CORPORATE ACCOUNTING
Industries employ several times as many accountants as public accounting. The entry-level corporate accounting position is generally called "staff accountants".
There is no limit to how high accountants can progress in their corporate career. Many CEOs began as staff accountants.
The principal accounting officer of a corporation may be called the "Controller" or "Vice-President of Finance". Accounting officers (also called "comptroller" or "controler") are in charge of corporate accounting systems.
Corporations also employ internal auditors. Their duties are similar to those of independent financial auditors working for public accounting firms, but their goals are different.
Internal auditors primarily ensure that companies follow their own policies and procedures. In contrast, public auditors assure that financial statements are prepared in accordance with GAAP and fairly present the information.
Internal control is an important issue for both types of auditors, but they operate at difference levels of detail. Public auditors emphasize only material (or significant) weaknesses in internal control, while internal auditors look very closely at internal control.
The Institute of Internal Auditors designates Certified Internal Auditors and administers the CIA exam.
The Institute of Management Accountants administers the exam and designates "Certified Management Accountants" (CMAs). The scope of the CMA Exam is actually greater than the CPA Exam because the CMA Exam includes management,economics, and in-depth coverage of cost accounting in addition to the topics on the CPA Exam. The CMA professional certification is very well respected and increases the potential for promotions.
Entry level corporate accounting positions pay from the mid-twenties up to the low-forties in rare cases. Internships are crucial to the process of finding an attractive position.
