze, report and consult. You may work within the organization or contract your services.

Public accountants provide services to a range of clients, from individuals and small businesses to corporations. Your responsibilities may include tax advising, auditing, preparing financial papers that a company is compelled to reveal, even audit the work of private accounting specialists, providing an impartial stamp of approval that their reports are up to par.

The Differences

Daily Duties

The private accountants’ days hone in on recording journal entries, performing account reconciliations, evaluating fiscal performance, forecasting future performance and creating reports. You work with financial and internal business managers and ensure all is in financial order day-to-day.

To thrive in this role, you will need to be detail oriented, communicate in a concise and clear manner, able to analyze and forecast effectively, and self motivated. You will need to consistently keep your skills up to date so that clients know they can rely on you for the latest industry insights, requirements, and strategies.

A public accountant’s daily job centres on analyzing and testing the financial information provided by their clients to ensure accuracy. You can choose a specialty such as auditing, tax accounting, forensic accounting, or consulting. Responsibilities range from preparing financial statements, preparing, filing, and advising on taxes, audit representation and performing audits to consulting on financial performance.
To thrive in this sector, you’ll need to communicate clearly and concisely to translate technical information in terms that can be understood, stay composed as you manage multiple clients and deadlines, be impeccable with your time management and organization and manage stakeholders effectively.

Work Environment

In private practice you can expect a fairly regular schedule, in the comfort an office and while there will still be a surge of busyness during tax and year-end season, you can expect a pace that is more relaxed and consistent.

Public practice is less predictable. You may own your own business or work for a public accounting firm. You will work for a variety of clients, will travel to where their offices are and work within a space that a client has available for you. The pressure of deadlines can mean long work hours.

Career Opportunities

Job environments will vary, but accounting career opportunities are much the same, shifting based on how they are performed in the private or public sector. Some careers you can choose from are:

• Bookkeeper – Typically in private practice, you will maintain financial records for an organization, make sure books are balanced and error free. You may process payroll, receive invoices, handle customer transactions and report to aid management in decision making.
• Auditor – In either the private or public environment, you are responsible for the accuracy of financial reports. Internal auditors review the books of the company they work for; external auditors, who are often certified public accountants (CPAs), work for third parties, such as insurance companies or banks.
• Senior Accountant – Working alongside the senior management team of a company, you are responsible for preparing and recording revenue, expenses and assets into the general ledger and providing quarterly accounts and reports. Could be in private or public practice.
• Certified Public Accountant (CPA) – Getting your CPA certification in Canada can boost your career no matter what sector you decide to focus on. Becoming a CPA proves your commitment, dedication to study and standards and provides credibility as you launch, or take your career to new levels.

Education

To ensure you are skilled and in demand upon graduation, no matter what sector you choose, you want to select a college and a program with a track record for success, one led by experts in the accounting industry and focused on practical, hands-on learning. And, perhaps most essential, you want to select a program that specifically prepares you for a designation. The Anderson College Accounting and Payroll Administration program tuition includes the fees for graduates to take The National Payroll Institute (NPI) payroll designation exam. NPI’s Payroll Compliance Professional (PCP) designation is the foundation for a successful career in payroll. The PCP courses will help you gain an in-depth understanding of the legislative requirements to keep your organization compliant throughout the annual payroll cycle. When you achieve the designation, you join a growing community of supportive professionals and gain access to the resources you need to stay current and compliant.

Private Vs. Public Pros and Cons

Private Pros:

• A less stressful environment as you focus on a single business; this allows for a consistent schedule and work-life balance and advancement is possible without a CPA licence.

Private Cons:

• With this slower pace, it can take longer to learn and longer to advance your career, and for some, the lack of diversity and consistent daily routine in the job environment can be tedious.

Public Pros:

• Fast-paced work days, diverse range of clients and experiences, advancement opportunities as you learn quickly in the intense environment, a chance to specialize and gain notoriety as an expert.

Public Cons:

• High-stress, juggling myriad deadlines and demands, inconsistent work schedule and need to be available to clients at all times, so little work-life balance in this sector.

Now you have a keen idea of the distinct differences between public and private accounting you can probably see your future more clearly, and where you interests may be best served. If you’re still considering whether those interests match this career, you can always take our Accounting Career Readiness Quiz, to find out.

Whether you’re looking for bookkeeping courses, your PCP designation or paving the way to become a CPA, our team can help you navigate the details. You can explore your options in accounting and payroll and then book a virtual appointment with one of our Admissions Advisors and we’ll help get you on your way.

Quick Links to Fuel Your Success!

We want to make sure you have what you need to succeed! Check out these reference links:

• Anderson College- Accounting & Payroll Administration program
• National Payroll Institute
• PCP Designations – Accelerate Your Career – National Payroll Institute
• Top 10 Skills Needed to work in Accounting & Payroll
• How CPA Certification Can Catapult Your Career as an Accountant