Some job title examples are Cost Accountant, Accounts Payable Manager, Budget Analyst, Bookkeeper, Plant Accountant and Tax Supervisor. earn between $39,750 to $62,000 annually with less than three years of experience.
Every accountant, at whatever level, should have a general understanding of basic bookkeeping, in addition to more complex understanding of areas like auditing, payroll, financial reporting, and (of course) taxes. Even if you’ve worked your way to the managerial or executive level as an accountant, knowing the lower-level, day-to-day work of accounting will make you a better leader. Modern accounting is highly collaborative and team-based; while accountants do their fair share of individual work, being able to work well with others will be critical, especially in a corporate environment. On the higher side, accountants and auditors — who usually hold at least a bachelor’s degree — make a median annual salary of $70,500. While the BLS projects that jobs for accounting clerks will decline through 2028, jobs for accountants and auditors are projected to grow 6%.
There’s plenty of room for more, too; the BLS expects accounting to grow at a pace of 13%, with more than 1.4 million jobs in 2022. There is an extremely wide array of career opportunities in the accounting field, however, auditors and accountants, according to the BLS.gov website, states that they earned an average annual salary of approximately $70,500, in 2018. Lower median salaries, for example, of an accounting clerk averaged $40,240 annually.
Best-Paying Cities for Accountants
Government regulations are complex, and the job of a Compliance Officer requires that they not only know managerial skills, but be able to keep up with political and cultural shifts. For that reason, corporations may require Compliance Officers have a master’s degree, and specialization in areas like ethics, government accounting, or business law are preferred. Obviously, specific job duties depend on the specific jobs, but there are some skills that are pretty much required across the board.
Obviously, with the level of managerial and technical responsibility involved, an Accounting IT Manager needs a significant level of experience and education. A bachelor’s or master’s degree in accounting with an IT focus, or a similar management or systems program, will provide both. Corporate Controllers may find their way to their job with only a bachelor’s degree in business, accounting, or finance, though at larger corporations a master’s degree may have a higher chance of getting hired.
Newcomers have a dizzying array of options both when they enter the field and as their career progresses. Many regard an entry-level job in public accounting, working towards the CPA credential, to be a solid resume-builder that bestows instant credibility. You will need at least a bachelor’s degree for this position, preferably in accounting or a related field. In some cases, a bookkeeper or account clerk with an associate’s degree and experience may advance to a junior accounting position.
A certified public accountant or CPA credential – requiring 150 semester hours of college coursework – is often requested by employers. Certification proves your professional competence and can massively boost your job prospects. Most people only come across accountants during the tax season, but these financial experts are busy preparing and examining financial records all year round. On the job, they’re the people responsible for making sure the books are accurate and taxes are paid properly and on time. Many graduates are motivated to pursue a career in accounting by the prospect of earning a decent living.
The level of expertise and experience involved in the position means an Anti-Money Laundering Officer is going to need a strong foundation of research, knowledge, and skill. With the high level of expertise, and the wide range of multi-disciplinary knowledge required, Forensic Accountants need a high level of education. While you may start your career in an entry-level position with a bachelor’s degree in forensic accounting, a forensic accounting master’s degree is definitely going to be preferred. Although they complete much of their work alone, they sometimes work in teams with other accountants and auditors. Organizations are bolstering their ability to realize company-wide goals by adding analytics-savvy staff accountants to finance departments.
Longer hours are typical at certain times of the year, such as at the end of the budget year or during tax season. The Bureau of Labor Statistics reports that the career field for auditors and accountants is anticipated to grow faster than average compared to other occupations. Individuals who earn recognition through licensure or certification will typically have the best career prospects. For instance, Certified Public Accountants will usually have more career prospects as well as greater earning power.
- Because of the specialized knowledge, in many different areas of business, economics, and accounting, a Cost Accountant Manager may need a master’s degree, or at least a bachelor’s degree and many years of experience.
Because of the specialized knowledge, in many different areas of business, economics, and accounting, a Cost Accountant Manager may need a master’s degree, or at least a bachelor’s degree and many years of experience. While the education brings the expertise, the experience really brings the judgment and problem-solving skills needed to make crucial decisions. Since accounting, business, and finance are so intimately tied, an accounting major can be much more flexible than most students realize. The financial rewards are considerable – the Bureau of Labor Statistics show the top 10% of accountants earning an average of $111,510 annually.
Within smaller companies, you, yourself, may be required to track income and expenses, prepare tax returns and income statements, as well as prepare budgets to assist in decision making. To become a Credit Analysis Manager, you’ll need at least a bachelor’s degree and a solid few years of experience in leadership. However, a master’s degree, especially one with a specialization in business law, forensics accounting, or management, will provide a stronger foundation and more job-market opportunity than just a bachelor’s degree. An Assistant Controller will definitely need a bachelor’s degree in accounting, finance, or some other business-related field like management, but may not need a master’s degree to get the job. However, to advance to a Controller position, an Assistant Controller may want to think about going back to school, maybe to get an online accounting master’s degree.
The best-paid salaries go to those in the field of securities and commodity brokerage. CPAs who have experience with the Big Four accounting firms (Deloitte Touche Tohmatsu, Ernst & Young, KPMG and PricewaterhouseCoopers) will be in particularly high demand. Management accountants work closely with numbers and must be proficient in business administration practices, in addition to having managerial skills. They carefully use their knowledge for risk management, strategizing, and planning company investments. In addition, the field of management accounting includes supervising other financial-related departments.
Controllers have a lot of responsibility, and can expect to be paid in kind. While it’s always possible for a smart, capable accountant to work up to the VP’s office from within, it’s much more common for companies to hire out. To get to VP, besides many years of experience, at least a Master’s degree in accounting, business administration, or finance is a necessity. The job of the Finance VP is to lead and coordinate company financial planning, debt financing, and budget management, while reporting back to the upper levels.
The salary midpoint (or median national salary) for staff accountants with a bachelor’s degree and one to three years of experience is $64,250, both in financial services and corporate accounting. Jobs in Accounting consist of both professional and supporting roles that involve a wide range of accounting activities for a business. Accounting functions in this category include accounts receivable/payable, billing, payroll, cost accounting, tax accounting, general ledger, auditing, fraud prevention, credit analysis, collections, and cash management accounting. Accounting jobs are essential to any business and are found in every industry and in both large and small organizations.
With typical starting salaries of $26.92 per hour rising to $44.71 with experience, there is plenty of scope for making a well above-average wage. Finance and insurance $76,440Management of companies and enterprises 74,060Accounting, tax preparation, bookkeeping, and payroll services 71,390Government 70,180 Most accountants and auditors work full time.
Your salary will also depend on the size of the corporations you represent. Individuals with higher-level degrees, CPA certification, along with additional expertise, can earn upwards of $79,250 per year.
What is the Accountant Salary by Place of Employment?
With further education and certifications, you will definitely peak hiring interest from potential employers. Certification as a CMA (Certified Management Accountant) from the Institute of Management Accountants may also be required.
Finance professionals usually work their way into their job from the management level; it’s not usually necessary to have a master’s degree, but having an MBA or MAcc in finance can distinguish the ambitious from the merely competent. Accountants work in every sector for corporations, governments, nonprofits and individuals. Since the scope is so broad, many choose to specialize on a work type such as tax accounting, forensic investigation, a client type (wealthy private individuals, nonprofits) or an industry type (oil and gas, construction).
You’ll need at least a bachelor’s degree to qualify for the CPA exam, which is a must if you’re going to work as a tax accountant. If you’re trying to get a job with a corporation or accounting firm, some positions may prefer a master’s degree, but to set up your own shop, the CPA license and a bachelor’s degree is all the qualification you need. You’ll need at least a bachelor’s degree to take on a job as a compliance analyst.