If you’ve been thinking about building a career in accounting, there’s a high chance you’ve come across the debate: public accounting vs private accounting. These are two of the most prominent career routes for aspiring accountants—and while both involve financial data, reports, and analysis, they differ significantly in structure, purpose, and career experience.
Whether you’re a student planning your next steps, a fresh graduate exploring the job market, or a mid-career professional considering a change, understanding the differences between public and private accounting is key to making an informed decision.
In this post, we’ll walk you through everything you need to know—from job roles and qualifications to work environments, growth opportunities, and real-world examples. If you’re wondering how to choose between public and private accounting, this guide is for you.
Table of contents
- What Is Public Accounting?
- What Is Private Accounting?
- Public Vs Private Accounting
- What Qualifications Do You Need To Be A Public Accountant?
- What Qualifications Do You Need To Be A Private Accountant?
- What Skills Are Required To Be A Public or Private Accountant?
- Career Growth: Which Offers More?
- What to Expect Working Either as a Public or Private Accountant
- Real-World Examples Of What Public and Private Accounting Look Like
- Should I Choose Public or Private Accounting?
- Can You Switch Between the Two?
- Conclusion
- FAQs On Public Vs Private Accounting
- References
- We Also Recommend
What Is Public Accounting?
Public accounting refers to providing accounting services to a variety of external clients. These clients can range from individuals and small businesses to large corporations, nonprofits, or even government agencies. Public accountants typically work for public accounting firms, which can be large multinational companies (like the Big Four: Deloitte, PwC, KPMG, and EY) or smaller local firms.
Key Services in Public Accounting:
- Auditing: Reviewing financial statements to ensure they are accurate and compliant with accounting standards.
- Tax Preparation & Advisory: Preparing tax returns and helping clients reduce their tax liabilities.
- Consulting: Offering business advice related to finances, operations, risk, or compliance.
- Forensic Accounting: Investigating financial discrepancies and fraud.
- Financial Reporting: Preparing financial statements for public filings or stakeholder review.
What Is Private Accounting?
Private accounting, also known as corporate or management accounting, refers to working within a single company or organization to manage its internal financial processes. In this role, you are part of the company’s finance or accounting department, focusing on day-to-day financial operations.
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Key Roles in Private Accounting:
- Budgeting and Forecasting: Helping the company plan financially for the future.
- Internal Auditing: Ensuring internal controls are effective and financial data is accurate.
- Payroll and Expense Management: Handling salaries, reimbursements, and expenses.
- Cost Accounting: Analyzing the costs of production and operations to support strategic decisions.
- Financial Analysis: Providing insights to help business leaders make data-driven decisions.
Public Vs Private Accounting
What Is The Difference Between Public and Private Accounting
| Feature | Public Accounting | Private Accounting |
|---|---|---|
| Work Setting | Accounting firms | Corporations, NGOs, governments |
| Client Base | Multiple external clients | One internal employer |
| Work Variety | High: varies by client | Focused on internal operations |
| Certifications | CPA (Certified Public Accountant), ACCA, ICAN | CPA/ICAN useful, but not always required |
| Work Hours | Longer, especially during busy season | More structured and predictable |
| Travel Requirements | Frequent travel to client sites | Minimal travel (mostly office-based) |
| Exposure | Broad across industries | Deep in one industry |
| Career Start | Competitive internships and training | Entry via graduate schemes or analyst roles |
What Qualifications Do You Need To Be A Public Accountant?
To be a public accountant, you need to have the following:
- A bachelor’s degree in accounting or related fields.
- A professional certification such as ICAN, ACCA, or CPA.
- Internship or experience with accounting or audit firms.
- Strong knowledge of financial reporting standards (IFRS, GAAP).
Public accounting roles tend to be more competitive, especially at top firms, and often require passing one or more professional exams to progress.
What Qualifications Do You Need To Be A Private Accountant?
To work in private accounting, you typically need:
- A bachelor’s degree in accounting, finance, or economics.
- Basic understanding of business operations.
- Good Excel and data analysis skills.
- Optional: certifications such as ICAN, CPA, or CMA (Certified Management Accountant).
Many private companies are willing to train graduates internally, especially if you’re enrolled in a professional program.
What Skills Are Required To Be A Public or Private Accountant?
Whether you choose public or private accounting, some skills are non-negotiable:
- Attention to detail
- Analytical thinking
- Financial reporting skills
- Integrity and ethics
- Communication and collaboration
- Tech-savviness (Excel, accounting software like QuickBooks, SAP, Oracle)
Career Growth: Which Offers More?
Public Accounting Career Path:
Public accounting firms typically follow a structured promotion route:
- Audit/Tax Associate
- Senior Associate
- Manager
- Senior Manager
- Partner
With each level, you take on more client responsibilities, team management, and strategic decision-making. If you become a partner, you may even share in the firm’s profits.
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Private Accounting Career Path:
In private accounting, you can rise through the internal hierarchy of your organization or industry:
- Accounts Officer / Analyst
- Senior Accountant
- Finance Manager
- Financial Controller
- Chief Financial Officer (CFO)
Many CFOs in top organizations started out in private accounting roles and worked their way up over time.
What to Expect Working Either as a Public or Private Accountant
One of the major distinctions between public and private accounting is the workload.
- Public Accounting: Known for long hours—especially during tax season or year-end audits. It’s not unusual to work 50-70 hours a week during peak periods. However, it’s a great way to gain diverse experience quickly.
- Private Accounting: Offers more routine schedules and better work-life balance. Weekends are typically off, and overtime is less frequent outside of closing or budgeting periods.
If work-life balance is a top priority, private accounting might be more suitable.
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Real-World Examples Of What Public and Private Accounting Look Like
Public Accounting:
- Deloitte offers audit, tax, and consulting services to Fortune 500 companies globally. Accountants here may work on multiple engagements across industries within a single year.
- KPMG professionals handle financial statement audits, risk advisory, and forensic investigations for diverse clients.
Private Accounting:
- Unilever Nigeria’s finance team handles all the company’s internal budgeting, product cost analysis, and payroll management.
- Dangote Group employs private accountants who monitor operations, control inventory costs, and manage supplier payments across different sectors.
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Should I Choose Public or Private Accounting?
Choosing between public and private accounting ultimately depends on your personal career goals, preferred work environment, and long-term aspirations.
If you enjoy variety in your work, thrive in fast-paced environments, and want to gain exposure to different industries and clients, then public accounting might be the right fit for you. Public accountants often develop strong technical skills quickly because they handle multiple clients, deal with tight deadlines, and are exposed to complex financial scenarios early in their careers. This experience can be incredibly valuable, especially if you’re looking to earn certifications like the CPA, or if you plan to transition into senior finance roles later.
On the other hand, if you prefer stability, routine, and working within a single organization, private accounting may be a better choice. In this path, you’ll be more involved in day-to-day financial operations, long-term budgeting, and internal reporting. It’s ideal for those who prefer consistency over the constant change that comes with public accounting. Private accountants often enjoy better work-life balance and fewer travel demands.
It’s also worth considering your long-term goals. Many professionals start in public accounting to build foundational skills, gain credibility, and then move into private accounting for a more settled role. Others remain in public practice and climb the ladder to become partners or senior consultants in top firms.
Ultimately, both paths offer rewarding careers. The key is to assess your interests, lifestyle preferences, and where you see yourself growing—not just in five years, but over the course of your career.
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Can You Switch Between the Two?
Yes! Many professionals start in public accounting to gain wide experience and then move into private accounting roles later. The skills you gain in public accounting are highly transferable. In fact, many CFOs and senior finance managers in corporations began their careers in audit firms.
Likewise, if you’ve built up strong experience in a corporate environment, you can also pivot into consulting, advisory, or specialized public accounting services—especially with the right certifications.
Conclusion
At the end of the day, both public and private accounting are solid career paths with long-term benefits. The best choice comes down to your personal career goals, interests, and lifestyle preferences.
Public accounting offers broad exposure, faster learning curves, and prestige—especially at big firms. Private accounting, on the other hand, offers depth, stability, and a closer connection to business operations.
Whichever path you choose, make sure to gain relevant experience, keep upgrading your skills, and pursue professional certifications like ICAN, ACCA, or CPA. These will open doors in either direction.
FAQs On Public Vs Private Accounting
It depends. Public accounting tends to involve longer hours and more clients, but also faster growth and learning.
Yes. Many professionals start in one and switch to the other, depending on their evolving goals.
While not always mandatory, having either ICAN or ACCA will greatly increase your job prospects and earning potential in both fields.
Want to explore more career comparisons like this? Check out our blog on ICAN vs ACCA to help you decide which certification path is right for you.
