Accounting Career Plan: Goals, Strategy, and Portfolio

Introduction to Accounting as a Career Choice

My career interest is accounting. Accountancy is the process of evaluating financial information about business entities and communicating it to users such as managers and shareholders (Elliot & Elliot, 2004). Accountancy falls into three broad areas: accounting, bookkeeping, and auditing.

I chose accounting because it offers solid employment prospects and a lucrative wage, which matter greatly to me. I have also discovered that it can be intellectually engaging in an investigative way. The working conditions are reasonable — not overly tedious — and, best of all, they can be structured to suit my preferences. I can work either for an institution or be self-employed. Opportunities for advancement depend largely on my own efforts, and the field opens doors to global opportunities in virtually every type of business.

Career Goals and Industry Analysis

The kind of position I am most interested in is working in a prestigious major accounting or business firm as a public accountant. Competition is keen in that environment, but I intend to gain an advantage by earning a Master's degree, obtaining relevant accreditations and licensures, and acquiring proficiency in auditing and accounting software. To gain a further edge, I believe it is best to specialize in a specific niche and to focus considerable attention on computer programming, which represents an important trend in the field.

To achieve these goals, I have carefully evaluated my strengths and weaknesses to identify what I need to polish, what I need to acquire, and what I need to learn in order to secure the kind of position I am seeking.

Job opportunities in accounting are strong, with demand particularly high in tax and healthcare. The Bureau of Labor Statistics projected a 16% increase in all accounting job openings by 2016 (Careers-in-Accounting). Approximately one in four accountants work in accounting, auditing, and bookkeeping firms, while about one in ten are self-employed. The majority hold credentials such as Certified Public Accountant (CPA), Public Accountant (PA), Registered Public Accountant (RPA), or Accounting Practitioner (AP), although many individuals still find lucrative opportunities even without licensure. Others teach at colleges or universities, and still others work for the government.

There is consistent demand in accounting, and the field branches out into a wide range of specializations. Because many of the governing rules and standards are internationally recognized, one of the most appealing aspects of the profession is the ability to practice almost anywhere in the world if the need arises.

Role Analysis: Choosing Public Accountancy

I have decided to pursue public accountancy as my specific role. This involves a broad range of skills including accounting, auditing, client communication, tax work, and consulting activities. I intend to develop competency in each of these areas. Clients in public accountancy may range from government agencies and non-profit organizations to large corporations and private individuals.

My likely specialization will be consulting, with a particular focus on taxes and the selection of controls to safeguard financial assets. There is a growing need for this kind of expertise, and consulting represents a lucrative field — especially should I choose to become self-employed. Additional responsibilities I expect to take on include advising on employee compensation and healthcare benefits, conducting forensic accounting investigations, interpreting complex transactions such as bankruptcies, reporting to investors and regulatory authorities, and auditing financial statements.

Public accountancy also opens far more opportunities than managerial accountancy or internal auditing alone. It provides a broad skill set that makes professional transitions easier should I wish to pursue them in the future.