Young accountants have more choices in terms of their professional paths than they did in the past, according to experts interviewed by Accounting Today.

Traditionally, working as an accountant involved very little independence, as most of these young professionals followed the career trajectory set for them by their firm, which did not vary much from others. Currently, with the onset of advanced technology, new service lines increasing at a rapid pace and the high demand for young professionals due to the dearth in the talent pipeline, there are new career pathways and opportunities opening.  

Decisions begin with selecting the desired firm size and focus area. The initial decision is the first step toward a series of choices throughout the accountants' careers that range from committing to the partner path to establishing their own practices, Accounting Today noted.

As firms begin recruiting younger students—at times even offering internship opportunities to college sophomores—students now have to choose a firm earlier than in the past. The most obvious factor to think about is firm size.

There are pros and cons to both alternatives. Small firms let young accountants be "jacks of all trades," allowing for more chances to show strengths such as entrepreneurship and have face time with clients. On the other hand, the big firms represent prestige, offer specialization, provide exposure to big-name clients and open the door to travel and networking opportunities. Many students choose this route and aim to work at one of the Big Four—Deloitte, PricewaterhouseCoopers, Ernst & Young or KPMG. 

Jeff Phillips, CEO at Padgett Business Services and co-founder of recruiting firm Accountingfly, believes that students are often taught in college to skim over the advantages of working in small and midsize firms. "Don't buy into the myth that you must start your career at the Big Four," he said in an interview with Accounting Today. "They are excellent companies, but there are awesome firms in the Top 200. There are awesome local firms."

Yet other experts say that starting a career at a small firm may hinder career mobility later on. "It's always easier to go from big to small. It's harder to go from smaller to big," Stan Veliotis, an associate professor at Fordham University, told Accounting Today. "Both are possible, but it's easier in one direction versus the other."

It is also tricky for young professionals to choose, before even working in a firm, what area to focus on among tax, audit, accounting or an emerging practice. Many students may feel as though they are sealing their fates with the choice, but they can always change their minds.

Longevity in a firm is also a consideration for young professionals. Traditionally, accountants stayed their whole career in a single firm, beginning as an intern then climbing up the ranks until they made partner. 

Veliotis said that it is now easier for the younger generation to leave their firms since applying for a job is as easy as clicking a button online. Previously, joining a new firm meant going through a headhunter or even running from office to office looking. He suggests staying at least a year in a firm, ideally several years, but not less than one. 

"One year is a magical number," Veliotis says.  He stressed that in accounting, "almost all the disciplines in the accounting firms, all the client engagements, are cyclical, meaning every year, the year finishes and now you have to prepare the tax return, or now you have to prepare the audit or the financial statements." This is why if someone leaves within a year, it will seem as if "they couldn't handle the second cycle."

Getting licensed as a CPA is still valuable because it provides increased career mobility and serves as a symbol of trust and reliability.  "The importance of it still exists. It's still an important aspect of our society to be able to have that trust in the profession," Douglas Slaybaugh, a CPA career coach, told Accounting Today, adding that earning both an MBA and a CPA license can help accountants become CFOs.

There are three accounting career paths that CPAS frequently choose, according to Accounting Today. The daunting path to become a partner takes 10 to 20 years on average. However, even if accountants leave a firm before they make partner, at least they have obtained highly coveted experience. Experts suggest interviewing partners to find out if this career path fits, asking them questions such as what their lifestyle and hours are.

It is also common for accountants to make the transition from public accounting to corporate or industry accounting. Usually, Veliotis said, they enter the industry that their clients were in.

"When you make the jump from an accounting firm—where you have a lot of diversified experiences, you're learning about best practices, you have the stress of client delivery—and you go in-house, you're very, very powerful on a resume because you know the area," he said. For those aiming for the CFO path, he suggests staying longer in public accounting for more experience. He also said that although going corporate might mean an immediate pay raise, in the end, the salary will be outpaced by a partner's paycheck.

For some accountants, starting their own practice might be the way to go; the only problem is no one actually teaches them how to start a firm. "If you're entrepreneurial, the skillsets you're going to need are that technical knowledge that you probably will not learn in college—you will probably learn working inside of a company," Phillips said. He noted that this is a great time to start an accounting firm, because the demand for services is growing, and there are more niche practice areas than ever. Entrepreneurs can also also take on clients who have been let loose by other firms.

Accounting Today noted that an avenue for professional growth is joining associations like the American Institute of CPAs and the National Conference of CPA Practitioners, the National Association of Black Accountants or state CPA societies, which can be great way to network and practice communication skills. 

The most important takeaway, according to the experts, is that accountants must remain proactive about making their own choices because the profession will no longer do it for them.