Evolving Fields for CPAs

Source: Pennsylvania CPA Journal

Because CPAs have so many more services to offer than they did 30 years ago, there are many more opportunities for career development. This article discusses some of these new offerings, such as:

Forensic Accounting
Financial crises have created a greater need for investigative services. In this area, CPAs have had to develop skills in technology, including software applications, and hardware. Forensic work includes fraud investigation, litigation support, valuation services, etc. Fraud detection and prevention are also in demand. CPAs who work in this area often are trained in criminal motivation, criminal procedure, investigation techniques, and expert witness work.

Information Technology
CPAs are involved in enterprise resource planning (ERP), which deals with far more data than accounting systems. This allows analysis of key performance metrics, etc.

Personal Financial Planning
Personal financial planning originated in the estate and income tax planning functions. It has grown to include wealth management, college tuition planning, retirement planning, elder care planning, etc.

Global Business

• Global businesses will offer many opportunities in areas such as:
• Supply chain management
• Procurement
• Sourcing
• Product logistics

Working in supply chains requires experience in inventory management and cost accounting, as well as skills in areas like contract and capital expenditure evaluation.

Internal Control
Sarbanes-Oxley has created a huge demand for people with skills in internal controls.

In short, it is a whole new world of opportunity in which CPAs can leverage their basic skills and training into new, interesting, and perhaps more glamorous careers.

To read the article, click here and select “CPAs: Many Doors to Opportunity.”

From Pennsylvania CPA Journal, Winter 2009, www.picpa.org.