Salary Information for Accounting DirectorsCareer News November 13, 2013
Accounting directors are managers over several aspects of accounting and business. They oversee the numbers and specifics on payroll, cost accounting, and other business tasks. They report only to top-level management.
The accounting director is in charge of overseeing profit and loss and reporting back to the necessary personnel to solve discrepancies and contain risk. Job titles can include something basic like Accountant level 1-3, lead accountant, senior accounting clerk, or supervisor accounting head.
What the Industry Pays
Considering that there is a lot responsibility involved in this task, the salary quotes are high, coming in at $126,000 median salary. This quote, taken from an HR report, is not a standard by any means, but an estimate on what most accounting directors will make, though factors like education and skills will play a part. The lowest earners, about 10%, make about $37,000, while 50% make less than $60,000.
The more experience and education you present to the hiring committee or manager, the better chance you have in landing a high-paying job. The company you apply to also determines your future. Specializing in insurance or financing, or even IT or construction, will help you find a job where your input is valuable.
Learning niche market skills instantly increases your value as an employee and director, and qualifies you beyond general accounting ability. Another salary factor you can’t ignore is to keep your skills and perspectives up to date. A director of accounting for a large company is expected to keep apprised of the latest regulatory changes in accounting.
The Market Moves and You Move With It!
The occupation itself is growing. According to the U.S. Bureau of Labor Statistics, the profession is growing and thanks in part to more complex financial reporting requirements, as determined by government agencies.
The best move right now, besides earning a degree, is to seek a Certified Public Accountant (CPA) title, which shows the high standard of excellence you keep, as well as the continuing knowledge of modern business that you bring to a company. Much of the work is consultant-level, as you will assist controllers and other financial employees in better organizing their systems, and completing revenue objectives.
The Secret to Success
Besides specialization, the key to success is in higher education. Master’s degree graduates make $134,000 on average, while BA graduates earn $104,000. That is a percentage difference of 29%. The more you know, and the more you demonstrate critical thinking abilities, the higher pay you earn.
While employers are looking for work experience, this comes with educational achievement. Companies will hire entry-level accounting directors, provided that they have a degree, and as the years pass, you can earn certification, thereby qualifying for higher-paying positions.
Accounting directors earn good money for their efforts and the potential for climbing the career ladder is promising. What stands before you now is only the fear of change. With a college education from an accredited school, such as UMCP, you can overcome these challenges and reach a career peak.