What is the difference between a public and private accountant? Is one more in demand than another?
Hi SinbadMANIX – cool name, by the way. I wouldn’t say one is is more demand than the other. A lot of my friends wanted to pursue public accounting right out of college, because you need public experience as a pre-requisite for getting your CPA. The CPA is like a golden ticket in the industry, so good to delve into public accounting right away if given the option. Still, one is not “better” than the other.
I am in private accounting. This means my company is not traded on an exchange (You cannot buy shares of it) and is owned privately by one family in Eastern Maine. Private accounting still has to abide by laws and regulations, but not scrutinized like that of public accountants; you are not responsible to shareholders. This may sound confusing, because within accounting you still need to do what’s right, but lets just say that public accounting work is more in the public eye. Public accountants provide audit, tax and consulting services for OTHER businesses.
Interestingly, many accountants seek their CPA license only to practice privately in the future. Private accountants typically work within the confines of JUST the company they are employed by and deal with the INNER workings of a business – – Budgets, expenses, balance sheets, and more. Hope that helps, if not please ask another Q or let me know if anything didn’t make sense.
Wish you well SinbadMANIX!