Private and Public Accounting
It is paramount to understand that the accounting career path begins by making the right decisions regarding personality traits, job outlooks, working environment, and long term goals. Accounting can be generally be divided into two broad areas, private and public accounting. Each of these types of accounting comes with both benefits and shortcomings and thus the need to have an in-depth understanding of each. A distinction of each is equally fundamental in career and education pursuit. It allows for a quick progression of career and job satisfaction.
Public accounting is characterized by long working hours, a variety of tasks, and frequent travels. Therefore, public accountants need to be mobile and be able to work in an ever-changing environment. The situation makes it hard to create family ties and adequate leisure time. During the tax season, there is a significant increase in the number of tasks and working hours. Common public accounting areas include advisory services, forensic and auditing services. It is vital to focus on the promotion, motivation, job description, and efforts to foster work-life balance in the work environment in any career.
Monotony and increased work pleasure negatively impact on life-work balance. Private accounting may sound welcoming to persons who opposed regular travels and long working hours. Private accounting comes with consistent work schedules and contributes to life-work balance. If one intends to pursue further education or bond with family members while equally working, pursuing private accounting may be a rational decision. Although the career in public accounting tends to be straightforward, it is less motivating than private accounting.