Branches of Accounting

My friend, who had graduated from a school in Phoenix as an accountant, was trying to decide which field of accounting to pursue for his Master's degree. If you are interested in becoming an accountant or simply learning more about the occupation, here is some information you might find useful.



Generally speaking, accountants and auditors help businesses and firms run efficiently, maintain accurate records, and pay their taxes properly. Within accounting, there are four main fields of specialization: management accounting, internal auditing, public accounting, and government accounting. Management accountants, typically part of an executive team for product development or strategic planning, record and interpret the financial information of their company.



They set budgets, evaluate performance, prepare reports, do cost and asset management, and help the company reach sound business decisions. Internal auditors are similar in that they ensure the accuracy of their company's records and internal controls but are more focused on reviewing company operations to verify that they comply with company and government policies.



Public accountants have a range of accounting, auditing, consulting, and tax duties they perform for their clients, depending on their particular area of training. For example, some accountants are external auditors who are hired by various businesses and organizations to review their financial statements and make sure they are accurate. Forensic accountants, on the other hand, study financial records to uncover illegal activities like fraud.



Finally, government accountants work for government agencies rather than private companies. They audit businesses and individuals subject to regulations and taxes. Some may work in the Internal Revenue Service, for example. Within each main field there are multiple ways you may specialize further, but selecting one that appeals to you will help you to narrow your choices.

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