Accounting as a profession has two main sectors, public and private.
Private vs Public Accounting Firms
Public accountants work for particular public accounting firms while private accountants also referred to as ‘internal’ accountants work in one particular company.
Public accounting firms are contracted by other companies to provide various services such as audit and assurances, tax advisory and consulting.
Public Accounting Firms
To work for a public accounting firm certain skill sets are required.
These include, good communication and people skills as these firms serve a wide variety of clientele and good marketing skills as you will be required to bring business to your firm, especially if you want to become a partner in the firm or own your own firm.
There are many public accounting firms but Pricewaterhousecoopers, KPMG, Deloitte & Touche and Ernst & Young are considered to be the big four accounting firms.
There are many differences between public accounting firms and private accounting firms.
When you work for a public accounting firm you should expect that not only will you be working with a wide variety of people but also responding to a wide variety of work demands which means it is likely that the work environment is more stressful than it would be in a private firm.
Private Accounting Firms
Private accountants tend to have the more regular 9-5 work days unlike public accountants who, because they are working with clients, have hard deadlines which inevitably means, they often have to work late and over-time, especially the junior accountants.
While private accounting jobs are considered quite stable, the stability of public accounting jobs is often affected by the ebb and flow of the economic cycle, especially the advisory sections in these firms.
However the experience gained from working for public accounting firms and more especially the big four accounting firms is unrivalled because you are exposed to wide variety of clients, projects and industries.
International travel is also very common when working for the big four accounting firms as they have clients all over the world.
Private accounting firms are better suited for individuals who would be happier working for just one company rather than for many clients.
Though demand for accountants is high getting an entry level position in the big four accounting firms is not easy as their recruitment process for these firms is very rigorous.
The decision to work for either private or public accounting firms is not an easy one to make. Therefore it may be advisable to work as an intern in either of these firms before you graduate with your accounting degree to help you decide.
