Like to calculate? Have loved mathematics in higher secondary? Then, accounting can be a plausible option to uncover and make a career into. But getting into the job of accounting can be a daunting task as it can sometimes be very demanding and yet it is one of the most reaping professions of the current times. But unlike more advanced courses like engineers or doctors, the accountants can start working as early as after getting graduated. While other might think of it as a grinding profession, the median salaries for young accountants can often be around $50,000. But that’s not it. There is ample room for growth into a higher bracket within less time also. If we talk about the official stat presented by the Federal Bureau of Labor Statistics Reports on the salary of the accounts – the median wage for them was at $69,350 in the year 2017. The top 10% of the accountants made more than $122,000.
But to get into higher pay grades and brackets, some accountants also go ahead to earn the degree called CPA which is called Certified Public Accountant. Earning a CPA degree is a hard grind for many. Getting the designation is a three-step process which often includes:
- Different Licensing process has been employed by various states in the USA. They mostly require an average of 150 semester hours for an undergraduate or with master degree.
- Work Experience – some of the states do require work experience in order to grant the CPA status. Mostly they ask for a one or two year work experience under some CPA.
- Licensing Exam – It is a common process employed by all the states. This contains of four parts – auditing and attestation; business environment and concepts; financial accounting; and reporting and regulation. In order to pass the licensing exam, the students must secure at least 75 points on a scale of 99.
The career of accountancy has not engulfed itself into a tiny box of opportunity. On the contrary, the field opens path to many jobs in variety of fields such as government to investment firms to oil and gas to corporate finance and brokering also. With CPA degree, the chances of getting into higher range of salaries opens up quickly and much earlier in the life. With the rise of accountancy firms, there is no dearth of jobs in the sector. Other departments such as health and financial services have also helped in creating more jobs in this field in the recent years.
Best paying industries for Accountants
As per the executive search firm Robert Half, the industries have now started to hire more of CPAs and this certification has quickly become a mandatory one for hiring process. The CPAs tend to have a greater pay scale than most other accountants also. For example, a medical billing officer or medical supervisor for a hospital or any of the health care companies can earn somewhere around $57,250 to $84,250. As per the firm, some of the most looked for jobs in the year 2017-18 for accountants were –
- Business Analysts – In this job, the accountants can easily manage to earn from $54,750 up to $69,000 in the first year while the salary might rise to over $134,000 for experienced accountants and managers
- Financial Analysts – here, an accountant can easily make around $66,000 in the first year while the managers can easily go on to earn $144,000 per month.
- Compliance Analyst – the accountants can earn anywhere around $74,000 to $96,000 in the first year while the compliance chief can make up to $261,000
In the same range of jobs, a CFO in any large institution with revenue more than $500 million can easily make anywhere from $ 313,750 to $ 503,000. A treasurer can earn up to $490,000 while a director can earn around $225,000.
Top grossing cities for Accountants
If you are an aspiring accountant or a serving accountant, you will want to be in the following cities courtesy of their higher pay and great working atmosphere for the accountants. Here are the top paying cities –
- San Rafael, California – this city has topped the country in regards to payment made to accountants with median wage of $106,050
- New York – average median wage of $101,520
- San Jose – average median wage of $97,910
- Fairbanks, AK – average median wage of $94,680
- Washington, DC – average median wage of $93,900
Currently there are 1.2 million accountants, auditors and CPAs working throughout the country as per the stats provided by the Federal Bureau of Labor Statistics. This number is expected to rise by 10% by 2026, with a probable addition of other $140,300 accountants. But what makes this profession worthy is it being a growing field. There would be someone to track and keep the money safe and hence accountants face no real threats.