There are no formal specialized CPA certificates or specializations. CPA licensure is a generalized proof of knowledge as it pertains to Financial Accounting and Reporting (FAR), Auditing and Attestation (AUD), Regulation (REG) and Business Environment and Concepts (BEC).
Although there aren’t specialized versions of the CPA exam, some CPAs may focus their continuous professional education in a particular area for enhanced career focus. They may also earn additional certifications, such as Certified Fraud Examiner (CFE) or Chartered Global Management Accountant (CGMA), to further enhance their expertise and credentials in specific areas.
There are many CPAs who have essentially earned informal specializations via a career commitment to a specific area of finance or accounting. For example, a CPA may focus their career working within a specific industry, corporate setting or with certain types of clients. They might exclusively pursue forensic accounting, tax planning for high-net-worth individuals or even focus on representing clients before the IRS during audits.
Many businesses don’t require a specialist CPA to handle their consulting or accounting issues. Luckily, there are also thousands of general CPAs at public accounting firms that have a well-rounded knowledge set gained by serving the needs of local SMBs and individuals who require their services.
Accountants and accounting services can be broken down into two broad categories: public and private.
Public accountants and CPAs work for public accounting firms that are hired by individuals and businesses to perform certain tasks. For example, businesses can contract with H&H Accounting Services for everything from bookkeeping and payroll services to business tax preparation or cash flow management.
Private accountants work internally, typically within large corporations, to meet the accounting needs of that business. Due to their budgets and the volume and complexity of their accounting needs, it makes sense for large nationwide or multi-national businesses with millions or billions of dollars of revenue to hire internal accountants. These types of businesses may still hire public accountants for audits or consulting services, but they typically rely on internal private accountants for general business accounting, bookkeeping and payroll.
Some of these large businesses have a need for CPAs within their accounting staff, although in many cases they will also employ accountants who haven’t earned a CPA.
CPAs often develop specialized skills through their work experiences. For instance, a CPA working in a real estate firm may become an expert in real estate taxation and investment strategies.
There are a variety of sectors and industries with unique and complex supply chains, vendor relationships or procedural challenges and hazards. From auto manufacturing and investment banking to consumer goods and commodities, many CPAs find a niche within sectors and commit their careers to learning about and working within these informal specialties.
Many CPAs leverage their extensive knowledge to provide consulting services, offering advice on business strategy, financial management, mergers and acquisitions and more.
Some CPAs choose to start their own accounting firms or consulting businesses, offering specialized services based on their expertise and experience.
The world of Certified Public Accountants is diverse, with professionals serving in various capacities across multiple industries. Whether working in public accounting firms, the private sector, specialized fields or as consultants, CPAs bring a wealth of knowledge and expertise to their roles, making them invaluable assets in any financial context.
At H&H Accounting Services, we have experience working with businesses in all types of industries. We have the knowledge and track record of success to tackle any accounting issues or challenges you may be facing. Call us at (480) 561-5805 to schedule a free consultation.
