Salaries of Finance And Accounting Professional

Salaries of Finance And Accounting Professional

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 which  is in demand in group of industries and for the major section of 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 which requires reconciling discrepancies, verifies, along with 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 are 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

Where many accountants work in independent practice, based on their work experience and the kind of accounting programs they have done the salaries vary. The big chunk industries , based on a BLS report, employed the most 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, where the lowest-paid 25 percent made USD 57,110. The salary varies steadily for the employees who have more experience in a specific industry,  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:

Skills for Accountants to be Successful in their job

A profession in accounting is one of the best career choices, which are chosen by many individuals. About 135,000 openings for accountants, auditors, and finance professionals are estimated every year, on average, over the decade. It is very crucial to have sound knowledge of accounting, who is interested in growing in their exciting careers path as a chartered management accountant. To achieve this, the individuals should have a certain set of skills and several more essential aspects to consider.

End notes

Accounting jobs are always in demand as 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.

Read More: What is Cloud Computing in Accounting

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