How much does the accountant get paid?
The salary for an accountant can vary depending on factors such as location, experience, and level of education. According to data from the Bureau of Labor Statistics, the median annual salary for accountants and auditors in the United States is approximately $73,000. However, an accountant with a certification, such as a CPA, will typically earn more than one without such certification.
Other factors that can affect an accountant's salary include the size and type of employer, as well as the specific role and responsibilities of the position. For example, accountants who work for large, publicly traded companies tend to earn higher salaries than those who work for small businesses or non-profits. Similarly, accountants who specialize in a particular area, such as tax or forensic accounting, may earn more than generalists.
Experience also plays a key role in determining an accountant's salary. Entry-level accountants typically earn less than those with several years of experience, and those with more than 10 years of experience often earn more than those with less experience.
Additionally, the location can also greatly impact the salary of an accountant, with some states and cities having higher costs of living and therefore higher salaries.
The field of accounting
The field of accounting is diverse and has different earning potential. The sector offers various paths:
Public Accounting
Corporate Accounting
Government Accounting
Non-profit Accounting
Public accounting, for example, often offers higher earning potential than corporate accounting, as public accountants may work with a variety of clients and have the opportunity to work on complex and high-paying projects.
Furthermore, the field of accounting is in high demand and is expected to grow by 4% from 2020 to 2030. This means that there will be a growing number of job opportunities for accountants in the future, which can also contribute to earning potential.
Education
Another factor that can affect an accountant's salary is their level of education. Having said this, candidates with higher levels of education will earn more. For example, accountants with a bachelor's degree in accounting will get more than those with just an associate's degree or a high school diploma.
In addition, having a certificate plays an important role in salary. Accountants with the certifications such as CPA, CMA, CIA, and CFE earn more.
Last but not least, the demand for accountants can also influence their salary. During times of economic growth, demand for accountants may increase, leading to higher salaries. Moreover, an accountant's salary can change over time as they gain more experience, take on more responsibilities, or move to a different employer or location.