Accounting is a way of assessing the assets, liabilities, cash flow etc for all current and future investors. All accounting has a standard set of principles which stands for every type of business. It generates unity in all business accounting procedures and ensures that there is a clear understanding. An accountant must possess skills of aptitude for mathematics, close attention to detail etc. Candidate must be able to analyze large amounts of data. Effective oral and written communication and excellent computer skills are desirable skills to become an accountant. According to the data of Bureau of Labour Statistics 2010the median salary for Accountants is $61,690 per year and approximately $29.66 per hour. The Accountant typically requires a Bachelor’s degree to be placed in a good paying accounting job. The accountant job outlook shows a good growth rate giving many new opportunities for trained accountants. An accountant is the primary backbone of any business. Many businesses would have trouble succeeding without skilled accountants.
According to the Bureau of Labor Statistics, the accountant employment is expected to grow about 16 percent from 2010 to 2020. Financial regulations and financial crises play a part in increased demand for these professionals. An accountant examines financial records to check for accuracy and ensures that organizations are abiding by laws and regulations. Accountant calculates taxes and prepares tax returns. They make sure taxes are paid correctly by the deadline. Organizing financial records and recommending ways to decrease costs, increase profits, boost revenues etc are the job responsibility of an accountant. Accountant meets with clients and prepares written reports to explain their findings. The increased focus on accounting field due to corporate financial crises, continued globalization of business etc is expected to lead to a steady demand of competent accountants. It is an essential field almost in all entities. Individuals must keep accurate financial records and properly pay taxes. An accountant provides assistance on minimizing expenses and documenting all monetary transactions correctly.
The general accountant’s salary ranges depend on the kind of accountant. The average accountant’s salary can range from $35,000 to $100,000. You can expect around $50,000 to $60,000 on average from a typical accounting job. The salary increases as you progress through your career as an accountant. A senior accountant makes approximately minimum of $60,000. Salary of junior accountant can go much lower.
Initial Salary of an Entry Level Accountant
The initial salary of an entry level accountant is usually very low compared to that of an average accountant. Companies usually look for experienced candidates while recruiting their staff. Education is also factor of determination of the salary scale of an accountant. Candidates from reputed accounting colleges will usually find their jobs through campus recruitment. Often they get selected by top accounting firms. When it comes to getting a sizeable salary the type of degree you hold also matters. Candidates with a Bachelor of Arts or Science degree are less likely to get as much salary as that of Business degree holders.
Salary of Corporate Accountant
Corporate accountants are different compared to a regular accountant. The corporate accountants oversee and compile the last data into the final reports. Most accountants contribute a large amount of work to a corporate accountant. A corporate accountant salary will likely be very similar to a regular accountant’s salary. The work of a corporate accountant is not harder than the work of a normal accountant. It is only a higher level up of accounting. Corporate accountants can expect to earn anywhere from $50,000 to $80,000 depending on their work.
Salary of Fund Accountant
A fund accountant is responsible for doing the accounting of a non-profit organization. Fund accountants can also be involved with doing accounting for the government. The typical junior fund accountant will earn upwards of $40,000 a year. As they progress through and become a senior accountant, they can expect upwards of $70,000 a year. A fund accountant does not do work for a profit organization.
Salary of Candidate with CPA
A CPA career is one of the most well paid careers in the United States. The CPA profession is also predicted to continue to grow in 2013. However Becoming a CPA is not easy. CPAs must have at least 150 hours of education. They must pass the CPA Exam and continue their education after initial licensure. The benefits of being a CPA are can continue to grow with experience and ongoing education. The average salary of graduate with a degree in accounting was $50,500 in 2012 according to the National Association of Colleges and Employers survey. Candidates who go on to earn their CPA license can expect a median salary of $73,800. Your starting CPA salary will depend on your education and experience. You will most likely be paid a premium if you have your CPA license. If you only have a college degree in accounting, you will not be paid as much. Your salary is affected by geographic location also. Salaries are higher in metropolitan areas. Your salary may also be affected by your years of experience you have in the field. The employment market for CPAs is not bad. CPAs in 2011 had a 3.5% unemployment rate which is lower than the national average at the time. The Bureau of Labour Statistics has determined a 10-year growth rate for the CPA profession at 22% which is much higher than the average for all other careers.
Salary of Accountant with Master’s Degree in Accounting
The Master of Accountancy Program is designed to prepare ethical and informed decision makers with the potential to become leaders in the profession of accountancy. It has achieved national recognition. The survey reported that only 24 percent of bachelor’s degree holders continued on with a graduate degree despite the 37 percent boost in salaries reported by holders of the advanced credential. It puts the median salary of a master’s in accounting degree at $86,310 per year. The 25th percentile received $58,910 per year and the 75th percentile made $130,150 per year.