Many years ago, the public accountants were generalists who were exposed to projects in the tax & consultation field. Nowadays, nearly all accounting jobs offer specific industry training. Accountants who invest many years functioning within a particular section of the company grow niche competencies that are required to perform well within the company where they work, or to whom they offer their services.
Because of their specialty, accountants may demand high payments within a company. However, they have less job opportunities as their expert skills set present them with very limited job search parameters. This is mostly applicable to accountants at a senior level.
As a result, many people try to increase their skills by switching their jobs after a few years. This prevents them from being restricted within a specific industry, and also enhances their knowledge and presents them with fresh logical challenges. Most significantly, switching a job within the same industry often results in an increase in the salary.
In history, public accounting organizations have admitted to an approximately 25 percent turnover ratio, which denotes that 1/4 of their employees leave the organization each year. Even, many of the accountants in the Big Four, work for just a few years before switching to another job.
Fresh college graduates engaged by public accounting organizations will normally stay within the firm for about 3 years, which is suitably long to be promoted from a personnel accountant to senior level accountant. Senior accountants who usually work for a minimum of a year have an opportunity to oversee a personnel and to direct appointments. Hence, they can display their leadership to obtain a better place and a high salary at different firms. In addition, 3 years at the Big Four is a considerable time to get a work experience that is essential to obtain a CPA certification.