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Description  

This is an ideal career for analytical thinkers. Professional accountants usually work in professional services accounting based firms and specialise in taxation, business services, insolvency and liquidation, auditing, advisory services (such as risk management), performance management, corporate efficiency, corporate structure, mergers and acquisitions or assurance (which includes corporate governance and regulation and stakeholder compliance).

Career Advice - Professional Accountant Career

A professional services accounting based sector exists where major corporations employ financially based individuals broadly called ‘Professional Accountants’ to perform a range of services but predominately tax, audit and professional advice.  Advice covers areas such corporate restructuring efficiency and performance management, valuations mergers and acquisitions, franchising, refinancing, risk assessment and controls, government and corporate compliance.  Audit and tax are also major revenue streams of the large global professional accounting firms who employ thousands of consultants and have hundreds of partners.  The best known are KPMG, Deloitte Touche Tohmatsu, PricewaterhouseCoopers and Ernst & Young.

In recessionary times corporate recovery and insolvency matters rise to prominence.  In this area of accountancy you will help clients analyse, restructure and turn around businesses that face financial difficulties. As an Administrator, Receiver and Manager or Liquidator you can sell off non-core assets and introduce new investors and reduce the scale and complexity of the business amongst many other activities.  If they fail to reinvigorate the organisaton then the company and its management and shareholders face the stressful times associated with insolvency actions such as voluntary administrations, liquidations, receiverships and even bankruptcy for the Directors.

Forensic accounting is an expanding area of accounting.  Basically forensic accounting is about fraud investigation and covers a wide variety of work, from giving evidence as an expert accounting witness, investigating allegations of fraud, and capturing and analysing large amounts of electronic data.  In this field you need a strong attention to detail and comprehensive quality control to ensure the provision of accurate reports and to remain objective in reporting your findings as your work is reported in a court of law.

Tax accountants are fundamental to ensuring their clients comply with Australia’s taxation laws.  An accountant specializing in this field has regular clients that may include individuals, sole traders, small to medium business, high-net-worth individuals and large corporations.  All share the common desire to effectively manage their tax requirements.  You need to advise on a large range of business structure alternatives including trusts, companies and partnerships.  You will also need to understand and give advice on all forms of taxation including goods & services tax, stamp duty, income and capital gains tax, withholding and fringe benefits tax.

What you do every day

What you do each day really depends on what area of professional advice and industry sector in which you specialise.  The Big Four firms work across all industry sectors.  Typical working hours are Monday to Friday, 8.00am to 6.00pm, but these increase as the end of the financial year and as project deadlines approach. 

Most large consulting practices expect longer hours.  As a professional service provider you would be exposed via project work to the evaluation of the latest research and emerging industry trends, development of industry specific performance benchmarks, accumulation of global best practices and assisting or giving clients advice (depending on your seniority) on technical issues unique to a particular industry. 

As you progress, staff, client, team leadership and business development responsibilities can follow.  Forensic accountants spend time in court, tax accountants focus on tax and related issues whilst auditors visit client premises often working for a period of time to satisfy themselves on the accuracy of the figures and site the physical assets.

Personality that best fits this occupation

A career in accounting requires an aptitude for numbers and math. You'll also need excellent computer and communication skills to do well in the field. Naturally you’re analytical, with a good eye for detail and excellent organisational skills. Historically accounting has been incorrectly labelled a profession for introverted nerds.

Not so today.

If you’re extroverted, possess innovative thinking, take strategic views on topics and can bridge the abstract to find a commercial solution then you’re a nice fit with accountancy. The ‘Big Four’ looks for business acumen and personal stature when recruiting graduates. As you are dealing with confidential information and people personal affairs, you also need to be discreet, professional and ethical.

Best thing about this career

The huge variety of career paths makes accounting an exciting career choice.  You’re never bored and you work with smart, stimulating people most of the time.  There is job satisfaction working with new clients and managing existing clients.  It’s also a career which earns both respect and good money.

Worst thing about this career

At times the numbers and analysis can get tedious.  The pressure of unrealistic deadlines may gradually burn you out, and task-focussed management is de-motivating.  Talking about money and accounting when you’re not at work is also a pain.