Accounting can be a quite challenging field, but that’s what most in this profession love about their jobs. What’s more is that there are also many specializations within the field that make one’s job more challenging and interesting. Many people may not know about sub-specialties within accounting, though there are quite a few that the industry has to offer. Here’s a look at some of these specializations.
Public accounting is the most commonly known field of accounting. Mainly, the job of these professionals involves dealing with documents that are supposed to be disclosed, as per laws and regulations. Their job is very broad-based, from auditing, accounting and consulting to dealing with tax work. The Certified Public Accountant (CPA) certification is held by most in this profession.
These professionals work within organizations, preparing documents to be used within a company or corporation, and that which is not intended to be shared with the public. Often, their tasks revolve around budgeting and performance evaluation. In simple laymen terms, people in this specialty of accounting keep a tab on how much their company is making and how much it is spending. Sometimes, their work may involve close collaboration with financial managers.
This is a less-known field of accounting, but a rather interesting one. The work of these professional involves investigating financial crimes, such as embezzlement, securities fraud, contract disputes, and other complex financial transactions. They ought to have some knowledge of law and investigative techniques, and they often work with law enforcement personnel and lawyers.
Public Sector Accountants or Government Accountants
As the name implies, these accountants maintain, record, examine and analyze the documents of government agencies, ensuring that revenues received by federal or state-level public organizations is spent according to government regulations. They also carry out audits on people who have to deal with the government on a regular basis.
Internal auditors mainly work within a company, checking whether a company’s accounting documents are right and drafted according to accounting laws and regulations. They also keep a track of whether somebody in the company is stealing or wasting the company’s money.
Information Technology Auditors
This is a rather interesting specialty of accounting, involving knowledge of computers and information technology besides accounting. These professionals examine the controls of an organization’s computer systems, ensuring the reliability of sources from where financial data comes.
Before specializing in either of these fields, one will need to have some basic accounting knowledge with the help of an accounting degree. One needs to have good mathematical and analytical skills to become a good accountant, besides being very detail-oriented.
So, which of these specialties suits your interests and career goals the most?