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How much money does an accountant earn after working for a decade?
I am debating this career choice, but I want to make sure there is a future in this field.
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3 answers
Updated
Andrew’s Answer
Jolin,
Yes, Accounting is a good field. Accounting is a necessity for each company.
"Accountants are needed in good and bad economies. I write this as the world battles COVID-19, and despite this being one of the worst economic downturns in modern history, companies still need to be audited and taxes still need to be prepared."
For potential paths:
Public Accounting
Audit
Tax
Advisory (valuation / M&A / technical accounting)
Corporate accounting / industry
Financial reporting
Forecasting
Internal audit
Treasury
SEC reporting
Technical accounting
Corporate tax
Transfer pricing
Link:
https://www.becker.com/blog/cpa/5-truths-to-consider-when-deciding-to-major-in-accounting
Statistic: The BLS projects 67,400 new jobs to open in the accounting field by 2032. The profession is expected to grow by 4%.
Link:
https://money.usnews.com/careers/best-jobs/accountant/salary
Yes, Accounting is a good field. Accounting is a necessity for each company.
"Accountants are needed in good and bad economies. I write this as the world battles COVID-19, and despite this being one of the worst economic downturns in modern history, companies still need to be audited and taxes still need to be prepared."
For potential paths:
Public Accounting
Audit
Tax
Advisory (valuation / M&A / technical accounting)
Corporate accounting / industry
Financial reporting
Forecasting
Internal audit
Treasury
SEC reporting
Technical accounting
Corporate tax
Transfer pricing
Link:
https://www.becker.com/blog/cpa/5-truths-to-consider-when-deciding-to-major-in-accounting
Statistic: The BLS projects 67,400 new jobs to open in the accounting field by 2032. The profession is expected to grow by 4%.
Link:
https://money.usnews.com/careers/best-jobs/accountant/salary
Updated
Keisha’s Answer
The salary of an accountant after working for a decade can vary significantly depending on factors such as location, industry, level of education, certifications, and experience. In general, accountants with ten years of experience are likely to earn a higher salary than those who are just starting out in their careers.
According to the U.S. Bureau of Labor Statistics (BLS), the median annual wage for accountants and auditors was $73,560 in May 2020. However, accountants with ten years of experience or more may earn significantly more than the median wage, especially if they have advanced certifications, such as Certified Public Accountant (CPA) or Chartered Financial Analyst (CFA), or work in high-paying industries like finance or consulting.
In the United States, senior accountants with 10+ years of experience can earn an average salary ranging from $70,000 to $120,000 per year, depending on factors such as location and industry. However, salaries can vary greatly depending on the individual's specific circumstances and the company they work for.
It's essential to note that salary is not the only factor to consider when evaluating the earning potential of an accountant. Benefits, bonuses, promotions, and opportunities for career advancement can also impact overall compensation. Additionally, accountants who work in specialized areas such as forensic accounting, tax planning, or financial analysis may command higher salaries than those in general accounting roles.
Overall, after working for a decade, accountants can expect to earn a competitive salary that reflects their experience, expertise, and contributions to their organization. Continuing education, obtaining certifications, and seeking opportunities for professional growth can also help increase an accountant's earning potential over time.
According to the U.S. Bureau of Labor Statistics (BLS), the median annual wage for accountants and auditors was $73,560 in May 2020. However, accountants with ten years of experience or more may earn significantly more than the median wage, especially if they have advanced certifications, such as Certified Public Accountant (CPA) or Chartered Financial Analyst (CFA), or work in high-paying industries like finance or consulting.
In the United States, senior accountants with 10+ years of experience can earn an average salary ranging from $70,000 to $120,000 per year, depending on factors such as location and industry. However, salaries can vary greatly depending on the individual's specific circumstances and the company they work for.
It's essential to note that salary is not the only factor to consider when evaluating the earning potential of an accountant. Benefits, bonuses, promotions, and opportunities for career advancement can also impact overall compensation. Additionally, accountants who work in specialized areas such as forensic accounting, tax planning, or financial analysis may command higher salaries than those in general accounting roles.
Overall, after working for a decade, accountants can expect to earn a competitive salary that reflects their experience, expertise, and contributions to their organization. Continuing education, obtaining certifications, and seeking opportunities for professional growth can also help increase an accountant's earning potential over time.
Updated
Brandon’s Answer
Echoing Andrew's sentiments, accountants are indeed vital across all business sectors. I strongly suggest exploring BLS.gov (https://www.bls.gov/ooh/business-and-financial/accountants-and-auditors.htm) for more insights.
If you're just stepping into this field, you can expect a starting salary between 55K and 60K. But don't limit yourself! With a little strategy, like an early career pivot, you could significantly increase your earnings, particularly if you obtain a CPA license. I can tell you from personal experience, after auditing for just 6 months, I took my CPA exams and transitioned into consulting.
If you're interested in receiving assistance with real-world upskilling, mentoring, or exploring career opportunities, I recommend checking out PwC's resources for college students and recent graduates. You can find these resources at http://accessyourpotential.pwc.com/.
If you're just stepping into this field, you can expect a starting salary between 55K and 60K. But don't limit yourself! With a little strategy, like an early career pivot, you could significantly increase your earnings, particularly if you obtain a CPA license. I can tell you from personal experience, after auditing for just 6 months, I took my CPA exams and transitioned into consulting.
If you're interested in receiving assistance with real-world upskilling, mentoring, or exploring career opportunities, I recommend checking out PwC's resources for college students and recent graduates. You can find these resources at http://accessyourpotential.pwc.com/.