Should I Consider Becoming a Governmental Accountant?

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The world of accounting is and has always been a career path with a lot of promise. Accountants are continually needed and an experienced accountant can make or break a business. However, when considering a career in accounting, candidates should think long and hard about a possible career as a governmental accountant. Government accountants are asked to perform the same type of tasks as a private sector accountant, but the nature of a government employer creates unique challenges that must be handled by knowledgeable, experienced accountants.

Job Duties

Private sector accountants are responsible for managing the finances of individuals or businesses working toward a profit. A governmental accountant has a different set of responsibilities due to the nature of the work involved. Instead of accounting based on the premise of profitability, government accountants have to manage the finances of federal and state offices to maximize budgetary constraints as well as investigate tax fraud and other white collar crimes.

Some of the actual tasks associated with the position of government accountant are management of public funds, performing due diligence on potential accounting issues (both current and future), and conducting financial audits on government entities and agencies. Of course, government accountants also have the same basic responsibilities as any private sector accountant in relation to balancing accounts and money flow.

Skills & Education Needed

Governmental accountants must have knowledge in the areas of fund accounting, GAGAS (Generally Accepted Government Accounting Standards), Government structure and function, financial data analysis, computer information systems and more. Skill sets must include attention to detail, comprehensive information gathering, communication skills, and the ability to effectively testify as a witness if called.

Like any accounting position, a degree from a higher education institution is required to become a government accountant. Generally, a Bachelor’s or Master’s degree in accounting or finance is recommended as well as certification as a CPA (Certified Public Accountant) and CFE (Certified Fraud Examiner). Other accounting certifications are available and often recommended, depending on the specialty areas and the daily tasks governmental accountants are assigned.

Work Environment & Salary

According to the 2013-2014 Compensation Guide for Anti-Fraud Professionals, the median salary for a CPA or equivalent with a CPE certification is $95,000. However, salaries vary greatly, depending on certifications and experience.

Government accountants work in government offices such as the FBI (Federal Bureau of Investigation), U.S. Department of Treasury, GSA (General Services Administration), and the Internal Revenue Service. There is no true physical exertion required when working as an accountant, but the job requires an intense amount of mental focus and abilities.

Job Outlook

The Bureau of Labor Statistics projects a 13% increase in accounting jobs through the year 2022 with over 160,000 new jobs being added to both the private and public (government) sectors. The demand for qualified accountants will only grow as technology advances and new potential financial areas evolve. Becoming a governmental accountant is a career path with solid job security and promising growth potential. For those with a desire to work in a challenging, analytical environment, government accounting is a great choice.