So it's time to start planning your studies for the coming year. Your friends have already made their career, school, and gap year intentions public on social media, but you are still uncertain. You've done your research and discovered that you're interested in pursuing a career in accounting, but you're not sure which path to take.
Public sector accounting is a branch of accounting and even has its own qualifications. The Chartered Institute of Public Finance and Accountancy (CIPFA) specializes in training accountants for non-profit organizations. You can also read our article on the difference between public sector and private sector accounting.
As a professional in this branch of accountancy, you can either be an employee of a company or work with public sector clients in a private firm. This is an opportunity to help run the country or work for a cause that is very important to you while benefiting from the expertise of an accountant. Furthermore, there are good advancement opportunities, with the possibility of rising to the position of director or C-suite.
Why is public sector accounting a good career choice?
Governments, including local, state and federal, and charities do not operate in the same way as companies, and their obligations are vastly different. They don't worry about shareholder returns or profit margins, but they do have billions of pounds in their possession that must be spent, saved and invested wisely.
Here are 4 reasons why a career in public accounting is a good choice
1. You have a say about where you work
Since many public sector accountants run their own businesses or operate as consultants, their working environment might vary depending on the type of work they do and the location of their clients. They may decide to work from their office or from the comfort of their homes, depending on the arrangement they have with their clients.
2. You will have the opportunity to assist your community
Whether working for the government, working with clients in the education or housing sectors, or assisting small businesses, public sector accountants spend a large amount of their time making a difference to people's lives and communities, whether indirectly or directly. This is a chance to work for a cause that is important to you.
3. You will ensure that important tasks are completed correctly
It is necessary that public sector funds are properly managed, as they have an impact on community services such as education, healthcare, and sanitation. By pursuing a career in public sector accounting, you will have the opportunity to ensure that the work you provide is of the highest quality and adheres to professional ethical codes.
4. You get to pick your specialization
Since the people you work with have varying needs, you can specialize in an area that interests you. Some of the few specializations available in public sector accounting are tax consulting, auditing, and financial accounting.
After reading some of the reasons why becoming a public sector accountant is a good career choice, you may be interested in learning more about their daily responsibilities.
As a Public Sector Accountant, here are some of the jobs that you will do:
- Prepare accounts
- Create and manage financial systems and accounts
- Manage financial policies
- Prepare reports
- Prepare financial statements and business plans
- Maintain open lines of communication with upper management, coworkers, and clients
- Audit accounts
So, if you want to make a difference in the public sector (and help people in your community), and you're good with numbers, you should explore a career in public sector accounting.