Choosing to pursue a path of study in the field of accounting is a clever and rewarding decision. Accounting field has ever been in demand when you consider that its inception, and the prospects of scaling up the heights of growth are pretty high. It means there is growth in the profession path provided one is inclined and ready to take up the challenge. Besides, the accounting field gives so many positions that one can choose to pursue. The careers in the area of accounting additionally vary from entry level to that of the government positions. However, the positions of employment would vary depending on the diploma of education and the experience one has accrued in the field while working.
Different careers exist in accounting as a profession. They include; accountant clerk, manager, bookkeeping, accounts payable clerks, chief financial officers, forensic accounting, budget analysts, comptroller, tax accountant, staff accountant, payroll clerk, government accounting among others. All these different careers within the same field of accounting would require a basic accounting degree and any other additional supplementing courses such as Certified Public Accounting (CPA).
The salaries of accountants vary depending on the position and job group in a typical department of accounting. Entry level positions include accounting clerk as well as an accounting assistant, and one has the potential of making between $30,000-$40,000 in one year (Krumwiede 26). Additionally, climbing up the ladder of seniority in the accounting department requires skills, patience and meticulous planning of the career objectives. It might as well take time but with the right attitude, attaining managerial accounting positions are achievable. At the level of accounting manager, the holder of that position has the potential of earning $100,000 or even more in a year.
For someone is stepping into the job market with A certified public accounts (CPA) profession, have a great and exciting future career ahead of them. New employs who have just acquired their CPA license to practice as accountants normally get an average monthly salary of $73,800 depending on the firm. Other companies pay their certified accountants employs the first salary of $124,000. For the entry level personnel in the field of accounting, for a large firm, the accounts earn a salary of between $50,000 to $ 55,000.
For mid-sized companies give their junior level accountants a monthly salary of between $47,000 to $51,000. Those accounting professionals who land in smaller firms, often get $40,000 per month. A starting salary of $50,000 would see an accountant earn $52,000 after one-year due to increment and $65,000 after three years as a result of the experience accrued. For those working in large firms, they earn a salary of not less than $80,000 when they get promotions to management and supervisory positions. In certain circumstances, some may even receive an amount that exceeds $100,000 in a month.
In certain countries such as the United States, the salary of accountants varies across the country. According to BLS reports, regions like New York City give their accountants the highest salary compared to Philadelphia, Boston and Washington D.C. whose professional accountants earn slightly above average. On the lower scale, states which pay their accountants the least which includes a mean wage of between $49,200 and $51,850 are Missouri, Jefferson City, Florida, Tallahassee.
Another cause of the disparity in the salaries of accountants is the sector is the capacity of the employer. Those working in the technical and financial sectors get paid more money. For technical and consulting services, they pocket $74,860. Contrastingly, accountants who discharge their professional duties to local and state governments get a lower salary of $60,000. Compared their counterparts in the technical and financial fields, government accountant employees get underpaid.
Accounting career path
Numerous accounting career paths, begin in college. The students undertake the appropriate accounting classes, pass and in the end, graduate with a bachelor’s degree in accounting. Earning a degree becomes the first step in a brighter and illustrious career path. After completing the studies, one looks for an accounting job. Once absorbed by a company as an accountant, the new employee is encouraged to work hard and grasp as much as they can.
After one year of garnering experience, they enroll for the CPA course. The salary scale and competence improves when one becomes a Certified Public Accountant. With the CPA qualifications, one can now handle complex management responsibilities and with time get to the apex by becoming a department director. However, other people do choose to pursue different accounting branches with the sole aim of acquiring more experience. They do this with the full knowledge that experience comes with benefits such as more money and better opportunities to advance. Demanding nature of the career has seen very few attaining the top most level of CFO (Grant et al., 100).
Krumwiede, Kip. “IMA’S GLOBAL SALARY SURVEY.” Strategic Finance 97.9 (2016): 26.
Grant, Rita, Paulette Ratliff-Miller, and Denise De La Rosa. “Career Goal Planning System (Career GPS): A Model of a School of Accounting’s Success in Student Development.” 3 New: Keyword Index–search quicker for papers of interest with keywords (2016): 100.