Are you interested in a career as an accountant? Find out more information about qualifications and job outlook as well as salary ranges. Here are the five highest paying accounting jobs. Then, get in touch with us to learn more. We will help guide you in making the right choice. We'll look out for the right job that matches your interests and qualifications. We will keep this information current as the field develops.
Qualifications
Accounting careers can be extremely rewarding. But, compensation will vary depending on your level of experience and what area you are working in. Earning your CPA license can earn you significantly more money and open many doors for advancement. Additional professional certifications that you can pursue, such as Certified Fraud Examiner(CIA) or Certified Internal Auditors (CFA), will increase your income. Although a college degree does not guarantee a job in accounting, you may be able to get additional certifications or education that will help you land a better position.
A career as an accountant is for you if you're passionate about numbers. The profession is in high demand and pays well. A bachelor's degree is required to be an accountant. This will open up many opportunities in other fields. You might also consider getting your CPA certification. This usually requires additional college coursework. Depending on your experience, you might even want to consider a career in forensic accounting.
Salary ranges
While the range of salaries for accounting careers is varied, some are more lucrative that others. Senior professionals typically command top salaries. The annual salary range of senior accountants (auditors) and cost accountants is between $70,000- $120,000. If you are an intern or a first-level employee, however, your salary range could be significantly lower. You can earn anywhere from $57.110 to $128.680 depending on your level of education and experience.
Accounting and Finance professionals average 117,000 USD a year. This means half of Accounting and Finance professionals are paid less than this amount and the rest earn more. Hence, the median represents the middle-of-the-road wage. The graph should be on the right. The general rule is that more experience will make your salary more competitive. The average salary for an accountant in New York City is 125,000 US Dollars per year.
Outlook for the Job
The U.S. Bureau of Labor Statistics tracks job market trends and projects an 11 per cent increase in the number of auditors and accountants through 2021. Personal financial advisors, tax experts, and financial managers will all be in demand. According to the Bureau of Labor Statistics, the average accounting major salary in 2017-2018 was $57,250. This number could vary depending upon your location, skills level, and experience.
The job outlook for accountants is excellent, and salaries are competitive. High-skilled professionals have plenty of job opportunities. Salaries vary from one region to the next. Experience is also an important factor in determining a person's pay. Although salaries are higher in certain cities than in others, it can be more difficult to afford the living expenses. The outlook for accountants remains positive. The growth of the accounting industry is continuing, and technological innovations are creating new jobs. Students should choose their specialty, the qualifications they require, and the salary range before considering a career in accounting.
FAQ
What's the difference between a CPA or Chartered Accountant?
Chartered accountants are professionals who have successfully passed the examinations required to be designated. Chartered accountants have more experience than CPAs.
Chartered accountants also have the ability to provide tax advice.
The average time to complete a chartered accountancy program is 6-8 years.
What does an accountant do and why is it important?
An accountant tracks all your money, both earned and spent. They track how much you pay in taxes and what deductions you are allowed to make.
An accountant is a person who helps you keep track of your incomes.
They assist in the preparation of financial reports for both individuals and businesses.
Accountants are needed because they have to know everything about the numbers.
Additionally, accountants assist with tax filing and make sure that taxpayers pay the least amount of tax.
Why is reconciliation so important?
This is important as you never know when errors might occur. Mistakes include incorrect entries, missing entries, duplicate entries, etc.
These problems can lead to serious consequences like inaccurate financial statements and missed deadlines, excessive spending, bankruptcy, and other negative effects.
Statistics
- According to the BLS, accounting and auditing professionals reported a 2020 median annual salary of $73,560, which is nearly double that of the national average earnings for all workers.1 (rasmussen.edu)
- Given that over 40% of people in this career field have earned a bachelor's degree, we're listing a bachelor's degree in accounting as step one so you can be competitive in the job market. (yourfreecareertest.com)
- Employment of accountants and auditors is projected to grow four percent through 2029, according to the BLS—a rate of growth that is about average for all occupations nationwide.1 (rasmussen.edu)
- BooksTime makes sure your numbers are 100% accurate (bookstime.com)
- The U.S. Bureau of Labor Statistics (BLS) projects an additional 96,000 positions for accountants and auditors between 2020 and 2030, representing job growth of 7%. (onlinemasters.ohio.edu)
External Links
How To
How to become an accountant
Accounting is the science and art of recording financial transactions and analyzing them. It involves the preparation and maintenance of various reports and statements.
A Certified Public Accountant, also known as a CPA, is someone who has successfully passed the CPA exam. They are licensed by the state's board of accountancy.
An Accredited Financial Analyst (AFA), is someone who has met certain criteria set by the American Association of Individual Investors. A minimum of five years' experience in investment is required by the AAII before an individual can become an AFA. To pass the examinations, they must have a good understanding of accounting principles.
A Chartered Professional Accountant (CPA), sometimes referred to as a chartered accountant, is a professional accountant who has been awarded a degree from a recognized university. The Institute of Chartered Accountants of England & Wales (ICAEW) has established specific educational standards for CPAs.
A Certified Management Accountant is a professional accountant who specializes in management accounting. CMAs need to pass exams administered through the ICAEW, and must continue education requirements throughout their careers.
A Certified General Accountant, (CGA), is a member of American Institute of Certified Public Accountants. CGAs are required to take several tests; one of these tests is known as the Uniform Certification Examination (UCE).
A Certified Information Systems Auditor (CIA) is a certification offered by the International Society of Cost Estimators (ISCES). The three-level curriculum for CIA candidates includes practical training, coursework, and a final exam.
Accredited Corporate Compliance officer (ACCO) is a distinction granted by the ACCO Foundation, and the International Organization of Securities Commissions. ACOs are required to hold a baccalaureate degree in finance, business administration, economics, or public policy and must pass two written exams and one oral exam.
The National Association of State Boards of Accountancy offers the certification of Certified Fraud Examiners (CFE). Candidates must pass at least three exams to be certified fraud examiners (CFE).
The International Federation of Accountants (IFAC) has accredited a Certified Internal Auditor (CIA). Candidates must pass four exams that cover topics such auditing, compliance and risk assessment.
American Academy of Forensic Sciences gives Associate in Forensic Accounting (AFE), a designation. AFEs must have graduated from an accredited college or university with a bachelor's degree in any field of study other than accounting.
What is the job of an auditor? Auditors are professionals who conduct audits of organizations' internal controls over financial reporting. Audits can either be done randomly or based on complaints about financial statements received by regulators.