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Accounting Career Outlook and Salary Information
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Employment of accountants and auditors is projected to increase by 18 to 26% through to 2014, according to the U.S. Department of Labor’s Bureau of Statistics.
A Bright Outlook for the Accounting Job Market A need for closer scrutiny of the books following financial scandals is driving the faster-than-average growth in this area of employment, with the demand for accountants, and especially auditors, rising. The growth of domestic and international businesses is expected to further increase this demand. Young accountants will also find job opportunities opening up as accountants and auditors retire or move onto other related occupations. In addition, new accounting systems are enabling some accountants to branch out into financial management and consultancy.
Competitive Salaries for the Right Credentials According to the U.S. Department of Labor’s Bureau of Statistics, the median annual wage and salary earnings of accountants and auditors were $50,770 in May 2004, with the top 10% earning more than $88,610. Salaries will vary according to the size of the organization, location, level of education and qualifications. Professional qualifications hold the key to furthering your career and maximizing your earning potential. Accountants in public accounting who have earned a masters degree and/or CPA certification can expect to earn up to 10% more than their unqualified counterparts, according to the Robert Half 2006 Salary Guide. This same survey reveals that starting salaries for partners in accounting firms averaged $175,000, while a chief financial officer in a company with more than $500million in sales could earn $244,500 - $347,250, including bonuses and incentives. The outlook is promising if you obtain the right professional recognition and expertise.
Sources: www.bls.gov
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