Finance and Accounting Careers — An Overview of The Salaries For The Accountants
The day-to-day job of an accountant is to have a track of all the financial accounts and economic works, which are related to a certain organization…
Finance and accounting careers is an amazing area of commerce as there are several prospects in this gets on increasing depending to the market requirements. According to the Bureau of Labor Statistics (BLS) projects 6.9 percent employment growth for accountants between 2020 and 2030. In that period, an estimated 96,000 jobs will be present.
Several individuals have opt a career in this field as it gives many opportunities in different industries, impressive salary and many more benefits, usually if they work in the sub-sectors or cities. It is a job that is in demand in most of the industries and for the most part, all businesses. The aspirants only require a bachelor’s degree to begin their accounting career and if one possess a financial accounting certification then it will be a great boost too for their career.
Job role of an Accountant
The day-to-day job of an accountant is to have a track of all the financial accounts and economic works, which are related to a certain organization. They are important for the process of auditing and preparing annual reports, assets by getting related data from investors with the help of tools to analyze the crucial data.
An accountant’s job also requires reconciling discrepancies, verifies, as well as allocation to get the zero errors reports for the superior officials. It requires the best ability for the preparation of management reports with the proper accuracy, in-depth and illustration. A few key elements that an accountant must know are:
· Tax Compliance
· Industrial Accounting
· Financial Accounting
· Cost Accounting
· Auditing
· Preparing accounts
· Financial reports
· Business computer application software like SAP, Tally etc.
· CA, CS, CPA
The area of accounting gives quite a few opportunities that will give way to the professionals who wants to create it as their career.
Industries that hire accountants
While many accountants work in independent practice, based on their work experience and the kind of accounting programs they have done the salaries vary. According to a report from BLS the following industries employed the largest number of accountants:
· Accounting, Tax Preparation, Bookkeeping and Payroll Services
· Management of Companies
· Pipeline Transportation of Crude Oil
· Local and State Government, Federal Executive Branch
· Management, Scientific and Technical Consulting Services
· Securities, Commodity Contracts, and Other Financial Investment and Related Activities
· Computer and Peripheral Equipment Manufacturing
Accountant salary by industry
The salary in the accounting area is dependent upon the position one has in the accounting department. Accountants made a median salary of USD 73,560 in 2020. The best-paid 25 percent made USD 97,530 that year, while the lowest-paid 25 percent made USD 57,110. The salary varies steadily for the employees who have more experience in a specific industry, but accountants, who work in tax preparation, bookkeeping, and payroll services, are top earners in the field.
The average salaries for professionals careers in accounting and finance, who work in different industries, are:
· Finance and Insurance — USD 78,600
· Computer and Peripheral Equipment Manufacturing — USD 123,210
· Management of organizations and enterprises — USD 76,230
· Federal Executive Branch — USD 107,170
· Accounting, tax preparation, bookkeeping, and payroll services — USD 73,180
· Government agencies — USD 72,260
· Securities, Commodity Contracts, and Other Financial Investment and Related Activities — USD 107,610
· Pipeline Transportation of Crude Oil — USD 123,230
The best places to work as an Accountant
The best places to work as an accountant is subjective, there are quite a few, among them are New York, California, and Massachusetts. The average salary changes based on the type of accountant, their experience and expertise in the field, where they are located, and if they work for themselves or for a large firm.
The highly paid places in USA for accountants are:
End notes
Accounting jobs are always in demand because they work across several areas. The field is lucrative, growing and offers more ways for top-paying jobs. The highly-paying industries or sub-sectors and locations will be helpful for them to get a rewarding career in the area of accounting.
