Do Accountants/CPAs interact with banks?

[KevinC]

What should be my career goals with masters degree in accountancy and a CPA?

Sorry, I'm at a loss and I don't know for sure if this is the appropriate forum to ask this kind of question. I don't personally known any accountants or CPAs and I find the internet very lacking in information.

I am currently applying for a masters degree in accountancy. My undergraduate degree is in business economics with a lot of emphasis on data analysis(which include a heavy dosage of econometrics and business forecasting), and money/banking along with the standard economic theories (game theory, principles of macro/microeconomics, unemployment, Solow Growth Model, Inflation, unemployment etc) with an introductory accounting class.

This may seem like it's better for finance but I feel like accountancy appeals to me more. That is not to say that I find finance and banking uninteresting. I actually find it very interesting.

Here's what I know. Accountants are responsible for accurate portrayal of a business's cash flows and reducing information risk. They are responsible for being knowledgeable about tax regulations and auditing. But I don't feel confident in writing a statement of purpose regarding this subject.

My questions are regarding a statement of purpose for masters degree applications:
1) How do accountants interact with banks? Do they interact with them at all?
I know banks are very heavily regulated and must produce frequent reports. Is this something accountants do/are responsible for?
2)They ask me for an intended area of specialization and career goals. How specific does this need to be? Can I simply say taxation or auditing? are these too broad? Is regulatory reporting too narrow? How can I best answer this question about my intended area of specialization and research topics?

If I state that my goal is to acquire a CPA, is this a sufficient statement of my career goals and areas of specialization?

It's quite difficult to speak knowledgeably on the topic of accountancy when I have only taken one undergraduate course on it.

I've read a few articles such as one new york times article that describes the disaster and lack of uniformity in accounting standards in the banking/financial sector which indicates to me that accountants do indeed have a hand in the banking/financial sector. But I feel like it would be somewhat childish and vague to simply state on my application that my goal is to get into banking.

How can I best answer the questions relating to my career objectives, intended area of research/specialization?

 

[kirby]

Hi KevinC
First off, with your heavy-duty background in complex theory I can see why you are projecting the same sort of complexity to this application process.
However, have no fear. It is very straightforward in that, at the crux, the process boils down to "how eager is the school to get their hands on your tuition payments?" In most cases, they are most eager. So having looked at this on the "filthy lucre" aspect, let's look at the more scholarly level.
Bottom line, they just want to know (and want to know that you know) what you will get out of this degree. Stating that you want to be a CPA (and why) is sufficient. And yes, CPA's do interact with banks. Some are the "quants" who create complex pricing models (I could see you doing this), some count the results, some work for government and regulate these activities.
The easiest approach to picking a specialization is to review their course offerings and see what specialties they offer in the masters program. Then pick one you like and express interest in that.
Good Luck!

 

[The Finance Writer]

I like the direction that kirby has given you. One specific I can add about the banking industry is that a focus on internal audit has increased in recent years – for both commercial banks and investment banks. They have new complex regulatory requirements demanding continuous compliance. Consequently, demand is rising for higher caliber internal auditors than in the past… individuals with CPA licenses, who are well compensated. This is an avenue worth considering since both banking and accounting hold appeal for you. The key is assuring that you stay on track for passing the rigors of the CPA exam, which includes sections that don’t have a direct impact on work in the banking industry. You can compare your developing knowledge and interests with free sample CPA exam questions at http://fastforwardacademy.com/index-page-free_trial_embed.htm. Even when you cannot yet correctly answer the questions, you can at least assure that wanting to know the answers is a desirable aim. I know a couple of CPAs who have taken a career path into banking in recent years and are very satisfied.

 

[KevinC]

Thank you Kirby and The Finance Writer for your responses and provided resources. I have a much clearer idea and I am on the road to writing strong statements with clearer goals in mind.