Public Accounting: Careers, Skills, and How to Become a CPA

What is public accounting?

Public accounting refers to the services a public accountant or accounting firm offers to prepare financial documents, such as tax returns and budgets. Public accountants, also called chartered professional accountants (CPAs), are qualified to help other businesses and individuals with their tax and other financial needs. 

Public accounting firms can range in size from sole practitioners to hundreds or thousands of CPAs offering services locally, regionally, nationally, or internationally. Some firms are full-service, meaning they provide a full range of accounting services, including taxes, bookkeeping, audits, risk, payroll, and more. Some firms may specialize in one of these services. 

Public accounting vs. private accounting

While public accountants serve multiple clients at any given time, private accountants perform accounting services within an organization’s internal finance department.

What does a chartered professional accountant do? 

A chartered professional accountant (CPA) has at least a bachelor’s degree in accounting, has completed a program for chartered accountants, and has passed the Uniform Examination. As a CPA, you can perform a broad range of services, explored below:  

• Tax returns: Helping individuals and organizations prepare documents that report income, expenses, and other financial information to a tax authority 

• Estate planning: Helping individuals plan what happens to their assets after death

• Consulting: Includes advising clients on how to use accounting systems, the level of risk involved in different financial decisions and investments, and evaluating the financial health  

• Mergers and acquisitions: Assisting two or more companies in transferring ownership or consolidating assets 

• Business valuation: Determining the economic value of a business by calculating assets minus liabilities 

• Audits: Thoroughly assessing the financial documents of an individual or organization to determine whether they are accurate 

• CRA audits: Advocating for taxpayers, helping them understand their rights, handling negotiations with CRA agents  

Public accounting skills 

Building a robust skill set is essential for a career in public accounting. According to Job Bank Canada, some of the top skills needed to be a chartered professional account include: 

• Preparing taxes 

• Analyzing financial statements 

• Financial reporting 

• Using Quickbooks software 

• Supervising staff

• Ensuring compliance

Other skills that you may find helpful as a CPA include: 

• Bookkeeping 

• Completing payroll 

• Understanding how businesses operate

• Conducting audits

• Managing others 

• Serving customers 

Public accounting careers

You can pursue a career in public accounting at firms of all sizes. In this section, you will explore four roles in public accounting. We’ve included the Canadian average base pay, typical responsibilities, required skills and qualifications, and top companies hiring for each role. 

Staff auditor 

• What they make: $46,684 [1]

• What they do: Develop audit objectives and procedures, prepare audit reports, and ensure the accuracy of financial information. 

• Required skills and qualifications: Bachelor’s degree in accounting or finance and a CPA license required, understanding of banking laws and regulations, knowledge of audit theories and practices 

• Top companies hiring for this role: Deloitte, KPMG, EY, PRGX Global, Grant Thorton International

Tax accountant/CPA

• What they make: $63,384 [2]

• What they do: Prepare tax returns, offer tax advice, provide payroll and bookkeeping services, conduct audits, advise people on investing or retirement planning. 

• Required skills and qualifications: Bachelor’s degree in accounting or related field, completion of a CPA program, CPA license, knowledge of auditing and tax return preparation, proficiency with accounting software  

• Top companies hiring for this role: Softron Tax, KPMG, BDO, PwC Canada, MNP

Tax consultant

• What they make: $60,648 [3]

• What they do: Educate clients on different tax laws and requirements, prepare tax returns, develop tax planning strategies, research taxation in multiple states 

• Required skills and qualifications: Bachelor’s degree in accounting, experience in consulting, certified as a CPA, familiarity with tax laws and regulations

• Top companies hiring for this role: Deloitte, Ryan, LLC, Farm Business Consultants, H&R Block, KPMG

Tax manager

• What they make: $104,131 [4]

• What they do: Manage the tax team, review company tax returns, improve companies’ tax procedures, provide support during internal audits, oversee special tax projects. 

• Required skills and qualifications: Bachelor’s degree, while in some cases, a master’s degree may be required. You’ll also need experience as an economist, economic development officer, or socio-economic researcher.  

• Top companies hiring for this role: Deloitte, KPMG, EY, PwC Canada, BDO

How to become a CPA

Ready to launch a career in public accounting? Follow the steps below. 

1. Set your career goals. 

Reflect on the kind of company you want to work for and the role you want to fill that best aligns with your accounting interests. 

Divide your career goals into short-term milestones and long-term goals. For example, a short-term milestone might be acquiring an in-demand skill like using accounting software, while a long-term goal might be advancing into a leadership position. 

Other examples of goals include managing an accounting team, working for a large accounting firm, or starting your own business as a CPA. 

2. Get an accounting education. 

To become a CPA, you’ll need a bachelor’s degree in accounting, which typically encompasses four years of coursework. You will also need to complete a college course for chartered professional accountants and gain the required professional experience before becoming certified as a CPA. Depending on the region where you plan to become certified, this could take two years or 30 months. 

Some employers require or prefer accounting candidates with a master’s degree, but it’s not a requirement. 

As a stepping stone to a bachelor’s degree, you might consider completing a college program in accounting. This level of education can qualify you for entry-level jobs, such as accounting assistant, accounts payable clerk, or bookkeeper. 

3. Take the CPA exam.

Beyond the education requirements, you’ll need to take the Common Final Exam. This three-day exam allows you to demonstrate your competency in the skills needed to become a chartered professional accountant. In 2021, the Common Final Exam had a pass rate of 73.6 per cent [5].

4. Gain experience. 

Experience in public accounting is required to complete licensure. All CPAs will need on-the-job training, but how much depends on where you plan to obtain licensure. 

5. Build your job search materials.

As you fulfill the CPA requirements, it’s wise to keep your job search materials updated, including your resume and LinkedIn profile. It’s also a good idea to improve your interviewing skills, such as researching a company, preparing questions to ask the hiring manager, and presenting your qualifications.  

6. Apply for accounting jobs. 

To find a job matching your accounting career goals, apply for open positions. You can search general job sites like Indeed, ZipRecruiter, and Glassdoor for job openings in public accounting. Be sure to scour job boards specific to accounting, including: 

• AICPA’s Global Career Hub

• CPA Canada

• Accounting Jobs Today

• iHireAccounting

Build accounting skills with Coursera. 

Online courses can be great ways to explore career options in public accounting, build skills in this field, and begin your journey toward becoming a CPA.

Learn how to produce and analyze financial statements, payroll accounting functions, and more in the Intuit Bookkeeping Professional Certificate.