Heat Oven: Heat the oven to 350° F.
Prepare Cake Pan: Prep 9-inch cake pan with baking spray or rub with a little olive oil and line the bottom with parchment paper.
Combine Liquid Ingredients: In a large mixing bowl, whisk together the olive oil, sugar, eggs, vanilla extract, and carrots.
Add Dry Ingredients: In a second mixing bowl, sift or whisk together the flour, cinnamon, ginger, salt, baking soda and baking powder. Add the dry ingredients to the liquid ingredients and stir until just combined.
Clean-up Saving Tip: You can also skip the second bowl entirely and just sift the dry ingredients straight into the liquid ingredients.
Bake Carrot Cake: Pour the batter into prepared pan and bake for 50 minutes, checking at 45 minutes with a cake tester. Cake is done when top is medium golden brown and tester comes out clean.
Make Cream Cheese Frosting: While Carrot Cake is baking, beat room temperature cream cheese, butter, and confectioner's sugar.
Cool Cake and Serve: Allow cake to cool in pan for 10 minutes. Remove from pan and let cake cook completely for an additional hour.
Spread Cream Cheese Frosting over top of completely cooled cake. Garnish with chopped nuts if using.