There are ample opportunities for accountants who aim to work in industry; businesses will always rely on accounting and finance professionals to help guide their growth and overall health. But how do you find and choose the right private accounting job for your interests and goals? Whether you focus on financial accounting, audit, or tax, these tips will help you decide on your accounting career path in private industry.
Summary
To successfully transition into and excel within private industry accounting, professionals should define their long-term career goals, leverage existing networks for advice and opportunities, and conduct thorough research into specialized roles and additional credentials like the CPA, CMA, or CIA to bolster their expertise.
Step 1: Define Your Long-Term Goals
Setting clear career goals for yourself is the first step toward choosing a private accounting job. Where do you want to be in 30 years? What do you want to be doing, and what type of company do you want to work for? Do you see yourself as a Chief Financial Officer (CFO)? Running a wealth management team? Running an accounting or tax practice? Owning your own business?
These are the types of questions you should ask yourself. And although 30 years or owning your own business may seem far away, your first private accounting job will set you up with the experience and knowledge to grow into reaching these far-off goals.
Likewise, once you’ve determined your long-term goals, talk to a mentor or look online to see how others achieved those same private accounting jobs. For example, let’s say that you aim to become CFO in the health sector. Search online for profiles of CFOs at companies within the health industry. Look at where they began their careers, what roles they accepted and at which companies, and aim to follow a similar path that gives you that same expertise and experience.
Step 2: Leverage Your Network
Public accounting has a high turnover, which you can use to your advantage. If you’re currently working in public accounting or have in the past, you’ve likely created a wide network of colleagues and managers.
When looking for a role in industry, reconnect with those in that network who you know have shifted to a private accounting job. Reach out to see what companies and types of roles they’re in now and seek any advice they can give you. You can schedule a call, coffee, or lunch to catch up, and use it as an opportunity to ask them for private accounting career advice. They may provide insight on things like day-to-day tasks, company culture, and advice for a smooth transition into industry. You may even discover that a former colleague is hiring and ask for a recommendation!
Step 3: Do Your Research
There are plenty of options when it comes to private industry accounting jobs. Do your due diligence and explore what will be best for you.
Here are a few options of private accounting jobs for those with a background in accounting:
- Managerial accounting
- Financial controller
- Financial planning & analysis (“FP&A”)
- Internal audit
- Treasury
- SEC reporting
- Technical accounting
- Corporate tax
- International tax
- Transfer pricing
Research each potential role and understand what it entails and the career path it sets for you.
For example, if you were in audit in public accounting and your favorite part of the audit was preparing fluctuation analyses, then you would likely thrive in financial planning and analysis. If you enjoyed internal controls, then you’ll love internal audit, as they have similar structures. And if you liked performing technical accounting research and writing memos, then managerial accounting would be a good fit.
Step 4: Consider Credentials
There’s nothing more valuable in the world of public accounting than a Certified Public Accountant (CPA) license. And if you’re already a CPA looking to find a private accounting job, good news! Your CPA license is just as valuable in the corporate world—certifying your expertise in general accounting, audit, and tax and making your resume stand out when applying for corporate positions in any of these areas.
However, whether or not you’re a CPA, gaining additional credentials can help further specialize your expertise and boost your career path.
- If you want to advance in auditing, becoming a Certified Internal Auditor (CIA) is your best choice. The CIA certification is considered the global gold standard for internal auditing credentials, showing that you have the best skillsets in the practice and setting you apart for advancement in the specialization.
- If you want to advance in financial or managerial accounting, becoming a Certified Management Accountant (CMA) will dramatically improve your growth potential. As a CMA, you gain vital knowledge in leading companies to financial growth through financial counsel, reporting, troubleshooting, and strategy that informs high-level decision-making.
Boost Your Resume for a Private Accounting Job
There are ample opportunities for accounting professionals to grow within private industry. Evaluate your goals and do the work to understand how you can reach them. And no matter where you aim to take your career, Becker provides the support to help you reach your goals and go even further. Whether it’s CPA Exam Review, CMA Exam Review, CIA Exam Review, or continuing professional education (CPE) to hone your specialty and stay compliant, rely on Becker as the must resource for accounting, audit, and tax professionals’ career growth.