Salary Information for AccountantsCareer News October 27, 2013
Accountants are usually at a CPA (Certified Public Accountant) level. They prepare balance sheets, profit and loss summaries, and any other financial reports that might be needed. They also have additional responsibilities over a bookkeeper. They analyze costs, revenue, liabilities, and other data and recommend actions to their clients. They will usually offer suggestions on topics such as tax strategy, resource utilization, and other budget issues.
Accountants make slightly more money than the average bookkeeper or office worker, taking in a median annual salary of $62,000. The lowest earners, about ten percent of the total number, earned $39,000. The ten best earners, in this field, make $109,000. It is no coincidence that the federally employed accountants earn the most money, as they deal with complex issues such as securities and commodities, and other forms of investment.
Naturally, big cities with big business have the highest capacities for salaries; New York, San Jose, and even Nassau, New York have been cited as popular spots for high paying accounting jobs. Corresponding with accountancy positions, other titles related to this profession include marketing managers, financial analysts and Human Resource specialists.
Economic Factors of the Accounting Job
The industry for accountants is set to grow 17 percent over the next decade, particularly for accountants who are capable of presiding over financial operations. Companies don’t merely want accounting work done, but want financial experts who can protect them from corporate scandals and avert other forms of legal disaster. There are stricter laws being passed every year, and this means more attention to detail is required—the specialty of a skilled accountant.
The title of Certified Public Accountant is trusted in the industry, as this indicates an auditor-accountant who has earned professional recognition for knowing the law and the standards of business. This title usually is preceded by a master’s degree, and with a concentration in the subject of accounting. A bachelor’s degree may suffice, but competition is high.
Travel is an underestimated part of the job, and many companies are willing to pay extra salary for a cooperative employee, or independent consultant, who can travel to their place of business. Tax preparation services are at the top of the industry, followed by insurance, finance, and government agencies. Chances are, at 24 percent of the total, you may find an accounting job, in tax preparation, among your first opportunities.
Specializing in an area of business and bringing your CPA accountancy skills to that niche is a smart idea for instantly conveying value to your employer. Some accountants choose to specialize in forensic work, bankruptcy, contract disputes, and management.
Government accountants have their own unique opportunity, as they work for government agencies and audit private businesses, to ensure compliance. The Institute of Internal Auditors defines professional standards, by which all accountants abide and show themselves as part of the legitimate accounting industry, being advantageous to your career.
By taking your education seriously now, you stand to gain a lifetime of opportunity, even as the job market fluctuates. It can be done with a little perseverance and a clearly defined career path.