Accounting is a Profession with Much Opportunity
Accounting is a field where your maximum salary is limited only by your dedication and determination. An accounting degree and a commitment to continuing education can launch your career into three-figure salaries. Furthermore, you'll have flexibility to work in the industry of your choice, shoot for a partnership in a prestigious CPA firm, or to start your own company
What Factors Influence Accounting Salaries? If you are thinking about becoming an accountant or joining a CPA firm, it will be important to know what factors influence accounting salaries. This will help you concentrate on the most advantageous path when choosing your career.
Large Company or Small Company Accountant? Whether you are working for a CPA firm or a private business, large companies tend to pay their accountants more than small companies do.
Accounting in a Large City or Small City? Similarly, the larger your city, the more likely you are to command top dollar as an accountant.
Your Level of Accounting Education. People with accounting degrees will be able to bring in more money. Accountants who regularly pursue continuing education also earn more money on average.
Your Accounting Certifications. People who pass the CPA exam and become certified public accountants will bring in much more money than those who do not. Taking the CPA exam and earning your license can bring a minimum salary increase of 10%. Other accounting certifications such as Certified Financial Planner or Personal Financial Specialist will also help you earn top dollar in your chosen field.
Your Accounting Experience. Every year that you hold a job in the accounting profession significantly increases your value.
What Can I Earn at Each Accounting Level? Although accounting salaries vary widely based on the factors listed above, here is a general idea of what you can expect to earn as an accountant at different levels.
Junior Level Accountants. Junior level accounting positions generally do not require a completed education or a professional certification. Jobs at this level include bookkeepers, data entry clerks, bank tellers, and accounts receivable clerks. Entry-level accounting jobs usually start at around $30,000 a year, and can pay up to $44,000 a year.
Senior Level Accountants. Senior level accountants fulfill the same roles as junior level accountants, but they have more experience. After approximately four years, the expected salary for senior level accountants varies from about $37.000 to $51,000 a year. Other job titles for senior level accountants include financial manager, chief cost accountants, and budget director. If you have earned an accounting degree or certification in this time, the salary can be 10% - 20% higher.
Executive Level Accountants. Executive level accountants include partners at CPA firms, Chief Financial Officers, Chief Treasury Officers, and Directors of Finance. It is difficult, if not impossible, to get to this level without continuing education and certification. The average salary for a partner at a CPA firm is $150,000 a year. CFOs can earn salaries of $380,000 a year and higher. The sky is the limit at this level.
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