One of the most important factors to consider when deciding on a career is the salary. One of the more popular professions is accounting for the simple reason that an accounting salary is better than most.
The starting salary for an accounting job is quoted to range from $45,000 to $ 80,000 annually.
This range is due to the many different accounting specializations and jobs in the accounting profession. The different areas of specialization include tax accounting, managerial and cost accounting, audit or public accounting, internal auditing and government accounting. Generally, public accountants earn more than other types of accountants.
Specialty Makes a Big Difference
Type of accounting specialization is not the only factor that has a bearing on the accounting salary. Level of education will also determine how much you earn. A bachelor’s degree holder will earn more than an associate degree holder, but someone with a master’s degree will typically earn more than the other two.
Individuals with a professional licence like the Certified Public Accountants (CPA) qualification in addition to their university degree will earn more than those without. The number of years experience is another factor. The more experienced you are, the higher your salary. This is true of most if not all professions. The type of employer will also affect your salary.
Private Firms Pay More
Companies in the public sector will pay less than the ones in the private sector one reason being that public sector jobs will require less varied accounting experience. Bigger firms will pay more than smaller firms. However, starting salaries at the Big 4 accounting firms are lower than the starting salaries at some private firms. These firms however provide a very good starting point for recent graduates. You are almost guaranteed a very high flying career because these 4 accounting firms are well respected the world over.
They are PriceWaterhouseCoopers (PwC), Deloitte & Touche, KPMG and Ernst & Young. While the salary may not be as high as expected, the other benefits received more than make up for it. The job location also determines the salary. Some places will have higher accounting salaries than others.
The job outlook for accountants still remains very good. It is a very important occupation and demand for accountants is growing every day because of increasing legislation.