What is the Job Market Outlook for Tax Professionals?Job Market Outlook October 14, 2013
The term tax professionals can imply a variety of individual positions involving tax work, including accountants, tax preparers, CPAs, agents, lawyers and financial planners. These are the professionals who help ensure a timely and accurate report and there are an estimated 95,000 of these workers currently employed.
Growth is rising, but at a steady 29 percent, which is not as high when compared to other professions. The average salary is approximately $40,000 per year while the entry-level position is as low as $19,000. However, the top earners for experiences professionals can earn over $70,000.
When it comes to market growth, it is important to keep in mind that while job opportunities are not booming, the industry as a whole is bright. In times of recession, more people seek help with their taxes whether to avoid fees or penalties, or to minimize how much they owe. Hiring demand and job opportunities do continue to rise, in a slowly but surely sort of way.
In fact, more stringent laws coming from government offices are a good thing for the working professional. Companies are hiring smart and trained tax professionals that have an eye for detail. Modern companies depend, on these workers, to help them stay within federal and state guidelines.
Another reason why the current climate is beneficial for the industry: baby boomers are reaching retirement age and are opening up new doors. Baby boomers can only teach so much to entry-level employees. Therefore, companies are looking for younger workers who can learn what experience has taught the retiring generation. Besides that, small business drives the tax professional business. As the economy improves, more businesses are expected to open.
Add this to the fact that companies are scared by recent scandals involving Bank of America and Lipper Holdings, and want to hire the very best to avoid any accusations of securities fraud. The best thing to do is to seek an education now, starting with a bachelor’s degree or greater, then working your way up to CPA certification.
Through the Year 2020
Through the year 2020, there should be adequate growth in the field. Since education is key, aiming for a master’s degree is going to help boost your career, and you can certainly gain work experience while pursuing higher educational aims.
Even tax professional clerks are finding jobs in the market, just for the same reason CPA-level accountants are. Besides clerks, there are also budget analysts and financial managers who sometime take on the title of a tax professional.
It depends on what the company’s needs are and whether or not you can do these tasks by job description. The higher your education and certification, naturally, the more available you can make yourself, serving a company as a one-stop CPA that can handle multiple aspects of tax returns.
Now is the time to reach out and further your education. Tomorrow is not too far away, a better job and a better life will be waiting for you.